Category Archives for "Local News (Char-Meck)"

Local News Occurring in the Charlotte-Mecklenburg Region

Talking Short Sales with The Mecklenburg Times

About a week ago, The Mecklenburg Times turned its focus from the devastation of homeowners in today’s market, to the success of the real estate agents behind the scenes, working their hardest to sell these homes and get their clients the best deals out there. Click on the article below to continue reading. 

Struggling Homeoweners Get Rewarded!

Just when you thought that owning a home in this current market wasn’t the best decision, the Homeowner Reward Co., of PMI Group, Inc. wants to remind you that you did the right thing!

PMI realizes that it’s not the homeowner’s fault that their market was hit harder than most others, so it is now offering the RH Reward to help those who owe more on their mortgage than their home is worth.

Read the article below for more information on the program!

PMI Group, Inc. Launches Reward Program for Homeowners

Prospect Mortgage Makes Homebuying Easier

HUD homes in Columbus Repair Escrow

Prospect Mortgage has recently come out with the HomePath Renovation Mortgage. This mortgage is beneficial to those who are interested in purchasing a foreclosure, because as foreclosure sales increase, so does the demand for renovation loans. This mortgage offers up to $35,000 in non-structural repairs and a low interest-rate, making the homebuying process much more appealing.

Click on the link below to read more about this mortgage opportunity in a DSnews.com article.

Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs

 

Speed up your short sales!

DSnews Magazine published an article in its June, 2011 edition, called 7 Tips to Speed Up a Short Sale,  by Eric Friedman. Friedman, who is the President and COO of PREO Mortgage, LLC, gives readers insight on how to cut back the time spent on the short sale process and they are EXTREMELY useful. These seven ways included:

1. “Do everything you can to have an educated buyer in the process.” – An educated buyer has experience, accurate and up-to-date information, and will not get overwhelmed with the process.

2. “Make sure the submission package is complete.” – Extra stress is put on this step, because having unorganized documents slows the process down the most.

3. “Having a cash offer or pre-approved financing will speed the closing dramatically.” – Why waste time on securing a buyer, which can take up to two months, when there are tons of cash buyers who can be approved much faster and easier?

4. “Any supporting information about the property and nearby comparable properties is extremely helpful in evaluating a short sale.” – Include up-to-date information, comparable home prices, detailed photos and honesty about the condition of the home.

5. “To guard against last-minute surprises, establish a good relationship with the title company doing the closing.” – It could help you get issues handled quickly, be informed of possible deal-changers, and get paperwork is filled out correctly.

6. “Have backup offers in the wings.” – This could eliminate the need to market the property again.

7. “Communicate clearly and often.” – Establishing solid timelines and expectations will make everyone less stressed and time-consumed.

Forclosures in N.C. becoming less frequent

The foreclosure count in North Carolina has dropped 38% in the last year and 3.5% since April.

Here is an exerpt from Charlotte Business Journal’s article: N.C. foreclosures down 38% year-over-year

“Some 2,689 homes in North Carolina were in foreclosure proceedings in May, or one in every 1,584 households, according to RealtyTrac Inc.  The state ranks 36th in the nation for the rate of filings, RealtyTrac says.

Foreclosures nationwide dropped 33.4 percent last month from May 2010 and dipped 1.98 percent from April. There were 214,927 filings last month across the nation, or one in every 605 households.”