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As the Foreclosure Market Freezes the Short Sale Market Takes off in North Carolina!

By
Real Estate Broker/Owner with Total Care Realty NCRE# 257455

As the Foreclosure Market Freezes the Short Sale Market Takes off in North Carolina!

We have all seen the news about the debacle of the large banks "robo-signing" documents without throughly verifying that all the proper work has been done.  In North Carolina Attorney General Roy Cooper has already asked 15 major lenders to halt their foreclosures in order that an investigation can be done and they can prove that they followed the letter of the law and are not guilty of the mistakes of other lenders.  Of the fifteen lenders the attorney general has asked to halt their foreclosure proceedings the following lenders have; Bank of America, Ally Financial, Inc, GMAC Mortgage, PHH Mortgage, PNC Mortgage, and JP Morgan Chase.  Now while those banks have suspended all foreclosures OneWest Bank is suspending only some foreclosures while it reverifies the affidavits.  Now of the remaining fifteen lenders the following lenders are doing their own internal reviews and are stating that they have found no problems; BB&T, Wells Fargo (Wachovia), MetLife Home Loans, SunTrust Mortgage, US Bank Home Mortgage, and Citi Mortgage.  Of the remaining banks HSBC (Household Bank) and American Home Mortgage have communicated to the attorney generals office that they are doing their own reviews and will report back after they conclude their internal investigations. 

The North Carolina Attorney General Roy Cooper is also the President of the National Association of Attorney Generals.  He has joined together with a total of all 50 states banding together to investigate this mess.  Mr. Cooper said that they have no problem with the banks that are following the laws and guidelines set forth before them by the state.  They have asked the banks that if needed they should hire third party auditors to help with their own internal investigations.  

Short Sale transactions however are not affected at all.  As a matter of timing all the homes that were in the foreclosure process are now excellent candidates for short sales.  I have had more then one call from homeowners to request help on new short sales and even old ones.  These homeowners have actually gotten a reprieve and are ready to sell.  

So for all those buyers that were looking for a "deal" by finding a foreclosure home for sale an excellent alternative is a short sale home in Greensboro, Winston-Salem, or High Point, North Carolina.

 

 Some excellent examples of available short sale opportunities:

6037 Old Plank Rd in High Point, NC

Clemmons, North Carolina

3687 Day Rd in Winston-Salem NC

These are but three of the six short sale listings I have.  There are many more throughout the Triad.  Short Sales can get you quite a deal if you just have a little patience.  There is more paperwork involved but the savings can be something.  

 

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The Author:

As the Broker-in-Charge, owner and founder of Total Care Realty, LLC, Larry is focused on quality of service. He believes in being on the cutting edge of any product or process that will help market the client’s property or help them find the perfect home. Larry has been consistently recognized as going above and beyond for his clients; he was described as a ‘personal concierge Realtor®’ early on in his Real Estate career. Drawing on his past experience of owning restaurants and working with new technology, innovation is his focus. Larry often says, “we are not afraid to take advantage of new technology as soon as it is available instead of waiting for a corporate office to tell us what we are allowed to do”. This is a benefit of being an independent Real Estate company. As a graduate of The Citadel, instilled in him is the importance of discipline, loyalty, focus, and determination. Marrying those ethics and ideals with the hard driving focus it took to own and manage restaurants for almost twenty years, has given Larry a passion to make sureclient satisfaction is the number one priority. “As your Personal Concierge Realtor® it is our job to help take care of every need of our clients.” Larry Story — Total Care Realty, LLC — 336-327-1841 also at  http://totalcarerealty.net

Copyright© 2010 By Larry Story, All Rights Reserved…

 

 

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Comments (3)

Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Short sales can be a very viable option for buyers looking for a great deal on a new home. Patience is the key word when considering a short sale.

Oct 19, 2010 06:17 AM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

If the short sale market does indeed take off I'm sure that many people will rejoice.

Oct 19, 2010 04:58 PM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Craig,

Yes unfortunately many buyer's agents do not educate their clients to the need for patience in a short sale deal.

 

Matt,

I am doing the happy dance for sure!

Oct 20, 2010 01:16 AM