Sue Robertson » Lake Norman Real Estate

Credit Score is most important these days

Sue — Thu, 21 Oct 2010 21:03:15 +0000

The single most important item in today’s lending landscape is CREDIT. As a homebuyer, you cannot make it to the closing table without a good credit score. Many clients and future clients are shocked about why their credit score is so low or has changed so dramatically from one event. As recently published by myFICO.com, here’s a few common financial difficulties and how they affect FICO scores.

SCENARIO #1- Max-Out A Credit Card

Starting credit score of 780 : 25-45 point drop
Starting credit score of 680 : 10-30 point drop

SCENARIO #2 – 30-Day Delinquency

Starting credit score of 780 : 90-110 point drop
Starting credit score of 680 : 60-80 point drop

SCENARIO #3- Foreclosure

Starting credit score of 780 : 140-160 point drop
Starting credit score of 680 : 85-105 point drop

Thank you to Geoff Brown at New American Mortgage for keeping me informed. If you are thinking about buying or selling real estate in the Lake Norman area, contact me, I can help!

10 thing to consider when deciding to rent or buy

Sue — Tue, 14 Sep 2010 23:00:34 +0000

There have been some articles lately about how renting is better than buying. That may be true sometimes, but not always. Here is my opinion about what you need to consider about renting or buying.

1. What is your credit. Rent or buy, it will be checked. It will make a difference on what you are charged for a mortgage rate, rent, and insurance.

2. What is your job situation. We never can totally predict whether a job change is in the near future, but sometimes you might be seeking a change. Renting gives you more flexibility, usually.

3. What is your family situation. Fair housing say you can not be discriminated against. You do need to consider that your life may change down the road some time. What are your needs now and in the future?

4. Are you handy? All residences needs upkeep. New or old. If you buy a new home it is only new on that day! Renting does usually mean no maintenance. However what is the definition of maintenance? It must be specifically stated in a lease as to what you are responsible for. Furthermore not all landlords are quick to fix things and might even charge you if they feel you broke it.

5. Paying rent is paying off someone else’s mortgage. They get the benefit of the investment.

6. Just because you pay your rent does not mean the owner pays the mortgage. There is not much you can do to insure the rent is paying the mortgage. If the owner goes into foreclosure, you may be out of the home and lose your security deposit. When you buy, you know that if you pay, you can stay!

7. Like to customize your place to show your personality? You can not usually paint, change flooring, lighting, etc. if you rent.

8. Are you a pet lover? Pets, if accepted in rental units always mean a higher rent and/or a pet fee. Most neighborhoods let you keep most domestic pets within reason. Around the Lake Norman area I find 3 or less to be the allowable number. Whether renting or buying local rules must be followed and noisy animals are not tolerated by neighbors

9. What hobbies or recreational things might you enjoy. When renting you may be limited as to what you can do. Play musical instruments, maybe not a good idea. Work on your car, not usually allowed. Have a big party, highly unlikely to be allowed. Some places even ban grills for barbecued food!

10. Most rentals tend to have transient folks, you hardly ever get to know your neighbors. Sometimes that can be a good thing!

How is the housing market in the Lake Norman area?

Sue — Tue, 14 Sep 2010 21:55:09 +0000

I am often asked these days, “how is the market”? I usually say “it depends on if your buying or selling” Well today I went around to several neighborhoods where a new builder has come in to take over an old unfinished neighborhood. I found the new builders to be very enthusiastic about future sales. Most are building a nearly comparable product that fits in with the neighborhood, especially in the lower price points. Many are building models and some specs.

So if you are looking to buy in the Lake Norman area, contact me. Remember you do not save money by not using a Realtor. The sale people are nice, but they work for the best interests of the developers and /or the builder!

Do you really want to sell your house in the Lake Norman area?

Sue — Sun, 29 Aug 2010 12:32:50 +0000

I have been fortunate lately to have some buyers and sellers go to contract and close!! I always give this advise, but folks you need to follow it. Sellers, have your house pre-inspected for termite and other wood pests, AND structural/mechanical items. Then repair the problems. It really makes the sale much easier. Yes it costs you about $300-$500 dollar and the buyer will do their own, but it can save you headaches and may save you money by finding small things, before they become big things.

Buyers, even if you buy a brand new house, have an inspection. Most come up with little things, however recently I had one that had a possible big thing with a HVAC unit. Since it was caught early, no permanent damage was done. The builder fixed it and evrything is fine. I can tell you many other stories about water heaters, heat units, and various other systems that were new, but not installed correctly. The builders usually are good about fixing things, but why go through the hassle when you have moved in. Let the repairs be done before closing.

NC has 2nd lowest closing costs

Sue — Tue, 17 Aug 2010 18:28:59 +0000

According to BankRate.com. NC has the 2nd lowest closing costs on the country. If you would like to know about how much closing costs might be on a home purchase, just contact me.
Do you know anyone that is thinking about buying real estate in the Lake Norman Area, a friend, relation, or co-worker? As a long time resident and Realtor, I can help them save time, and often times money!!

Great new way to get information about homes for sale in the Lake Norman area

Sue — Sat, 16 Jan 2010 20:14:40 +0000

Ever wonder how much a home is listed for? How many bedrooms, baths, etc? Some agents put out flyer boxes, great idea if they any flyers in it. Sometimes they run out or the weather ruins the flyers. What if you had a number that gave you all the information on any listing in the area, no matter who has it listed? That would be a valuable item. I have a number that I can give to you for FREE. Just contact me and I will happy to set you up with just such a number.

New 55 and older community for active people in the Lake Norman area

Sue — Thu, 12 Nov 2009 21:40:01 +0000

I just came back from a new community. A truly active community for 55 plus folks that like tennis, swimming, exercise, socializing, etc. Good prices, nice layouts. Convenient location. It called Bailey’s Glen and it is in Cornelius. If you are interested I can give you more information, just contact me.

Easy way to get information when you see an interesting home for sale

admin — Wed, 21 Oct 2009 22:14:11 +0000

I have a terrific new information system. It is called Any home, Any phone. If you see a home that you want more information about, such as; bedrooms, baths, basic description, price, etc. then just call the phone number that I will give you and input the house numbers. This works for any listing in the Charlotte regional MLS, no matter what company has it listed. Contact me if you have any questions.

August stats

admin — Thu, 01 Oct 2009 20:50:45 +0000

The Charlotte Regional Realtors Association reported for the month of August 27,878 active listing. 2221 Closed. (8%). That is about the same as July. Flat is better than down!! The average sales price was $209,245. The Average list/close days were 145.9. If you want stats for a particular neighborhood, just contact me. I will be happy to get them for you.

Closed another one!

admin — Thu, 01 Oct 2009 20:41:48 +0000

Just closed another home for a buyer in Mooresville. Got a pretty good deal for them on a new home (90%) of original asking price. Can I do that for everyone? NO ! but I try. Sometimes real estate is luck and timing.