When people make the decision to get married and have a wedding, they go through the process of registering for gifts. Invited guests then reference these registers to ensure they purchase gifts that the couple wants. Kitchenware, sheet sets and home accessories are commonly featured on registers – but what about houses?

The Federal Housing Authority and cooperating lenders actually make it possible for soon-to-be husbands and wives to register for homes…in a matter a speaking.

The FHA bridal registry program allows you to register with a particular lender. Your wedding guests can then contribute to this interest-bearing account, helping you raise the down payment for your FHA loan, thus your first home.

According to Housing and Urban Development, “The intent [of the FHA bridal registry program] is to give couples planning to get married the opportunity to amass monetary gifts from friends and family for the specific purpose of making the down payment on a home.”

It is pretty simple to take advantage of bridal account registries. You open a savings account – ideally with an FHA – approved lender – and provide your banking information to family and friends. Anyone with an interest in the purchase of your new Charlotte home, such as your Realtor or lender, cannot be party to the giving of funds. You have documentation flexibility with these accounts, often not requiring gift letters.

HUD stipulates that these accounts are not only used by individuals getting married. “This initiative is not limited just to couples that intend to get married, but is available for other situations where such gifts are typically received by an individual or individuals,” notes HUD.

More from HUD: “Funds may be deposited by friends and relatives directly into the Bridal Registry Account, or given by cash or check to the couples or individuals for deposit. This account will take the guesswork out of gift selection. These gifts can be given with the assurance that the donors are providing the couples or individuals with an opportunity to purchase their first home.

Bridal couples or individuals are not obligated to use the money in the Bridal Registry Account for a down payment on a home. The couples or individuals control how the funds will be used, and if their plans change, they can simply withdraw the money and use it for something else. Also, there is no requirement that the bridal couple be married prior to closing the mortgage loan.”

If you’re planning a wedding this summer and hoping to purchase your first Charlotte home, consider the FHA bridal registry program. Buying a home is a big decision, one requiring substantial saving and financial planning. If you want to speak with a reputable Realtor about planning for your first home or budgeting for your down payment, call Katie Gray at 704.560.9699.

The relationship between real estate agent, homebuyer and seller is an important, yet sometimes complicated, collaboration. While professional in nature, this particular relationship serves to support the transition of a living space from one set of hands to another, and this type of transaction can become very personal.

Thus, it’s important as a homebuyer – as well as a seller and Realtor – to maintain certain levels of etiquette throughout the process. As a homebuyer, you will be moving through someone else’s space, and it’s your charge to be careful and respectful while on the home hunt.

Prepare to be open when calling your real estate agent, a property owner or while attending an open house. You will need to be forthcoming with your name, current address and contact information when viewing potential properties. Not signing the guest book at an open house is considered rude, and the owners of a house on the market – as well as the Realtor you hire to represent your interests – deserve to know who they’re working with.

Get pre-approved for a home loan before seeking a real estate agent. Showing homes and helping you navigate the purchasing process is a Realtor’s profession; as such, his or her livelihood depends on your being able to afford a home. Have your pre-approval paperwork in order before setting out to find an agent that’s right for you.

Stay in close contact with your real estate agent once you’ve entered into a working relationship and / or contractual agreement. If you see a property you’re interested in, shoot your agent an email instead of calling the homeowner directly. If you’re displeased with your agent, be upfront. If you want to meet a seller, allow your agent to set up a meeting. Never contract with two agents simultaneously. As with any relationship, the Realtor-buyer relationship should be built on mutual respect, honesty and courtesy.

There are often situations in which questions of homebuyer etiquette arise. Be forthcoming and upfront by simply asking a local Realtor what’s appropriate. If you have a question, contact Charlotte real estate agent Katie Gray by calling 704.560.9699.

Condos in Charlotte are a popular living option, especially in Uptown and more urban areas of the city. But if you’re considering the purchase of a new condo – a unit within a newly built or under-construction building – there are important things to keep in mind.

Patience is key. New condominium communities in Charlotte can take years to fully develop. Several units must be built out, from top to bottom; there are parking issues requiring a deck or underground accommodations; there’s often retail space included on ground floors; amenities such as pools, tennis courts and garden space must be planned and constructed.

Buyers can put down a good faith deposit on units before they’re completed, and if the market value increases over the years it takes to construct the building, buyers have instant equity when the move in. Another perk of investing early is that you’ll have the opportunity to select features, such as appliances, countertops and flooring within your unit.

One of the downsides to buying then waiting for your unit’s completion is the extra costs of your current living situation. If you own or rent a home, you have to budget your current expenses plus the expenses of purchasing a new condo simultaneously.

“Once a unit is selected, usually a buyer puts $5,000 down initially for a reservation and then after about six months a buyer enters a legal binding contract and will be required to put down five percent of the purchase price, but it could still be a couple of years before the actual close of escrow,” says Phoebe Chongchua of Realty Times.

This can be a substantial financial burden for some buyers.

As with the purchase of any home, before you close on your new Charlotte condo, you have the right to bring in a home inspector. However, before closing, most condo sellers will allow owners to take a final walk – through.

Keep in mind the pros and cons of condo living while going through the process. While you will be legally bound to purchase the property at the current market price after entering into a contract, it’s important to keep pros – such as convenience and amenities – as well as potential cons – HOA fees and resale value – in mind.

If you’re interested in purchasing a Charlotte condo, speak with a reputable Realtor who has experience managing condominium sales. Consult Katie Gray by calling 704.560.9699.

While the recent real estate slump can’t be attributed to one source alone, there are several proven contributing factors – one being people’s inability to make payments after their adjustable rate mortgage interest skyrocketed.

We can learn from our mistakes by being informed. Let’s take a look at adjustable rate mortgage loans and see if they’re right for you.

From CNN Real Estate: “With 30 – year fixed – rate loans now inching toward 5%, the number of borrowers taking adjustable -rate mortgages, which typically carry a low fixed rate for one to 10 years and then adjust annually based on current rates, has jumped 75% since last year.”

Don’t let the lure of a lower monthly mortgage draw you in unless you’re certain that the future will provide you with finances needed to maintain your payments.

CNN says the main pitfall comes with the assumption that you will move or sell your home before the interest rate increase takes place.

They note: “According to the National Association of Realtors, the typical home seller has been in his house for eight years. That’s partly because it can take a while to sell.

Anyone a few years from retirement should be especially wary: You could wind up with a payment spike just as you begin living on a fixed income.”

Who are ARM loans appropriate for? People who are positive they won’t be in their location for very long – temporarily relocated individuals. If you’re planning a large family in the next seven years and are confident your current home will sell within your market, a seven – year ARM might be for you.

If you need help navigating the difficulties of mortgage loans, consult a knowledgeable real estate agent. Call Katie Gray at 704.560.9699.

Whether you’re selling your Charlotte home or simply trying to instill envy in your neighbors, curb appeal is key. Having a well-designed, neat landscape is also important to homeowner pride and the overall integrity of your property.

Let’s put on the gardening gloves and take a look at some popular landscaping trends for 2011.

It seems almost redundant to say that going green in landscape is a popular movement. However, there are several ways to make your landscape more eco-friendly. Instead of installing plants that will require frequent watering, use regional plants that are native to your area and will grow readily with little work. You can also use rain gardening techniques to collect or divert rainwater that can then be used to hydrate plants or create lush, wetland – type areas within your landscape. Solar lights not only save on energy bills, they are available in several sizes and designs – they can be integrated stylishly into your landscape.

Extending living space outdoors is popular in landscape design. This can range from simple, paved seating areas, patios and porches to entire outdoor kitchens. It is possible to find outdoor furniture that is stylish, low – maintenance and not outrageously costly. Use free – standing fire pits of built – in fireplaces to add focal points and comfort to outdoor living areas.

Water features can add both aesthetic and aural interest to your landscape, and solar powered versions are now available. Ponds and fountains offer the opportunity to integrate water plants into your landscape, and they work to visually break up the space. The division of space can also be achieved by adding elements such as pergolas, retaining walls and elevated walkways.

If your Charlotte landscape could use sprucing up, consider these trends. You can also speak with a real estate agent who knows what’s popular in your area. Consult Katie Gray at 704.560.9699.

In the recent past, many people have turned to short sales to avoid foreclosure. What is a short sale? A short sale is the selling of real estate where the proceeds will not cover – or will fall short of – what the borrower owes on the property. Lenders are sometimes willing to take a loss rather than continuing struggles with the borrower.

However, there are hangups during the short sale process that often make them unappealing to buyers, such as lenders drawing out the process. This could soon change.

From an Apr. 13, 2011 press release issues by NAR:

Ron Phipps, the president of the National Association of Realtors, says, “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure.”

The release also notes:

“A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the ‘Prompt Decision for Qualification for Short Sale Act of 2011,’ was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.).”

Lenders don’t particularly enjoy accepting less than they are owed on a property – which is essentially what happens during a short sale – so they’re often slow to approve.

“After many months of delays, and with no response from lenders, potential buyers are losing patience and canceling their contracts, often resulting in the property entering foreclosure,” said Phipps.

Although short sales don’t result in a full recouping of the money lent, lenders stand to lose far more when properties go into foreclosure.

According to NAR, short sales have accounted for around 13 percent of recent home sales, and the organization has been encouraging the lending industry to revamp its short sale approval process for quite some time.

Phipps closed by saying, “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers and the entire community.”

If you’re considering purchasing a Charlotte short sale, or if you want to learn more about the short sale and foreclosure markets in the area, call Katie Gray at 704.560.9699.