Hannah Jung, Raleigh Real Estate - Coldwell Banker Advantage

Condominium "West" to be Auctioned off

ABR, Accredited Buyer's Representative

I am happy to announce that now I am an ABR, Accredited Buyer's Representative.

What does this mean?  Here is who gives this designation and how I qualified: 

"All ABR candidates were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

REBAC, founded in 1988, is the world's largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide.  THE NATIONAL ASSOCIATION OF REALTORS^â, "The Voice for Real Estate," is the world's largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry."

In short, I am so much more prepared now than ever to serve you as a buyer through every step of your home buying process!  So, give me a call today, not only this is a great time to buy, I am here to serve you to the FULL service you deserve!

Two credit score run during process of a loan

Credit Reports: One May Not Be Enough (from Denise Beatty, Wells Fargo Home Loan)

This summer, Fannie Mae instructed lenders that they should adopt a new policy that would include a second review of an applicant's credit report just prior to closing. Why? The answer is simple: the credit profile of a borrower may have changed between the time of the initial review of the credit report and the time of closing.

How will this impact the home loan?

The potential impact to a borrower who has utilized credit to make significant purchases after the initial credit report could include:

• A delay in closing
• Increase of closing costs and/or interest rate
• A decreased loan amount
• Denial of the loan

That’s right, in the worst-case scenario, a change in credit could even result in a loan being denied - even after an original approval had been granted.

What should homebuyers do (or not do)?

• Don't do anything that causes a red flag to be raised by the scoring system.
• Don't apply for new credit of any kind.
• Don't pay off collections or charge offs.
• Don't max out or over charge on your credit accounts.
• Don't consolidate debt onto one or two credit cards.

This list is not comprehensive, but it does give you a peek into situations that could create issues and could also be contrary to some ideas you have read previously.

New Blog

Note that this information is outdated.

Hi, everyone! I made a decision to move my blog to my website hosting service so I can get it to integrate it even more seamlessly. Hope you all like the convenience of not having to go to another website to read my entries. I am going to try to bring some older but relevant postings over to this new one so the information does not get lost. Thank you all for your support and let me know if you see anything that needs improvement. Also, please feel free to leave comments on my postings!

Google Map

As I was entering in my new listing on various websites for marketing, I noticed Google Map had the address of the street of my listing wrong.  This is a big problem since people would not be able to find the house with its correct address.  To make the matters worse, Bing does not even have the street listed!  Yes, it is a new subdivision and it is a new street but Google at least had the street drawn on their map!  So, I wanted to have this corrected by Google as soon as possible and found a small "report problem" link on the bottom right of Google map.  I clicked on it, followed instruction and sent it in not knowing if a real person will be at the other end to receive it.  As somewhat expected, I received an acknowledgment email of my report and surprised that it read as if someone actually wrote it rather than being maybe an automated message.  And, well, one day later I get another email from Google "Map Team" below message! 

Hi Hannah,

Your Google Maps problem report has been reviewed, and you were right! We'll update the map soon and email you when you can see the change.

Report history
Problem ID: 4251-0CE3-89A5-D7F0

Your report: Correct street name is Lynnberry Place and not Lynberry Ln. This is confirmed by county deed record and also recorded plat. ref: www.wakegov.com/realestate

--
Thanks for your help,
The Google Maps team

I don't know what I expected when I first reported the issue but hey, if this is the way it was being handled by Google and corrected accordingly, and had I known this, I would have made many corrections that I came across in the past!  Anyway, I am so glad I did this and I feel I have served my seller by getting the map corrected so her house will show up properly when people search for it. yay!

First time home buyer tax credit pay back??

So, I have been asked this question recently and honestly, I didn't know an exact answer to it.  I researched and this is what I find:

On National Association of Realtors website this question is answered:

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.  (http://www.realtor.org/home_buyers_and_sellers/2009_First_Time_Home_Buyer_Tax_Credit)

Ok, I guess this is a clear enough of an answer or is it?  Because of the wording of this answer, "the full amount credit will be recouped on the sale", I asked my good friend and trusted real estate attorney Andrew Cookson for more information.  He says the credit is not paid back at the time of sale since the real estate closing attorney is not responsible for verifying if the seller is subject to repayment.  Also, it is recommended by him and I strongly do too for anyone who might have to sell within 3 years to check with their accountant.  All the rules that applies to this recapture rule apparently have more conditions attach to it if one is forced to sell due to job transfer or making another purchase after the sale of subjected home.

Well, as you all know, Realtors are not financial advisers and or legal advisers.  Please do check with your accountant on the matter so that you will not be surprised when Uncle Sam asks for his payback!

Townhouse For Sale in Lennox at Brier Creek

Popular Brooks II Floor plan!

• 1,775 sq. ft., 3 bath, 3 bdrm townhouse "Transitional" - MLS® $239,000 - Priced to Sell!

Lennox at Brier Creek, Raleigh  -  Popular Brooks II plan that was sold out fast in the neighborhood! Opportunity is back for you to get in on this well upgraded, barely lived in TH in Brier Creek. Lennox at Brier Creek is a wonderful subdivision with outstanding ammenities including a lap pool, play pool, club house to rent for private parties, fitness center with many equipments, mini parks and an active social committee who puts together various events throught out the year! It is also located with in walking distance of popular shopping/entertaining destination of Brier Creek Commons and Brierdale Shopping Center. Minutes to RTP, RDU Airport, Durham, Raleigh Downtown, Crabtree Valley Mall, Streets at Southpoint, I-40, 540, & I-85. This home has BEAUTIFUL, Statement Making, stacked stone FP, 1st Hardwood flooring, granite countertop, SS appliances, screened in porch, open backyard (a rarety in any TH communities), upgraded bathroom cabinets, upgraded vanity tops, Tile surrounded bath tub and shower stall. Come visit and tour this home and you will know why its THE place to live in Raleigh!

Property information