Foreclosure Halts - Bank of America Lifts Moratorium
Posted by Mike Ciucci on
This is a great piece written from someone within our business, and I thought it would be good to share:
There have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.
In short, this issue came about after the discovery that many of the nation’s largest banks had cut corners in the review of foreclosure documents which resulted in self-imposed moratoriums put into place so that the banks could undertake a self review of their own internal procedures. This was not a fundamental flaw which resulted in foreclosures being…
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Here is a running list of all the new homes with Carolina One New Homes Division that can close before the tax credit expires. These are all new construction homes that can get a C/O (Certificate of Occupancy) prior to the tax credit expiration. You need to get a ratified contract by April 30th, and close by June 30th.
I hope everyone had a great weekend here in Charleston. It was absolutely beautiful, which is yet another reason we all live here.
South Carolina housing officials have $40 million to help teachers and first responders buy a home! The State Housing Finance and Development Authority announced that this program will offer down payment assistance and low interest mortgages to teachers, firefighters, police and correctional officers and EMS workers who meet income criteria.
I just wanted to mention to all of you first-time homebuyers out there and others looking to take advantage of the tax credit. While there still is a little time left (59 days to get something under contract), I’m noticing something expected. A lot of the good homes are now being scooped up at an extraordinary rate. I was showing property to some first time homebuyers in Dunes West in Mount Pleasant, and in a couple of houses we saw other agents with buyers looking at the same houses we were. That hasn’t happened (like this) to me in quite some time. This is especially true in the $175-225K price range. A lot of the inventory of homes is being absorbed. Soon, the “stale bread” will be all that’s left. Make sure that if you want to take advantage…
Well, here it is folks. I'm always asked, "Where is the best deal you've seen lately?", or "Where is a great deal that I can't pass up?". It seems I've found a fantastic deal, and no- it's not my listing. I've been showing homes to a client of mine from Michigan in the $400K range, and we came across this gem.