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We are Showcase Realty. If you know anyone that may be in a distressed situation with their home and faced with a potential foreclosure, have them contact us anytime. We have a solution to help many homeowners.

Frequently Asked Questions

What is a short sale?

A short sale is the process by which homeowners can sell their home for less money than they actually owe on the mortgage(s). This is accomplished by providing proper documentation to the lender(s) to convince them to reduce the mortgage balance to allow the sale. If the sale is approved, the mortgage lender(s) will actually take a loss on the mortgage.

If a bank approves the discount of a mortgage, the home can be sold for a price lower than the amount owed without the seller having to come up with cash to cover the shortfall. The mortgage is satisfied and any foreclosure process stops.

How does the bank decide what price to put on the property?

Every bank has a specific method of deciding how much they’ll accept on a short sale.

What type of situation is the short sale best for?

Most short sales are accomplished on properties heading toward foreclosure. This means the homeowner is at least 3 payments behind, and the foreclosure process has already begun. Recently however, more mortgages that are simply behind or “in default” are considered short sale candidates without actually being in foreclosure.

Next, the homeowner typically has no equity or negative equity in the home. In other words, the total balance owed to the lender is equal to, or greater than, the price at which the house can be sold.

Lastly, the homeowner must have some type of financial “hardship” which is preventing him from paying the mortgage.

Does a homeowner benefit from a short sale?

First and foremost, a short sale relieves the stress of being in foreclosure and it allows the homeowner to get rid of their big mortgage payment and move on with their lives. A short sale allows you to stop a foreclosure proceeding and get a fresh start. In our experience, this is the primary benefit to the homeowner.

On the credit side, a short sale is arguably the lessor of two evils. Having some late payments, and a foreclosure filed has already done damage to your credit.. However, a completed foreclosure generally does more damage than a short sale agreed to by a lender. Obviously, a bankruptcy significantly damages your credit score.

 I’m an investor, can I short sale my rental property?

Yes, but remember the “hardship” element which must be present. For investors there may also be some income tax issues resulting from mortgage relief. Remember to consult your tax advisor..

 

Does it matter what kind of loan I have?

Possibly. In some instances there is a potential risk of a deficiency judgement or a lawsuit on a loan contract, as opposed to judicial foreclosure. Give me a call and we can discuss the specifics of your situation.

 

I am in foreclosure. Is a short sale for me?

Each situation is different and must be evaluated individually. The important factors in relation to a short sale are:

a. Property in foreclosure or default

b. Personal financial hardship

c. Little or no equity in the property

d. At least 60 days until eviction date

e. The value of the home has declined below the loan amount

If you feel you fit into these criteria, give me a call and we can discuss your specific situation.

 

What if my mortgage is an FHA, HUD or VA mortgage?

Short sales can still generally be accomplished on all of these types of mortgages, though each one has different criteria.

 

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About Nancy Braun.

Nancy Braun, a graduate of Cornell University and SUNY Buffalo Law School, is a New York native who moved to North Carolina over 20 years ago because she fell in love with its amazing weather, vibrant lifestyle, booming economy, and warm welcome to newcomers. She was a corporate lawyer, and entrepreneur/owner of several businesses over the years. It wasn't until her move to North Carolina that she discovered a love for real estate.

Nancy began her real estate career by working with a brokerage that sold real estate the same way for over 45 years. After gaining 12 years of experience with the firm, Nancy decided to start a real estate company that used technology, creativity and innovation to change the way real estate is bought and sold.

They Say

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In June 2014 I hired Nancy Braun to sell my home in Matthews and everything from signing the listing agreement to the closing went exceptionally well. While not Nancy's fault, a couple buyers pulled out of their offers and Nancy called me immediately to explain why they cancelled - and she reassured me to hang in there because my house would sell”¦and it did for full asking price! Nancy and her team are very knowledgeable, responded to my calls quickly, and were very professional. In addition to that, their system allowed me to know when the house was shown and provided prospective buyer's feedback about my house. I've never seen a system like it. It kept me informed”¦which came in handy as I live in San Diego. Based upon my experience, I highly recommend Nancy Braun and her team!

Chris

Great customer service, attention to detail and very patient with us as we went through the process. Was always able to recommend good services throughout the process whether it be the closing attorney or the Inspector. We are so happy to be in our new home and that is thanks to Nancy and Showcase Realty!

M. Lorence

Nancy was of great help! I contacted her and about a month later she had a few buyers for my home! She even convinced the buyers to pay off some things that were affecting my credit due to my mortgage loan! I would recommend her services to anyone looking to sell their home in a promptly manner! Thanks Nancy!

C. Blackmon

I was recommended to Nancy when I first moved to Charlotte and I used her to purchase a new construction townhouse in Ballantyne over 4 years ago. Nancy was great to work with and very knowledgeable. The transaction went very smoothly. In the next year or so we will be looking to purchase a new home and will use Nancy to find a home and we will also, use Nancy as a Property Manager on our two existing homes.

Michelle D.

Nancy and her team of professional helped without sale in such a way as it blew our minds. They're all incredible professionals and I would highly recommend anyone to her, and have. You should definitely use Nancy Braun and her team to sell your home.

D. Forst