Category Archives for "How to Buy a Short Sale"
Are you reading this because you are considering a short sale for your home? Most likely the answer is yes, so here are some questions and answers to get you started!
A short sale takes place when the bank lets the homeowner sell their home for less than what is owed.
This is an option for a lot of people who are behind on their mortgage payments or have a home that is underwater (meaning, the house is worth less than the outstanding balance on the mortgage), or both.
If done properly, this can be a huge help to the homeowner since it lets them avoid the process of foreclosure. If you are reading this because you are considering a short sale yourself, you probably want to know how to get it done.
The very first step is to hire a real estate agent in Charlotte NC you can trust. You need an expert, one who understands all the intricacies of a short sale, and one that realizes the urgency of the task at hand.
Once we get your short sale over with, you will be able to move on with your life and start anew.
Let’s examine the pros and cons of each.
Please remember that individual circumstances do vary, and it would be best to consult with an expert before making any decisions. If you want someone to talk to about this matter, feel free to call me up anytime!
A short sale puts you in control. You still get to choose who buys your home. You get to end things right and win back some dignity and respect for yourself and your family.
A foreclosure, on the other hand, might be easier for some people. It is an immediate solution, letting you walk away from it all without having to worry about repairs or selling.
More often than not, a short sale in Charlotte NC is better than a foreclosure because of the way it reflects on your credit score. It’s definitely easier to buy a new home when you successfully complete a short sale.
Some lenders might automatically disqualify you from taking a future loan if they discover you have had a foreclosure in the past. This is why you should act fast and call me before this happens!
The truth is, that’s up to you.
Like I said earlier, the very first step in this process is choosing the right real estate agent.
Pick an agent that knows their stuff. Read up, do some research, especially feedback from previous clients. Choose an agent that has years of experience backed up by successful sales and a good track record.
We at Showcase Realty are experts when it comes to short sales. Please feel free to get in touch with me, Nancy Braun, the owner and broker-in-charge of this company.
We have sold thousands of homes here in the Carolinas, innovating the real estate industry with creativity, technology, and passion for the job. To learn more about us, visit our website https://showcaserealty.net/about-us/ today!
You can reach me, Nancy Braun, at 704-997-3794. Give me a call, tell me about your real estate needs, and we’ll begin right away!
In case you can not view this video here, please click the link below to view Short Sales in Charlotte NC on my YouTube channel: https://www.youtube.com/watch?v=p-v2ltK1BoU&feature=youtu.be.
Bank of America posted brand new videos that I found to be extremely helpful for agents, on several different complicated topics in regards to the rules of short sales. The first one and what I felt was most important is called, “Initiating the Short Sale”.
What exactly is a Short Sale?
An alternative to a foreclosure
An investor accepts an amount less than what is owed on the mortgage
Investor guidelines will determine the eligibility for short sale and foreclosure postponement
Short Sale Assistance:
– Can be up to #3,000 for Relocation
– Possibly eligible for HAFA (Home Affordable Foreclosure Alternatives) program
How to Qualify for HAFA:
– It must be your primary residence
– The mortgage must have originated on or before January 1, 2009
– Delinquencies or default must be foreseen
– All HAMP (Home Affordable Modification Program) options must be exhausted
– Unpaid principle balance must be less than $729,750 for 1-unit properties (varies per amount of units – cannot be more than 4)
“I would like to commend Michael Simonini of Showcase Realty for coming to my rescue and helping me favorably part with investment properties I had in North Carolina. In 2006, I purchased a few properties hoping to rent them but, was unable to do so; I found myself paying these mortgages on my own. After several years I was no longer in the position to continue making payments and therefore, started to receive foreclosure notices. For anyone facing foreclosure, you know how frustrating and difficult it is trying to work with your lender to salvage your credit and at the same time preserve your dignity. I reside in New York, which posses many challenges because I was not able to regularly travel to North Carolina in order to maintain these properties or meet with realtors to list these properties for sale.
“In December 2009, after countless hours of internet searches and telephone conversations trying to locate a realtor in North Carolina, I was referred to Showcase Realty by GMAC Mortgage. Showcase Realty was instrumental in successfully obtaining short sale on these properties. I am extremely grateful and fully satisfied with the high level of professionalism received from the staff at Showcase Realty. I can assure you, Showcase Realty will be by your side every step of the way in assisting to find a favorable solution for your situation. In the future, if I am in the position to purchase properties in North Carolina I will not hesitate to contact Showcase Realty. I am confident in highly recommending Showcase Realty for all your real estate needs.”
Brian M., New York
Short sales, which many people are still unfamiliar with, are becoming more and more popular throughout the country with a noticeable increase in many states. Large banks including Bank of America and Wells Fargo have also had an increase in the amount of short sales they have seen in the last year, expecting more than double of what they had in 2009.
Short sales are not new and nothing drastic has happened with the process recently, people are just finally starting to understand what it is! Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure. CLICK HERE for more information on short sales, along with the contact information of someone on our team who can help you go through this process quickly and efficiently.
Read this article in USA TODAY:
Great investment opportunity on Charlotte ranch-style home, priced over 50K below tax value! The home comes with three bedrooms, one bathroom, and three parking spaces for only $19,000! For more information, call 704-889-5600.
Click below for property MLS listing sheet: