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Winston Salem, NC

Short Sales in Homes for Sale Winston Salem Triad NC

Doug Patterson  ABR®    : Real Estate Agent in Winston Salem, NC

SHORT SALES IN HOMES FOR SALE WINSTON SALEM TRIAD NCPembrook Townhome

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? MOM

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.

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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!

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Statistics for NC Piedmont Triad - New Listings/Current Actives/SOLDS for Oct 2009

Brad & Angela Lawrence - Realtors/Owners - Greensboro - Winston Salem -High Point: Real Estate Agent in Greensboro, NC
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

Doug Patterson  ABR®    : Real Estate Agent in Winston Salem, NC

Homes for Sale Winston Salem NC

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.

Winston Salem Home

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 residenceWinston Salem Home 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.

To learn more about relevant issues for Buyers and Sellers please visit this page of the National Association of Realtors website.

For those First Time Homebuyers, to help prepare yourself for home ownership, check out the 10 Steps to Home-Ownership and Buyer Basics!

To learn more about homes for sale in Winston Salem, please me call (336)-710-1108 , or contact me by email.

Please visit Park Place Real Estate where Buyers and Sellers can search through all the Homes for Sale in Winston Salem and the Greater NC Triad Region, just like I do on the Multiple Listing System (TRIAD MLS).

Thank you for stopping by, and I welcome you to share your comments or questions.

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Surveys For Existing Homes For Sale In Winston Salem NC

Doug Patterson  ABR®    : Real Estate Agent in Winston Salem, NC

City of Winston Salem

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.

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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?

Sun Trust SignIt's the smart Real Estate Agent who points out all these potential problems to his orBB&T Sign 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!

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River Birch Lodge in Winston Salem NC

Doug Patterson  ABR®    : Real Estate Agent in Winston Salem, NC

River Birch Lodge in Winston Salem NC

When the River Birch Lodge in Winston Salem opened a couple of years ago, there were only one or two destination restaurants in "our neck of the woods" Side Signwhich is the Mt. Tabor community at Robinhood Road. Definitely no others that offer the camaraderie you'd expect from a "GREAT BAR" coupled with a "GREAT DINING ROOM" with a wide choice of excellent entrees and wine selections, all under the same roof.

One of our local paper "restaurant columnist", wrote about the River Birch Lodge when it opened. She kept repeating throughout her article, that is was a very "Manly Restaurant." We all assumed she was thinking of the "big, massive wood beam construction," designed with a "Mountain Lodge" theme. The canoe mounted to the wall with an assortment of paddles, might suggest a manliness decor, especially when you mix in the Rock Fireplaces and vast open spaces. You really can imagine yourself dining somewhere in Wyoming or at a Lake Tahoe ski resort, to be sure. The mood inspires you to order the "Campfire Trout" entree. It is as though the trout were just caught in the river out back...as if there were actually a river "out back"! That's the feeling you get, though, sitting in "The Lodge".

The main dining room is nearly two stories high rising together in the center. At that center point, hangs a one-of-a-kind chandelier from the vast wooden ceiling. The main rock fireplace is impressive in itself. And in the wintertime, when the "over sized" gas logs are burning, it just completes the entire setting!

Dinng Room

The bar is to the left of the dining room and is quite large, with tables and stools and can accommodate a fairly large crowd. We've had several fun birthday parties, celebrations of the ballgames from Wake Forest University as well as just getting together to catch up with friends and family. Bar

The Owner/Operator of the River Birch Lodge is Eddie Schapira, who is a graduate of Appalachian State University, so naturally there is a likeness of the Mountaineer mascot hanging behind the bar. Since Wake Forest University is only a mile or so from the River Birch Lodge, and one of the managers, Reid Nance, is a Wake Grad, there's another mascot, the Demon Deacon, hanging there too! Sports telecasts are generally playing on the two high-deft flat screens for the fans to enjoy over their favorite brew.

Bar with Dave

The menu at the River Birch Lodge is varied, and most guests will find something that fits their mood at any time. My favorite "light meal" is the Lodge Garden Salad with their Cilantro-Lime Ranch dressing for $5.95. It's always served highly chilled, with a good variety of fresh greens! Mix that with a unique selection of appetizers such as the New Zealand Green Lipped Mussels or Adobe Chicken Quesadilla, and call it "my choice tonight"! However, do not make that a habit. You have to dine on the great variety of entrees... from Venison Medallions to Cedar Planked or Hickory Grilled Salmon to Baby Back Ribs to Fillet Mignon, Ribeye or Hanger Steak, to Pork Tenderloin or "Mama's Lasagna" (enough for next day's lunch)...Is your mouth watering yet? I can keep going??...

A word for the traveling public: "If you are visiting the area on business or pleasure, don't settle for "room service".... Come on over to the River Birch Lodge alone (or with colleagues), dressy or casual. The bar (and restaurant) is respectfully friendly and you will not feel alone. It's impressive, but not intimidating, ...a thoughtful place to meet your clients as well.

Front Entrance

Duck Pizza?! It is out of this world! I go to the River Birch Lodge often, and sometimes meet my niece and her husband there for dinner. He has always ordered the "Duck Pizza"! For the longest time, I could not imagine Duck on a Pizza. So, recently I ordered one myself. WOW! I couldn't get enough...I ate the entire pizza, which for me is saying ALOT!. That's the thing about the River Birch Lodge. They are so creative with all their offerings, that you've just got to try it!

One Basic Comment: Everything is Fresh and cooked to order at the River Birch Lodge!

Eddie Schapira is the owner/operator and his presence is always known, which is a rarity in many Front Outdoor Eatingrestaurants. He and his two managers, Reid Nance and Peter Mikeal, are checking out the "satisfaction factor" with all their guests. Eddie makes you feel like "Family." He will usually call you by name and is so enthusiastic about seeing you each and every time. The bartenders, Dave (in the photo) and Paul, are very friendly...and just like in the song, "we all want to go, where everybody knows your name".... and most times, they will recall your favorite cocktail, beer, or wine too! How refreshing to have such a place in any town.

I can't quit, without telling you about one more thing that is famous at the River Birch Lodge. Every other month or so, the River Birch Lodge hosts a 3-5 course special dinner featuring "A Pairing of Wines" with the different courses served. You can make a reservation to join others to form a group of 10 to 20 people for a special evening of delightful foods with the design to have you enjoy tasting those wines that enhance that particular course. How great is that! And many of these evenings will include the highly entertaining magician, just to keep things rolling along! It's also a great way to meet new people and network!

Rear Outdoor DiningTo see their entire menu and to sign up for their newsletter visit the River Birch Lodge Website. The E-newsletter is not ordinary. It is worth getting. Be sure to tell them your "Birth Date", as they will send you a special invitation each year with a free desert award to celebrate your birthday with them.

Often, I purchase a gift card from the River Birch Lodge to give to my Buyer Clients as well as Seller Clients. It's a heartfelt "thank you" for selecting Park Place Real Estate as their company of choice for their real estate needs. Their feedback has always been superior and I can trust the management and staff of the River Birch Lodge to live up to my expectations of what appreciation means.

If your office is hosting a working lunch and need food brought in, check out the River Birch Lodge Box Lunches and Lunch Platters. For Sunday Brunch, you cannot find better food and enjoyable staff!

The River Birch Lodge is located at 3324 Robinhood Road off Silas Creek Parkway and easy to find using this MAP . Reservations can be made by calling (336) 768-1111. So check it out! Tell them "Doug" Sent You!

I would enjoy hearing your feedback and comments!Realtor Sign