Greensboro, NC

I am a Certified Short Sale Specialist. A lot of people don't know exactly what a short sale is or what it entails. Even quite a few Realtors aren't quite sure of the process. If you're needing to sell your home as a Short Sale/Preforeclosure or are seeking to buy a shortsale, make sure you interview the agent involved so you know they are properly qualified. For short sale questions or comments, please send me a message. You can reach me at RedHotProperties@gmail.com or call 336-987-6242. Sincerely, Heather Brooks

Now that's out of the way....who does a short sale benefit and what exactly is it?

A short sale is when a bank will negotiate the sale of your home at a reduced price. It is prior to a foreclosure, so you are the owner and the Realtor lists the home for sale through you. Once you sign the listing agreement and paperwork, the agent will either email, fax or mail all of this to the short sale department at the bank. Your agent will also need an authorization letter from you stating you allow them to negotiate on your behalf. You'll need a hardship letter explaining why you cannot make your payments and need the short sale. You will also be asked to provide a personal financial statement, bank statements, past W-2's, etc. It varies per bank/lending institution. From there, he/she will list your home for sale and and hopefully bring a buyer. Once an offer is made, you sign off on it and the agent then sends to the bank. You must sign off on each offer presented and the agent must submit all offers to the bank. They will proably ask for a preliminary HUD as well. After all this is done, it may be several weeks before you hear anything from the bank. If the sales price is settled on and the bank accepts, you're all done. The whole process can take up to 4 months to complete, so most of all PLEASE BE PATIENT. Also remember to interview your agent and make sure they understand the process fully. I have only touched on the basic steps in this paragraph.

For a buyer of a short sale, the most important aspect is patience. Short sales, while you can get a fantastic property at an excellent price, can be lengthy. They can be as little as 30 days, but up to months on end. If there are 2 loans on the property, the process is extended longer. Make sure you deal with an experienced agent when buying a short sale. The offer to purchase form is the same as a regular sale, but the bank may have you sign an addendum prior to closing. You will need either a preapproval letter or proof of funds letter to submit with the offer as well. Make sure you date the closing date 45+ days out with an allowable extension of at least 90 days past that just in case. The more times you have to put extensions and get paperwork corrected and initialled, the longer the process.

I teach short sale seminars in Greensboro if you have interest! For more information or comments, please respond!

The Greensboro NC Housing Market Update

The real estate market in the Greensboro NC area continues to experience the repercussions of a lagging economy caused by shady lending practices and the corporate greed on Wall Street.

The encouraging part is that, locally we have not seen the dramatic fall in home prices experienced by other major metropolitan markets. As with most corners of the US, we have pockets where homes continue to sell, typically in the starter home arena. Luxury housing continues to lag with anywhere from 12-15 months worth of inventory on the market.

First time buyers have been stimulated by the availability of up to $7,500 in tax credits from the federal goverment and interest rates which continue to hover around 6%. Builder incentives are also readily available.

In this type of market, PRICE is the key component that will drive the PROBABILITY that your home will sell while LOCATION and CONDITION will influence PROFITABILITY.

Home sellers need (1) to have their homes in pristine condition, (2) price their home based on the last 90 days worth of comp sales, (3) price as aggressively as possible to attract the few buyers that are in the market today.

Finally, now is not the time to "test the market" to see if you can sell your home. If you are not truly motivated or need to sell, wait until the Spring and consult your local real estate professional for advice on current market conditions at that time.

Feel free to comment or visit me at www.triaddreamhomes.com