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Short Sales Comprise More Real Estate Transactions

by Buddy Frey

Short sales are becoming a more common occurrence in the housing market. A report released on June 30 by the Office of Thrift Supervision and the Office of the Comptroller of the Currency said short sales increased by 208.5 percent for the first quarter of 2009, compared to the first quarter of 2008. In June the National Association of

 

REALTORS® statistics showed that about half of all recent transactions have been a short sale (15 percent to 20 percent) or foreclosure (30 percent to 35 percent).

A short sale enables the current homeowner to help protect his or her credit and avoid foreclosure by selling the home for less than the amount owed on the mortgage. Short sale properties can be reoccupied quickly and help stabilize neighborhoods, preventing vacancy and blight.
- Wells Fargo

Oh, by the way...If you or someone you know owes more on your home than what it’s worth, and you’re having trouble making payments, and you don’t know what to do…PLEASE CALL...we can help!

Buddy 704.409.4900

 

 

 

 

 

 

The Tax Credit Clock Is Ticking

by Buddy Frey

To be eligible for a tax credit of up to $8,000, first-time homebuyers have until the end of business on Nov. 30 to close their loans. There has been discussion that some members of Congress want to extend and increase the homebuyer tax credit. It remains to be seen if an extension or enhancements will be made.

Historically, it has taken 45 to 60 days to close a loan.  However, new appraisal and disclosure requirements that recently took effect may add extra time to the closing process.

To be certain homebuyers can take advantage of the tax benefit – as the law stands today – interested buyers should apply for their loan no later than the beginning of October to be able to close the loan prior to the deadline.

Please contact us if you or someone you know would like to take advantage of this unbelievable home buying opportunity.  We are here to help...call TODAY!

The Hardships of Buying a Charlotte Home

by Buddy Frey

When I first became a real estate agent, I discovered something odd about the home buying process... its just as hard on buyer as it is on the seller!

It did not take long to fully understand why buyers were having such hard time with the process,  buying a home in Charlotte can be a high-pressure, extremely emotional decision. The last thing a home buyer needs, is to feel they are being pushed into a home they will be stuck living in for several years! But... it happens every day!

Seeing firsthand, the hardship that the home buying process presented equally to buyers, I made a decision not to be like other Realtors in Charlotte, and instead, my primary goal has always been to simply help the buyer do what is right for themselves! I am simply their trusted guide, who takes the bits and pieces of information they feed me, and set out to find the dream home in Charlotte, to fill and exceed their expectations!

When you are ready to buy a home in Charlotte, give me a chance to help you find your dream home... I won't let you down!

Start Your Charlotte Home Search Today!

Understand Foreclosed Property and Short Sales

by Buddy Frey

When a homeowner can no longer pay a home loan in full, what often follows is foreclosure or even bankruptcy. This is a very depressing financial situation, but it can be solved with a little known alternative: the short sale.

What is a Short Sale?

A short sale is usually the last step taken by the bank to recover losses from a defaulted mortgagor. When lenders agree to a short sale, it means the lender agrees to accept less than the total amount due. They are willing to forgive a certain amount of debt or deficiency. However, not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose.

The full process of a short sale will include a contract, an Authorization to Release Information and the addendum. A warranty deed is a tool used in the process. Let's examine the process now, starting with the contract.

Finding Short Sale Properties

As a home buyer, finding these distressed properties can save you alot of money when it comes time to buy your first or next home. In Charlotte, sales of distressed property is on the rise, as it is across the Country.

When you sign up to receive notifications in our Charlotte Foreclosed Listings Search, you will always stay in tune with the best deals to be found in the forclosure market.

There are no obligations and you can unsubscribe at any time - but who would want to?

Sign Up to Receive Foreclosure Listings Today!

Displaying blog entries 1-4 of 4

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