Chapel Hill and Durham Real Estate Blog

Chapel Hill - Durham Real Estate Blog

Jodi Bakst

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Displaying blog entries 231-240 of 501

Solving Your Mortgage Crisis Just Got Easier

by Jodi Bakst

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction. 

First, do you qualify?

You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency  

If you meet these qualifications, follow these five steps to a successful short sale:

  1. Contact us so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
  2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
  3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
  4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
  5. Set realistic expectations and work with us, the lender, and the buyer to the satisfaction and benefit of all parties involved 

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today at 888-326-5634 and/or visit http://www.shortsalesinnc.net/ or www.realestateexperts.net.  We can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

Team Jodi Buyer & Seller Client Testimonial

by Jodi Bakst

Hear what other people have to say about working with Team Jodi.  I just sold these clients' house in Chapel Hill and worked with them on the purchase of new construction in Briar Chapel in N. Chatham County.

Video Video

Click here to learn more about Team Jodi



Click here to view Team Jodi's Chapel Hill Real Estate and Durham Homes for Sale

Click here to Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area

Beautifully Updated In Carrboro's Bel Arbor Neighborhood

by Jodi Bakst

 Team Jodi is please to announce our new listing at 110 Woods Walk Court.

This home is beautifullly updated and sits on a lovely cul-de-sac lot. 

Have a look . . . Step Inside . . .


View Larger Map

I had the incredible pleasure of taking a tour today of the Durham-Chapel Hill Jewish Community Center -- known as the Levin JCC.  This creation of this building has been a huge effort on the part of the community and it is almost done.  The building will open this June, 2011.  The building is over 36,000 square feet.  There will be two outdoor pools, a gym, exercise and spinning rooms, art and music studios and tremendous spaces for teens, tots and seniors.  This building will be home to not only the JCC but the Durham-Chapel Hill Jewish Federation and Jewish Family Services.

For more information about the building, see:

http://www.shalomdch.org/Section.aspx?id=1110

http://www.levinjcc.com/

The building is flooded with windows and natural light.  In the picture below, I am standing with a group in the community court and the other pictures are the gym in progress and another picture of the community court!

 

 

 

     

 

 

 

 

 

 

2010 Chapel Hill & Durham Market Update

by Jodi Bakst
Video Video

The year-end numbers are out.  Overall, sales were down 6.7% and average prices were up 4%.  A 6.7% decline is trending in the right direction.  Over the last two years, sales were down 30% and 12%, respectively.  Being down only 6.7% is, as I said, trending in the right direction.

In Chapel Hill, sales were up 2.7% and average prices were up 3.8%.

In Durham, sales were down 7.6% and average prices were flat.

The bright spot is interest rates -- they are still at historic lows.

  • 30-year fixed:  4.625%
  • 15-year fixed:  3.75%
  • 3/1 Arm:         2.75%
  • 5/1 Arm:         2.875

 Inventory is on the rise and with rates still as low as they are, it is still a great time to buy.

Bank of America Revises Short Sale Process

by Jodi Bakst

Good News -- Bank of America (BOA), the financial institution that holds and/or services more mortgage loans than any other lender in the US, has streamlined the process for short sale transactions with an effort dubbed the “Cooperative Short Sale Program”.  In response to the numerous challenges associated with the sale of properties where there is less value than homeowners owe on their loans, BOA is seeking to streamline both the approval and closing process. To date, the approval and closing process has been fraught with multiple delays causing frustration and time pressures relating to foreclosure auction dates. 

BOA will be contacting defaulting borrowers directly and working with Realtors with the initial goal of keeping homeowners in their homes by focusing on a variety of retention options. However, if a homeowner’s only option is to sell and qualifies for a short sale by demonstrating a hardship (along with other criteria), BOA’s goal is to expedite the approval process by utilizing an Internet-based document system that will also provide management with the tools to ensure accountability for timely reviews and decisions. The bank cautions that the implementation of this program will be an ongoing process with revisions as necessary.  

The good news is that Bank of America is working closely with Realtor's that have their CDPE designation because they know we are trained on the short sale process.  Not only do I have my CDEP but my newest team member, Jim Pearce, will have his CDPE by next week.  

For more information about this program, or to find out whether you qualify for a short sale, visit www.ShortSalesinNC.net or www.realestateexperts.net.   You can also call either Jim or I directly as well.  I can be reached at 919-697-5014 or Jodi@Teamjodi.com or contact Jim Pearce at 919-672-1035 or Jim@TeamJodi.com.

 

 

 

Attention iPhone Users - Download Team Jodi's iPhone App

by Jodi Bakst

I am excited to let you know that for all of you iPhone users, you can now download the Team Jodi iPhone app.  It is an awesome app that lets you search for listings anywhere.  You will find all the details you need, including pictures.  I use the app myself when I am driving around with clients.  I love it.

 

Here is what you need to do:

  • Go to the App store on your iPhone
  • Search for myAgent by IDX and download the FREE App
  • Once you download the App, enter Team Jodi’s Agent Code 3741

I would really like to get your feedback on the App.  Please send me an email with your comments.

As always, if you have any questions, don’t hesitate to give me a call at 919-697-5014 or send me an email at Jodi@TeamJodi.com

Durham Picked By The New York Times As A Place to Go in 2011

by Jodi Bakst

It was nice to see recently that The New York Times included Durham on its list of “41 Places to Go in 2011."

The Times gave praise to Durham’s revitalized downtown and great restaurants.  The restaurants mentioned in the article are Scratch Baker, Rue Cler, Parker and Otis and Revolution.  All great eating establishments!

When you are looking for great places in Durham, don’t miss the American Tobacco Warehouse District.  The transformation is tremendous.  The shops and restaurants and the feel of the area are chic and should not be missed.  And, you can't miss the amazing new Durham Performing Arts Center.  I have loved all the plays I have seen there in the last few years from Wicked to Billy Elliot and more.

It is very cool to have the New York Times give Durham such great recognition.

Culbreth Middle School was recognized again by Apple as one of their distinguised schools.  Culbreth has an Ipod Touch project. 

Culbreth is one of 52 schools in the country to be regonized by Apple and one of only two schools in North Carolina to be given the honor.

Culbreth students use Ipod touches to do research and they are used by English language learners.

My daugther goes to McDougle Middle School and they are starteing to implement the use of Ipod Touches in her Spanish class.

One very cool outcome of the Culbreth Program is that Apple is now giving workshops to teachers across the country to teach them about the benefits of going digital in the class room.

Lenders Primed for Short Sales in 2011

by Jodi Bakst

Short sales are a terrific option for homeowners struggling with unaffordable mortgage payments. In fact, lenders’ losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales. Lenders are projected to incur losses as severe as 85 percent in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back $15,000!

 It’s common sense that lenders will be looking toward the short sale solution. Even though they are accepting less than is owed on the property, they lose far less than in a foreclosure sale.

It may be a surprise to many that lenders actually want to work out a solution that benefits all parties. Oftentimes, the lender is seen as the villain in the situation.

I’ve found that the lenders want to avoid foreclosure just as much as homeowners.  Read the free, downloadable report, Feeling Financially Squeezed - Escape the Grip of Foreclosure, which talks more about working with your lender, and details all the foreclosure alternatives available to you.

Download the report and call me today; I can help you develop a plan to work with your lender and avoid foreclosure.

Jodi Bakst, Team Jodi, 1-88-TeamJodi (888-326-5634) or email me at ShortSales@TeamJodi.com.  Also visit the Team Jodi web site. 

Displaying blog entries 231-240 of 501

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