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!!