5 Steps for a Successful Short Sale:

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

 First, do you qualify?

You must:

•      Have a verifiable hardship, like unemployment, medical bills, or relocation

•      Must have a monthly income shortfall (no money left over after all the bills have been paid)

•      Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or be headed towards insolvency

 If you meet these qualifications, follow these five steps to a successful short sale:

1.      Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale

2.      Gather financial information (i.e., bank statements, pay stubs) from at least the last three months

3.      Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford

4.      Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency

5.      Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, contact me today. For example, in NC, some may qualify for assistance through the the NC Foreclosure Prevention Fund. In any case, I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

Good news for some buyers! Wells Fargo, the largest originator of FHA mortgages has loosened up a bit & recently revised credit & down payment requirements. Wells will now lend to applicants with FICO scores as low as 600 and 3.5% down payments ( can be gift funds).

Previously, if your score came in even slightly lower, they wouldn't even look at your application. How big a news is this for buyers AND sellers who need qualified buyers in the market? An estimated 1/3 of Americans now have FICO scores below 620, according to one consumer group's estimate. 

What about borrowers with lower scores? There are options available:

• 580-599 - 5% down - no gift funds.
• 500-579 - 10% down - no gift funds.

Sellers can contribute up to 3% toward buyer closings & loan costs.

 There are tight debt ratio requirements: Mortgage payment must be below 31% of income & total debt must be below 43% of income. 

The idea is to provide homeownership opportunities to genuinely qualified buyers who simply have temporarily depressed credit scores. 

Bravo!

 

Here is the link: http://top100.relocate-america.com/

 

As a Realtor I feel very fortunate to be living & working in the Charlotte market. For newcomers the Charlotte area proves to be a wonderful place to call home!

 

www.AdvantageNC.net

 

Home staging is becoming more and more popular as homeowners prepare their homes for the marketplace.   Of course, the goal when listing a home for sale is to sell it quickly at the highest price possible. To achieve this, marketing is important, as well as attracting the largest amount of potential buyers. The purpose of staging is to make the home a welcoming and appealing place to live. Staging includes depersonalizing such as removing personal photos, taking way clutter, cleaning, sprucing up the landscaping.

One of the most inexpensive ways to add value to a home is to paint, but please leave this to the professionals. Sometimes, only a few rooms need to be done for a home to feel warm and welcoming.  

 

Here are some tried and true staging tricks from the professionals for the kitchen:

• Apply orange oil to cabinets that appear dry to renew their original luster;
• Display large bowls of fruit such as polished apples or bright oranges;
• Arrange colorful and fun cookbooks on the counter.

Bathrooms should look bright and relaxing. Give it the spa treatment by:

• Tying towels with ribbons;
• Filling baskets with scented soaps and soft,thick towels;
• Making sure the room smells like a spa with fruity or spiced lotions. 

 

MacAulay is a premier Huntersville neighborhood of more than 650 beautiful homes. Trees, parks, pond, sidewalks, pool, clubhouse, and tennis courts highlight the amenities of this family friendly neighborhood.

Currently there are 27 Macaulay homes listed in the Multiple Listing Service. These homes average 3,251 square feet and a list price of $366,640. Homes that are on the market in Macaulay range in price from $249,000-$499,900.

In 2007, 43 homes have sold in Macaulay, with an average of 3,033 square feet and a sales price of $338,196. These homes sold in an average of 61 days on the market!!

Directions to Macaulay: I77North to Exit 25 (Sam Furr Road), turn left onto Sam Furr Road/Highway 73, turn left onto Northcross Drive, sharp left turn onto Stumptown, and right onto Bytham Castle.