Move-In Ready Near Crabtree Valley Mall

Love to shop or enjoy a night on the town in Downtown Raleigh? You’ll have quick access to shopping at Crabtree Valley Mall or Brier Creek and you’re not a far drive into Downtown, either! Where does a home with a great location like this exist – for less than $225,000? At 6604 Westborough Drive… and it could be yours.

Make sure your moving truck is ready because the sellers have done all the hard work for you already in this open floor plan rare ranch with an attached two-car garage.

Get ready to cook in the updated trendy white kitchen with granite overlay and tile backsplash, that features a large dining area with bay window. In the family room, enjoy the vaulted ceiling, wood-burning fireplace, laminate floors, and beautiful french doors that open to the deck.

The master suite includes an upgraded tile bath with separate shower and new door – and all bedrooms have new carpet! The hall bathroom has been upgraded with tile and glass doors, too.

This home will be available for showings starting October 8, so send me a note at Renee@HREGSells.com or call me at 919-877-6708 to make an appointment to take a look! You can take a virtual tour online at http://tours.tourfactory.com/tours/tour.asp?t=1440426.

A Must-See North Raleigh Retreat

Looking for a relaxing retreat in North Raleigh? Don’t miss 3820 Hidden Branches Drive!

This home is completely remodeled and in a great location – Lake Lynn Park is right down the street – and when I say move-in ready, get ready to pack your things.

This updated ranch has lots of hard to find features: located on a cul-de-sac, in the heart of North Raleigh, on ¾ of an acre, with an oversized garage! Inside, there’s a gourmet kitchen with granite, refaced all-white cabinets, gas cooktop, stainless steel appliances, and even a breakfast nook.

Kick back in the vaulted family room with wood burning fireplace, enjoy lots of meals in the formal dining room (which also offers flexible space), and for those of you who appreciate a nice hardwood floor… you’ll find them throughout, with bedrooms the only exception. Relax in the master retreat with beautiful and functional built-ins, as well as the designer bathroom with tile, jetted soaking tub, and separate shower.

Don’t be shy to invite your guests in for the weekend, because there are two good size guest bedrooms and an updated, tiled guest bathroom.

Enjoy the wooded view from the new vinyl windows or take things outside to lounge or entertain on the double-tier deck that overlooks the private backyard! Got a green thumb? There’s plenty of room for a garden!

Take a tour online now at http://tours.tourfactory.com/tours/tour.asp?t=1435749 and when you’re ready for a personal look, just call or email me to set up your visit. You can reach me at 919-877-6708 or Renee@HREGSells.com!

Back on the Market in Apex – but This Won’t Last Long!

Remember that incredible house I showed you in Apex last month – the one that was under contract after just one weekend on the market? Well, it’s back on the market and if last time was any indication, it’s not going to last long this time around, either… so don’t delay on calling or emailing me if you want to see it for yourself! (Reach me at 919-877-6708 or Renee@HREGSells.com.)

When I first listed this house, I called it the “coolest house I’ve ever been in”, and that statement still stands! Located in The Villages of Apex, you will be awestruck at the exquisite detail and thought put into this home. Featuring hand-hewn, 175-year-old beams, reclaimed wood accents, upgraded fixtures, and hardware throughout, and five-inch oak floors, this the builder/designer’s personal dream home and it shows.

Inside you’ll find a gourmet kitchen with exotic granite, stainless appliances, walk-in pantry, and even a prep sink! Outside, there’s a fully-fenced backyard with bamboo garden and covered porch… just perfect for enjoying fall’s cooler temperatures!

There are four bedrooms, two and a half bathrooms, and an oversized two and a half car garage here. In addition to the beautiful home itself, this neighborhood is super attractive and close enough to walk to always popular and welcoming Downtown Apex.

Take a virtual tour online right now at http://tours.tourfactory.com/tours/tour.asp?t=1414304 and let me know when you want to take a look in person!

Move-In Ready in Southwest Raleigh

House-hunting in the Trailwood and Tryon Road areas? Make sure to add this great move-in ready home to your must-see list!

This turn-key property is ready to go with fresh paint, new carpet, and updated fixtures! Walk-in the front door to a dramatic entry with a soaring ceiling that opens to the living room with gas logs fireplace and dining room. The kitchen has nice natural cabinets, white appliances, and a big stainless steel refrigerator.

Enjoy the master suite on the main floor with two closets, dual vanities, and garden tub/shower combo. There are two more generous size bedrooms upstairs with a shared bathroom – plus, a good size bonus room!

Kick back with your four-legged friends on the back deck (recently stained!) that overlooks the spacious, fenced backyard.

There’s even the ever hard to find two-car garage included and you’ll also have access to the neighborhood pool here. You’ll have plenty of time to spend there thanks to the low-maintenance vinyl siding exterior of the home. This location is super convenient to I-40, NC State University, North State Farmers Market, Downtown Raleigh, Cary, and more.

Take an online tour now at http://www.tourfactory.com/1417699 and let me know when you want to see it for your self in person! Reach me at 919-877-6708 or Renee@HREGSells.com.

Location, Location, Location and Plenty of Room to Grow at This Home in Raleigh’s Inside Wade Neighborhood

Could you ask for a better location? Nestled in the Inside Wade neighborhood, 1310 Rodessa Run has got it all – including super quick access to PNC Arena, Umstead State Park, walking trails, shopping (including Whole Foods), dining, and more.

The popular “Simone” floor plan is flowing with an upgraded technology room and awesome natural light throughout. Relax or entertain in the spacious living room with gas logs fireplace and enjoy cooking in the gourmet kitchen that features granite counters, a working island, and stainless steel appliances. There are even two options for dining!

When the day is done, retreat to the master suite with custom wainscotting, a spa bathroom with soaking tub, dual vanities, and a separate shower!

The utility room is loaded with cabinets to keep it all put together and looking new. Take advantage of the fenced backyard with floating deck to enjoy the landscape! You’ll also find a two-car garage with bedroom and full tile bathroom (445 of total sq. ft.) above! The covered front porch is just made for front porch sipping on sweet tea.

Inside Wade offers residents lots of amenities including a community pool, clubhouse, and dog park for letting Fido stretch his legs.

Take a virtual tour online right now at http://tours.tourfactory.com/tours/tour.asp?t=1412696 and then let’s set a date for your own personal visit! I’m available by phone or email at 919-877-6708 or Renee@Renee-Sells.com.

A Must-See Beautiful Home in Apex Under $200,000!

Be part of the Peak of Good Living and see what all the hype is about in Apex – recently ranked the #1 place to live by Money magazine! This beautiful detached home is a hard to find option in the town that everyone wants to live in.

There’s an open floor plan with white kitchen, stainless steel appliances, an island and even a bar top. Enjoy the unique butler’s pantry with tons of extra storage – keep extras of everything on hand and avoid those extra trips to the store. The master bedroom suite is a relaxing retreat with soaker tub and shower in the master bath and features two closet!

Take at-home entertaining to the next level with the fantastic fenced backyard. You’ll find a custom covered stamped concrete patio and a really cool firepit! The private backyard backs to a wooded buffer and comes complete with a shed. The easy living continues thanks to the low-maintenance vinyl siding!

Homestead Park neighborhood is near schools, convenient to shopping, and a quick drive to access I-540. All of this comes with a great price tag, too – just $185,000! Take a tour online at http://tours.tourfactory.com/tours/tour.asp?t=1412423 and then call or email me to visit in person. You can reach me at 919-877-6708 or Renee@Renee-Sells.com.

A Tale of Two Closings

People really do BUY and SELL real estate in the winter! We do our best to ensure that all of our clients have exceptional experiences and two recent Renee Hillman clients are no exception to the rule:

Racine Drive in Durham

This couple got my name from another client through their alumni association – thank you SO much for the referrals! They were relocating from Northern Virginia to Durham and after looking at home options, we narrowed the search down to eight listings in particular. The first one we went to – this awesome ranch home pictured above – is the one they bought! We accomplished their housing needs in less than four hours. (Talk about efficient!) We ended up in a multiple offer scenario and I’m happy to say we won!

A special thanks to this great couple for the kind review they also provided: “Renee is absolutely amazing! My spouse and I are relocating to the Triangle from DC and Renee made this process so easy. She has so many great connections and tools to help first time home buyers. We always felt so comfortable and looked after – she is so great at keeping you on-target and in-the-know. You can not go wrong working with Renee!! – can you tell we think she’s the greatest!?!“

Berkeley Springs Drive in Raleigh

I cannot tell you how much it thrills me to share that this was a repeat client who made a profit on selling her townhome after only living there for a year and a half! We love helping our clients reach their real estate goals and are always excited to welcome back returning clients.

Happy December, everyone! If you’re considering buying or selling in the new year, please give me a call or email to discuss your goals and how our team can help you!

Renee Hillman – 919-877-6708 – Renee@Renee-Sells.com

Flipping homes – What this means to you as the buyer or seller!!!

There are sooooo many reasons why it is important to select an educated real estate broker and lender – the process of buying & selling has become more and more cumbersome. Educated is a key word because to be quite frank several real estate brokers & lenders don’t know the rules. This can make your experience go from a five star rating down to a one star.

With our market getting hotter, flipping properties is back on the scene. A lot has changed over the last few years & I thought this post was a great summary of things to look out for when buying a home that has been “flipped”. It also affects sellers as their profit margin may be compromised. Flipping is essentially an investor purchasing a property below market value, typically renovating it and then selling the home on the open market for a profit once complete.

This lender, Kevin Martini did a great job summarizing all the changes & thought I would pass along:

Buying & Selling flipped properties can be challenging in this market depending on the financing the Buyer if trying to get.
Conventional financing does NOT have an anti flip policy, but many lenders still apply their own rules.
Now FHA has a set of strict rules for financing flipped properties if the Seller is making more than 20% profit within 90 days of resale. Therefore, understanding the different financing rules that are in place today for Buyers and Sellers & flipped properties, is essential for success in today’s marketplace.Conventional Guidelines for Financing Flipped Properties
What many people do not know, is that conventional financing does not have an anti Flip policy, so there is no limit on the amount a profit a seller can make in any given amount of time when reselling a home.

What Buyers and Sellers needs to look out for, is lenders may apply their own set of “overlays”, which are rules a lender will apply on top of regular conventional underwriting guidelines to minimize their risk on the transaction. For example, there are some lenders who will ask for two appraisals, if the profit to the seller is more than 20% in less than 90 days for example.

Another issue that comes into play, is when a buyer needs to get financing over 80%, because now the Buyer has to qualify for private mortgage insurance (PMI). When mortgage insurance companies have to get get involved in the transaction, they may want to see more documentation to justify the appreciation on the property, so be prepared to document the value increase thoroughly with supporting documentation, or once again, a particular lender may ask for a second appraisal.

FHA Guidelines for Financing Flipped Properties

The FHA is definitely the program with the strictest rules. NOTE: The following rules apply to a property that is being resold within 90 days & there is more than a 20% profit to the seller.

*Not all of these rules apply to a flipped property that is being resoldafter 90 days.

1. 2nd Appraisal is required if > 20% profit within 90 days

The FHA requires a 2nd appraisal if there is more than 20% profit to the seller within 90 days of purchasing the property. The appraisal must clearly address the completed repairs and/or renovation to substantiate the increased value. The FHA does not allow the Buyer to pay for the 2nd appraisal.

2. A home inspection is required on all flips

A home inspection is required on all flips by the FHA. The inspector must have no interest in the property or relationship with the seller, and must not receive compensation for the inspection for any party other than the borrower. Usually any and all repairs that are listed on the inspection report will be called out by the underwriter to be fixed by the Seller.

3. Health & Safety repairs must be completed

Any health and safety repairs noted on the inspection report, not already called for by the appraiser, will be required to be repaired by funding,which means the appraiser will have to go back out to the property and take pictures or the repairs.

4. All transactions must be arms-length

All FHA flipped transactions must be arms-length, with no identity of interest between the Buyer and Seller or other parties participating in the sales transaction.

There are some lenders who do not allow the escrow company to be affiliated with the seller as this is an identity of interest. For example, sometimes the seller or the REO company who is selling the property will have an escrow company too, so this is not allowed by FHA lenders, so make sure this is checked up front if there is an affiliation with any two parties on the transaction.

5. A minimum 12-month chain of title is required

A minimum 12-month chain of title will be required on the preliminary title report to determine no pattern of previous flipping activity exists for the subject. If the property has been flipped twice in the past 12 months, it will not qualify for FHA financing.

Address All Concerns Upfront on a Property

A good idea is to address any concerns upfront on all flipped properties. A good rule of thumb for agents and buyers is to check the purchase date when the seller bought the property, as this will determine many of the rules above.

If the property is being resold within 90 days, this is usually where additional rules may apply, so make sure to ask the right questions.

Parade of Homes in the Triangle Area, NC 2013

Not only is fall one of my favorite times of the year in NC but it also the time of year for the annual Parade of Homes. OH MY is all I can say – so many gorgeous homes in all price ranges & beautifully decorated. You will leave with a list of ideas a mile long 🙂 This is a time for builders in our area to showcase their work to be judged by a panel. You are seeing some of the very best work by our area builders. There are several different types of awards from overall package within price ranges to special features. You can view last years winners here! To learn more about it check out the Home Builders Association.

It runs for three weekends, two are left (October 11-13 & 18-20).

This is one I can’t wait to check out over in the Five Points area!

What a better way to explore our fabulous area and visit areas that you wouldn’t normally travel too!

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Renée Hillman, Real Estate Broker | RE/MAX One Realty | Team Concept

919 868 4383 (Direct) | 919 882 9053 (Fax)
http://www.Renee-Sells.com | Twitter @ReneeSells | Facebook

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Taxes, House Buying & Benefits from a CPA

Given it is that dreaded time of year for many of us I figured I would ask my CPA to “break down” the ins & outs of the closing statement and general information on tax advantages of home ownership!

Tim Eisel has been my CPA for several years & has worked with several of my clients. Feel free to contact him if you are looking to hire a CPA to prepare your taxes. He is a family man & a local business which I love supporting. His contact info is timeiselcpa@hotmail.com and direct 919 614 3213.

Here is what Tim had to say:

Tax benefits of home ownership

The American dream of owning a home has several benefits. A few significant federal tax benefits that may prove to be beneficial are listed below:

Home Mortgage Interest

One of the most important tax benefits of owning a home is the home mortgage interest deduction. Mortgage interest that is paid by the homeowner may be deductible. If you itemize deductions on your federal income tax return, you can generally deduct the interest that you pay on debt resulting from a loan used to buy, build, or improve your home, provided that the loan is secured by your home. Currently, interest paid on up to $1 million in mortgage debt may qualify for the interest deduction. If your mortgage loan exceeds $1 million, some of the interest that you pay on the loan may not be deductible.
Home Equity Loan Interest

The interest that you pay on a qualifying home equity loan or line of credit is generally deductible regardless of how you use the loan proceeds. Interest on home equity loans of less than $100,000 may be deductible as an itemized deduction on your federal tax return.

Mortgage insurance

For 2012, qualified mortgage insurance premiums may be deductible, provided that the insurance is associated with home acquisition debt, and is being paid on an insurance contract issued after 2006. Home-owning families who itemize their deductions on their federal return and have not exceeded the income limits can qualify for the deduction.

Real Estate Taxes

If you itemize deductions on your federal tax return, real estate taxes that you have paid on your property are generally deductible.

Closing Costs/Settlement Fees

Whether you obtain a loan to purchase a home, or refinance an existing loan on your home, you’ll probably be charged closing costs. Closing costs may include points (also referred to as origination fees), appraisal fees, prepaid interest/taxes, legal fees, title search fees, and document preparation / processing fees. These costs are normally listed out in detail on the Good Faith Estimate. Some of these costs are deductible on your federal tax return if you itemize, and others may be added to the cost basis of your home.

Points, prepaid interest, and prepaid taxes may be eligible for deduction on your federal tax return in the year that you pay them if you itemize deductions and meet certain other requirements.

Other settlement fees/closing costs are generally not deductible on your tax return. Instead, you may adjust your tax basis in your home to reflect certain closing costs, such as: abstract fees, recording fees, legal fees, owner’s title insurance, and transfer or stamp taxes, to name a few.
Home Improvements and Repairs

Home improvements and repairs are generally nondeductible. However, improvements may be used to increase the tax basis of your home. Improvements add value to your home, prolong its life, or adapt it to a new use. A repair simply keeps your home in good operating condition. Regular repairs and maintenance are not considered improvements and are not included in the tax basis of your home.

Energy Tax Credit

If you make certain improvements to your home that improves your home’s energy efficiency, you may be eligible for a federal income tax credit.

Capital Gain Exclusion On Sale of Home

If you sell your principal residence at a gain, and meet all the requirements, you may be able to exclude some or all of the capital gain (up to $500,000 if you are married and file a joint return) from federal income tax. In general this exclusion can be used only once every two years. To qualify for the exclusion, you must have owned and used the home as your principal residence for a total of two out of the five years before the sale. If you sell your principal residence at a loss, you generally can’t deduct the loss on your tax return.

This information is intended to provide generalized guidance that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this information should not be acted upon without specific professional guidance.

Have a great week & as always if I can help you with anything real estate related give me a call!

2907 Berkeley Springs Place, Raleigh, NC 27616

Who says renting is cheaper than buying?!

A great opportunity to own a townhome that has been lightly lived in & has all the conveniences you can imagine! Triangle Town Center is literally around the corner, along with several additional shops & eateries. If you like shopping you will be in your glory – Saks Fifth Avenue, DSW, Dick’s Sporting Goods, you name it. Access to 540 is super easy along with Capital Boulevard. Take a look at this Google Map so you can search more things nearby. If you like exploring parks – there are plenty of options by here including Durant Nature Park & Millbrook Exchange Park & Community Center. This townhome is move in ready, neutral decor & a great buy. Start putting your money into something than nothing. The interest rates are great right now. If we can assist in anyway feel free to give Renee a call at 919 868 4383 or email Renee@Renee-Sells.com