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Gov't Unveils New Short Sale Rules
It's here, the much anticipated plan from the Treasury Department on how to streamline short sales was announced on Monday, November 30th. Since the Making Home Affordable program has been a miserable failure thus far, the Obama administration has turned their attention from loan modifications to short sales as a way to solve the real estate debocle in America. Here is what you need to know about the changes that have been enacted:
1. Who Qualifies: Like all Gov't programs, there are stipulations...
- The property must be the homeowner's principal residence.
- The homeowner is delinquent on the mortgage or default looks likely.
- The loan was made before Jan. 1 this year and is less than $729,750
- The borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income
There has been a huge bandwagon-like shift to luxury short sales in the past several months. And while it is true that the "bigger the deal, the more money you can make", this shows yet again that it is not wise to leave the under small deals aside. Our attitude is to BOTH. There is plenty of money to be made on the small deals as well as the big ones.
This also proves something we have preached for years...the borrower does not have to be in default in order to "qualify" for a short sale. So long as a default looks likely, you can start a short sale. Which basically encompasses just about everyone in America that has a mortgage.
2. What It Does Differently: Here are the changes from the current system...
- Strict Deadlines (Finally, some accountability!)
- Standardized Paperwork
- $1000 to lenders for administrative costs
- $1500 to sellers to cover closing costs or for moving expenses
- Up to $3000 towards paying the junior lien holders to release their lien.
- Allowing a minimum of 90 days up to 1 year to market and sell the property
- No foreclosure may occur during the marketing period specified in the short sale agreement.
- Mortgage servicers may not charge fees to borrowers for participating in Foreclosure Alternatives.
- Mortgage servicers may not lower real estate agent commissions after an offer has been received.
If you would like to hear my take on each one of these items individually, please refer back to a previous blog post on made on the subject a few months back titled Sneak Peak at Treasury's Plan for Short Sales
3. So What?
Well, if it hasn't dawned on you yet, bless your heart, it may not dawn on you in time for you to cash in. The mere fact that the government of the United States, with all it's battles it fighting, from Afghanistan, Pakistan and Iraq to all other domestic issues, for it to take the time and energy to try to help improve the short sale process, is a monumental milestone that can't be underestimated. How else can anyone better prove that "NOW IS THE TIME!" than to show that the Feds want to make short sale investors and agents lives easier.
LET MY TEAM HELP YOU SELL YOUR HOME TODAY...THE SHORT SALE EXPERTS
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Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
The Situation Becoming More Common on Listing Appointments...
What was worth $500,000 when you bought it a couple years ago is only worth $400,000 today... when you modified your loan from 7% to 3%, no one told you that it was a bad decision if you really wanted to sell in the next 2-5 years...
Knowing to put the sellers at ease is key because they start doubting the home & information... this has nothing to do with their choice of decor or purchase of home
It is just hard for people to grasp that "This is the Market" and if you do want to sell, you will be Short and we need to make some informed decisions..
IF YOU CAN'T BRING THOUSANDS TO THE TABLE, WE ARE SHORT AND WELCOME TO A SHORT SALE.
WHAT HAS BEEN YOUR EXPERIENCES?
SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
SEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
Charlotte Multiple Listings Search
GOT A QUESTION ON A PARTICULAR LISTING? EMAIL ME THE MLS OR ADDRESS AND I MY TEAM WILL BE INTOUCH WITHIN 24 HOURS.
LET ME HELP FIND YOU YOUR NEXT BEST INVESTMENT!
Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
Don't miss the 27th Annual North Mecklenburg Christmas Parade, December 5 at 1:00 p.m.
The Cornelius PARC Department will host two fun holiday events in December.
Starting at 1 p.m. Dec. 5, come enjoy one of this area's oldest holiday traditions: the 27th annual North Mecklenburg Christmas Parade. The parade starts at Beaty Street in Davidson, goes down N.C. 115 and ends at Mount Zion Church in Cornelius.
The parade will have fire trucks, holiday floats, performers, high school bands and representation from local organizations.
Note the road closings for that day: N.C. 115 will be closed from the start of the parade route in Davidson to Washam-Potts Road between 12:30 and 3 p.m. In Cornelius, Catawba Avenue will be closed from Oak Street to N.C. 115 during the same hours.
After the parade, go to the Cornelius Town Hall from 2:30 to 5 p.m. for a free family event. There will be music by the Cornelius Youth Orchestra, a magic show and activities such as holiday crafts and cookie decorating. Visit Santa and get a picture.
On Dec. 9, bring your little ones to the town hall for a cup of hot cocoa with Santa from 9 to 11 a.m. It's free. Bring children 4 and younger for holiday activities and a visit with Santa. Photo opportunities will be available.
Street Closure
Please be advised that NC 115 from Beaty St, in Davidson to Washam Potts Road in Cornelius will be closed beginning at 12:30 p.m. on December 5 and lasting until approximately 2:30 p.m. The road closure is due to the North Mecklenburg Christmas Parade.
SEARCH NOW FOR THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
Charlotte Multiple Listings Search
GOT A QUESTION ON A PARTICULAR LISTING? EMAIL ME THE MLS OR ADDRESS AND I MY TEAM WILL BE INTOUCH WITHIN 24 HOURS.
LET ME HELP FIND YOU YOUR NEXT BEST INVESTMENT!
Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
First-time buyers get all of the attention, don't they? They get tax credits, have special programs designed especially for them and they have agents market directly to them. That doesn't seem fair, does it?
Well, first-time sellers rejoice! You are no longer being ignored. I get it. First-time buyers eventually turn into first-time sellers. What happens when you're ready to move-up or you outgrow your current digs?
An agent was there to help you through the buying process, but what now? Do you stick a For Sale By Owner sign in the yard? Do you call the agent that helped you buy the house? Maybe you'll check out Zillow to get an idea about what your house is worth. Should you talk to more than one agent? How on Earth do you manage the details in getting your house sold while at the same time finding a new one?
It's confusing, overwhelming and frustrating, isn't it? That's why hiring an agent is your first step. But not just any agent... an agent that understands the specific needs of first-time sellers.
Agents that have experience with your particular situation are an invaluable ally to have on your side. When helping first-time sellers, I realize that you have lots of questions and need me to devote more of my time to you. I won't just list your house, stick a sign in the yard and never speak to you again. I'll return your e-mails, texts and calls. I love connecting with you on social networking sites like Twitter and Facebook. And when your house goes under contract, I'll be there with you step by step through financing, inspections, appraisals and closing.
By the way, I didn't mention that you might be eligible for the expanded home buyers tax credit. You could qualify for a $6,500 tax credit to purchase your next home. Cool, huh? Want details? Text, Email or Give Me A Call.
LOOKING FOR THAT PERFECT WATERFRONT AND GOLF COMMUNITY PROPERTY?
CALL ME TODAY!
Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
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| Single Family (Active) |
Area: 13/3 |
Media:  8 |
| MLS#: 882432 |
LP: $
679,000 |
Subdivision: The Peninsula |
| 18615 Square Sail RD |
|
Tax Loc: Cornelius |
| Cornelius, NC 28031 |
|
County: Mecklenburg |
| |
| Total HLA: 3500 - 4200 |
| Unheated SqFt: 0 |
| Additional SqFt: 0 |
| |
| Beds: 5 |
| Baths: 3/1 |
| |
|
| SqFt |
HLA |
Unheated |
| Main: |
1900 - 2300 |
500 - 700 |
| Upper: |
1500 - 1900 |
0 |
| Lower: |
0 |
0 |
| Bsmt: |
0 |
0 |
| Third: |
0 |
0 |
|
| New Construction: No |
Year Built: 1996 |
Completed: |
Builder: |
Model: |
| Elementary: Cornelius |
Middle: Bailey Road |
High: Hopewell |
| Main: Breakfast, Dining Rm, Foyer, Great Rm, Kitchen, Laundry, Living Rm, Master BR |
| Upper: Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5/Bonus, Loft |
| Lower: None |
| Basement: None |
| Third: None |
| |
Main |
Upper |
Lower |
Bsmt |
Third |
Total |
| Full Baths |
1 |
2 |
0 |
0 |
0 |
3 |
| Half Baths |
1 |
0 |
0 |
0 |
0 |
1 |
|
| Approx Lot Dimension: .46 |
Approx. Acres: 0.46 |
Tax Value: $
433,300 |
| Parcel ID: 00180603 |
Legal: L471 M28-695 |
HOA Fee: $
570 Semi-Annually |
| Deed Ref: 11728-156 |
Zoning: R100 |
HOA Mgmt: Hawthorne |
| Lot Description: |
HOA Phone: 704-377-0114 |
| Type: 2 Story |
Style: Transitional |
Exterior Const: Brick Veneer Full |
| Parking: 2 Car Garage, Attached, Garage Door Opener, Keypad Entry, Side Load |
Driveway: Concrete |
Foundation: Crawl Space |
| Fireplace: Yes |
Fireplace Location: Gas Logs, Great Room |
Laundry: 1st Floor |
| Floor: Ceramic Tile, Wall-to wall Carpet, Wood |
Doors/Windows: Insulated Windows |
| Equipment: Cable Prewire, Ceiling Fan(s), Cooktop Gas, Dishwasher, Disposal, Electric Dryer Hookup, Electric Range/Oven, Exhaust Fan, Ice Maker Connection, Microwave, Security System, Self Cleaning Oven |
| Interior Features: Attic Stairs Pulldown, Whirlpool |
| Exterior Features: Fenced Yard, In-Ground Irrigation |
| Community Features: Club House, Golf Course, Lake, Playground, Pool, Recreation Area, Tennis Courts, Walking Trails |
| Green Certification: |
HERS Index: |
| Water/Sewer: City Sewer, City Water |
HVAC: Central Air, Gas Hot Air |
Water Heater: Gas |
| IMMACULATE FULL BRICK 5 BDRM/3.5 BA & LOFT/BONUS. 2 STORY GR RM W/FLR TO CEILING FRPL W/GAS LOGS.UPGRD KIT W/GRANITE COUNTERS, SS SINK, HDWR & LRG BREAKSFAST ARE. HDWDS ON 1ST FLR (EXCEPT MASTER).MAIN LEVEL MSTR SUITE W/XLG BATH & CLOSET.UPGRD LIGHTING & NEW TRANE HVAC UNITS IN WINTER OF 08. IRRIGATION AND FENCED YARD.HOME BACKS UP TO WV COMMON AREA! |
|
LISTING INFORMATION
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PLEASE CALL MELISSA POLCE FOR A SHOWING OF THIS WONDERFUL HOME |
| DIRECTIONS |
|
| Instructions: Lockbox/Key, Showing Service/LEASE PURCHASE AVAILABLE |
| Directions: I77 N TO EXIT 28, TL ON CATAWBA,TR ON JETTON,TL ON SQUARE SAIL. |
LOOKING FOR THAT PERFECT WATERFRONT AND GOLF COMMUNITY PROPERTY?
CALL ME TODAY!
Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
 |
| Single Family (Active) |
Area: 13/3 |
Media: 8* |
| MLS#: 900163 |
LP: $
485,000 |
Subdivision: Lookout Point |
| 16225 Leeward LN |
|
Tax Loc: Huntersville |
| Huntersville, NC 28078 |
|
County: Mecklenburg |
| |
| Total HLA: 2900 - 3500 |
| Unheated SqFt: 400 - 600 |
| Additional SqFt: |
| |
| Beds: 4 |
| Baths: 3/0 |
| |
|
| SqFt |
HLA |
Unheated |
| Main: |
1400 - 1700 |
400 - 600 |
| Upper: |
1500 - 1800 |
0 |
| Lower: |
0 |
0 |
| Bsmt: |
0 |
0 |
| Third: |
0 |
0 |
|
| New Construction: No |
Year Built: 1988 |
Completed: |
Builder: Griffin Builders |
Model: |
| Elementary: Torrence Creek |
Middle: Bradley |
High: Hopewell |
| Main: Bedroom 2, Breakfast, Dining Rm, Foyer, Living Rm, Mud |
| Upper: Bedroom 3, Bedroom 4, Bonus Rm, Laundry, Loft, Master BR, Office |
| Lower: None |
| Basement: None |
| Third: None |
| |
Main |
Upper |
Lower |
Bsmt |
Third |
Total |
| Full Baths |
1 |
2 |
0 |
0 |
0 |
3 |
| Half Baths |
0 |
0 |
0 |
0 |
0 |
0 |
|
| Approx Lot Dimension: 355 X 115 X 345 X 78 |
Approx. Acres: 0.781 |
Tax Value: $
339,500 |
| Parcel ID: 001-821-03 |
Legal: Lc M22-231 |
HOA Fee: $
200 Quarterly |
| Deed Ref: 22539-454 |
Zoning: R3 |
HOA Mgmt: Hawthorne Mgmt |
| Lot Description: Cul-de-sac Lot, Waterview |
HOA Phone: 704-377-0114 |
| Type: 2 Story |
Style: Transitional |
Exterior Const: Wood |
| Parking: 2 Car Garage, Attached, Garage Door Opener, Side Load |
Driveway: Concrete |
Foundation: Crawl Space |
| Fireplace: Yes |
Fireplace Location: Living Room |
Laundry: 2nd Floor |
| Floor: Ceramic Tile, Wall-to wall Carpet, Wood |
Doors/Windows: Insulated Windows |
| Equipment: Ceiling Fan(s), Cooktop Gas, Dishwasher, Disposal, Electric Dryer Hookup, Electric Range/Oven, Ice Maker Connection, Microwave, Self Cleaning Oven, Smoke Detector, Surround Sound |
| Interior Features: Attic Other, Garage Shop, Wet Bar |
| Exterior Features: Fenced Yard, Patio, Porch |
| Community Features: Boat Ramp, Club House, Lake, Pool, Recreation Area, Tennis Courts |
| Green Certification: None |
HERS Index: |
| Water/Sewer: City Water, Septic Tank |
HVAC: Central Air, Gas Hot Air, Gas Water Heater |
Water Heater: Gas |
| REMARKS |
PLEASE CALL MELISSA POLCE FOR A SHOWING OF THIS BEAUTIFUL WATERVIEW HOME |
| Short Sale Opportunity! Beautiful Remodeled House on large wooded lot with fenced yard,Lake Access,Communty Pool & Tennis. Loaded with Upgrades including wood blinds, upgraded lighting, wet bar & newly refinished hardwoods. Spectacular Kitchen features granite counters & Viking Gas Range. The spaciouis master suite features a spa like stone shower & custom closets. New Roof in 02,New HVAC in 08. |
| DIRECTIONS |
|
| Instructions: Showing Service |
| Directions: I 77 North To EXIT 25, Turn Left ON SAM FURR (HWY 73), Turn Right ON TERRY LANE, Turn Right ON NORTHPOINT, Turn Right ON LEEWARD Avenue |
Looking For A Distressed Property? Let Me Help You Find The Perfect One!
Melissa Polce mjpolce@kw.com 704-450-4335
www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com
www.TheShortSaleAgents.com
"Lake to Land, I've Got It Covered"
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Melissa Polce
Cornelius,
NC
More about me…
Keller Williams
Address: Charlotte, Lake Norman, Cornelius, NC, 28031
Office Phone: (704) 896-7087
Cell Phone: (704) 450-4335
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