About Forsyth County, NC

SHORT SALES IN HOMES FOR SALE WINSTON SALEM TRIAD NC

I'm asked at least once or twice a week from buyer customers or clients: "What exactly is a Short Sale Foreclosure?" I usually start answering by telling them what it isn't. It isn't when a property is already in Foreclosure. And it isn't a term used to describe a "Quick Sale" of a foreclosed property.

A "Short Sale" can be defined as an "arrangement" between the homeowner and the bank that lent them the funds to purchase their home, to accept a buyer's offer of a lesser amount than what is now owed to pay off the mortgage. The difference between the amount owed and what the bank will collect at the "short sale" is referred to as "the deficiency".

When I'm speaking with new buyers who have expressed an interest in foreclosures and short sales, I ask these four questions in one fashion or another:

1. Why are you looking for foreclosure homes for sale in Winston Salem?
2. What level of neglect requiring remodeling are you prepared for?"
3. Are you looking for an investment or a home to live in?'
4. If its a home to live in, I ask, do you have a home you must sell prior to purchasing?
5. If yes or no to the home for sale question, the next is, how quickly do you need to close on a new home?

Not all buyers are ideal candidates for short sales. Some examples are:

• Buyers who do not have resources to repair and rehab the property, if necessary
• Buyers who have alot of contingencies
• Buyers who need to sell their home before purchasing a short sale property
• Buyers who need to close the transaction quickly, within 30 to 60 days.

At the time when an offer is being put together, these issues must be given full attention:

• A "Competitive Market Analysis" should be prepared to avoid the problem of a Lender not approving the short sale contract because the seller may become liable for a deficiency, if the offer is too low. The buyer may lose valuable time as well, waiting for a unacceptable response.
• If the earnest money is not required until after lender approval, there is nothing to bind the buyer. If it is requried prior to lender approval, it can be tied up awhile awaiting lender approval.

If this buyers are considered a good candidate, it's a good idea to prepare a rider to the contract that sets forth the amount of time the buyer is willing to wait for the lender to review and process the short-sale package. It's a good idea to keep in mind, however, if the lender believes the transaction doen't have a good chance of closing, a short sale may not be approved.

When backup offers are considered on these foreclosure homes for sale in Winston Salem, listing agents generally will accept backup offers. However, some listing agents are argreeing not to take backups if the buyer is strong and the contract price and terms are met.

The approval of the Lender should be treated like any other contingency, like a home inspection for example. It is still the Seller's choice whether or not to submit the offer to the lender. Both buyer and seller should sign the contract (not the lender) so that is it a binding contract between them.

If you need help locating Homes for Sale in Winston Salem, please leave us a message at Park Place Real Estate . We are here to help you. If you're a BUYER or a SELLER you can sign up for search for homes for sale in the Winston Salem and Greater Triad Region for free and with no obligations to ever purchase or sell any real estate! We'd love to hear from you!

The following numbers are the New Listings/Current Actives for Oct 2009

Source - Triad MLS

County	New Listings	Current Actives
Guilford	845	4158
Forsyth	577	3252
Davidson	180	1173
Randolph	124	749
Davie	66	416
Stokes	43	293
Surry	47	427
Yadkin	21	145
Alamance	87	361
Rockingham	74	491

The following numbers are the sold homes in each county for Oct - 2008 vs 2009

Source - Triad MLS

County	SOLDS Sept 2008	SOLDS Sept 2009
Guilford	403	303
Forsyth	268	258
Davidson	101	80
Randolph	56	50
Davie	21	30
Stokes	29	19
Surry	26	23
Yadkin	2	15
Alamance	34	24
Rockingham	45	28

NEW TAX CREDITS AVAILABLE FOR HOMES FOR SALE IN WINSTON SALEM NC

The President will be signing into law the new First time homebuyers AND Existing homebuyers tax credit stimulus! The National Realtors Association has been vigorously pushing for an extension of this much needed boost to the housing market, because in recent months, the growth in housing sales throughout the country has been viewed as one of the most positive steps in our overall economic recovery.

The $8,000 first time homebuyer tax credit for Homes for Sale in Winston Salem was due to expire on November 30th!

Eligibility of First Time HomeBuyers is the same as before, in that they can not have had an interest in a principal residence for 3 years prior to purchasing. The tax credit is the same as before, $8,000 for a married couple filing taxes together. If filing separately, it is $4,000.

Eligibility for Current Homeowners is that they must have used the home as their principal residence consecutively for 5 of the previous 8 years. Income limitations are $125,000 for single persons and $225,000 for married couples. The tax credit is $6,500 for a married couple filing together. If filing separately, it is $3,250 for those couples.

If the buyers income exceeds these limits, some buyers may still be eligible for the credit.

According to the National Association of Realtors, "...the credit decreases for buyers who earn between $125,000 and $145,000 for single buyers, and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income - over $145,000 for singles and over $245,000 for couples - are not eligible for the credit."

The only "home price" limitation placed on this extended Tax Credit, is that the home purchase price must be less than $800,000.

To learn more about the affect these tax credits have on our national economy please watch this video presented by the National Association of Realtors. Bear in mind that, although the mumber of "home sales" are down in our area, "home values" have remained relatively strong in homes for sale in the Winston Salem and the greater Triad Region, as compared with many other regions, nationally.

MKT Real Estate Group, comprised of John McPherson, Jr., Angela Kalamaras and Wendy Taylor, received the 2009 North Carolina Home Builders Association’s STARS Award for Best Special Marketing Project. They were honored for MKT Real Estate Group’s Real Estate Radio, creatively promoting their company and educating consumers through radio. STARS awards were presented at the STARS Awards Gala in Charlotte September 15 at the North Carolina Home Builders Association annual conference.

STARS is an awards program of the North Carolina Home Builders Association which honors the achievements of home building industry professionals. Winners receive recognition in categories such as marketing and advertising, web design, landscape design, interior merchandising, architecture/floor plans and special projects.

MKT hosts Real Estate Radio every Saturday morning from 9:00 to 10:00 a.m. on WSJS 600/1200. It is a live call-in show that has been very successful in allowing them to share their real estate views, experience and knowledge with the public.

MKT Real Estate Group has over 30 years of real estate experience in both residential and commercial real estate collectively. Since the formation of the team, MKT has received the following awards: Coldwell Banker International Diamond Society Team, Coldwell Banker International President’s Elite Team, Top Producer for Closed Listings and Top Producer for Closed Revenue Units for the Winston-Salem Branch. You can reach the members of MKT at their office in the Winston-Salem branch located at 285 S. Stratford Road by calling 336-441-1001 or visiting www.MKTreg.com

“Our team shares the values and beliefs that make us successful in the real estate world and in our community. Giving back to our community is very important to Coldwell Banker Triad, Realtors and MKT,” said Kalamaras. McPherson, Kalamaras and Taylor are involved in a number of local organizations including the Winston-Salem Board of Realtors, the Winston Home Builders Association, Winston-Salem Chamber of Commerce, Forsyth County Humane Society, Habitat for Humanity, Winston-Salem/Forsyth County School System, Winston-Salem Downtown Partnership, Make a Wish Foundation, Ronald MacDonald House of Winston-Salem and the Piedmont Club Membership Committee.

“The Winston Salem office of Coldwell Banker Triad is very proud to have such a hard working, imaginative sales team in our office. John, Angela and Wendy are a pleasure to work with and always give excellent service to their clients. Way to go, MKT!” said Carol Hudson, Winston-Salem Branch Manager.

"John, Angela, and Wendy exemplify the creativity and commitment necessary to offer outside the box advice to their clients. This sets the tone for success in a difficult market and positioning for growth as we move to a stronger economy." Jodi Tate, CBTR General Sales Manager.

Surveys For Existing Homes For Sale In Winston Salem NC

Have you heard anyone make these types of statements... "I don't need to have a Survey done for an existing home where no road changes have been made in 25 years!" Or, "It's a waste of good money that I could apply towards the down payment!" And this one, "Title Insurance will protect me!"

The awful truth is, a Surveyor should be hired in most all cases where real estate ownership is changing hands. A survey is a small price to pay for the peace of mind when purchasing a home for sale in Winston Salem, in order to avoid law suits and long, sleepless nights. Your REALTOR® can point out to you, as a prospective buyer, that encroachments across property lines may have occured since the last survey. This problem can result in lawsuits and render the involved properties unmarketable until corrections are made.

Even overhanging eaves encroaching above ground in homes for sale in Winston Salem, or driveways between neighbors can result in problems when surveys are not completed. A survey can prevent these issues from becoming "neighbor problems" as well as "marketing problems" when it's time to sale. Who wants to live beside neighbors that can't get along or having the opportunity to sell and can't, because of issues that could have easily been avoided with a survey.

Some issues can possibly be covered with title insurance, but usually the coverage will not protect the buyer unless a survey was performed prior to the policy being issued. According to the N. C. Society of Surveyors, Inc., there has been the practice of having the seller sign an affidavit stating that if problems arise because a survey has not being completed, that the buyer will be protected. But this has brought on more problems than it has solved, because sellers may be accepting some liability unknowingly.

One client suggested he would just rely on the previous survey completed for his home for sale in Winston Salem. But what if that survey didn't take into account changes that had occurred since an earlier survey was completed?

It's the smart Real Estate Agent who points out all these potential problems to his or her client. If the client still is not convinced, have their lender tell them about lawsuits they've seen or even participated in, where a survey was not ordered early on. If the decision is still made not to order a survey, for whatever reason, the documentation should be shown on the Professional Services Disclosure form, as declined by the client.

This particular peace of mind for a seller who has a home for sale in Winston Salem and a potential buyer, cannot be achieved from any other method other than to hiring a surveyor.

I am a REALTOR® in the Winston Salem and greater NC Triad locations. If you are considering Buying or Selling real estate in the near future, or have real estate questions, I would be happy to help you. Please contact me by calling (336) 710-1108 or Email me!

PARK PLACE REAL ESTATE