Author Archives: Katerina Gasset
Author Archives: Katerina Gasset
Are you having problems with making your monthly mortgage payments? You may be considering what to do next. You can either choose a short sale or a foreclosure. However, before you make any decision, it’s important to know the facts and understand the short sale process.
Foreclosures and short sales are both financial options available to homeowners who are behind on their mortgage payment or have a home that is worth less than the outstanding balance on the mortgage. In both situations, the home owner is forced to let go of the property. However, the timeline and other consequences are different in each situation.
When a homeowner misses three to six months of payment, the lender will record a notice of default. The homeowner will be notified that he is facing a foreclosure and he will be given a reinstatement period to make things right by paying off debts. If the mortgage balance is not paid off within the given reinstatement period, the homeowner receives a notice of sale and the property is then auctioned at a trustee sale to the highest bidder. This is what we call a foreclosure.
How does a short sale work? A short sale is an alternative to a foreclosure. With this transaction, the bank lets the delinquent homeowner sell the home for less than what's owed. There is an understanding that the sale price might not cover the balance of the mortgage.
The homeowner works with a Charlotte NC short sale agent and puts the house on the market. However, a short sale agreement does not necessarily release the homeowner from the obligation to repay any deficiencies of the loans, unless specifically agreed to between the parties.
There are many reasons why you should choose a short sale over a foreclosure.
Here are some benefits of doing a Charlotte NC short sale:
The term credit rating commonly refers to a score issued by the Fair Isaac Corporation (a FICO score). Your credit rating indicates how creditworthy you are.
Lenders use your 3-digit credit score to help decide if they will approve you for a loan. While different lenders have their own standard for rating credit score, 700 and higher is usually considered good. Typically, the higher your score, the better your chances of getting approved.
A foreclosure can cause your credit rating to fall by 200 to 400 points. It also remains on a credit report for 7 years and can have a negative impact on your future borrowings and job applications. If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.
On the other hand, a short sale can cause your credit rating to fall by 50 to 130 points, even though credit bureaus do not show the word "short sale" on your credit report. It may say "paid in full for less than agreed" or "settled for less," among other categories.
Buying a home after a foreclosure or a short sale can be difficult. With a foreclosure, you become eligible to buy another home in 5 years, with some restrictions, or in 7 years with no restrictions. Aside from that, you have to report the foreclosure on all your future loan applications.
With a short sale, you may be able to purchase a new home immediately if your payments were never more than 30 days late and the lender does not require you to pay back the loan. Most lenders consider short sales in a better light and demand shorter waiting periods.
A short sale is better than foreclosure in many ways. Make sure to work with real estate agents who are experts in the art of negotiations of a short sale.
Visit our website at http://ShortSaleAdvisors.us/ for more information regarding short sales.
Call us now at 704-997-3794! You need the right team around you to ensure the success of the short sale.
In case you can not view this video here, please click the link below to view Should You Choose a Short Sale Over a Foreclosure? on my YouTube channel: https://www.youtube.com/watch?v=EBtTNIqFHbM&feature=youtu.be.
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.
Although it is hot buzz phrase, you need to understand that not everyone is eligible for a short sale.
You won’t qualify for a short sale if you have plenty of equity in your home. That is because short sales are usually designed for people whose level of debt is higher than their home’s market value. That means they have no equity at all.
Aside from that, you also need to prove that you are in a financial hardship. A financial hardship refers to a verifiable issue that has cause or will cause you to miss payments on your loan. Examples of financial hardships include loss of job, relocation, divorce, illness of borrower or co-maker, and loss of income.
The very first step is to hire a real estate agent in Charlotte NC you can trust.
Finding a short sale agent doesn't have to be complicated. Just keep in mind that 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. If you choose an agent who has no experience dealing with loss mitigation and short sale negotiators, you might end up with more problem.
Once we get your short sale over with, you will be able to move on with your life and start anew.
What is the difference between a short sale and a foreclosure? 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. From a credit standpoint, you are softening the blow to your credit score with a short sale.
A foreclosure, on the other hand, might be easier for some people. Foreclosure is done to you; you don’t do it to the bank. 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.
A short sale refers to an agreement between you and your lender that the lender will accept less than the full payoff amount for your mortgage. Because of the complex nature of the transaction, it is strongly recommended that sellers work with short sale agents in Charlotte.
You’ll need the help of an agent with a successful track record in short sales. With their experience and connections, such an agent will be able to identify and help resolve possible problems and protect your interests.
However, homeowners should be aware that there are some real estate agents who claim to be short sale agents but do not possess the education or experience to provide the service you need.
Don’t fall for flashy websites or online courses taken on short sales. It takes more than just one class to make someone a true short sales specialist. Make sure your Charlotte short sales agent has actual experience closing short sale deals before you sign up.
Good short sale agents can be difficult to find if you don’t know the qualities to look for, so here are the top qualities that make a good and effective short sale agent:
Paying close attention to details is imperative in a short sale. If the process isn’t handled correctly from the beginning, you will run out of time and your home will go into foreclosure. Work with professionals who are attentive to the unique needs of their individual clients.
This isn’t a regular real estate transaction where if the home doesn’t sell you can just re-list with another real estate agent. There are all kinds of information and steps in a short sale process and an attention to detail will prevent the process from being delayed.
You need a professional who has a good system for keeping everything organized. You want an agent that can keep track of multiple lenders, maintain mountains of paperwork, and understand the Charlotte NC short sale market. Needless to say, this takes some organization skills.
An organized agent will find the time every day to check on your short sale files and keep the process moving. On the contrary, a disorganized agent will cause delays and could even cause your lender to cancel the short sale process because its requests aren’t being met.
Your short sale agent will need to respond quickly to requests from the lender or from a buyers’ agent about your property in order to move the process forward.
As a homeowner doing a short sale, it can be stressful to deal with an agent who’s not a great communicator. A short sale transaction is time sensitive, so you need an agent who will let you know quickly where you stand with your current situation.
Your agent is an essential part of the outcome of your short sale, so choose someone whom you can communicate with easily and who gives you confidence that the transaction can be completed.
Let our team at Showcase Realty be your trusted resource throughout the entire short sale process. Our agents have the expertise to guide you through this oftentimes complex transaction.
We can help you short sell your home so you can move on with your life. Call us now at 704-997-3794! We’re more than willing to explain how the process works in detail and answer any questions you may have.
In case you can not view this video here, please click the link below to view What Makes a Good Charlotte NC Short Sale Agent? on my YouTube channel: https://www.youtube.com/watch?v=Ld19Mbe5QAM&feature=youtu.be
Are you a struggling homeowner facing foreclosure? Are you thinking about selling your home in a short sale? Before making any decisions, it’s important to consider all options. Make sure a short sale is the best choice given your unique situation. It's also important to understand Charlotte foreclosures and short sales.
A short sale is the sale of real estate that generates proceeds less than the amount owed on the property. The lender agrees to let you sell the property and to accept the proceeds in exchange for releasing the mortgage lien. In this kind of transaction, your Charlotte short sale agent will need to work with your lender in order to get approval to sell your home for less than the amount owed.
A short sale is only for homeowners who are facing a hardship, such as unemployment or severe reduction in income, divorce, bankruptcy, medical emergency, transferring to a job out of town, or death of a co-homeowner. The homeowner must also have an upside-down mortgage.
A short sale negotiation process with a bank is very complex and time-consuming. In today’s market, the right agent with short sale experience is a key individual in the process of avoiding foreclosure.
You will need the expertise of a short sale expert like me, Nancy Braun. My team and I specialize in short sales and we are more than willing to assist you in finding a favorable solution for your situation.
Here are some reasons why you should choose us as your short sale agents:
Just like in any other business, experience is important. Choosing the right short sale agent with unquestionable experience is necessary for a successful transaction.
In fact, experience is the most important characteristic when hiring a Charlotte NC short sale agent. If you make the mistake of hiring an agent who lacks the necessary experience, the short sale could result in exactly what is intended to be avoided, foreclosure. If the short sale agent has inadequate experience dealing with loss mitigation and negotiators, you will be the one who will suffer in the long run.
Don’t get swept away by a slick, silver-tongued agent who might claim to be a short sales specialist. Today, it’s quite common for some agents to refer to themselves as short sale specialists after completing a short sale class. A short sale class, even one which results in certification, does not necessarily make an agent a short sale agent. Although a short sale class is good, it does not guarantee that the agent has learned anything nor that there is any significant information to be gained from the certification instructor.
The good news is our team at Showcase Realty have successfully represented both sellers and buyers in completing short sale transactions. We know fully well that our job entails much more than putting the listing into MLS and throwing up a For Sale sign. We understand the complexities of the short sale process and we know how critical the deadlines are.
The Internet has changed the way buyers and sellers shop for real estate. We understand the need to become tech-savvy to meet the shift in the industry and stay ahead of our game. With technology moving the real estate industry forward in leaps and bounds, it makes sense to work with agents who know how to use technology to your advantage.
My team and I use top marketing strategies, technology, and systems to give our clients cutting-edge results, at top dollar, and in the least amount of time. We have the support, technology, background, and experience to attract the most qualified potential buyers. Our network of people, education, resources, and expertise will work to your advantage.
Our goal is to provide our clients with high quality, innovative, and exceptional real estate service. We always adhere to the highest standards of integrity and ethical business practices. We practice honesty and integrity at all times and in all situations.
We are organized, transparent and responsive. We always make time for clients and will never make them feel like they are not a priority. In addition, we have good references, an excellent track record, and a reputation to be proud of. Our team stays on top of the details, carefully guiding our clients through the entire process, from contract to close.
Contact us now at 704-997-3794! We’re here to help you every step of the process.
In case you cannot view this video here, please click the link below to view Why You Should Choose Us to Be Your Charlotte Short Sale Agents in Charlotte NC on my YouTube channel: https://youtu.be/9aeat7OSSDg
Do you need to sell your underwater Charlotte NC home? A short sale is a great option. Although it is neither quick nor stress-free, it provides homeowners a way to get out of a difficult mortgage situation and avoid foreclosure.
However, if not handled properly, the deal can fall through, backfire, and even end in foreclosure.
If you are seriously considering doing a short sale, you need to steer clear of these common seller mistakes:
For a short sale to be successful, your home should be priced appropriately, not too high and not too low. The price should also be appealing to the short sale bank, the buyer’s agent, and the buyer’s lender.
Remember that a well-priced short sale will sell quickly. It is an art that involves some give and take.
Some agents convince sellers that pricing is the only thing that will attract buyers to a short sale. That is not true!
As a Certified Short Sale Seller, I know a short sale needs the same level of marketing that regular listings receive. Your property has to be exposed to the widest possible range of buyers by utilizing an established online marketing strategy. In addition, your online listings should present several photographs showing that the home is in good condition.
Another major mistake that you should avoid is submitting a listing without good quality photographs. A listing without pictures sends a negative message because it makes buyers think that there’s probably something wrong with the home. Moreover, on the top realtor sites, listings with more photos get the lion’s share of page views.
Like other properties, short sales need to be staged in a way that appeals to buyers. Sellers need to prepare the home for sale and keep it in excellent condition. Even a lower price will not compensate for lack of maintenance. The house should be kept pristine until the sale goes through.
You have to patch up holes, make the beds, clean the carpets, repaint the walls, and keep up with the yard work to appeal to buyers. Don't give prospective buyers any reason to fear the house will be in shambles upon vacating.
A short sale differs in a number of ways from a traditional home sale. Short sales can drag on for months, and it is best to hire a Charlotte NC short sale agent with extensive experience.
That would be me, Nancy Braun. I have recently earned the first and only North Carolina state specific Certified Short Sale Seller designation.
My team and I have successfully represented both sellers and buyers in completing short sale transactions. We will be your trusted resource and guide throughout the entire short sale process.
Call us today at 704-997-3794 if you have any questions about short sales or are ready to take the next step in putting your Charlotte NC home on the market as a short sale.
We look forward to working with you!
In case you cannot view this video here, please click the link below to view What Are the Top Mistakes Sellers Should Avoid in a Short Sale? on my YouTube channel: https://youtu.be/_7gAcAhNmW8