Tag Archives for " short sales North Carolina "

December 20, 2010

“For Sale By Owner” Not as Successful in 2010

Homes sold without the help of a real estate professional dropped to a record low over the past year. According to the 2010 NAR Profile of Home Buyers and Sellers, unrepresented sellers made up only 11 percent of the market, down from 13 percent in
2009.

Owners who sell their home without the help of an agent usually sell to someone they already know. Factoring out those private sales, the actual number of homes sold on the
open market without professional assistance was a record low 5 percent, compared to 10 percent in 2004.

With the higher rate of foreclosed and short sale properties on the market currently, buyers need to use a certified Realtor to help navigate through a sale or purchase. It is not out of the ordinary for many Realtors to be unfamiliar with the process, and this can make the real estate journey a lot harder for the buyer.

Finding a Realtor that can assist you and your needs is the best way to find a home or have your property sold in a timely manner.

For help with this process you can contact Showcase Realty by clicking here to get started on your way to selling or purchasing a property.

November 26, 2010

Foreclosure Freeze is Thawing! Important news for buyers & sellers

According to Fannie Mae, they are lifting some of the holds on eviction actions and REO closings that were put in place in September 2010. The holds were placed in response to the issues of possible defects with affidavits submitted in foreclosure actions. This means the homes that were removed from the market will be placed back on the market and closings will be able to proceed over the next week as Fannie Mae works through lifting the holds.

The following are instructions for brokerages Fannie Mae has issued to inform them of the current situation and how to proceed.

“Effective November 24, 2010, Fannie Mae is issuing the following instructions for REO properties relating to all loans which were formerly serviced by GMAC, Bank of America, PNC Mortgage Corporation, JP Morgan Chase, One West Bank and Sovereign Bank in all states previously on hold:

1. Our prior guidance with respect to evictions and lockouts for each of the affected servicers remains in effect at this time.

2. Proceed with scheduling and holding the closings of Fannie Mae REO property as agreed between the parties. If a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure, the Closing entity will identify the issue in AMN as they would any other title issue and will work with their title representative for further instructions.

3. Please reach out to all buyers that have been awaiting closing to ensure that they can now move forward. They may reschedule to an earlier date if needed. It is possible that their loan and/or closing files will need to be updated before their closing can be scheduled.

4. Please reach out to those buyers that elected to terminate their contracts to determine if still interested in purchasing the property. All details of the contact and response must be noted in AMN. We require response/update in comments within 72 hours of this notice if the buyer associated with the terminated contract wishes to re-engage.

Over the next week, impacted properties will be removed from their current “Unable to Market” status in AMN and will again be available to market.”

For more information regarding the foreclosure freeze or for help buying a home that was taken off the market due to a title defect, please click here.

Working with Charlotte Realtors

If you are looking at the purchase of a home in the Charlotte, NC area, it is advisable to get some expert help to secure a good deal. You wouldn’t go to a plumber for legal representation, so why not work with local expert Charlotte realtors to help you find the home of your dreams.

The general real estate market in Charlotte has seen a lot of fluctuation over the last year. Like many southeastern areas of the United States, property values have declined significantly. This has left many people “upside down” in their loans. That is why we have seen so many REO foreclosures on the market. In addition, there is a whole new issue about to hit the real estate market this year. It’s called balloon payments coming due, as well as ARM’s getting ready to change.

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