Charlotte Short Sales are great opportunities. Short Sales in real estate are frequently misunderstood. First, what is an actual "Short Sale". A Short Sale occurs when the home owner owes more on the home than the current market supports.
What is the home owner to do if the home owner owes $250,000 on the home and the current market value is $220,000. What if the current home owner's situation is that he/she must sell since there is no way to continue paying the mortgage (assuming the home owner does not have $30,000 in cash to pay off the current debt)? A short sale is a possibility and much better than a foreclosure.
The bank may accept the "shortage" between payoff and what is received. This is a tough decision for the lender. The lender's job is to protect their investment. This is typically a very slow process.
Expect the process to take about 4 months. If you are the seller, the phone calls will continue from collections. This is not a quick fix but it is a better option in the long run. Buyer, only place an offer on a short sale if you love the home and another home will not measure up. Otherwise, you will never be patient enough to wait four months plus for a decision. You are going to see many other homes over the next 4 months that will be of equal interest.
If you are considering a short sale, either as a seller or a buyer, give me a call and we will see if a Charlotte area short sale is right for you. Call Rick Waite @ 704.770.6559 or email at rjwaite1@gmail.com. Visit me Charlotte Real Estate website to learn more about the greater Charlotte Real Estate market and real estate in general.
Thursday, April 21, 2011
Friday, April 01, 2011
Short Sales and Charlotte Relocations
I have recently spoke to several home owners across the nation that are in a very difficult position. They have a new position in Charlotte but are unable to sell their home in their home state for the amount that is owed. Several have shared that a short sale is their only option. This is not necessarily so. If your market is depressed and you you are upside down on your mortgage, you may want to consider renting your current home or a lease purchase. If your job is relocating you more than 50 miles the current may qualify you for your new mortgage while you rent out your current home. I understand no one desires to be an absentee landlord but it will save your credit and enable you to have a new home in the Charlotte area. Another option is to sell your home via a lease purchase. This is when the new buyer has a credit issue that needs to be corrected but their credit will be healed within the next year. The buyer basically moves into your home a year before purchasing it and takes full responsibility for maintaining the home. This is often a win/win situation. Consider your options before you torpedo your credit with a short sale. Renting for a couple years is not the end of the world but you would rather be in your own home and re-establishing your family in a better environment. Visit my Charlotte Real Estate website and learn more about our great housing opportunities.
Thursday, December 09, 2010
First Step in Foreclosures
More and more people are considering Charlotte Foreclosures and do not know where to begin. The first place to begin is by speaking to a lender. See how much money you can get and under what conditions. Will it be your primary residence, a 2nd home or an investment home?
If you require financing, is the home habitable? Many foreclosures are damaged and will not qualify for a standard loan. Many investment loans require a 25% down payment. Bank Owned Homes will have an addendum that supersedes the standard Offer to Purchase. You are not only purchasing a home "As Is", you also pay the transfer taxes and often must pay to have the utilities turned on for inspections.
Speak to a lender today to see "If" a foreclosure is an option for you. Give me a call and I will help you figure out the best plan and we will find a great home at a great price! Visit Charlotte Real Estate and learn more about the greater Charlotte real estate market.
If you require financing, is the home habitable? Many foreclosures are damaged and will not qualify for a standard loan. Many investment loans require a 25% down payment. Bank Owned Homes will have an addendum that supersedes the standard Offer to Purchase. You are not only purchasing a home "As Is", you also pay the transfer taxes and often must pay to have the utilities turned on for inspections.
Speak to a lender today to see "If" a foreclosure is an option for you. Give me a call and I will help you figure out the best plan and we will find a great home at a great price! Visit Charlotte Real Estate and learn more about the greater Charlotte real estate market.
Thursday, October 07, 2010
Charlotte Foreclosure Sales Accelerating!
The month of September indicated almost 43% of the sales were distressed sales in Charlotte. This includes "closed" sales and "pending" sales. This is up from 38% in August. This increase shows a new demand for foreclosures and an indication that our market is beginning to recover!
This is based on the city of Charlotte Homes for Sale and only single family homes. I did not calculate townhomes, condos and multi family homes.
As the Government pressure increases to reduce spending and control expenses, as indicated by the Charlotte Real Estate market, consumer confidence is picking up. What makes me so confident that our real estate market is reflective of the national economy?
Charlotte was one of the areas in the US that was very popular, growing rapidly but still not hyper inflated. Charlotte is the place that many from the northeast are relocating along with Floridians. These populations reflect a huge portion of the US, Charlotte is centrally located, mild winters, not too terribly hot and immensely popular! Many are relocating to Charlotte and have been holding back! The time has arrived. The deals are going faster than ever and a wise person knows when to seize an opportunity!
This is based on the city of Charlotte Homes for Sale and only single family homes. I did not calculate townhomes, condos and multi family homes.
As the Government pressure increases to reduce spending and control expenses, as indicated by the Charlotte Real Estate market, consumer confidence is picking up. What makes me so confident that our real estate market is reflective of the national economy?
Charlotte was one of the areas in the US that was very popular, growing rapidly but still not hyper inflated. Charlotte is the place that many from the northeast are relocating along with Floridians. These populations reflect a huge portion of the US, Charlotte is centrally located, mild winters, not too terribly hot and immensely popular! Many are relocating to Charlotte and have been holding back! The time has arrived. The deals are going faster than ever and a wise person knows when to seize an opportunity!
Monday, September 20, 2010
Charlotte Luxury Homes at deep discounts?
It is incredible to witness amazing greater Charlotte Area Luxury Homes are selling at deep discounts! As the financial markets and housing markets continue to struggle, the 2nd hardest hit sector are luxury homes! Many of these homes were purchased by entrepreneurs in 2006-7 and then the markets collapsed! Builders from across the nation flocked to Charlotte to take advantage of the HUGE demand in Charlotte Luxury Homes! It typically takes a year to build one of these exquisite homes. When the market collapsed, most were already committed to building!
There is a home in Piper Glen, a great South Charlotte Golf Course Community, with a Charlotte Foreclosure home listed for 50% off the 2006 sale price! This is incredible. As intelligent buyers, we ask why and what are the odds that sector will further decline.
The market took a huge hit due to lending rule changes. Many were financing these homes with "equity" from their previous home sales. That illusive equity is no longer so went the capital. The lending rule changes make it very difficult to purchase with a Jumbo loan (above $417,000). Lenders realize this and many homes in the $600,000 to $800,000 ranges are sold at ridiculous discounts.
This does not mean to "low ball" current executive home owners because most are willing to hold sit and wait; why sell a home for less than the cost of the materials! Lenders are less discreet and are trying to clear their books. The current political winds indicate a paradigm shift in November. IF this becomes reality, the luxury home market will likely rebound quickly! There has never been a better time to purchase a Charlotte Luxury Home. All Charlotte Homes for Sale are a great investment. Various sectors have been impacted differently so it is not black and white. The entire national and local economic situation largely dictates current demand and the wise can intelligently speculate the future trend. If you purchase a $800,000 fro $400,000 and how about if it only increases in value to $600,000 in the next 5 years? $200,000 profit is not a bad return! There are those still sitting on the fence and there are those taking advantage of the opportunity before them. Which are you? Call me, Rick Waite, today at 704.770.6559.
There is a home in Piper Glen, a great South Charlotte Golf Course Community, with a Charlotte Foreclosure home listed for 50% off the 2006 sale price! This is incredible. As intelligent buyers, we ask why and what are the odds that sector will further decline.
The market took a huge hit due to lending rule changes. Many were financing these homes with "equity" from their previous home sales. That illusive equity is no longer so went the capital. The lending rule changes make it very difficult to purchase with a Jumbo loan (above $417,000). Lenders realize this and many homes in the $600,000 to $800,000 ranges are sold at ridiculous discounts.
This does not mean to "low ball" current executive home owners because most are willing to hold sit and wait; why sell a home for less than the cost of the materials! Lenders are less discreet and are trying to clear their books. The current political winds indicate a paradigm shift in November. IF this becomes reality, the luxury home market will likely rebound quickly! There has never been a better time to purchase a Charlotte Luxury Home. All Charlotte Homes for Sale are a great investment. Various sectors have been impacted differently so it is not black and white. The entire national and local economic situation largely dictates current demand and the wise can intelligently speculate the future trend. If you purchase a $800,000 fro $400,000 and how about if it only increases in value to $600,000 in the next 5 years? $200,000 profit is not a bad return! There are those still sitting on the fence and there are those taking advantage of the opportunity before them. Which are you? Call me, Rick Waite, today at 704.770.6559.
Thursday, August 26, 2010
Listing your Charlotte Area Home for Sale
The national real estate market is very difficult right now and the Charlotte Real Estate market, although not impacted like many cities, is finding fewer home buyers actively seeking a new home. Marketing has never been more important!
As home equity disappears, many people are looking at ways to save some of their money. Please be careful. There are many companies offering "limited service" listings. Many of these firms offer to place your home on the MLS for a flat fee. The seller pays several hundred dollars up front for this marketing. You get exactly what you pay for. It is sad to see many of the photos, the descriptions and actual marketing that the Charlotte Home Sellers have actually purchased.
Hmmm, after you pay for a job, how much customer service do you think you are to receive for free? That is typically what you get.
As a Charlotte Realtor, I take the time to discuss your personal needs. The photos are the most important. I am very aware of this fact and take the time and care to assure we present your home in the best light. You only get one chance to make a first impression!
How about the price? Do you want to list your home or would you like to sell your home? You must price your home according to current market values. Your home is an investment. Would you buy IBM stock at today's market price or would you pay the market high a few years ago? I did not check on IBM stock history but you the point is the same? We will price your home fairly and sell your home for the best price possible.
Visit my Charlotte Real Estate website or give me, Rick Waite, a call at 704-770-6559.
As home equity disappears, many people are looking at ways to save some of their money. Please be careful. There are many companies offering "limited service" listings. Many of these firms offer to place your home on the MLS for a flat fee. The seller pays several hundred dollars up front for this marketing. You get exactly what you pay for. It is sad to see many of the photos, the descriptions and actual marketing that the Charlotte Home Sellers have actually purchased.
Hmmm, after you pay for a job, how much customer service do you think you are to receive for free? That is typically what you get.
As a Charlotte Realtor, I take the time to discuss your personal needs. The photos are the most important. I am very aware of this fact and take the time and care to assure we present your home in the best light. You only get one chance to make a first impression!
How about the price? Do you want to list your home or would you like to sell your home? You must price your home according to current market values. Your home is an investment. Would you buy IBM stock at today's market price or would you pay the market high a few years ago? I did not check on IBM stock history but you the point is the same? We will price your home fairly and sell your home for the best price possible.
Visit my Charlotte Real Estate website or give me, Rick Waite, a call at 704-770-6559.
Tuesday, August 24, 2010
Charlotte Foreclosures or Short Sales?
There are many great deals in Charlotte Real Estate in foreclosures and short sales. Which is a better opportunity? Charlotte foreclosures are a great deal. You do have the "negative energy" of the previous home owner which is a reality of distressed sales. What is commonly referred to as Charlotte Foreclosures are actually Bank Owned Homes. The foreclosure is actually the process in which a lender gets possession of a home when the current owner is in default.
A Charlotte Bank Owned home allows you to take possession of the home that is empty and ready for a new family to enjoy. These homes can typically close within 30 days. Many foreclosures will not qualify for FHA financing and banks will not make any repairs. Why not? Banks are in the business of lending money. A foreclosure home is "bad debt" and the bank needs to liquidate this debt. The bank needs to get the most possible for their "bad debts" but they are still discounted off of current market value. There are unfortunate situations that occur but that is ultimately part of life. We, as US citizens, are resilient and each foreclosure purchase is a step to healing our economy!
Short Sales are homes for sale when the seller owes more than the current market value. The lender must agree to accept the shortage for the decreased market value. This is a much harder process than it may appear. There are Investors that must accept the losses. The investors must volunteer to take less money. This is often very complicated to determine which investors are holding the investment/mortgage and then convince them that the Short Sale is better than a foreclosure.
A typical short sale will take 4 months or greater just to hear if the Lender/Investor will accept, reject or counter your offer. This means you, the buyer, must wait for 4 months without an answer. No one wants to wait 4 months without an answer. There are other opportunities and it is very difficult to ignore other opportunities while waiting for months.
Based on my experience, the only time you should consider a short sale is "if" you absolutely love the home. If you do not love the home, you will find a better deal before the lender considers your offer. It is an unfortunate reality in the world and the Short Sale is a very unpractical decision. It is better for the bank to go forward with the foreclosure process and clear the bad debt. This is what we need for our national economy. It does not make sense for a lender, a professional in lending and handling money, to have such a program. Hmm? Kind of makes you wonder why. . .
Visit Charlotte Real Estate to learn about Charlotte Homes for Sale, Charlotte Foreclosures and so much more.
A Charlotte Bank Owned home allows you to take possession of the home that is empty and ready for a new family to enjoy. These homes can typically close within 30 days. Many foreclosures will not qualify for FHA financing and banks will not make any repairs. Why not? Banks are in the business of lending money. A foreclosure home is "bad debt" and the bank needs to liquidate this debt. The bank needs to get the most possible for their "bad debts" but they are still discounted off of current market value. There are unfortunate situations that occur but that is ultimately part of life. We, as US citizens, are resilient and each foreclosure purchase is a step to healing our economy!
Short Sales are homes for sale when the seller owes more than the current market value. The lender must agree to accept the shortage for the decreased market value. This is a much harder process than it may appear. There are Investors that must accept the losses. The investors must volunteer to take less money. This is often very complicated to determine which investors are holding the investment/mortgage and then convince them that the Short Sale is better than a foreclosure.
A typical short sale will take 4 months or greater just to hear if the Lender/Investor will accept, reject or counter your offer. This means you, the buyer, must wait for 4 months without an answer. No one wants to wait 4 months without an answer. There are other opportunities and it is very difficult to ignore other opportunities while waiting for months.
Based on my experience, the only time you should consider a short sale is "if" you absolutely love the home. If you do not love the home, you will find a better deal before the lender considers your offer. It is an unfortunate reality in the world and the Short Sale is a very unpractical decision. It is better for the bank to go forward with the foreclosure process and clear the bad debt. This is what we need for our national economy. It does not make sense for a lender, a professional in lending and handling money, to have such a program. Hmm? Kind of makes you wonder why. . .
Visit Charlotte Real Estate to learn about Charlotte Homes for Sale, Charlotte Foreclosures and so much more.
Subscribe to:
Posts (Atom)