What is a short sale?

What is a short sale? A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

If you or someone you know may is having trouble paying their mortgage, they may be 90 days away from foreclosure. Have them call Sara at 919-757-4321 for a confidential consultation to discuss options today before it's too late.

Cheap Condos Anyone?

If any of you have been contemplating Investment property, I might be able to help! There is a condominium project downtown that is up for auction and the same units that were selling for $200,000+ over the last 2 years will be up for auction on Nov. 15th with bids beginning at $75,000!!! I took a look at the units and various floor plans and have summarized the following for your consideration:

• New construction, there are 2 buildings built - one sold out, the other is up for auction (36 units for sale).
• The property is located inside the belt line, just past the intersection of Six Forks Rd and Atlantic Ave, near the Costco and Wake Forest exit off 440
  The new Trader Joe's is 1/2 mile away and North Hills is ~ 2 miles
• There is another condo project next door that is almost sold out and a new apartment complex
• It is a 3 floor complex with multiple floor plans. Most are 2BR 2BA, some have a garage others have storage rooms
• They have granite and stainless steel appliances in the kitchen, tile and upgraded carpeting plus chrome or brushed nickel hardware
• Bidding starts at $75,000 for a 1 BR (there are only 2 units) and the 2BR units at $95,000
• You must have a minimum cashiers deposit of $7,500 to bid and be able to provide an additional amount to equal 10% of whatever your bid ended up to be the same day.
• They will add 10% to your bid for "auctioneer" expenses and they are an "As-Is" sale
• There will be an open house again this coming Sunday if you would like to attend.
• I can assist you in the bidding process, however you will need to indicate agent representation in writing when you are on site viewing the properties.
  

I took a few photos of the units and summarized them in the attachment. I have analyzed the units that sold over the last few years and run the numbers on the project - if you have an interest in learning more about this opportunity, please give me a call and I can explain more or click here for the project overview. Make it a great week!

The Clock is Ticking... $8,000 Tax Credit, Anyone?

I know I keep harping on the $8,000 Tax Credit... but TIME IS RUNNING OUT! Do you know of someone who would like to buy a home that is a 1st time home buyer OR hasn't owned their own primary residence in the last 3 years? Let them know that they may qualify for the $8,000 tax credit. Forward this email accordingly - they must be under contract by November 1st.

They can learn more details from attending a seminar in Morrisville this Saturday, October 10th, 9:30 AM being held by a local mortgage lender and tax credit expert!

What You Will Learn by Attending:
• Why Buying Today Will Put $8,000 in Your Pocket
• Why There Has Never Been a Better Time to Buy a Home
• How Renting Kills Your Net Worth
• How Buying a Home Will Increase Your Net Worth

Where:
Country Inn and Suites
201 Airgate Drive, Morrisville, NC 27650
Next to the Capital City Chophouse
www.YourTriangleLender.

There are 2 things going on in our market which could affect you or someone you know...

FIRST, the Wake County School Board election is tomorrow, Tuesday October 6th. If you have concerns about the school system and recent reassignment issues make sure to vote! Not sure what district you are in, click here for the map.

Wake Partnership newsletter in question
Wake School Community Alliance video
NewRaleigh overview of candidates
WRAL video coverage
WCPSS Reassignment Information

SECOND, the $8,000 tax credit will expire on November 30, 2009. If you know anyone who might be eligible for this credit have them review the following information:
Watch the IRS video on YouTube
In Depth: 2009 First-Time Home Buyer Tax Credit

Get out there and VOTE Wake County!!

Termite damage?

Wow... I learned a surprising real estate statistic recently: termites cause an estimated $5 billion in property damage a year in the United States, which makes these awful bugs risky to your property. In fact, according to the National Pest Management Foundation, they cause more damage to wood-based structures than fire, flood, or wind.

You most likely had a termite inspection when you purchased your Wake county home, but did you realize that your typical annual pest inspection and/or treatment does not identify nor treat for damage from these organisms?

Take a look at this Termite website to find out more and contact your local pest inspector to inspect regularly for termite damage before it's too late!

Fall is time to get that Yard in Gear!

Today I wanted to encourage those homeowners who may want to sell next spring to go ahead and get your yard in gear...

There is no better time than fall to get yards looking great, according to the “Yard Doctor” Trey Rogers, a professor of turf grass management in the crop and soil sciences department at Michigan State University.

Here are 6 tips from Rogers to help you take advantage of the seasonal weather and vibrant colors to add dramatic curb appeal.

1. For home owners in the south central portion of the United States, fall is the single best time to fertilize a yard. During the first 10 days of September, lay a complete nitrogen and potassium combination fertilizer.
   
2. Fall is also the best time to reseed grass. If you have bare spots from the summer, put down a seed mix that matches the yard during the first 15 days of September. Yards with crabgrass will notice the patches turn purple with the first frost. It is important to thoroughly seed and water those areas.
   
3. During the first 10 days of October, take care of those pesky weeds and dandelions. Spray a liquid broadleaf herbicide over the yard. Weeds germinate in the fall, so by treating the problem in October, there will be fewer dandelions in the spring.
   
4. Mow, mow, mow. If you really want a yard to look smashing, dedicate yourself to mowing twice a week with the blade set at 2 ½ to 3 inches through mid-October.
   
5. It’s important to get those leaves off the ground as to not suffocate the lawn. But a better option would be to grind up the leaves and mulch them back into the yard. Most lawnmowers have blades designed for mulching. This provides natural nutrients and can be an organic weed controller — particularly maple leaves, which are a natural herbicide toward dandelions, Rogers says.
   
6. Play with the fall colors. Display potted mums. Think red. Dogwood bushes are cold-weather hardy and have red or yellow branches. Holly is another great way to decorate the outside of a home, where the bright red berries on the branches can standout.
   

John (Trey) Rogers, Ph.D., is regarded as one of the country’s leading experts on growing and maintaining healthy lawns. He has been a professor of turf grass science at Michigan State University for 22 years. He is also a consultant to Briggs & Stratton, a manufacturer of engines for outdoor power equipment, where he has become known as the Yard Doctor.

Visit his Web site: http://www.yardsmarts.com

The National Association of Realtor’s Pending Home Sales Index reached 94.6 in June, its highest mark in two years and a vast improvement from the cyclical low of 80.4 in January of this year. If buyer contracts persist at this level, the corresponding home sale closings would be about 5.2 to 5.5 million at an annualized rate. For comparison, last year existing home sales totaled 4.9 million. We’re on our way to that: in June, existing-home sales increased for a third consecutive month, posting 4.89 million seasonally adjusted annualized units.


Email Sara for more info about the Wake County market snapshot for second quarter of 2009.