Short sales took to the stage in the Charlotte are in 2008. Prior to, most sellers (even those will little to no equity) were able to sell their home thanks to a steady 3-5% annual home price appreciation. However, in 2008, the recession plus a lack of certainty in the market and a lack of [...]
Paying Up-Front Fees For Short Sale Services Offers No Guarantee of Success
August 25, 2011 By Leave a Comment
Now that the FTC has once again exempted real estate agents from the MARS disclosure act, some agents and services are once again charging up front fees. These fees range anywhere from $500 – $2,000 to assist a homeowner through a short sale or a loan modification. In North Carolina, its illegal to collect up-front [...]
How to Choose A Short Sale Real Estate Agent
June 27, 2011 By 1 Comment
Choosing the right real estate agent to assist you with your short sale one of the most crucial steps and determining factor of whether or not your sale will be successful. Short sales are unlike the normal real estate transaction and so they require someone who communicates well, is organized, preferably has a staff to [...]
Who Pays The Commissions and Closing Costs?
May 13, 2011 By 1 Comment
One reason why 70% of all foreclosed homes were never listed for sale as a short sale has to do with the fear of the closing costs. The good news is that for homeowners in need of a short sale, the closing costs need not be an issue. In North and South Carolina, the following [...]
Approached By An Investor Who Will Negotiate For Me. Should I?
May 13, 2011 By Leave a Comment
The latest con/scheme/scam out involves homeowners facing foreclosure and so-called “investors” who will negotiate a short sale on their behalf. These people approach the homeowner either via letter, phone call, or even through their agent and they typically have the term “solutions” in their name. Here’s the pitch: I want to make an offer on [...]
I Missed A Payment. Should I Move Out of My House?
May 5, 2011 By Leave a Comment
I get this question a lot of borrowers that have either missed a mortgage payment (or two) or are fearing that they might soon face foreclosure. Fact is, moving out of your home ahead of a possible foreclosure is about the WORST thing that you can do. First off, if you intend to keep the [...]
FORECLOSURES HALTED IN SOUTH CAROLINA…FOR NOW
May 4, 2011 By 2 Comments
This week, South Carolina Chief Justice Jean Toal issued a court order stopping all pending foreclosure action, including foreclosure sales, in the state of South Carolina starting May 9, 2011. The act requires lenders to actively solicit homeowners with foreclosure alternatives as well as provide a period for response. If the homeowner fails to respond [...]
How will a Short Sale or Foreclosure Impact Your Credit?
April 27, 2011 By 1 Comment
Probably the second question after “What is a short sale” is what the impact will be to the borrower’s credit score. Thankfully, FICO (the ones that created the credit scoring system that we use today) just released a study where they address just that. They cover everything from mortgage delinquencies to short sale, foreclosure, and [...]
What Are My Options?
April 21, 2011 By Leave a Comment
I Missed My Mortgage Payment
April 21, 2011 By Leave a Comment
The question of what happens when you miss a mortgage payment is one I get asked often. Missing a mortgage payment is unlike missing payments on any other types of loans, credit cards etc. When you miss a payment on a traditional installment loan, you can simply make up the payments or make partial payments [...]
