Category Archives for "For Buyers"

Information for buyers of short sale properties in North Carolina.

The ups and downs of shorts sales

In most cases, short sales are the better alternative for homeowners, rather than going through the devastation that a foreclosure can have on your credit, your family and your future.

There are advantages and disadvantages of both, but the advantages of short sales vastly outweigh the disadvantages, along with outweighing the advantages of a foreclosure. This article from Fox Business compares the two, but only you can make the final decision to avoid foreclosing and go through with the process of a short sale.

Read more by clicking on the link below:

Which to Buy: Short Sale or Foreclosure?

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

 

Video: Should You Consider Your Home an Asset?

Alex Charfen, CEO of the Distressed Property Institute, LLC (CDPE.com) went on CNBC on April 13th to to express his views on whether or not you should consider your home an asset. Watch this 3 minute video:

If you currently have questions regarding short sales, foreclosures or real estate in general, Nancy Braun, owner and broker-in-charge of Showcase Realty, LLC, is a Certified Distressed PropertyExpert. Either she or a member of her team would be more than happy to help you! Contact us

Possibility of Quicker Lender Responses on Short Sales

Charlotte Short Sale makes for a good Charlotte Real Estate InvestmentAccording to DSNews.com, a bill has been introduced to appoint a deadline of 45 days  on lenders to approve, disapprove or give the status of a decision on an offer for a short sale.

By decreasing the length of time lenders have to make a decision, the more likely underwater homeowners will be able to use the short sale as a foreclosure alternative. This will decrease the amount of empty, repossessed homes on the market.

The bill was introduced by two lawmakers, Representatives Tom Rooney of Florida and Robert Andrews of New Jersey. They named their legislation the Prompt Decision for Qualification for Short Sale Act of 2011 and have stated that is will bring the short sale processing timeline closer to buyers’ and sellers’ expectations.

The following is an excerpt from the DSNews article written by Carrie Bay, “The National Association of Realtors (NAR) is throwing its support behind the new bill. The trade group has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data.

‘Realtors want to help more homeowners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,’ said Ron Phipps, president of NAR and broker-president of Phipps Realty in Warwick, Rhode Island.

Phipps says a short sale not only minimizes the negative impact on the borrower, but in most cases costs the lender less than a foreclosure. He praised Reps. Rooney and Andrews for their efforts on a bill that he says could soon bring relief to distressed homeowners who hope to avoid foreclosure.”

Full Article

For more information on proceeding with a short sale or purchasing a home in the short sale process, contact us.

BofA Offers Home Loan Assistance to Customers

Are you in need of home loan assistance? Do you have a Bank of America home loan? You may be in luck!

BofA has recently launched a new website dedicated to helping its loan customers no matter what situation they may be in. Whether you think you may miss a payment soon, just missed one home loan payment, missed more than one loan payment or have received a forclosure notice. This easy to navigate website will give you assistance into understanding your situation and where to go from there.

www.bankofamerica.com/homeloanhelp

To find a real estate agent who will understand what you are going through and can help you through a short sale process or relocating, click here.