Mortgage Meltdown

Where is the Martini Factor? We missed our regularly scheduled episode due to a small problem with Homebanc. They closed.

When Kevin lands on his feet, we look forward to a summary of his thoughts surrounding the current state of mortgage finance, and how it can affect buyers, sellers, and everyone else in the industry.

Meanwhile, I want to relay a story of how Homebanc closing caused problems for a client of mine, and the amazing outcome.

A local real estate investor that we have worked with in the past had a closing for a rental property near NCSU – scheduled for last Friday. On the prior Tuesday, Kevin informed me of the bad news. By Friday, despite a valiant attempt to get something worked out with Countrywide, he wasn’t going to be able to get a loan closed.

As it turned out, the mother of the seller works for BB&T. She referred me to a co-worker and with every single person pulling out all the stops, the home closed escrow Monday evening at 4:30PM. That’s right – 1 business day. Big props to Cathy Ingram at BB&T in Cary, and Kevin for facilitating getting the paperwork over first thing Monday morning. Unbelievable.

To make it an even more amazing story, my client was scheduled for a 2 week vacation in Puerto Rico – and the plane left RDU (with him on board) this Tuesday morning at 9:30AM.

Hey Matt, you better have a Pina Colada for me!

Del Webb Carolina Preserve Cary NC

Carolina Preserve Del Webb Amberly Cary NC

Baby Boomers have done it again. Where are they doing it? The newest resort-style Active Adult community in North Carolina is Cary’s Carolina Preserve by Del Webb. These communities are geared toward living it up.

The boomer generation has infused their energy and spirit into the “retirement community”. No longer is it that you can retire and simply fade into the wall paper. Boomers are retiring 55 years young, healthy and active. They need a residential community that keeps up with their active lifestyle.

Carolina Preserve is a somewhat utopian development. It’s an age restriced active adult community, with plenty of outdoor focused activities as well as a huge indoor recreation club. Carolina Preserve is nestled in the larger Amberly Development (PUD). This creates the possibility of a unique living arrangement: having the kids and grandkids nearby, but not necessarily right next door, or even in the next room. This allows the family to be close, yet independent.

Rama wrote up a nice description on the prior blog. For a detailed view, go take a look at his post covering Carolina Preserve from earlier this year.

Can Martha Stewart sell your home?

Martha Stewart sells KB Twin Lakes
That is the question that KB Home, inc. seems to have asked themselves a few years ago, and is banking their financial future on. As the champagne goes flat all over the country, KB has something to toast to. [Read more…]