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Kristin Ellefson
April 23rd, 2014  |  +Kristin Ellefson  |  Add a Comment

There are many steps to finding the right home, some view the hunt and the negotiation process as “the hard part” but there are many things that happen after the negotiations take place that can throw a wrench in the plan and its always important to be prepared. One of those hiccups might pop up during the appraisal of the home. What do you do if your appraisal comes back under the negotiated contract price? How does that affect your borrowing power and what does that mean for your potential home purchase? Our Partner, Rebecca Madej had some great pieces of advice on how to combat this situation during your home buying process, here’s what Rebecca had to share with us.

 

The appraisal came in less than the purchase price – now what?   Thankfully this isn’t a conversation I often have but when a home’s sales price is higher than the appraised value it’s a twist in the loan process that needs addressing.

In this situation it’s helpful to understand that federal guidelines such as Appraiser Independence limit available options when addressing an appraisal.   Lenders are prohibited from changing the value reported and certainly don’t want to be perceived as trying to influence the appraiser to provide an inflated fraudulent value.

A second appraisal is not likely to be ordered unless the original report is flawed, it is needed for quality control or it is required by law.  However additional comparable sales – or comps – can be suggested by the client or Realtor(s) for consideration by the appraiser and underwriter.  Keep in mind this will likely only impact value if the properties are even more similar to the home being purchased than the comps used in the appraisal.

If the value stands and the buyer wants to proceed, some of the available options are:

Seller lowers sales price:

  • As an example a home is under contract for $200,000 and it appraises for $190,000.  The seller can lower the sales price to $190,000.   The buyer can adjust their loan amount accordingly or leave at the original amount desired as long as the minimum down payment requirement for their chosen loan program is met.

Bring additional down payment funds:

  • Using the same example as above except the sales price remains at $200,000.  The buyer’s original plan was to have a 5% down payment and a loan amount of $190,000.  However since lenders use the lower of the sales price or appraised value when determining the minimum down payment, the maximum loan amount would be $180,500 (95% of the appraised value).  With the sales price remaining at $200,000 their down payment would be $19,500 to meet the 5% required minimum based on the appraised value and the additional funds needed to meet the $200,000 purchase price.

Opt for mortgage insurance:

  • Perhaps the plan was to put 20% down and have a loan amount of $160,000.  With an appraised value of $190,000 and a sales price of $200,000, the buyer could keep the $160,000 loan amount but because the loan is >80% of the appraised value mortgage insurance would be required.

Thankfully, my clients and I don’t often experience a low appraisal.  One reason is because of our high caliber appraisers which is a point of distinction.  Our appraisal pool is comprised of professionals who are hand selected for their experience in and knowledge of the Charlotte market and surrounding areas.

 

Rebecca Madej Cunningham & Company

 


 
Kristin Ellefson
April 23rd, 2014  |  +Kristin Ellefson  |  Add a Comment

 

This gorgeous home in Foxcroft Woods is a must-see! Click on the image above to see more photos or read more about this listing!

MLS#: 2222530
4 Bedrooms, 4 Full Bathrooms, 2 Half Bathrooms

 

“Stunning, custom-built home on very nice, quiet street close to everything. You’ll fully enjoy this gorgeous home as it lives large, open, and laid out to perfection. The kitchen comes complete with viking ss appliances and very unique granite countertops. Guest suite on the main overlooking the courtyard below. Great rooms on the main & lower level have fireplaces & both overlook courtyard.”

 

Foxcroft Woods School Information:
Elementary School:
Selwyn Elementary School
Middle School: Alexander Graham Middle School
High School: Myers Park High School

 

Foxcroft Woods Real Estate Market Statistics:
Number of active single-family listings in Foxcroft Woods:  3
Average sales price for active single-family homes in Foxcroft Woods:  $1,314,667

There has been one closed sale in Foxcroft Woods over the last 12 months.

The average sales price for homes in Foxcroft Woods over the last 12 months is $665,000

The average number of days on the market for homes in Foxcroft Woods is 222.

 

For more information on this listing contact Doug Sidell. To learn more about Doug click here.

 
Kristin Ellefson
April 22nd, 2014  |  +Kristin Ellefson  |  Add a Comment

Since 1995, Charlotte residents and other regional attendants have been calling the Steeple Chase home on the last Saturday in April, and this Saturday will be no different. On April 26, 2014 the horns will sound kicking off the 19th running of the Queen’s Cup Steeple Chase. Whether you are new to the area, or have called Charlotte home for several years, the Queen’s Cup is one annual event you don’t want to miss out on!

 

The Queen’s Cup offers  views of the entire racecourse from the Lawn Boxes and Hospitality Tents on Member’s Hill to tailgating spots scattered around the track. You’re invited to “Experience the thrill of the Chase” with a posttime at 1:30PM and races running every 30 minutes and the Final Queens cup being run at 3:00 PM. Looking to get more out of your Queen’s Cup experience? Before the races kick off at 1:30, patrons have the opportunity to take part in pony rides, raffle drawings, Jack Russell Terrier Races, the famed Derby Hat contest, and the Annual Queen’s Cup Tailgate Contest. You can find more information about ticketing, tailgates, race day events and more on their website. Remember to dress in your derby best and enjoy a day at the Races this Saturday!

 

 
Kristin Ellefson
April 21st, 2014  |  +Kristin Ellefson  |  Add a Comment

As Spring heads into Summer, it’s hard to believe that it’s almost May and we have another fun Summer ahead of us. When most people think summer they think of beaches, barbecues, and a little bit of fun in the sun. Really, what’s not to love about vacation season, lake days, beach weekends, and hanging out with your friends and family. After the cool spell this past weekend, we’re definitely ready to start spending some quality time outside. If your home has any type of outdoor space, you know how enjoyable it can be this time of year, and if it doesn’t, maybe it’s time to start thinking about a little outdoor oasis of your own. Outdoor kitchens and entertaining spaces have become all the rage these past couple of years with homeowners creating full on kitchen and dining spaces outside as well as luxurious lounge areas. Here are a few idea for creating an awesome outdoor to enjoy this summer season!

If you are looking for some inspiration on creating an awesome outdoor space, checkout our outdoor entertaining board on Pinterest with images of tons of outdoor kitchens, seating areas, and cool spaces!

 
Kristin Ellefson
April 21st, 2014  |  +Kristin Ellefson  |  Add a Comment

Located in the popular Dilworth community, just minutes from uptown Charlotte, this home has everything you're looking for in Charlotte living! Click on the image to see more photos of the house or read more about it!

MLS#: 2222604
5 Bedrooms, 5 Bathrooms

 

“Pristine Dilworth home overlooking Freedom Park! Two story home with fully finished walk-out basement. Main floor with kitchen, dinning, living room and den, also has guest room that can be used for private office. Second floor features master bedroom with private balcony, 3 additional bedrooms and large bonus/6 bedroom.”

 

Dilworth School Information:
Elementary School:
Eastover Elementary School
Middle School: Alexander Graham Middle School
High School: Myers Park High School

 

Dilworth Real Estate Market Statistics:
Number of new, active single-family listings in Dilworth (on the market less than 10 days): 8
Average sales price for all active single-family listings in Dilworth: $781,014

The number of closed sales in Dilworth over the last 12 months is 162.

The average sales price for homes in Dilworth over the last 12 months is $452,706

The average number of days on the market for homes in Dilworth has decreased to 131.

There is currently a 3.7 month supply of homes for sale in Dilworth.

 

For more information on this listing contact Nikki Peterson, to learn more about Nikki click here.


 
Kristin Ellefson
April 21st, 2014  |  +Kristin Ellefson  |  Add a Comment

 

Just listed in Cotswold, don't miss out, this one won't last long! Click the image above to see more photos or read more about this listing.

MLS#: 2222115
4 Bedrooms, 3.5 Bathrooms

 

“Beautiful, newer construction home in the heart of Cotswold. Welcoming front porch & bright, open floorplan. Crown molding & Hardwoods throughout home, ceramic tile in baths. Kitchen with granite, stainless & walk-in pantry. Spacious Master bath with garden tub, dual vanity & separate shower. Private, covered porch off Master. Full bath on 3rd floor. Detached 2 car garage – plenty of storage!”

 

Cotswold Real Estate Market Statistics:
Elementary School:
Cotswold Elementary School
Middle School: Alexander Graham Elementary School
High School: Myers Park High School

 

Cotswold Real Estate Market Statistics:
Number of new, active single-family listings in Cotswold (on the market less than 10 days): 10
Average sales price for all active single-family listings in Cotswold: $520,095

The number of closed sales has decreased over the last 12 months to 97.

The average sales price for homes in Cotswold has increased to $389,962.

The average number of days on the market for homes in Cotswold has decreased to 109.

The months supply of inventory for homes in Cotswold has decreased to 3.3

 

For more information on this listing contact Cara Shields. To learn more about Cara click here.

 

 
Jessica Sullivan
April 18th, 2014  |  +Jessica Sullivan  |  Add a Comment

This week we bring you another story from one of our agents about the organizations that are near and dear to their hearts.

 

Christine Hotham, of our Ballantyne office, works with Thompson Child and Family Focus here in Charlotte – and tells us a little bit about them, their history, and her connection with them.

 

Christine:

I volunteer with Thompson’s Child and Family Focus.Thompson Child & Family Focus

www.thompsoncff.org

 

Their goal is to assist the child, emotionally, physically and with education and love and help the family and reunite them after treatment.

 

Founded in 1886 as an orphanage, Thompson is a non-profit organization operating three distinct campuses, each providing comprehensive education, treatment, and care for children (birth to 18 years) in need.
The children we serve are fragile, bruised or broken. Our vision – our determination and our obligation – is to make them whole again. At Thompson, we do whatever it takes to help every child to feel safe, strong, happy, and loved.

 

Our mission…called to serve children and families through healing, teaching, worship, and play.

 

Locations/Campuses:

 

Thompson Saint Peter’s Lane Campus (Matthews, NC)
A tranquil 40-acre campus in Matthews that includes:

Highly personalized psychiatric residential treatment and clinical care for children who have experienced severe abuse and neglect.  Serves up to 48 children, ages five to 15, in eight cottages.

The School at Thompson provides therapeutic supports within a school setting.  Ages 6-12.

Thompson administrative offices, the chapel, a recreational facility with pool, a cafeteria, and outdoor playgrounds and natural spaces are part of this healing environment.

6800 Saint Peter’s Lane, Matthews, NC 28105 | 704-536-0375 | Fax: 704-531-9266

 

Thompson Family Services Center – Wendover Rd. (Charlotte, NC, Grier Heights neighborhood)

Thompson’s wide range of community programming is headquartered at this location and includes: foster care, outpatient therapy, school-based treatment intervention, case management, intensive in-home treatment, family education, and family partners/family mentors programs.

769 N. Wendover Road, Charlotte, NC 28211 | 704-376-7180 | Fax: 704-376-0903

 

Thompson Early Childhood Services Center – Clanton Rd. (Charlotte NC)

Thompson Child Development Center, a five-star, nationally accredited center, provides year-round high quality early education and care for up to 150 children, birth to age five. The student population includes both children with special needs and those who are typically developing.

Thompson Early Childhood Outreach Services include a wide range of family support programming, as well as a three-county professional development training program and center-to-center peer counseling.

1645 Clanton Road, Charlotte, NC 28208 | 704-333-5382 | Fax: 704-333-0558

 

Primarily I assist at the Matthews Campus on St Peter’s Lane.  Each year I host a brunch at my house during the holidays.  For many years friends would bring hostess gifts even though I said bring nothing…the invitation always starts like this:

 

“Nothing to bake, buy, or bring,

Come for Coffee with a zing….(Baileys, Kaluha, irish cream etc)”

 

Well…finally since folks kept bringing me santa claus ornaments etc…I decided to host the brunch for a charity.  After research I came upon Thompson’s…and we have been working with them for years since.  Our ladies brunch has donated outerwear, boots, comforters, linens, towels, shower curtains, sheets, blankets, children’s toys, games and movies over the years.  These gifts go either into the cottages where the student live on campus, or into the “need” closet for distribution.

 

Christine Hotham, Realtor at Helen Adams BallantyneI also participate in various events throughout the year and host a table at their annual fundraising luncheon each spring.  I have toured the Matthews and Clanton Road, Child Development centers and feel a bond and connection to this charity. I love the emphasis on the whole child.  I would love to talk with anyone about them!

 

Click here to learn more about Christine or contact her.

 
Kristin Ellefson
April 18th, 2014  |  +Kristin Ellefson  |  Add a Comment

 

 

 

 

 

Click on the image above to view more photos!

4617 Carmel Club Drive
Charlotte,  NC  28226
Tuckaway Park

 

MLS#: 2221319
$1,350,000

 

“Beautiful 3BR/3.1BA ranch style home with large floor plan, located on approximately a 1 acre lot. This home has all of the amenities that your buyer could dream of and was on the Mint Museum Garden Tour in 2012. Chef’s kitchen with AGA stove, granite, hardwoods, custom moldings, pool and so much more!”

 

 

 

Click on the image above to view more photos!

8301 County Downs Lane
Charlotte,  NC  28270
Sardis Croft

 

MLS#: 2220751
$300,000

 

“Incredible .58 acre lot! Hardwoods on main. Improved, Improved! New HVAC, Anderson windows, Roof (2010), deck (2012), stainless steel appliances, hall bath (down to studs). New carpet, updated Master Bath, new paint interior & exterior. Move right in & enjoy this peaceful location.”

 

 

 

 

Click on the image above to view more photos!

8918 Whittingham Drive
Waxhaw,  NC  28173
Somerset

 

MLS#: 2220922
$349,000

 

“Well maintained home is move-in ready! Great kitchen with ss appliances and walk-in pantry. New Frise carpeting. Gas fireplace in great room, which features panel molding. Living room w/French doors off of foyer could be office. Large master bedroom w/sitting area featuring his and her closets with organizers. Covered deck. Extra large 2-car garage and walk-up attic with abundant floored storage.”

 

 

 

Click on the image above to view more photos!

4130 Bon Rea Drive
Charlotte,  NC  28226
Cedar Woods

 

MLS#: 2220915
$209,000

 

“Open and spacious floor plan in this move in ready ranch. Brand new Master bathroom – Frameless shower with 2 shower heads, custom vanity with granite counter, tile floor. Hall bath also redone. Vaulted ceiling in Great room with wood burning fireplace open to breakfast and dining room and Bar area. Wonderful home to entertain with great flow, deck, screen porch, patio, fenced yard. MP high school”

 

 

 

Click on the image above to view more photos!

15516 Brem Lane
Charlotte,  NC  28277
Ballantyne Country Club

 

MLS#: 2220874
$675,000

 

“Majestic custom Arcadia built home. Meticulously maintained. Outstanding extensive improvements and renovations (see attached). Guest bedroom or office on main level. 2 story foyer w/designer finishes. Very private fenced rear yard w/large deck and beautiful trees.”

 

 

 

Click on the image above to view more photos!

17204 Hedgerow Park Road
Charlotte,  NC  28277
Ardrey

 

MLS#:2220968
$482,500

 

“Gorgeous Charleston style home in desirable Ardrey on quiet street! Gazebo front porch, spacious screened rear porch & fenced yard.  Tons of moldings, 10ft ceilings on main, 9ft up & plantation shutters. Gourmet kitchen w/ large island, granite, ss, hdwd flrs. Master down, upper has large 4th bdrm, bath & bonus. Sealed crawl, lawn maintenance incl in HOA dues. Huge loft storage in garage!”

 

 

 

Click on the image above to view more photos!

6731 William Harry Court
Charlotte,  NC  28211
Stonehaven

 

MLS#:2221628
$224,000

 

“Beautifully updated home that is MOVE IN READY ! Newer vinyl windows, HVAC- 2012 ,Arch Shingle Roof -2011, Gorgeous Grey laminate flooring and fresh paint! Updated kitchen with glass horizontal back splash, tile floor, counter tops, lighting. Both full bathrooms have been completely updated. Fenced yard, screen porch. Walk to Sardis Swim and Racquet, McAlpine Greenway, Boyce Rd Park. Super Nice !”

 

 

 

Click on the image above to view more photos!

508 Wakefield Drive A
Charlotte,  NC  28209
Selwyn Village

 

MLS#: 2221733
$110,000

 

“END unit priced to sell. 2 BR/1 BA updated. Move-in ready. Granite counter, undermount sink, beautiful wood floors, deck for entertaining. Great location within complex.”

 

 

 

 

Click on the image above to view more photos!

6221 Summerour Place Place
Charlotte,  NC  28214
Summerour Place

 

MLS#: 2221799
$114,900

 

“Don’t miss this great opportunity! This home offers a great floor plan with fireplace in great room! Convenient upstairs laundry. Very little work will bring this home back to like-new condition!”

 

 

 

 

Click on the image above to view more photos!

7341 Balancing Rock Court
Charlotte,  NC  28262
Silverstone

 

MLS#: 2221821
$115,000

 

“Don’t wait on this one! Fantastic open floor plan utilizes every square foot of this home! Cathedral ceiling in living room with gas fireplace. Perfect size master with separate tub and shower. Newer roof! Hurry!!!”

 

 

 

Click on the image above to view more photos!

2506 Heathershire Lane
Matthews,  NC  28105
The Heathers

 

MLS#: 2221834
$179,900

 

“Charming home in Bain District! 3 bedrooms, 2.5 baths, 2 car garage home. Master bedroom has vaulted ceiling & en suite bath. Upstairs laundry. Secondary bedrooms are on opposite side of the home and share a large hall bath. Eat in kitchen overlooks an oversize deck and huge privacy fenced back yard. All the big systems in the home have been recently replaced- roof, windows and HVAC.  Don’t miss!”

 

 

 

Click on the image above to view more photos!

8125 Starnes Randall Road
Charlotte,  NC  28215

 

MLS#: 2221839
$98,800

 

“Very cute all brick ranch on a lovely, private lot close to the end of a cul-de-sac street. Very quiet with minimal noise. Fenced back yard with patio and pergola. New paint and carpet make this 2 bedroom, 1 bath home perfect for a first time home buyer or investor. It is turn key and ready to be moved in to. This home has a beautiful yard with many flowering trees and shrubs. Do not miss!”

 

 

 

 

Click on the image above to view more photos!

525 Brook Forest Lane
Charlotte,  NC  28211
Cotswold

 

MLS#: 2221932
$430,000

 

“Classic 2 stry brick home in popular Cotswold area. Park-like setting on .87 acre CUL-DE-SAC lot. Recently refinished hdwd flrs up & down. Freshly painted. Spacious rms w/cheerful natural light. 2 dens, 2 fireplaces, screened porch. Breakfast rm & work desk in kit. area. Huge walk-out basement has rec rm, built-in office area & 2nd den. Fantastic location /value. Close to shopping, restaurants,etc”

 

 

 

Click on the image above to view more photos!

610 Hawthorne Lane
Charlotte,  NC  28204

 

MLS#: 2221937
$435,000

 

“Quaint home with character. Fabulous view of the city from front porch and lush flowering gardens in the rear yard. Hardwoods, glass paned French interior doors with Crystal door knobs, original wood moldings and mantel. 1930′s Crystal Chandelier. Walk to Independence park, shopping & dining.”

 

 

 

Click on the image above to view more photos!

4516 Night Heron Lane
Charlotte,  NC  28211
Cotswold

 

MLS#: 2222115
$439,000

 

“Beautiful, newer construction home in the heart of Cotswold.  Welcoming front porch & bright, open floorplan. Crown molding & Hardwoods throughout home, ceramic tile in baths. Kitchen w/ granite, stainless & walk-in pantry. Spacious Master bath w/ garden tub, dual vanity & separate shower. Private, covered porch off Master. Full bath on 3rd floor. Detached 2 car garage – plenty of storage!”

 

 

 

Click on the image above to view more photos!

2820 Cutter Court
Waxhaw,  NC  28173
Woodhall

 

MLS#: 2222217
$895,000

 

“Magnificent Home on Breathtaking Grounds overlooking a Peaceful Pond! Incredible Luxurious features throughout this Pristine Home!  Grand Entertaining Rooms, Gourmet Chef’s Kitchen, and Second Living Quarters.  Gorgeous Master Suite opens to Terrace overlooking this Gardener’s Dream! Total of 6 Bay Garages plus Workshop and Unfinished Space!  The Possibilities are Endless at this Rare Find!”

 

 

 

Click on the image above to view more photos!

919 Sedgefield Road
Charlotte,  NC  28209
Sedgefield

 

MLS#: 2222199
$347,000

 

“Fabulously renovated 3 BR home w/a rocking chair frt porch! Kitchen w/updated cherry cabs, ss appls, granite & tile bksplash. Two renovated Baths feature pedestal sinks, tile floors, hware, lighting & a glass enclosed shower. Immaculately maintained w/hwoods, plant. shutters, molding. Large deck, paver patio, shed, fenced yard & 3 season Sun Porch. Won’t last!”

 

 

 

Click on the image above to view more photos!

1609 Battle Lane
Monroe,  NC  28110
Colonial Village

 

MLS#: 2222295
$149,900

 

“Wonderful house in Colonial Village subdivision built by Eddie Smith – beautifully maintained and move in ready. Brick front, hardwoods entry, large GR w/vaulted ceiling, marble surround gas FP w/recessed lighting, French doors lead to large deck w/built-in seating. Kitchen w/ island, roll-out shelves. Master w/ luxurious bath & walk-in closet, shower, garden tub. New roof (2012). Fenced bk yd.”

 
Kristin Ellefson
April 17th, 2014  |  +Kristin Ellefson  |  Add a Comment

On Friday, April 11, 2014, Realtors® from the Carolina Regional Realtor® Association gathered together to Participate in Realtor® Care Day. This annual event invites local agents to take a day off from the business and help those in need in the Charlotte area. It is an all-day, home-repair project to help those who have critical home maintenance needs. Each year over 500 Realtors® help to renovate or repair 25-30 homes in the greater Charlotte area. The repairs include things like exterior home repairs, and provides adaptive and safety modification for those in need. Participating homeowners are identified by regional Habitat for Humanity chapters, the City of Charlotte and other house partners. Since 2009 the CRRA has been sponsoring this event because they believe that considering today’s economic challenges, many homeowners are forced to choose between paying their mortgage payment and performing basic home repairs.

 

 

 

 

This year Helen Adams Realty was pleased to have 23 agents on site at one of the homes helping to better the community and its members.

 

Here’s a quote from our site Co-Captain, Curt Seifart:

“We at Helen Adams were delighted to lend a helping hand to this select homeowner. It’s a positive experience for everyone, including the Charlotte Realtors Association staff which pre-screens homeowners, orchestrates the entire Care Day, and provides excellent guidance to the Site Team Co-Captains, Joel Bennett and myself.  Likewise the homeowner – a retired Realtor himself – was wonderfully engaged with all the volunteers as we worked to help haul away clutter and debris that had accumulated beyind his capacity to deal with.  Every volunteer jumped into the task, finding ways to help!  By day’s end, much had been achieved and everyone involved left with a sense of not only accomplishment but also an inner glow from knowing they pitched in to help when called.”

 

We continue to be proud of our agents and their various support projects for the local community! Thanks for all you do.

 
Kristin Ellefson
April 17th, 2014  |  +Kristin Ellefson  |  Add a Comment

 

This beautiful Stonehaven home is one you don't want to miss out on. Click on the image above to view more photos and read more about this property.

MLS#: 2221628

3 Bedrooms, 2.5 Bathrooms

 

“Beautifully updated home that is MOVE IN READY ! Newer vinyl windows, HVAC- 2012 ,Arch Shingle Roof -2011, Gorgeous Grey laminate flooring and fresh paint! Updated kitchen with glass horizontal back splash, tile floor, counter tops, lighting. Both full bathrooms have been completely updated. Fenced yard, screen porch. Walk to Sardis Swim and Racquet, McAlpine Greenway, Boyce Rd Park. Super Nice !”

 

Stonehaven School Information:
Elementary School:
Rama Road Elementary School
Middle School: McClintock Middle School
High School: East Mecklenburg High School

 

Stonehaven Real Estate Market Statistics:
Number of new, active single-family homes in Stonehaven (on the market less than 10 days): 3
Average sales price for all homes in Stonehaven: $248,564

The number of closed sales in Stonehaven has increased over the last 12 months to 95.

The average sales price for homes in Stonehaven has increased over the last 12 months to $239,365.

The average number of days on the market for homes in Stonehaven has decreased to 101.

The months supply of inventory for homes in Stonehaven has decreased to 4.1 months.

 

For more information on this listing contact Sherrie Andrews. To learn more about Sherrie click here.

 

 
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