We're trying to locate closer to the parents after having a little one and selling our townhome. It has over $50,000 in upgrades, a man cave, finished office, etc, etc.

http://www.realtor.com/realestateandhomes-detail/8007-Fanleaf-Trail_Raleigh_NC_27612_M50277-00522?source=web

Price is $197,000 and with the current mortgage rates, that is around $1,000 a month to own instead of rent. Minutes from Brier Creek and downtown. Walking / riding distance into Umstead State Park.

If a TWW person buys: I'll do something special. I'll throw in a flat screen HDTV, surround sound or a couple hundred DVDs. Just let me know if you schedule a showing ahead of time.

Insert realtor speak:

Quote :

"EXPECT YOUR FRIENDS TO BE JEALOUS! UPSCALE TOWNHOME AT AFFORDABLE PRICE! GORGEOUS STONE FIREPLACE, CHERRY KIT W/GRANITE, LARGE ISLAND, STNLS APPL,HARDWD FLRS, SURND SND, FIN BASMNT W/3RD BDRM, BATH & FIN OFFICE W/CUSTOM BUILT-IN SHELVING! LG MSTR W/VLTED CEILINGS, 2 CLOSETS, TILE, DBL VNTY & GARDEN TUB. SPACIOUS SECONDARY RM W/FULL BA. EXCELLENT LOCATION! THIS IS A 1ST CLASS HOME!"

2/27/2012 3:14:48 PM

Nice pad; good luck. If you don't mind me asking (and you can respond via PM), how are you getting $1,000/month with a $197,000 sales price? My first guess is a 20% down payment?

2/27/2012 4:26:21 PM

We just had a friend lock-in 2.85% (which is a crazy-good rate). If you paid $194k with $5k down, it is ~$1000. Even without a market best rate, it should be within around $100. There are some pretty competitive rates out there.

When I bought, my rate was 5.875% - needless to say, I pay more than $1,000 per month.

2/27/2012 4:32:05 PM

He's also not counting the other half of PITI.

Taxes and insurance.

probably +400 at least

2/27/2012 7:09:21 PM

Looks nice! I'll be looking to buy in a few months and might have to add this to my list. What's the HOA if I could ask?

2/28/2012 7:56:13 AM

^^I included taxes.

2/28/2012 8:58:30 AM

What bank is going to let you do a loan with less than 3.5% down and at a rate of 2.85%?

You are more than likely going to need at least 3.5% down which is closer to $7000.

Are you paying closing costs? If not, expect about another 6-7000.

Are you figuring in mortgage insurance for putting less than 20% down? If not there is another $200ish a month added on.

Are there HOA dues?

Have you figured in Home owners insurance?

2/28/2012 9:09:06 AM

^ I can refer you to a great mortgage broker if you want to get into specifics. There are lots of options with a solid credit score. My stepdad is a real estate attorney and they closed another yesterday with no downpayment at 3.185%.

But, ultimately, it varies for everyone and the broker they choose. With the rates now, a buyer should approach a payment of $1000 per month (including all normal payment factors, but excluding HOA monthly dues and if there was PMI).

[Edited on February 28, 2012 at 12:49 PM. Reason : / that factors in some wiggle room from the list price of course /]

2/28/2012 12:42:44 PM

Quote :

"My stepdad is a real estate attorney and they closed another yesterday with no downpayment at 3.185%."

thats got to be a 15 year fixed or an ARM. For a 30 year fixed the rates are closer to 4%, and with taxes and homeowners, the payment will be over $1100 unless a nice chunk is put down. but $1000, $1100, $1150, whatever. there are so many variables here it's all pretty pointless to discuss.



great looking place...it would have been perfect for a friend of mine if she didn't just buy something else

2/28/2012 1:54:47 PM

Thanks! Those are actually 30 year fixed rates. I'm talking to a mortgage company now to get updated quotes. The best I've seen so far are through Carolina Farm Credit.

2/28/2012 3:17:54 PM

Quote :

"Thanks! Those are actually 30 year fixed rates."

With points? That seems incredibly low. I couldn't find any rate quotes on their website. Guess I'll give them a call or something. Any others that have rates that low?

2/28/2012 3:38:09 PM

I'll ask my mom and stepdad what companies are posting those rates. I know the last two really low ones she saw were with Carolina Farm Credit.

2/28/2012 3:39:43 PM

I just refinanced at 3.785, 30-year fixed, last Friday.

2/28/2012 4:02:41 PM

HOA dues?

2/28/2012 5:07:46 PM

I'm jealous of your kitchen.

2/29/2012 9:19:06 AM

I'm jealous of the fireplace accent wall. Really nice house, good luck selling.

2/29/2012 9:56:46 AM

^ & ^^ Thanks!

HOA is $115/month and covers everything outside (exterior, trash, landscaping, streets, etc.).

2/29/2012 11:31:53 AM

I'm a real estate lawyer in Wilmington, and the vast majority of 30 year fixed rate I have seen have been around 4 percent this year. I've seen some 15 year fixed around 3 to 3.25....

I did hear of Costco doing a variable at 2 and a quarter the other day though...

2/29/2012 11:42:04 AM

I have quotes in the low 3s from Raleigh area banks on 30 year fixed from the past two weeks. They're out there...

2/29/2012 12:38:17 PM

^ that's awesome.

I had one with quicken about three weeks ago that was 30 fixed at 3.5, but that is the lowest I have seen this year that wasn't an Islamic loan.

2/29/2012 12:51:08 PM

What is an Islamic loan?

2/29/2012 1:16:30 PM

http://www.ijaraloans.com/

2/29/2012 1:18:13 PM

Fascinating

2/29/2012 1:20:02 PM

wow, this place is awesome

but buying a townhouse (as opposed to a stand-alone) house just isn't appealing to me. what made you decide on a townhouse?

regardless, good luck dude

3/5/2012 12:33:25 PM

^ Thanks! I built it when the market was booming ~5 years ago. A comparable house was $250,000+ at the time in Raleigh or Cary. Things have changed a bit since then, but it will be a great value for someone!

3/5/2012 3:07:33 PM

Is this place still for sale?

3/5/2012 5:14:18 PM

Yes. We're in the process of re-listing with a new agent at $194,900. It should be up in the next week or so.

3/6/2012 9:40:53 AM

Townes at Umstead represent

3/6/2012 11:15:29 PM

^ It is a great neighborhood, we're in the process of outgrowing our townhome though.

3/7/2012 9:14:04 AM

yeah I love the neighborhood, only thing that I don't love is that dang dog that lives somewhere along Orchard Grove Way that barks for 2 hours straight every morning

3/8/2012 10:18:21 AM

If I could get a job in the area very soon, I would be all over this.

3/8/2012 11:12:16 AM

Back on the market at $194,900.

http://www.realtor.com/realestateandhomes-detail/8007-Fanleaf-Trl_Raleigh_NC_27612_M60638-46855

3/21/2012 7:29:14 AM

Two showings in two days (so far) and an open house Sunday. Please pass along if you know anyone looking for a great townhome by Umstead State Park.

^ NEW PICS at the link above ^

[Edited on March 21, 2012 at 2:45 PM. Reason : picturas]

3/21/2012 2:44:34 PM

fwiw, I'd give a $5,000 TWW discount to bring it to $189,900 if a T-dubber will keep it in good hands.

3/23/2012 10:02:31 AM

bttt - 6 showings in two weeks and an open house this Sunday from 2-5pm if anyone is interested. and the tww discount ^ applies if you don't have an agent.

3/30/2012 11:46:58 AM

How do you have four baths?? Or is it 3bd/3.5 baths?

3/30/2012 12:10:15 PM

That is a typo that hasn't been updated. There are four individual bathrooms, but two are half baths (bottom two floors). The master has a garden tub and the guest has a tub / shower (third level).

3/30/2012 3:40:07 PM

No open house today. We accepted an offer last night!

4/1/2012 7:34:09 AM

congrats! Very nice place

4/3/2012 9:10:40 AM

Thanks! Now we have to find a place to crash for five months.

4/3/2012 9:20:33 AM

Congrats! Yesterday was a good day for tdub real estate!

4/3/2012 9:24:02 AM

UPDATE: Buyer fell through.

This sucks for us. But, we're ready to move.

We're dropping the price to $189,900 and going back on the market next week. Please pass this along if you know anyone looking for a great deal on a great townhome.

Also, I can get any buyer financing through Carolina Farm Credit to get around a 4% rate with only 3% down. That would only be about $5,700 down. We've also had an inspection done by the buyer who didn't qualify which would save a little more time and money if you want to use that one.

Thanks!

[Edited on April 12, 2012 at 2:23 PM. Reason : /]

4/12/2012 2:21:45 PM

Damn, that sucks. I'll keep an ear out for anyone looking.

4/12/2012 2:34:27 PM

Got an interview for a job in Raleigh in 2 weeks. But since its a state job, who knows how long it will be after I hear back. Still, would be a nice place to move to!

[Edited on April 12, 2012 at 8:30 PM. Reason : ]

4/12/2012 8:29:06 PM

Sweet! Good luck with the interview and feel free to schedule a showing if you hear anything and we're still on the market!

Holy cow! Just got off the phone with Carolina Farm Credit and I can get a buyer in with them for a sub-4 rate (today it dropped to 3.75%) on a 30 year fixed loan with only 3% down.

[Edited on April 13, 2012 at 9:49 AM. Reason : mortgage rates]

4/13/2012 9:38:58 AM

^ Im assuming the credit score for a mortgage with those rates must be pretty high?

4/13/2012 10:55:39 AM

Looks like an amazing home. I'm probably going to be in the market soon, but sadly that is not an area I am interested in moving to.

4/13/2012 11:10:43 AM

^^ That is their normal rate right now. I would assume you need good credit, but it isn't a special program or anything.

4/13/2012 11:17:39 AM

^Is that FHA? I wasn't aware of any <20% down mortgage programs other than FHA.

4/13/2012 11:55:47 AM

^ Nope. FHA requires some other fees. This is a 97% financing option that they offer. It appears Carolina Farm Credit is pretty amazing. My stepdad does every single real estate closing with them now because they have the best rates and can accommodate 30 day closings.

4/13/2012 11:57:17 AM