Archive for March, 2009
Rural artist’s work to be on display.
An artist whose artwork embodies the spirit of her subjects will be on display at the Aiken Thoroughbred Racing Hall of Fame and Museum from March 5-29.
An exhibition featuring the work of Sara Jo Renzulli will be featured at the Hall of Fame, and an opening reception will be held for the artist this evening from 5 p.m. to 6:30 p.m. The public is invited to attend.
The artist lives in Fair Hill, Md., and works from her home, painting commissioned portraits and artwork for shows and galleries. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Homeowner Affordability and Stability Plan: Key Components.
1. The Home Affordable Refinance Program. Under this program, eligible borrowers may refinance loans that Fannie Mae or Freddie Mac (the government sponsored enterprises, or GSEs) own or guarantee. The program can help homeowner-occupants who are current in making loan payments and have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent. Cash out refinancings are not permitted. The program ends in June 2010.
2. The Home Affordable Modification Program. This is a $75 billion program with lender, servicer, investor, and borrower incentives to make it work. The program is limited to homeowner-occupants who are at risk of default or already in default and who have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties). Loan modifications under the program may be made until December 31, 2012.
Take a trip to the past: Big Mo set to open again.
The Big Mo Monetta Drive-In re-opens tonight for the season.
Offering the authentic drive-in experience, the Big Mo shows double features with a full service concession stand and a play area for the kids. You control the sound volume inside your own vehicle through your car’s radio.
This Friday, Saturday and Sunday, the Big Mo Monetta Drive-In will be showing Paul Blart: Mall Cop (PG) and Marley & Me (PG) on screen 1 and Twilight (PG-13) and Slumdog Millionaire (R) on screen 2. Full Details.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Some of those Stimulus packages affecting Real Estate!
Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
Energy Efficient Housing Tax Credits & Grants – To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
A
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Neighborhood Stabilization – Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Heart Walk will be held downtown.
Thousands of steps will be taken this weekend to improve heart health.
The American Heart Association’s Start! Heart Walk will be held on Saturday in downtown Aiken.
This is the first time the three mile walk will start at the Newberry Festival Area. Organizers anticipate 1,500 CSRA residents, including teams of employees from local businesses, individuals, friends and families, to take steps toward improving their health.
The annual walk serves as a fundraiser to help fight heart disease and stroke. Heart disease is Americas’s number one killer and stroke is the number three killer. The walk is being held in memory of Don Paine and others lost to heart disease and stroke. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Gala to help raise funds for horsemen.
It will be an evening of fun whose proceeds will go to benefit a worthy cause. Aiken’s second Olympic Gala will serve as a fundraiser for the U.S. Eventing High Performance Programs and the United States Equestrian Team Foundation, and will be held March 6 at 7 p.m. at the Bridle Creek Equestrian Development.
The United States Equestrian Federation’s High Performance and Young Developing Riders have been and will be holding their winter training sessions in Aiken. U.S. Olympian Phillip Dutton, whose Red Oak Farm is located in the Bridle Creek Equestrian Development, recognizes the importance of the gala. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Fannie taps lifeline after $59B in losses.
Mortgage finance company reports $25 billion quarterly loss and receives $15 billion from the Treasury Department.
NEW YORK (CNNMoney.com) — Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
The company, a crucial source of funding for mortgage lenders, said it would draw down $15.2 billion of its $200 billion federal line of credit. In return, the government will receive preferred shares. MORE.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Houndslake working to keep Laurel Golf course open.
Despite plans to close the course at the first of the year, Houndslake officials said they are working to save the Laurel Nine.
“Basically, we’re trying to do everything we can to keep Laurel Course open,” Jeff Howell, general manager of Houndslake, said Monday.
Howell said officials with the course recently began a membership drive that they hope will bring in at least 350 new members to the club by May 1.
The group is hoping that the additional members will help support a $4 million project that would bring major renovations to the three courses at Houndslake over the next five years. Full Story
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Citi Bank: Mortgage break to unemployed.
The bank will lower mortgage payments for three months and waive fees for certain unemployed borrowers.
NEW YORK (CNNMoney.com) — Unemployed homeowners whose houses are financed by CitiMortgage may be eligible to have their mortgages temporarily reduced to $500 a month, the company announced Tuesday.
“We’re planning to help recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage, which is effectively less than the price of an average one-bedroom rental nationally,” Sanjiv Das, CitiMortgage’s president and CEO, told CNN Radio. More Info
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
South Boundary Home
South Boundary Historic residence, circa 1902 this rare opportunity to own a beautifully restored home located on one of the most desirable Avenues in Aiken. fabulous professionally landscaped yard with 2 car garage.Please call Susan @ 803 645 8881 with any questions.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Short Sales: The New Wild West.
From pushy lenders to aggressive investors, there are many challenges that real estate practitioners must overcome in the new world of distressed sales.
By Robert Freedman | March 2009
Tom Troli’s client had already been preapproved by two lenders for a short-sale purchase. It seemed like the deal was moving ahead smoothly. But that’s when Troli, CRS®, GRI, was presented with what seemed to be a make-or-break condition by the lender who held the seller’s mortgage.
The lender said it wanted to do its own preapproval on Troli’s client just to be sure he really could get financing, but then the company proceeded with a hard-sell pitch to originate the new loan. “I’ve been flat-out told by these lenders, ‘We want to sell to someone who uses one of our lenders,’” says Troli, a broker with Prudential Wheeler/Steffen Real Estate in Claremont, Calif. “It seems like a conflict of interest.”
The hard sell by lenders is just one of the many challenges sales associates face when working with distressed sales. Other challenges: aggressive investors who try to make money through a “double close and flip” transaction that can leave sellers upset with their listing agent; salespeople who encourage buyers to make offers on several short-sale properties to see which deal sticks; and ineffective third-party negotiators who only complicate transactions. More info.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Stimulus: What’s in it for retirees?
On the face it of, the bill might not seem to offer much to those in their golden years, but
take a closer look and you may find a few goodies that can benefit you post career.
Question: What does the new stimulus package do for people receiving
Social Security benefits?
Answer: At first glance, it may seem like the giant stimulus bill president Obama signed on
February 17th doesn’t do a heck of a lot for people who have already retired. Indeed,
there’s only one provision targeted exclusively to Social Security recipients and other
retirees. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Finding Your Home’s Best Selling Price!
Statistics show that the best opportunity to sell your home is often within the first few weeks of putting it on the market. This can be good news, or bad, depending on your motivation. Some homes sell right away, while others sit on the market for months without a single offer. To maximize your selling [...]
Museum to look at the Triple Crown.
The Aiken County Historical Museum is planning an upcoming exhibit documenting the town’s enduring love for the Triple Crown.
The Triple Crown exhibit will open on Tuesday at the museum on Newberry Street, and will remain on display in the ballroom through the end of March. A reception is tentatively planned for Friday, March 13, but details have not been finalized, according to the museum’s executive director, Elliott Levy.
“It’s primarily going to be photographs and posters. We do have some equipment, but not a lot. Again, like all exhibits, we find they have a tendency to be added to as time goes on,” Levy said. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Housing fix leans on troubled firms.
NEW YORK(CNNMoney.com) — Fannie Mae and Freddie Mac won’t be leaving the federal government’s nest anytime soon.
President Obama is leaning heavily on the teetering mortgage finance titans to help stabilize the housing market, even as it pumps hundreds of billions of dollars into them to keep them afloat.
As the housing crisis deepens, the question of the companies’ long-term future has been set aside.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.