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Fun Mortgage Secrets of South Park Financing
July 11th, 2007 categories: Buyer Info, Charlotte Area News, NC Mortgage News, Real Estate News, Seller Info
I had coffee the other day with a friend who is a mortgage consultant with SunTrust Mortgage. They have a great product that might be of interest to some of you active buyers. If you are considering a home in one of our great, established neighborhoods you already are aware of some of the “issues” surrounding these homes. Take the South Park area for example.
There are some great neighborhoods within a two to five mile radius of the mall. The great thing about these neighborhoods is that they are well-established, huge trees, well-kept, and location location location. One disadvantage is that they were built in the late 50s and 60s. This means homes built to older codes, older styles, etc. My wife and I live in one of these areas as we have always leaned towards buying a home with “potential” then remodeling, repair, etc. as time and money permit.
Time and money…two commodities that are difficult to address.
The time thing is something I can’t address for you, but the folks at SunTrust have an interesting solution for the money part. This product will allow you to go find that home in the dream location. You take along your favorite architect or builder and come up with how to remodel this place. Get some estimates as to how much this will cost. Now go talk to the folks at SunTrust. They can loan you up to 95% of the purchase price plus all renovation costs..!!
I don’t want to get into all the specifics here since I’m not an expert and don’t want to misquote things, but think about this. You find a home for say $300,000. You love the style, the location, the area, everything. Problem is it needs around $50,000 in renovations to really bring it up to today’s standards and your tastes. You can go ahead and buy it tell yourself you will work on it. Problem is, two months later you have less time than you think, you’d like to replace the HVAC, but really need to replace the car, so you wait the HVAC out another year. Now the HVAC system is more expensive than last year….and so it goes. This program allows you to finance all this into the original mortgage and you can get the renovations done quickly.
Of course this is not for everyone and every circumstance, but it seems like an exciting option for you to consider. Some of you investors are thinking….”hmmm, I like this…” If you are just thinking in terms of flipping, then this won’t work. It’s meant to be for people who intend to buy and hold. But, if you are an investor and thinking about holding for rental, you are in luck. Give them a call.
Here’s something else. What a great tool if you have one of these homes and want to sell? Get your mortgage consultant and/or real estate agent to provide some flyers in
Now in all fairness to my other mortgage friends, they probably have similar products. I don’t want to be accused of playing favorites. The point here is that there are lots of good options and good products for you. Some are not necessarily new, but when you are made aware of some of their applications, it gets your mind to thinking….
And as always….feel free to contact me with questions, etc. It’s not a problem and it doesn’t obligate you at all….really.
Have a great week….
July 11th, 2007 at 9:48 pm
Brian: Shame on you… you had my hopes up until you wrote “If you are just thinking in terms of flipping, then this won’t work.”
Good to see a fellow North Carolina real estate blogger - needless to say, I think all of you guys are in Charlotte or the Triangle. We need more RE Bloggers in the east.
November 6th, 2007 at 8:00 am
Real Estate Guide…
I couldn’t understand some parts of this article, but it sounds interesting…