What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.
I specialize in negotiating with mortgage companies on behalf of homeowners who owe their lender more than the current value of their home and are experiencing a financial hardship, requiring immediate sale of their home. This process is commonly referred to as a "short sale".
Here are some FAQs and basic information about Short Sales:
• Do I qualify for a short sale? If you owe more than the current value of your house and are in some type of financial hardship requiring you to sell your home quickly, you may qualify for a short sale. Some common financial hardships include: loss of job or diminishing income, relocation, death in family, major repairs needed to the house that you can't afford, illness or divorce.
• How can you help me? I am a licensed Realtor who will represent you fully, and look out for your best interests in the sale of your property. In addition to marketing your property to sell as quickly as possible, I will work with you and negotiate on your behalf to obtain complete forgiveness of your debt from your lender, regardless of the price your property sells for.
• How much will it cost? My services are absolutely FREE to you, your lender will pay the real estate commission at closing.
• Why will my lender accept less than I owe them? Lenders prefer to negotiate a short sale instead of letting a property go into foreclosure, because foreclosures are very costly to the lender... therefore we have a good chance of success!
• Do I have to be in default (behind on my payments) to do a Short Sale? You do NOT always have to be in default to qualify for a short sale
• How will a Short Sale affect my credit? A short sale typically doesn't have as much of a negative effect on your credit rating as a foreclosure. I was told by an experienced loan officer that you must wait 4 years after a foreclosure to purchase another home using traditional financing, but only one year with no late payments after a short sale... you will have to meet other lending guidelines as well, so consult a loan officer for evaluation of your specific situation. For more specific information regarding the effect of a short sale on your credit rating, consult all 3 major credit bureaus directly, consult an attorney, or consult your CPA/financial advisor.
• An Investor contacted me directly to BUY my house, wouldn't I be better off working with them? If you are in financial hardship or faced with losing your home, BEWARE of investors who contact you directly to buy your home and negotiate with your lender on your behalf. It is my opinion that you should list your home with an experienced Short Sale Realtor who will negotiate with your lender on your behalf. Most investors who contact distressed homeowners directly (usually getting your name out of the paper) are NOT Realtors and won't owe you any legal/fiduciary responsibility. So, why would you want a person like this to have your personal information (such as Social Security Number & Mortgage information), negotiate with your lender to get the best possible deal for THEMSELVES, have legal Power of Attorney for you in the transaction, have the legal right to rent out your home and keep that money for themselves during the short sale process, etc? These investors draw up contracts containing many provisions that benefit them and protect their rights, while limiting your rights in the transaction. It may sound unbelievable, but this is happening every day!
I'm a Short Sale Specialist in the Concord North Carolina area who offers professional real estate guidance and short sale services to homeowners. I personally negotiate with your lender on your behalf, NOT an assistant or a short sale negotiator/sub-contractor hired by some short sale listing agents, so I will always know the status of your short sale and keep you posted on the progress. Experience counts when it comes to short sales, and not all Realtors have this experience, so...
Contact me today at 704-363-8902 or cherylpowell@remax.net for a FREE, confidential, no obligation consultation to discuss your options and a possible short sale.
To search ALL currently available real estate listings and homes for sale in Kannapolis North Carolina in Rowan & Cabarrus Counties, and surrounding areas, visit The Powell Team - Property Search Website.
When you are ready to contact a Realtor, I'd appreciate the opportunity to earn your business. As a Real Estate Broker, Realtor, and Accredited Buyer's Representative (ABR) with more than 9 years of new construction and residential real estate experience, I have the knowledge and dedication that you are looking for. Contact me today for one-on-one professional help and advice!
You can also access many other helpful real estate tools on our website, such as:
For more information about homes for sale in Rowan County, Cabarrus County and Kannapolis NC, or general information about Kannapolis NC area real estate visit our team website at www.ThePowellTeam.net. CONTACT Cheryl Powell with The Powell Team at 704-363-8902 anytime to discuss your real estate needs.
To search ALL currently available real estate listings and homes for sale in Mecklenburg County, Charlotte North Carolina and surrounding areas, visit The Powell Team - Property Search Website.
When you are ready to contact a Realtor, I'd appreciate the opportunity to earn your business. As a Real Estate Broker, Realtor, and Accredited Buyer's Representative (ABR) with more than 9 years of new construction and residential real estate experience, I have the knowledge and dedication that you are looking for. Contact me today for one-on-one professional help and advice!
You can also access many other helpful real estate tools on our website, such as:
For more information about homes for sale in Mecklenburg County and Charlotte NC, or general information about Charlotte NC area real estate visit our team website at www.ThePowellTeam.net. CONTACT Cheryl Powell with The Powell Team at 704-363-8902 anytime to discuss your real estate needs.
To search ALL currently available real estate listings and homes for sale in Cabarrus County, Concord North Carolina and surrounding areas, visit The Powell Team - Property Search Website.
When you are ready to contact a Realtor, I'd appreciate the opportunity to earn your business. As a Real Estate Broker, Realtor, and Accredited Buyer's Representative (ABR) with more than 9 years of new construction and residential real estate experience, I have the knowledge and dedication that you are looking for. Contact me today for one-on-one professional help and advice!
You can also access many other helpful real estate tools on our website, such as:
For more information about homes for sale in Cabarrus County and Concord NC, or general information on Concord NC area real estate visit our team website at www.ThePowellTeam.net. CONTACT Cheryl Powell with The Powell Team at 704-363-8902 anytime to discuss your real estate needs.
The 1st-time homebuyer real estate market has remained relatively strong in Charlotte NC and the surrounding area, even though the market as a whole has slowed. The number of home buyers in the market seems to have increased substantially since the government announced its modified 1st-time homebuyer tax credit details.
If you are a 1st-time homebuyer looking for an experienced agent who will help you through each step of the homebuying process, give me a call! I love working with 1st time homebuyers!!
I get a lot of questions about the First-Time Home Buyer Tax Credit, so here are the details...
Article Posted Feb. 25, 2009 on www.irs.gov 
WASHINGTON - The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
"For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. "This important change gives qualifying homebuyers cash they do not have to pay back."
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.
This chart will help you understand the differences between the 2008 and 2009 First-Time Homebuyer Tax Credit programs. Prepared by NAR (National Association of Realtors)
For more information about the 1st-Time Homebuyer Tax Credit or professional real estate services in the Charlotte NC area, call Cheryl Powell with The Powell Team at 704-363-8902 or visit www.ThePowellTeam.net
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Experienced Realtor serving buyers & sellers in Concord-Kannapolis-Harrisburg-Mooresville-Charlotte & surrounding areas.Resale & New Homes-Relocation-1st Time Buyers-Investors-Foreclosures-Short Sales
I started my real estate career in 2000 as a New Home Sales Representative and Office Manager for a local custom/semi-custom builder. During that time, I had the opportunity to work closely with several construction and finishing sub-contractors who were tremendously helpful in my home construction education. After that I accepted a position as Community Sales Manager with a National homebuilder. My new construction experience has proven to be extremely valuable in my real estate career and the knowledge I gained benefits my clients every day.
I had a strong desire to work with buyers and sellers as a general brokerage Real Estate Agent, so in 2002 I joined Allen Tate Realtors®, a successful regional real estate firm. I took advantage of the many educational opportunities afforded me and in 2005 I decided it was time to make a move and join RE/MAX, the world's largest and most successful real estate company! I look forward to long and rewarding real estate career, providing unparalleled service to my clients.
For more information about me or The Powell Team, please visit www.ThePowellTeam.net or www.CherylPowell.net, your one-stop sources for real estate information covering Concord, Harrisburg, Kannapolis, Mooresville, Salisbury and the entire Charlotte NC area. Contact Cheryl Powell
Education and Related Experience
Designations
ABR, the Accredited Buyer's Representative designation is the benchmark of excellence in buyer representation, awarded to REALTORS who meet specified educational and professional experience criteria.Professional Affiliations
A RE/MAX REALTOR®
The Code establishes time-honored and baseline principles that come from the collective experiences of REALTORS® since the Code of Ethics was first established in 1913. Those principles can be loosely defined as:
I provide professional real estate services for Charlotte NC & the surrounding areas, including: Cabarrus County (Concord, Harrisburg, Kannapolis, Midland, Mt. Pleasant), Iredell County (Mooresville, Statesville, Troutman), Mecklenburg (Charlotte, Cornelius, Davidson, Huntersville, Matthews, Mint Hill), Rowan (China Grove, Kannapolis, Landis, Rockwell, Salisbury), and Union counties as well as the Lake Norman Area.
My specialties include:
Whether you are selling your home or searching for that special place to call your own, my local expertise & real estate experience will benefit you.
I pride myself on providing unparalleled service & look forward to developing a long-term relationship with you. Contact Cheryl anytime, to discuss your real estate needs.
Online Services
To get your Personal Home Search Website CONTACT CHERYL TODAY!
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"Cheryl was great through the entire process. From our first phone conversation to the closing on the house, Cheryl was extremely knowledgeable and professional. She has a great enthusiasm for her business! I appreciate her help and guidance through all the steps of buying my first home! Cheryl made it a great experience!"~ C. Pyatt
"Cheryl is easy to work with and has wonderful ideas for selling a home. I loved the visual tour she made. She is friendly and enthusiastic."~ I. Posey
"This was my first home buying experience and Cheryl was there for me all the way. We worked together for 7 months to find my house. She was extremely patient and willing to go anywhere I wanted to look. I would and already have recommended her!" ~ K. Ralston
"If a new house came on the market we knew about it ASAP! She told us everything you could possibly think of about the house/neighborhood. We were very pleased with Cheryl and as long as she's doing real estate, she is who we will use!" ~ T. and K. Clardy
"Throughout my years of involvement in real estate, I have never met a more professional agent than Cheryl Powell. She treated me in the way that she would want to be treated, with quality service, undivided attention and respect. I would recommend Cheryl to anyone who is looking for a quality oriented professional who is head and shoulders above the crowd. ~ J. Aguiar
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