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Charlotte Homeowners, Our Short Sale Experience Gets Results
As your local Short Sale Experts, we know that experience counts in every real estate transaction but experience is never more essential than it is in a short sale transaction. Rules are different, deadlines are real and the stakes are much higher than a typical real estate transaction. Our area is full of fantastic Realtors who are good at selling homes, but unfortunately the vast majority of agents are not educated or experienced in handling a short sale transaction.
Our team has been working with Short Sales & Pre-foreclosure Transactions for years. We help homeowners navigate the process and get their property SOLD . Over the past few years we have developed a strong understanding of the process involved in getting a short sale approved and actually closed. Each bank handles the short sale process in its own way. Valuable time can be lost if an agent is not familiar with each banks process & guidelines. We have been involved in short sale transactions with major banks including but not limited to: Bank of America, Wells Fargo, Wachovia, Citibank, GMAC, Chase, Aurora, EMC, National City, Fifth Third, Washington Mutual, Ocwen, Suntrust, AHMS and BB&T. Please ask us to share some of our wonderful success stories that we have had with homeowners just like you. Along with our Real Estate and Banking backgrounds, we have built relationships and contacts at these banks that can make the difference in getting your short sale approved. Time is of the essence on Short sales and we have all the tools to get this transaction done for you.
We have an excellent record in helping our Clients complete and sell Short Sales. Our commitment to helping homeowners successfully navigate through the short sale process has lead to our business being 90% short sale homes. To date we have successfully closed over 95% of our short sale listings. Please call or email Us today with any questions or concerns about the process and to see if doing a Short Sale is right for you.
Picking Any Agent Will Not Do When It Comes Down To A Short Sale
Tanya Garner & Melissa Polce
Keller Williams Realty
Pre-Foreclosure Experts
Melissa: mjpolce@kw.com or 704.450.4335
Tanya: soldbytanya@gmail.com or 704.728.7039
At this Holiday Season, we want to reflect on how hard it is to make ends meet, the housing market is now being reported as worse than expected and almost 7 million homeowners are delinquent or under water in their home. Please let us know how we can help. We have closed more than others and actually have a heart for the homeowner....we want to help. Please call us for a confidential interview.
Melissa Polce mjpolce@kw.com & Tanya Garner soldbytanya@gmail.com
When your seller has an FHA mortgage on their home, these are the guidelines . The homeowner should go ahead and apply and send in the complete financial package required by the bank to the bank or servicer when the listing is taken (or even before if possible). An appraisal will be done by an FHA certified appraiser.
When the appraisal comes in and the short sale package is approved the bank will issue a HUD-90045 which will list the price that the home should be sold for. This listed price on the HUD-90045 Approval to Participate will reflect 88% of the appraised value, so depending on the length of the marketing period this price will decrease to a floor of 84% of the appraised value.
When a contract comes in, as long as it meets the details in the guidelines (net proceeds, closing costs, etc.) , it should be approved. The guidelines only give the bank 5 working days to review the contract for sale if the seller has already been approved for the program. (Caution: Allow more time than this for the lienholder approval in your contract because this is not always followed!)
The bank is not allowed to accept an offer that does not meet the minimum allowable thresholds. Important Note: The marketing period for purposes of the net proceeds calculation does not start until the Approval to Participate (HUD-90045) has been issued!
Rules issued by HUD 12-24-08 for the FHA Preforeclosure Sale program. The rules outline net proceeds, acceptable closing costs, payment of liens, etc. :
08-43 PFS Program guidelines issued 12-24-08.
Application to Participate: FHA Application and Financial Form
HUDs Information Disclosure Form (HUD-90035) HUD 90035-Information Disclosure.pdf
Supposedly the 90035 was updated when the new rules were issued in 12/08 to incorporate both 90035 and 90036 but I have not been able to find an updated 90035. I just submitted the application 90036 on my last FHA short sale and didn't have a problem.
Are You facing foreclosure? Please let us help you with a confidential interview regarding the process. A short sale is better than a foreclosure and deed in lieu.
SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
SEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
Charlotte Multiple Listings Search
LET ME HELP FIND YOU YOUR NEXT HOME!
Melissa Polce mjpolce@kw.com 704-450-4335
www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
Our Distressed Luxury Division is rolling out our newest listings...most distressed properties over $500K do not last on the market over 60 days without a contract, 2012 is the last year for Mortgage Forgiveness Now Act, forgiving delinquent mortgages up to $2 million dollars*, see propgram or email us for details.
At this Holiday Season, we want to reflect on how hard it is to make ends meet, the housing market is now being reported as worse than expected and almost 7 million homeowners are delinquent or under water in their home. Please let us know how we can help. We have closed more than others and actually have a heart for the homeowner....we want to help. Please call us for a confidential interview. Melissa Polce & Tanya Garner
Our Short Sale Experience Gets Results
As your local Short Sale Experts, we know that experience counts in every real estate transaction but experience is never more essential than it is in a short sale transaction. Rules are different, deadlines are real and the stakes are much higher than a typical real estate transaction. Our area is full of fantastic Realtors who are good at selling homes, but unfortunately the vast majority of agents are not educated or experienced in handling a short sale transaction.
Our team has been working with Short Sales & Pre-foreclosure Transactions for years. We help homeowners navigate the process and get their property SOLD . Over the past few years we have developed a strong understanding of the process involved in getting a short sale approved and actually closed. Each bank handles the short sale process in its own way. Valuable time can be lost if an agent is not familiar with each banks process & guidelines. We have been involved in short sale transactions with major banks including but not limited to: Bank of America, Wells Fargo, Wachovia, Citibank, GMAC, Chase, Aurora, EMC, National City, Fifth Third, Washington Mutual, Ocwen, Suntrust, AHMS and BB&T. Please ask us to share some of our wonderful success stories that we have had with homeowners just like you. Along with our Real Estate and Banking backgrounds, we have built relationships and contacts at these banks that can make the difference in getting your short sale approved. Time is of the essence on Short sales and we have all the tools to get this transaction done for you.
We have an excellent record in helping our Clients complete and sell Short Sales. Our commitment to helping homeowners successfully navigate through the short sale process has lead to our business being 90% short sale homes. To date we have successfully closed over 95% of our short sale listings. Please call or email Us today with any questions or concerns about the process and to see if doing a Short Sale is right for you.
Picking Any Agent Will Not Do When It Comes Down To A Short Sale
Tanya Garner & Melissa Polce
Pre-Foreclosure Experts
Melissa: mjpolce@kw.com or 704.450.4335
Tanya: soldbytanya@gmail.com or 704.728.7039
Keller Williams Realty
An Independent Member Broker
Who you choose will make a difference.
WE HELP HOMEOWNERS...I said it, we are the ones who take the time to listen to each story of heartache, loss and money woes...we help them through the tangled web that is a SHORT SALE, WE LOVE THIS STUFF....nothing feels better than a hint of tears in the end when they know it's over and we sit at closing, after being turned down for LOAD MODIFICTIONS, after being talked down to by BANK EMPLOYEES, after feeling like a LOSER because they could no longer pay their biggest bill(as described by one homeowner)...THEY ARE NOT ALONE, 4 out of every 10 HOMEOWNERS are at least 1 payment behind or upside down....WE HELP HOMEOWNERS...we have dealt with dozens of different banks, we have dealt with 2 and 3 liens, and HOA liens....We have names of other people in the community that you may want to talk to along the way, TAX PEOPLE, ATTORNEYS, MORTGAGE REPS, CREDIT ANALYSTS....This is Not Embarrassing...the only WRONG THING TO DO IS NOTHING...CALL US TODAY AND INQUIRE, ALL DEALS ARE DIFFERENT and WE ARE HERE TO HELP.
HAVE QUESTIONS???? LOOKING AT THE POSSIBILITY OF A SHORT SALE??? LET US HELP, CALL TODAY!!!
Certified Luxury Distressed Property Experts & Certfied Pre-foreclsoure Specialists
Agents That Have Real Life Experience in Short Sales, Call Us Today
Serving Charlotte, Lake Norman and The Surrounding Counties.
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How many times do we talk to folks who for some reason think they will be punishing their bank if they just decide to "do nothing" and walk away...the only person it ends up hurting more times than not...is you the homeowner.
Most agents dont explain to homeowners that they may qualify not only to do a short sale but for the 1099 that the bank will no doubt send you may be written off...here is also where I tell them, consult an accountant, as I am not one...
I watch usually in disbelief when folks tell me they would rather "Show the bank who is Boss"-I get it, I understand...but there is a better way if you get a good game plan in place...whether THE BANK pissed you off in the past or not...give a Short sale a try...find out the facts from an experienced agent...the process has been streamlined and is not as long daunting a process as some agents would have you believe...I just don't want to hear anymore... "I should put the key on the kitchen island and walk away"....
Ten Facts for Mortgage Debt Forgiveness
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IRS Tax Tip 2011-44, March 3, 2011
If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.
Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes - for example, to pay off credit card debt - do not qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans do not qualify for the tax relief provision. In some cases, however, other tax relief provisions - such as insolvency - may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit http://www.irs.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments.
You can also use the Interactive Tax Assistant available on the IRS website to determine if the cancellation of debt is taxable. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions
Taxpayers may obtain copies of IRS publications and forms either by downloading them from http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
Form 982
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HAVE QUESTIONS???? LOOKING AT THE POSSIBILITY OF A SHORT SALE??? LET US HELP, CALL TODAY!!!
Certified Luxury Distressed Property Experts & Certfied Pre-foreclsoure Specialists
Agents That Have Real Life Experience in Short Sales, Call Us Today
Serving Charlotte, Lake Norman and The Surrounding Counties.
Luxury Short Sales in Charlotte Sell Quickly....
I know what you are thinking but if you have a primary home mortgaged under $2Million and you are behind on payments, have a hardship or in danger of defaulting...think about a short sale...PRETTY EASY STUFF....
Every property that we have sold over the $350K mark...with 2 liens or less..has worked out...and we have closed dozens over this price point...WHY DO THEY SELL SO EASILY YOU ASK? Well....here is my theory...
1-usually no M/I
2-usually the folks make no where near the money they did when they obtained the loan and therefore, just dont qualify to be there any more...
3-a huge assett on the books...and one the banks would like to avoid forclosing on
4-Spread of value...where a property stupidly valued near $1 Million back in 2004-2006, is now more appropriately valued at $750K...so a bank will know... thats is all they are going to get
5- 1st/2nd liens in the same Bank(easier to dump of the 2nd and get the majority value of the 1st)
But...you as a seller must be on-board, you must be willing to work with the bank for items needing to be seen...we are getting into more commercial Short Sales even and the values are just astronomical 5 Million +...but forclosing its even worse..."settled for less" is very fixable on credit!!
You may have heard awful things about Short Sales...I say...that is just the person you are talking to...let us help you...they sell quickly, the allow you to get the 1099 tax deduction wiped out(see Mortgage Forgiveness Now via IRS)
HAVE QUESTIONS???? LOOKING AT THE POSSIBILITY OF A SHORT SALE??? LET US HELP, CALL TODAY!!!
Certified Distressed Property Experts & Certfied Pre-foreclsoure Specialists
Agents That Have Real Life Experience in Short Sales, Call Us Today
Serving Charlotte, Lake Norman and The Surrounding Counties.
You are always told in Real Estate as an Agent..." it's not about you"... so it's a hard thing to do to SHUT YOUR MOUTH when your buyers want to buy in a Neighborhood or Community that you know...THEY WILL NEVER RESALE OR GAIN EQUITY...I say never, ok...if they plan on staying there 15 years...MAYBE...
What can you do? Send them other listings, ask what they love so much about this particular Community, tell them there is alot out there for less money...but then you are the expert...and anyone would tell you I am opionated and I have a big mouth...so Shutting IT is really a chore for me...
So in the end, WHAT WOULD YOU DO? I don't want these poor people to get a bad deal(it's new construction) but...I know, its up to them...I will do all I can to get them a good price but(Builders don't usually bend the wayy resale does) and make sure they are represented best to my ability ...but; If I had my Way, I would say ...Don't Write This Contract, lets go look at some other places, I think you can get a better deal elsewhere...But Sometimes, If the Client Loves It...SHUT YOUR MOUTH????
SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
SEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
Charlotte Multiple Listings Search
LET ME HELP FIND YOU YOUR NEXT HOME!
Melissa Polce mjpolce@kw.com 704-450-4335
www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
You know we have to go the extra mile these days...and all those small things add up...which is why I must say...QUICK, HONEST, EFFICIENT SERVICE IS WHAT IS WARRANTED AND NEEDED IN TODAYS REAL ESTATE MARKET....that includes MORTGAGE FOLKS ... Gone are the days when you can just "cherry pick" lets say...and so any real buyer should be treated like GOLD...case in point...
Mortgage Chic took a week and 10 excuses to get me back an updated pre-approval, I called, I emailed, I explained I needed it or the Negotiator would close the file...A DARN WEEK? I happen to know...they take 2 minutes, and the only change I needed? THE DATE...While my buyer did not understand the process..I must admit...
I told him, if we go Under Contract on this house, pick someone else in the bank, Business should not be taken for granted and we don't live in a 5 million person metropolis that every person in the city would be going to her for appointments and pre-approvals...PRE-APPROVALS TAKE MINUTES TO WRITE!!! THE TURN AROUND TIME WAS wrong, rude, and I hope she has 1 less customer to do a loan for...If I have Anything to Say About It!!!
In A Service Industry...Don't Take Your Business For Granted...
SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
SEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
Charlotte Multiple Listings Search
LET ME HELP FIND YOU YOUR NEXT HOME!
Melissa Polce mjpolce@kw.com 704-450-4335
www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
Finding a specific corner of the market and developing it to be "Your Own" is something that I believe has helped keep me from being one of those "stagnant Realtor" just hoping the market will get better...
In the good ol' days(late 1990's-2006ish) all you needed was a heartbeat to be able to sell a property...now, you need more. "Years in the business" & "Knowing the area" only gets you so far these days if you dont have the EXPERIENCE & TECHNOLOGY ADVANCEMENTS that are needed in todays markets.
Whether it is REO's, Luxury, 1st Time Homebuyers, Golf Community, Waterfront, Condo or Short Sale Specialist...settle in on something and focus "FIND A NICHE"....I do hope one day I can get back to the more diverse scale of doing all of those above, but in this market...right now...knowing a specific aspect of Real Estate and specializing in that field will help you get your name out and become a success so that in the Good Ol' Times(when they come around again)...YOU'LL BE READY!
Certified Distressed Property Experts & Certfied Pre-foreclsoure Specialists
Agents That Have Real Life Experience in Short Sales, Call Us Today
Serving Charlotte, Lake Norman and The Surrounding Counties.
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Melissa Polce
Cornelius,
NC
More about me…
Allen Tate
Address: Charlotte, Lake Norman, Cornelius, NC, 28031
Office Phone: (704) 450-4335
Cell Phone: (704) 450-4335
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