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Information for buyers of short sale properties in North Carolina.

Short Sales in Charlotte NC

Short Sales in Charlotte NC

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!

What is a Short Sale?

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.

Would You Quality for a Short Sale?

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.

Short Sale Experts in Charlotte NC - Our dedicated team has sold thousands of homes in the Carolinas. See how we can help you!

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.

Short Sale or Foreclosure?

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!

Does a Short Sale Have to be Difficult?

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 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:

Understanding the ways to avoid a foreclosure

Number on way to avoid a foreclosure and the auction of your home is according to Bank of America is – A SHORT SALE!!!

A short sale is the a way to sell your home and settle your motgage debt for the less than what you own on it! This is not only a positive for the homeowner, but also for the bank because they get more than they would if you home was foreclosed on. Some additional benefits are below:

  • It usually takes less time than a foreclosure
  • You’re credit may improve at a faster rate
  • You may be eligible for financial assistance during your relocation!

Another option is to get a Deed in Lieu of Foreclosure, in which you give your property’s deed to the bank. This will still have a negative effect on your credit, but it is a much easier process than going through a foreclosure.

CLICK HERE for a checklist to smooth the transition from your home, and to get contact information for valuable assistance!

Short sales increasing in world’s largest lenders!

Bank of America is anticipating a 60-70% increase in short sales for 2012, which will be between 160,000 to 170,000 sales compared to 100,000 in 2011 and 90,000 in 2010. These increases are attributed to many things other than the increasing speed and ease of short sales, including the following as stated:

  • Growth of a specialized short sale staff to 3,000—an increase from 250 in two years
  • Assignment of dedicated transaction specialists
  • Service agreements with standards for response times
  • A specialized staff of 125 dedicated to escalations
  • The creation of a Closing Center of Excellence, focused entirely on expediting the closing of short sales
  • Community outreach to financially distressed homeowners
  • A team of 35 specialists dedicated to the Equator relationship and customized programming in response to agent feedback to improve process flows

CLICK HERE to read the full article from CDPE.

Helpful Short Sale Video Guide

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)

CLICK HERE to see an informational video that goes more in-depth with these short sale processes

CLICK HERE to read more about our Short Sale specialist at Showcase Realty, and what some of his clients had to say about him!

A personal experience with our short sale specialist

Michael Simonini“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

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