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Posts Tagged ‘Five Oaks Durham NC’

There really is only one way for home building to go and that’s up.  I certainly don’t expect gang busters now or in the near future.  Credit is the difficult topic and with projections in interest rates spiking sometime in 2011 this will further cool the building industry.

Realty Times – Real Estate Outlook: Builders Regain Optimism.

Interested in buying, selling, renting, leasing residential real estate in central North Carolina, call or click to Michael Sullivan where one call does it all.  Michael Sullivan, REALTRO, 919-608-2372 mobile/text or MSullivan@fmrealty.com

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Don’t get caught

I recently read a home inspection report which was the most evasive report that I’d ever seen. The report itself was very nice, full of photos and general observations but when it came to some the meat and potatoes, I was very disappointed. Thankfully I didn’t encourage the buyers to use this inspector.

The inspector noted that the home has aluminum wiring, not in and of itself a problem, especially since the house has copper pigtails. What was disturbing is the inspector refused to comment as to whether the terminal connections to the breakers and bus bar are secure and functioning properly. All of this done with the panel box open and with enough time to snap multiple photos.

I guess he couldn’t put his fingers on the wires; no danger here if one touches just the insulation and jiggle them a little to see if they are loose. The same true with the breakers. The home inspectors recommendation; hire an electrician to evaluate. The inspector did a political dance to the left. He took the fifth and passed a very expensive buck.

The same was true of some water stains in the house. He wouldn’t say yah or nah to whether or not there were active water leaks in this home. He said, get a plumber and investigate further. I imagine that a moisture meter placed on the spots and running the water at full force during the inspection didn’t cross this guys mind. That’s what other inspectors do; so that they can then say, ah ha here’s a water leak. To be fair to this fellow, he did find a lot.

However this side stepping at over $300 for a townhouse home inspection is unfair to the buyer, the seller and the agents involved. This is exacerbated too by his sarcasm and hostility when I asked him about the homes grounding, breaker box, wiring and “plumbing leaks.” I was told in no uncertain terms to read the whole report and reference all of the links he’d placed in it. Reading the report and following the links are all admirable and well spent time tasks but those tasks still don’t answer the questions left begging, are the bathrooms leaking? Is the electricity working properly?

 I guess that I’ll have to go elsewhere to determine those answers. Care to know more about finding the best home inspector to evaluate your future home? There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss finding the very best inspectors for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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Buying a foreclosed home? What you should know going into the process?

For the next two to three years those who are able are going to have their pick of the litter when it comes to foreclosed homes. The trend in the last six month of 2010 is that there are some pretty good foreclosed homes coming on the market in Durham, Chapel Hill, Raleigh, Apex, Cary and Morrisville, North Carolina. Gone are the days, for the most part of the stripped down, abused and beat up foreclosed home. Gone also are the days of really holding the banks hands to the fire and driving a hard nuts bargain.

Lesson one; foreclosed homes are by their very nature at bargain basement prices. This is where most consumers miss the boat. Many real estate consumers of foreclosed homes believe that they can rake the banks over the coals and score a really terrific deal. Banks work off a system where by an actuary puts numbers into a formula and those numbers determine, list price, sales price, concessions if any and commissions. The consumers with whom I’ve worked; who have been successful in purchasing a foreclosed home have “hit their initial offer into the ballpark.” This initial offer is typically within three to five percent of asking price and this includes all concessions. Concessions being closing costs, warranties and any other out of pocket expense the bank would be asked to pay.

Lesson two; unless the property is a portfolio property, the bank has little if any investment or money into the property. Almost all mortgage loans, including those defaulted upon are bought and sold on secondary markets as commodity therefore the bank selling the foreclosed home is a loan servicer and their exposure is in holding the home in inventory. The servicing bank is exposed if the house burns down, develops mold, is vandalized and that’s about it.

 Lesson three; what is as is where is? Simply put, what you see is what you get and what you don’t see is what you get. Here is where you need an experienced savvy buyer’s agent to help you through the process, you also need an agent who knows your market and generally this will not be the listing agent. Most REO/Foreclosed home listing agents don’t work with buyers; they represent the best interests of the bank. This is where I can help you. My 17+ year’s market experience allows me to guide you through the process. I have also sold numerous bank owned properties. Here are my responsibilities to you the buyer:

 1. Make you aware of all hidden and latent fees associated with your purchase of a foreclosed home.

a. Did you know that you might be responsible for de-winterizing and re-winterizing the property even if you don’t get to the closing table?

b. Did you know that there might be significant issues of title including un-cancelled deeds of trust (mortgages).

 c. There indeed might be hidden document fees paid to the bank holding ownership of the foreclosed homes.

d. The bank contract or purchase addendum for the property being pursued may require that the buyer pay fees normally associated with the seller side. Having these documents in hand is critical before purchasing a foreclosed home.

Lesson four; in this down economy there may be unwelcomed residents and conditions associated with the foreclosed home that you are pursuing. I have seen squatters move in during the contract period and the sheriff has had to evict them prior to settlement. I have seen foreclosed homes vandalized or stripped of copper during the escrow period. What the buyer needs to understand is that the bank is under no obligation to bring the house back to the condition that it was in when first discovered by the potential buyer. That is indeed a painful reality.

Lesson five; the listing agent will get me a better deal on this foreclosed home. Nope, isn’t true at all. Most listing agents of foreclosed homes are playing a numbers game. If you don’t buy it someone else will and they are so swamped with paperwork and reporting to their masters at the bank that they don’t have the time or inclination to work with buyers.

Interested in learning more, and there is so much more to learn about foreclosed and short sale properties. Phone me, Michael Sullivan at 919-608-2372 or 1-888-574-6400 and ask for Michael Sullivan at Croasdaile. You may text me at 919-608-2372 or email me at MSullivan@fmrealty.com

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Maybe the maelstrom in real estate is starting to wear itself out and wind down. I sure hope so and I’ll bet many of my seller clients feel the same way. In an article dated today, Monica Chen with the “Durham Herald Sun,” writes on Durham County North Carolina foreclosures.
According to the NC Administrate Office of the courts; Durham County had 446 foreclosure starts from June through August 2010. This is down from 508 for the summer of 2009. Still the news is not rosy, 446 is a lot of foreclosed home and a lot of people moving from ownership into leasehold. Although Durham’s unemployment rate of 7.6 percent is below the sate wide level of 9.7 percent, there are still a lot of unemployed and underemployed people in our market.
The Herald Sun article further asserts from sources with the Mortgage Foreclosure Defense Project for Legal Aid of North Carolina that current sub-prime lending practices are affecting current foreclosure rates. HUH???? The Herald Sun article points to statistics that are four years old and two years old, kind of destroying the article’s credibility….these are not current lending practices; let’s call them…dated. The Herald does state that there has been a drop in sub-prime lending practices, this is true; there has been a drop in ALL lending practices from all banks.
So, with foreclosure rates starting to decline perhaps we’ll see a market return to stable real estate market.

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This property is being marketed by Michael Sullivan, Realtor with Fonville Morisey Realty. Mike Sullivan is the market expert for Durham, Chapel Hill and the Research Triangle Region of central North Carolina. Put Michael Sullivan¿s 17 years real estate market experience to work for you.

A great Hope Valley Farms home at a terrific price…$154,900

616 Edenberry Drive is a charming, well maintained three bedroom and two and a half bath home in the Hope Valley Farms neighborhood of Durham NC. The two-story entry foyer and living room/dining room combination are adorned with hardwood flooring and soothing neutral paint colors. A lovely wood burning fireplace is the focal point of the living space and sliding glass doors open to a huge, fully fenced rear yard that back up to green space. Just imagine no neighbors behind you and a fully fenced space for gardening, barbeques and playing.

The galley kitchen is modern and functional and has newly added ceramic tile flooring. A convenient door passage leads from the two car garage to the kitchen so if weather if foul groceries can be brought into the house and everyone will stay dry. The kitchen appliances stay with this home and the sellers are offering a one year HSA Warranty with a $100 deductible for buyer¿s peace of mind.

Upstairs are three bedrooms, all with Berber carpeting. The master is vaulted with a cathedral ceiling and ceiling fan and is serviced by its own private bath.

Hope Valley Farms offers interesting and fun lifestyle amenities. There is a swim and tennis club which is optional for residents to join. The neighborhood has miles and miles of sidewalks and is bounded by the American Tobacco Trail which offers miles of wooded, paved trails that wind from downtown Durham and the Durham Bulls Athletic Ball Park to the Streets of Southpoint Mall in southwest Durham. Hope Valley Farms is roughly ten miles to UNC at Chapel Hill, ten miles to Duke University and 5 miles to Research Triangle Park; literally at the center of it all.

Wish to see inside 616 Edenberry Dr.? Call or text Michael Sullivan at 919-608-2372 or email, MSullivan@fmrealty.com

Neighborhood: Hope Valley Farms
Lot Size: .15
Type: Single Family Residential for Sale
Floors: Two or More Stories
Parking/Garage: 2
Bedrooms: 3
Baths: 2
Half Baths: 1
Square Feet: 1344
Year Built: 1999
School District: Durham: Southwest/Lowes Grove/Hillside
Appliances
Family Room
Fireplace
Forced Air
Hardwood Floors
Deck/Patio
Fenced Yard

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Red Shoes or Red Houses….
You need a pair of red shoes to go with that outfit. You go to the mall, you go to your favorite store, you find a pair of red shoes. You try them on, they fit perfectly. They sparkle, they shine, they are brilliant. The price is right, the fit like butter to your feet. Do you buy them, no of course not, you go to every other store in the mall looking for a better shoe and then ultimately come back to the first pair hoping that they are still there.
This is not the way to buy a home, in this market or any market. National news media has been howling for months that it is a buyer’s real estate market. Well that is and isn’t true. It might be a buyer’s market in Nevada where one in fifty four homes is in foreclosure. Here in Raleigh/Durham that is not the case and if one is looking for a home outside a mc subdivision it is difficult to find the right home, at the right fit and at the right price. My advice to buyers, once you have found the right fit….buy it or it may not be around tomorrow.

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Michael Sullivan | Fonville Morisey Realty | (919) 416-2254
23 Prestwick Place, Durham, NC
OPEN HOUSE SATURDAY JUNE 19, 2010 FROM 2-4PM
3BR/2BA Condo
offered at $114,900
Year Built 1983
Sq Footage 1,435
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors Unspecified
Parking Unspecified
Lot Size 1,307 sqft
HOA/Maint $0 per month

DESCRIPTION

Ready to move into within minutes of Duke and the VA Hospital.
see additional photos below
PROPERTY FEATURES

– Central A/C – Central heat – Fireplace
– Living room – Dining room – Refrigerator
– Stove/Oven – Basement – Washer
– Dryer – Laundry area – inside

COMMUNITY FEATURES

– Lake


OTHER SPECIAL FEATURES

– 5 Minutes to Duke, 15 to UNC
ADDITIONAL PHOTOS


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Photo 6
Contact info:
Michael Sullivan
Fonville Morisey Realty
(919) 416-2254
For sale by agent/broker

powered by postlets Equal Opportunity Housing

Posted: Jun 17, 2010, 7:28am PDT

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From Chapel Hill to Raleigh fine homes, townhouses and condominuiums in a variety of price ranges. For more details and information visit the Team Michael Sullivan web site.

If we don’t have a home listed that suits your taste or needs we promise that we can find one in our multiple listing system.

Call or text today 919-608-2372

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Wow, this townhouse will not disappoint, in a word it is stunning. The entry way, breakfast room, kitchen and half bath are adorned with a colorful yet tasteful floor tile. The kitchen is a cook’s delight with white cabinets, an arch to the dining room, lovely light fixtures and top of the mark appliances. Additionally a brand new microwave oven has been added above the gas range.

The living room and dining room are tastefully decorated with stunning laminate flooring and a color palette which is warm and inviting. Imagine relaxing after a days work in front of a gas burning fireplace or sipping a glass of tea on the covered rear porch.

Upstairs each bedroom has new wall to wall carpet, new paint and top of the line ceiling fans. The master bath with its wall of windows between the bedroom and bath and between the bath and outside floods the space with natural light.

The current owner of this home has added wonderful landscaping to the front, there is just enough garden, but not too much.

4100 Five Oaks Dr.#43 is just a short walk to the Five Oaks Club where swimming, tennis, yoga, a lake, a dog park and many weekly events can be enjoyed by all members of the community.

4100 Five Oaks Dr. Durham NC 27707 is roughly 7 miles to UNC- Chapel Hill and 7 miles to Duke University. We are delighted to sit right along the world-famous Tobacco Road best known for its exciting NCAA Basketball rivalry. Additionally we are roughly 15 minutes to Research Triangle Park and Raleigh-Durham International Airport. Five Oaks is on a bus line and shopping and dining are an easy walk from the neighborhood.

Call me or text me today at 919-608-2372 and I’ll show you what makes Five Oaks so special.

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Durham NC Open House Saturday June 5th, 2010 from 2 until 4pm
4124 Pin Oak Dr. Durham NC 27707
Come out and see this lovely townhouse with a one car garage.
For additional information phone or text Michael at 919-608-2372 or email MSullivan@fmrealty.com or visit www.TeamMichaelSullivan.com or www.TeamMichaelSullivan.net

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