Blog - Greensboro Real Estate - NC Homes For Sale - Winston Salem - High Point: November 2008

Mack Trucks Inc., one of North America's largest producers of heavy-duty trucks, will relocate its headquarters and some support functions to Greensboro, creating 493 jobs and investing $17.7 million over the next three years. The decision was made to relocate the company's headquarters as a part of a restructuring plan. Mack Trucks and Volvo Trucks North America, which is headquartered in Greensboro, are both members of the Sweden-based Volvo Group, the world's second-largest producer of heavy-duty trucks.

Mack's headquarters is currently located in Allentown, Pa., as are personnel and support functions - such as information technology, parts logistics, product development and purchasing - that serve both Mack and Volvo Trucks North America. Relocating Mack's headquarters and those support functions closer to the Volvo Greensboro headquarters is designed to boost the competitiveness of Mack and Volvo Trucks North America by improving the efficiency and effectiveness of the overall organization.

Volvo Trucks North America is an outstanding corporate citizen and has had a huge impact on the community. With the addition of Mack Truck's corporate headquarters, their influence will only increase and that is very positive for the entire region. The long-term effect of Mack's decision to locate in Greensboro adding close to 500 professional jobs will be very exciting.

Mack Trucks Inc. was awarded a Job Development Investment Grant from the State of North Carolina for the project. The jobs the company is bringing to Greensboro pay an average annual salary of more than $73,800 not including benefits. This is significantly higher than the Guilford County average of $37,700.

FedEx Ground announced today that they will build a new southeast sort facility in Guilford County, North Carolina. FedEx has purchased a 125-acre site along I-40 in the Triad Business Park and will construct a 400,000 sq ft facility capable of sorting 45,000 packages per hour at full build out.

The FedEx Ground facility will open in 2011 with about 500 full- and part-time employees, of which about 150will be new positions. Additionally, independent contractors at opening are projected to be about 270, with 120 of them being newly created for the hub operation. The existing employees and independent contractors will come from the two facilities moving into the hub. Approximately, four years after opening, the company projects that about 260 full-and part-time employees as well as about 200 independent contractor opportunities will be added. The company will invest $100 million in land, building construction, and new machinery and equipment.

This announcement comes as FedEx Express is preparing to open a new $300 million mid-Atlantic express hubat Piedmont Triad International Airport in Greensboro in the summer of 2009.  When both facilities are fully operational, FedEx will directly employ close to 2,000 locally.

The economic impact of a new FedEx Ground sort hub is tremendous, FedEx is making another very substantial investment in Guilford County because they see the opportunity the work force and community represents.

Brad and Angela Lawrence

Greensboro Real Estate

This calculator will assist you in figuring out the cost of commuting to work.

Whether your relocating, considering a new job, weighing the benefits of tele- commuting, or just curious what you're spending given the current cost of gas, you'll probably be interested to see how expensive simply getting to work actually is.  It's more expensive than you think!

Goto cost of commuting to calculate your $$$ in commuting to work.

Also, you will able to have the opportunity to download this calculator to your own website if you have one.

Brad and Angela Lawrence

Greensboro Real Estate

Here is General Information about investment properties (foreclosures, REO, bank-owned, HUD, etc) and what is usually involved (but not always the case) in making an offer on these type of investment properties.

• AS-IS - These type of properties are sold “as-is” and the seller will not make any repairs. They are exempt from disclosure and usually have never occupied the property. Most cases, no history is available on the property or prior owners. These properties are marketed/priced assuming repairs will be needed and seller is not responsible for structural defects, code violations, or lead-based paint, radon, termite damage, active termites or mold.

• Inspections and Utilities - An offer can be made on these homes contingent on inspection results.
  * In most cases, the utilities are not on and if a buyer wants an inspection, sellers require inspections to be done within 10 days after offer is accepted.
  * Usually the sellers listing agent has to be contacted to arrange utilities to be turned on, at buyers expense.
  * When given timeframes for utilities to be on, it is recommended that buyer agent confirms that utilities are working before inspection is made, as some inspectors will refuse to turn on breakers, etc.
  * In order for utilities to be activated in a timely manner, it is the buyer’s responsibility prior to requesting utilities to confirm all breakers at panel are off to allow activation of electric and all water spigots, etc. are turned off to allow activation of water services.
  * Water service will be established, but left off to house to prevent any water damage as property is vacant. Buyer will be responsible for turning on water to house for inspections only and MUST turn off water immediately following inspections.
  * Electric service will likewise often be on but turned off at breaker panel or meter.
  * If gas service is established, buyer will be responsible for lighting pilot lights, etc as required for inspections.
  * Any damages or liability resulting from inspections or improperly attempting to activate an utility will be the buyer and buyer’s representatives.
  

• Winterization - Most properties are winterized during the fall/winter.
  * Water is turned off, plumbing lines drained, and antifreeze is put in all drains. This also includes draining of hot water heater and breakers to heater being turned off/taped over.
  * It will be buyer’s responsibility at their expense and liability to have the property de-winterized by a qualified plumber for the purpose of any inspections. Any property de-winterized in any other person than a qualified plumber will result in a buyers liability should any damage occur.
  * After the home is purchased, it will be buyer’s responsibility to de-winterize home again if it was re-winterized after inspections.

• Financing for these type of properties - Seller will not accept offers contingent on sale/closing of another property.
  * A pre-approval letter is required (NOT pre-qualified) from a lender if financing, or a proof of funds letter if a CASH offer and the letter must accompany all offers. Note: Credit Lines, IRA's, Stocks are NOT CASH.
  * Pre-approval letter must clearly state that a credit report has been reviewed as part of the pre-approval. The pre-approval letter must be signed by the loan officer: (If mobile/manufactured home, the pre-approval must also state that lender is aware the property is manufactured housing. If listing says “Rehab loan only” the letter must state “rehab loan”.
  * Loan Commitment Letter – If financing, a loan commitment letter must be received within the timeframe specified in the offer to purchase. Failure to do so will result in buyer’s earnest money becoming non-refundable should the closing not occur due to failure to secure financing within the contract timelines.

• Addendums - There will be special seller addendums to be filled out after an offer is accepted, these seller addendums pretty much read that the buyer is buying property in as-is condition and seller is not responsible for anything related to sale of the property once closed.

• Per Diem - There will be a charge to the buyer for everyday that passes the original closing date. This can be reason connected to fault of the buyer or buyers agent or buyers lender or buyers closing attorney.

• Multi-offers - If the seller receives more than one offer on the property, the seller MAY request Highest & Best offer from all buyers. In that situation, the seller still may reject, accept or counter the highest and best offers.

• Sellers response to offer - Unfortunately, banks do not work on weekends or holidays. The banks will respond when they can (many are overwhelmed and understaffed) and it may take several days to receive a response.

• Closings - Due to the fact that these properties were acquired through foreclosure, there may be closing and title problems, which sometimes do occur, and delay closings. So beware that just because there is a closing date, it does not mean the property will close on that date.....take into consideration when scheduling movers, contractors, etc. Buyers may not make alterations or occupy the property prior to closing - NO EXCEPTIONS.

Brad and Angela Lawrence - Brokers/REALTORS
North Carolina Homes Realty, Inc.
Our Website: Greensboro Real Estate - Winston Salem Real Estate - High Point Real Estate
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: lawrence617@gmail.com
We serve the Whole Piedmont Triad Area!
Buyers - Sign up for your own FREE MLS search account
Sellers - Ask us about our LOW commission plans, SAVE upto thousands!

Information about working with a NC Real Estate agent

With the banks tightening mortgage loan conditions, they are requiring at least 3% down depending on credit score. 

But, if you happen to be a veteran, VA loans are available at 100% financing.

Also, depending where the home is located and your income, an USDA loan may be the answer.

And, if your a first time home buyer, you may eligible for some programs that may be available depending on your income.

If you want to purchase a home, and do not have any $$$ to put down, you have nothing to lose by contacting mortgage lenders to see if you qualify for 100% Financing.

---------------------------------

Brad and Angela Lawrence

866-220-6458

Greensboro Real Estate

Source - Triad MLS

Brad and Angela Lawrence - Brokers/REALTORS
Multi-Million Dollar Producers
ERA Premier Realty
NC HomeTeam Inc
Our Website: Greensboro Real Estate - Winston Salem Real Estate - High Point Real Estate
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: Brad.Lawrence@ERA.com
We serve the Whole Piedmont Triad Area!
Buyers - Sign up for your own FREE MLS search account
Sellers - Ask us about how we can save you up to thousands in commission.

Information about working with a NC Real Estate agent

We just got an email today that this Piedmont Triad local lender is offering 1/2 origination cost on mortgage loans.

No discount fee on all new loans between now 11/17/08 and Christmas!
Please feel free to call Christy Roels at Wachovia 33-726-0966 at the office or my cell 336-776-8348.  Her email is christy.roels@wachovia.com

 Below are todays rates as of 10:44am 11/17/08. The conventional rates are assuming a 720 or higher score, with 5% down.

30 YR Fixed Conventional 5.75%
15YR Fixed Conventional 5.5%

FHA 30 Yr Fixed- 6.0%

Brad and Angela Lawrence - Brokers/REALTORS
Multi-Million Dollar Producers
Website: www.NC-Homes-For-Sale.com
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: lawrence617@gmail.com
We serve the Whole Piedmont Triad Area!
Buyers - Sign up for your own FREE custom MLS search account at http://nchomesforsale.listingbook.com/?node=3
Search the Triad MLS Right Now -> http://www.mlsfinder.com/nc_triad/bradlawrence
Sellers - Ask us about saving up to thousands in commission.

Great news for Firefighters/EMTs/Law Enforcement Officers/Teachers

They may be eligible to purchase HUD homes at 50% discount.  It is called the Good Neighbor Next Door Program. 

Buy a home through HUD's Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities. HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties.

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. In order to received the 50% discount from list price of the home, in return you must commit to live in the property for 36 months as your sole residence.

 You must live in the home as your sole residence for a full 36 months. The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters/emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any. The 30th, 90th or 180th day is the start date for the occupancy period. Your are released from all obligations under this program at the end of the 36th month following the start date. HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law.

The HUD homes are located in designated Revitalization Areas. There are hundreds of Revitalization Areas located in the United States.  Right now in the NC Piedmont Triad area, there are Revitalization areas in Forysth and Guilford county.

These homes are sold "as is," without any kind of warranty. You can only buy single unit homes, townhouses, and condominiums through this Program.

For more info, visit the HUD website

Source - Triad MLS

Brad and Angela Lawrence - Brokers/REALTORS
Multi-Million Dollar Producers
ERA Premier Realty
NC HomeTeam Inc
Our Website: Greensboro Real Estate - Winston Salem Real Estate - High Point Real Estate
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: Brad.Lawrence@ERA.com
We serve the Whole Piedmont Triad Area!
Buyers - Sign up for your own FREE MLS search account
Sellers - Ask us about how we can save you up to thousands in commission.

Information about working with a NC Real Estate agent

This is why.......Rule of thumb............

If you plan to be in the home 6+ years, then shop for the best rate, maybe buy down some points and don't worry about pmi..........
But if you plan to be in the home less than 6 years, try to get the lowest closing cost, try to get a loan where you do not have to worry about paying pmi, your rate will be a little higher, but in less than 6 years, you will have saved more in lower closing cost and not paying pmi vs a little higher rate.........

Of course you would want the best of both worlds - a low rate, low closing costs and no private mortgage insurance (pmi). This can be done if you have great credit score and at least 20% down.

Brad and Angela Lawrence - Brokers/REALTORS
Multi-Million Dollar Producers
ERA Premier Realty
NC HomeTeam Inc
Our Website: Greensboro Real Estate - Winston Salem Real Estate - High Point Real Estate
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: Brad.Lawrence@ERA.com
We serve the Whole Piedmont Triad Area!
Buyers - Sign up for your own FREE MLS search account
Sellers - Ask us about our LOW commission plans, SAVE upto thousands!

Information about working with a NC Real Estate agent