Whether you are a first time investor, looking for a great deal on a primary residence, or a seasoned real estate investor¦this may help. First of all…for those of you that don’t know a bank owned property, foreclosure, or REO are all pretty much the same thing. (REO-Real Estate Owned) Typically, an owner in arrears on their mortgage payment  defaults on their mortgage and goes into foreclosure. The bank takes this property to the county courthouse steps and try™s to auction it off to the highest bidder…that is, as long as the highest bidder bids more than the reserve the bank has set for the property…which typically doesn’t happen. Soooo, the property goes back to the bank and now the bank is in the business of selling real estate!! The bank will usually list the property for sale with their preferred real estate agent in town and sit and wait for offers. Every bank is different…some will price low and receive multiple offers to drive the price up to create an auction like atmosphere and some will price too high and come down to  a more realistic price eventually. If you are looking to snatch something up in the earlier scenario you HAVE to be ready at a moment™s notice to send in your offer…along with VOF(Verification of Funds) and an offer to purchase…and be prepared to submit your H&B(highest and best)  offer!!! In the latter scenario you usually don’t have much competition when submitting an offer so you can start low and be prepared to be persistent and go back and forth several times until an acceptable deal is reached. There are LOTS of other things to know and be aware of when you are in the hunt for a great deal!!! I will continue this series of “How to buy bank owned properties” weekly. -Submitted by Jeremy Wilson, REO and Short Sale Listing Specialist and owner of www.ChuckTownHomes.com

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Airline Will Operate Seven Daily Nonstop Flights Each To/From

Charleston and Greenville-Spartanburg Airports Beginning March

13, 2011

DALLAS, Oct. 20 /PRNewswire-FirstCall/ — Southwest Airlines is coming to the Palmetto State! Today, Southwest announced it will begin service to/from Charleston International Airport (CHS) and Greenville-Spartanburg Airport (GSP) on March 13, 2011.

In Charleston, the carrier will operate seven daily nonstop flights to four destinations:  three to Baltimore/Washington, two to Chicago Midway, one to Nashville, and one to Houston Hobby. Southwest Airlines will operate from gate B5 in Charleston’s main terminal.

In Greenville-Spartanburg, the airline will begin service with seven daily nonstop flights to five destinations:  two to Baltimore/Washington, two to Chicago Midway, one to Nashville, one to Houston Hobby, and one to Orlando. Southwest Airlines will operate from gates A3 and A4 in Greenville-Spartanburg’s main terminal.

To celebrate the addition of Charleston and Greenville-Spartanburg to the Southwest network, Southwest Airlines is offering a special two-day fare sale only on southwest.com. Through 11:59 p.m. PDT on Thursday, Oct. 21, 2010, Customers can find fares as low as $30 one-way to any nonstop market to/from CHS and GSP for travel through April 6, 2011 (see fare rules below).  When the $30 fare sale ends, Customers will still be able to book fares as low as $59 one-way for travel every day except Fridays and Sundays March 14, 2011, through May 25, 2011. To view these special offers only available on southwest.com, visit www.southwest.com/southcarolina.

“Southwest Airlines is delighted to bring our special brand of low-fare, high-quality Customer Service to travelers in Greenville-Spartanburg and Charleston,” said Dave Ridley, Southwest Airlines Senior Vice President of Marketing and Revenue Management. “For nearly 40 years, we have been liberating Customers across the country from the tyranny of high fares and poor service. We can’t wait to continue this mission by introducing our wonderful People, low fares, and Boeing 737 jet service to the Palmetto State.”

In addition to the seven daily nonstop flights to/from these cities, Southwest Airlines’ new service will offer direct or connecting service to more than 60 destinations including: Las Vegas, Denver, Dallas Love, Sacramento, and Salt Lake City. To hear more about the new service, check out Southwest’s blog at www.blogsouthwest.com for a video from Southwest Executives Dave Ridley and Bob Montgomery on how Southwest is bringing big planes, low fares, and great people to South Carolina.

“The arrival of Southwest Airlines will absolutely be a game changer for the entire Upstate,” said Dave Edwards, GSP Executive Director. “Not only will passengers benefit from low fares and additional destinations, but we’ve already heard from those working in the area of economic development that they are getting calls from business and industry groups from around country that never would have considered the Upstate without Southwest Airlines.”

“Southwest Airlines’ announcement to bring new service and value pricing to Charleston International Airport is clearly welcome,” said Susan Stevens, Director of Airports for Charleston County Aviation Authority. “Southwest’s vast national network will be linked to the Charleston region and will offer both residents and visitors new options for travel to and from the Lowcountry.”

The entrance into South Carolina marks the 36th state in Southwest’s network. Greenville-Spartanburg will be the carrier’s 70th city, and Charleston will be its 71st.

After nearly 40 years of service, Southwest Airlines continues to differentiate itself from other low fare carriers”offering a reliable product with exemplary Customer Service.  Southwest Airlines is the nation’s largest carrier in terms of originating domestic passengers boarded, now serving 69 cities in 35 states.  Southwest also is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People, and Planet.  To read more about how Southwest is doing its part to be a good citizen, visit southwest.com/cares to read the Southwest Airlines One Reportâ„¢.  Based in Dallas, Southwest currently operates more than 3,200 flights a day and has nearly 35,000 Employees systemwide.

$30 One-Way Fare Rules

Fares are available only on www.southwest.com. Southwest Airlines fare sales are available for purchase October 20, 2010, through October 21, 2010, 11:59 p.m. PDT, and travel must take place between March 13, 2011, and April 6, 2011.  Fares do not include a federal excise tax of $3.70 per takeoff and landing.  Fares do not include airport-assessed passenger facility charges (PFC) of up to $9.00 and U.S. government-imposed September 11th Security Fee of up to $5.00 one-way. Seats are limited. Fares won’t be available on some flights that operate during very busy travel times and holiday periods. Fares are available for one-way travel. Fares valid for travel to nonstop destinations only. Fares may be combined with other combinable fares.  Fares are not combinable with Senior Fares. When combining fares, all rules and restrictions apply. Fares are nonrefundable but may be applied toward the purchase of future travel on Southwest Airlines.  Fares are not available through the Group Desk.  Any change in the itinerary may result in an increase in fare. Standby travel requires an upgrade to the Anytime fare. Fares are subject to change until ticketed. Fares are valid on published, scheduled service only.  

Introductory Fare Rules

Fares are available on www.southwest.com or swabiz.com. Southwest Airlines fare sales are available for purchase October 20, 2010, through December 31, 2010, 11:59 p.m. PDT, and travel must take place between March 13, 2011, and May 25, 2011, excluding April 21-25, 2011. Travel valid every day except Fridays and Sundays. Fares do not include a federal excise tax of $3.70 per takeoff and landing.  Fares do not include airport-assessed passenger facility charges (PFC) of up to $9.00 and U.S. government-imposed September 11th Security Fee of up to $5.00 one-way. Seats are limited. Fares may vary by destination, flight, and day of week, and won’t be available on some flights that operate during very busy travel times and holiday periods. Fares are available for one-way travel. Fares may be combined with other combinable fares.  Fares are not combinable with Senior Fares. When combining fares, all rules and restrictions apply. Fares are nonrefundable but may be applied toward the purchase of future travel on Southwest Airlines.  Fares are not available through the Group Desk.  Any change in the itinerary may result in an increase in fare. Standby travel requires an upgrade to the Anytime fare. Fares are subject to change until ticketed. Fares are valid on published, scheduled service only.  

www.southwest.com

SOURCE Southwest Airlines

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The Protecting Tenants at Foreclosure Act, PL 111-22 became effective May 20, 2009.   It applies to foreclosures through December 2012 when the law sunsets.   For full text of the federal law see  S. 896,  pp 29-31.The days of tenants getting 30 or 60 days notice to vacate after a foreclosure sale are gone for awhile.  The new federal law enables a bona fide tenant (defined in the Act) who is leasing premises that are foreclosed upon to continue occupancy through the FULL TERM of the lease unless the new owner intends to use the property as his primary residence (in which case the new owner still must give the tenant 90 days notice to vacate).   If the lease has expired or is month-to-month, the tenant is still entitled to a 90 day notice to vacate.   If the lease will expire soon after the foreclosure, the tenant still is entitled to a 90 day notice to vacate.   (These notice periods begin when the notice is provided by the new owner, not from the date of the foreclosure.)   The tenant still has to abide by the terms of the lease and pay rent, and the new owner (the buyer at the foreclosure sale which is often a lender) has to abide by the lease and other applicable law.   Note the Act applies to foreclosures of all residential property not just federally related mortgage loans or single family properties.   Tenants of multifamily property, condos, even those renting a mobile home (where it was attached to real estate and sold at a foreclosure sale) are all protected by the Act.

The Act also applies to Section 8 voucher housing and states that a foreclosure does not constitute œother good cause for termination of an existing Section 8 lease (except if the new owner intends to occupy the property as his primary residence).   The Act states that the new owner assumes both the lease and the housing assistance payments contract.   Although more guidance may be coming from HUD, the Act is self-implementing.   Per a letter from one HUD Director dated June 15, 2009 (New England PIH Advisory Letter #09 02), the change in the law affects all Section 8 tenants, even those living in units that have been foreclosed upon prior to the effective date of the Act.

It will undoubtedly take time before foreclosure attorneys, lenders, and judges become familiar with this new law so advocates and legal aid offices should be prepared to explain it for some time to come.   Tenants also will not be familiar with the law, and if a tenant fails to pay rent to the new owner, then the same termination and eviction laws apply.   Tenants may also find themselves being offered cash to leave voluntarily (œcash for keys), if other methods, deceptive and otherwise, prove ineffective.

Finally, the Act grants tenants a œright not an obligation to continue the lease.   Barring unique facts including different language in the security instrument or special laws in the applicable state,  the new  owner and the tenant are allowed to continue the lease by consent ” nothing usually  requires either to continue the lease.   Thus, before the tenant can be bound to the lease with the new owner, the tenant must expressly or impliedly affirm the lease.   Thus, tenants who do not wish to continue the lease agreement with the new owner should think twice before continuing to pay rent without seeking the advice of counsel; otherwise, they may be deemed to have continued the lease agreement.    Of course some tenants learning of a foreclosure  will have more than likely refused to pay rent to anyone and vacated the premises  which clearly avoids any possible chance of affirmation (and obligation to lease).   Then the fight over security deposits, damaged carpet and credit reports will go forward as per usual.

by Robert Doggett, Texas RioGrande Legal Aid

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Point to Agent completed a study in 2008 clearly demonstrating that online buyers want more photos and that the buyers look for homes online that have more photos.   Here are their key findings:

  • Online buyers clicking away from listings with fewer photos – Double the interest and 200 percent jump in leads indicate photos key to help move real estate
  • Compared to listings with only one photo, those with 21 or more photos generated more than triple the number of Detailed Views, more than double the amount of Interest, and double the number of Leads.
  • Views, Interest and Leads jumped 20 percent or more as the number of photos increased from 15 to 16.

In our local MLS there are 1504   resale homes (not new construction) with only one photo online.   Our  question is why?   What are the chances of a home selling with only one photo online?   I know some agents will say the house is not very pretty, but unless the house is a tear down shouldn™t there be more photos? What do you think? At ChuckTown homes we maximize the number of photos in all of our listings.

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 Anton Roeger of Keller Williams Realty Charleston Mt Pleasant compiled this graph showing the real estate housing indicators are very positive for the Mt Pleasant and Charleston housing market. Median price of   a home is down sharply, personal income is steady,   the affordability index is back to Sep 03 levels (the lower affordability index the more affordable housing is locally).   Finally, interest rates are below 5% for 30 yer fixed rate.   This is a great opportunity for buyers to purchase their new home.  

 

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This ground floor, end unit condo in a gated community close to the Air Base, Airport, Shopping, and the Interstate is an unbelievable buy for under $100K! Some of the features of this condo are a security system, wood burning fireplace, screened in porch, separate patio, double sliding glass doors, and many more. This awesome community also has a swimming pool, tennis courts, and duck ponds.

www.ChuckTownHomes.com

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Click on the link below to check out ChuckTown Homes lastest adventure.   For all your Real Estate needs in the Charleston, SC area: www.chucktownhomes.com

http://www.youtube.com/watch?v=fz68vFfoYqE

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Keller Williams Realty announced  recently that they are now the 3rd largest real estate company in the USA based on Real Trends data.   Keller Williams Realty moved   ahead of Re/Max in 2008 based on agent count.   Number #1  is Coldwell Banker with Century 21 in second place.   We want to thank all the Charleston Keller Williams agents who have helped grow Keller Williams in Charleston.

 

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Feb

6

<a href=”http://technorati.com/claim/nrefg4iqfq” rel=”me”>Technorati Profile</a>

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Did you know that on July 30th 2008, President Bush passed a major housing bill into law? A portion of that housing bill created a temporary tax credit to entice first time buyers to purchase a home during this buyers market!! What other incentive would you need? Great prices¦and the government is going to give you a $7500 tax credit!! This credit is available for the purchase of a principle residence between April 9,2008 and July 1, 2009. As always we are Real Estate experts, not tax advisors, so be sure to check with your tax expert to verify and weigh out the pros and cons of the tax credit for you.

To clarify¦if after you entered all your taxes and exemptions, deductions, etc. you had a tax liability of $2000, you would get a tax credit of $5500.

First time buyers are defined as an individual who has not had an ownership interest in a principal residence in the previous three years. In addition, there is an income restriction. If single or head of household your income must be less than $75,000 and individuals who file a joint return must be under $150,000. There is a range above these numbers that will still allow you to receive a percentage of the tax credit.

The maximum amount of the tax credit is 10% of the sale price of the purchased home. In other words, a $65,000 home would qualify for $6,500¦up to a maximum of $7500. This credit(loan) must be paid back¦BUT¦no interest and spread out over 15 years. Do you have any debt that incurs interest? My guess would be to pay that off and pay back the government at no interest.

As with everything¦there are some ifs, ands, and buts about this tax credit and some important info about paying it back if you sell your home before the 15 years is up. I recommend you talk to your tax expert to get the details but be sure to ask as this can be a very important credit for you¦and very helpful!!

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