What Are the Top 3 Things to Consider in Hiring a Charlotte Short Sale Agent

We deliver you words to live by on how to be successful in your quest to sell your short sale house!

When it comes to essential things like selling a house, we all want to be pedantic. One of the things you should be exact about when you’re opting for a short sale is hiring an agent.

A short sale is not an easy task, it requires a lot of skill and experience to make it work. It’s not enough to hire a short sale agent in Charlotte just by choosing the first one you see online. We'll help you determine how to wisely choose one by considering these 3 tips.

Look at the agent’s experience in short sales

My team and I at Showcase Realty understand the importance of working with someone who is reliable and has impressive experience.

The great news is yours truly, Nancy Braun, has recently earned the first and only North Carolina state specific Certified Short Sale Seller designation which has been made possible through the Advance Mortgage Education.

We’ll be working on getting back your financial freedom by providing you with better options if you’re faced with the depressing possibility of a foreclosure.

Look at the agent’s experience with a short sale bank

Look for a short sale agent who can entice the bank to accept the short sale offer. This means:

• returning the documents required by the bank promptly including a hardship letter
• being responsible for generating a Comparative Market Analysis (CMA) to justify the price
• providing buyer’s information
• Submission of other documents such as proof of income and assets

Your agent must do the groundwork first.

Look at the agent’s experience in selling homes in Charlotte

With more than 20 years of successful experience in real estate and the mortgage market, I’ve no doubt that I’ll be able to bring excellent results to the table. I have genuine concern and a vision for both home sellers and buyers.

I’ve sold thousands of homes. I’ve joined the top ranks when it comes to resales in the region. My real estate home selling team will place you in a very enviable position of working with these highly motivated buyers and seller prospects that we generate so you will have higher tendency of selling your house overnight.

There goes our top 3 tips on choosing a short sale agent in Charlotte!

The short sale of your house may depend on the skill level of your chosen agent. And that is why it’s necessary to pick the right one who will help you become a champion on this journey.

There’s always something good in every situation, and I’m excited to work with you so I can help you gain a better understanding on short sales. And even after this transaction, you can still expect me to be around making sure that you will have a positive start. After all, we’re put here on earth to look after each other.

Once again, this is Nancy Braun! Call me at 704-997-3794!

In case you cannot view this video here, please click the link below to view What Are the Top 3 Things to Consider in Hiring a Charlotte Short Sale Agent on my YouTube channel: https://youtu.be/7AQbIZMZ_XY

How to Sell Real Estate Property During Probate

What is probate property?

People enjoy owning and accumulating assets. Upon death, that right is forfeited, and our assets and properties are passed on to someone or the state.

There are two ways assets are transferred after death. One is out of court transfers and the other one is in court transfers. An insurance beneficiary is a great example of an in-court asset.  When assets or properties pass through the court, it is referred to as probate property.

To sell or to keep

Acquisition of a probate property is usually preceded by death and mourning. In such a sad and difficult time, many beneficiaries opt to sell the property.

Probate homes are appealing to many buyers since they are usually sold for a lower market value. The bargain price can be attractive compared to a conventional home for sale. Also, many probate homes are rich in history and character, something that many buyers prefer.

If you have been named an executor and the home has no direct beneficiaries, one of your options is to sell the home and to distribute its proceeds among the beneficiaries.

Seek the best assistance

Selling a probate property is just like selling any property.  One of the first things you must do once you’ve decided to sell the real estate property during probate is to ask assistance from an experienced Realtor® like me, Nancy Braun. You want someone who understands the language, the process, and can clearly communicate on your behalf.

A Realtor® has more experience when it comes to selling probate property, which will help easily sell the Charlotte real estate property you are managing.

The selling process

Here are several things you need to know about the selling process.

1. You need to have the property appraised. In order for you to come up with a listing price, you need to have the property appraised by a professional and independent appraiser. The listing price will be based on both the valuation of the agent and the result of the appraisal.

2. You need to get a court approval to sell the property. Unlike a conventional home sale, you need the court’s green light before the house can be legally sold.

Fill out the petition form, ensuring that all property related information is accurate and correct. Include the appraisal and how you plan to sell the home, either by auction or through an open market sale, then wait for the court’s decision.

3. The home will be marketed like any other home for sale. One of the similarities of a probate property and a conventional home for sale is the aggressive marketing the Realtor® will make. You will see the home on listings, but the buyer’s agent will know if it's a probate property.

4. Probate buyers will want to haggle the price, and you might be tempted to sell it for much lower especially if you  are not interested in the property, but the selling price should be at least 90% of the Charlotte home’s market value.

5. The buyer will need to pay a 10% deposit on the purchase price, but you are under no obligation to accept the offer.

6. You need to finalize the sale in court.

7. All beneficiaries will be sent a Notice of Proposed Action. If there are no disputations, the court will proceed and finalize the sale.

Selling a probate Charlotte home  is challenging if you are going to do it on your own. It’s a good thing there are professionals who you can turn to and who will make things easier for you.

Need help selling your probate home? Call me, Nancy Braun at  704-997-3794. My team and I at Showcase Realty are here to assist you.

In case you cannot view this video here, please click the link below to view How to Sell Real Estate Property During Probate on my YouTube channel: https://youtu.be/6Zhzc21HCvs

What Happens When You Inherit a Property with a Mortgage?

When your inheritance poses a significant concern

Inheritance is a blessing, a gift bequeathed to you by your loving parents or other family members. In many cases, it is given to extend financial support, or as a way of expressing gratitude.

People usually inherit money, books, antique furniture, jewelry, and assets like houses and properties. When you receive a Charlotte home as an inheritance, no matter how modest it is, you feel thankful that you are remembered.

But what if you happen to inherit a property with a mortgage? What if the property passed on to you is still being paid off?

Unfortunately, homes with mortgages take a long time to pay off, so it is unavoidable that the owner may die before the mortgage is fully paid.

Receiving a property still under a mortgage can be confusing and stressful. It poses its concerns and challenges. In such a circumstance, you may feel that the inheritance is more of a financial burden than a gift.

You can choose to look at it positively. In many ways, inheriting a mortgaged property is just like receiving one with no debt attached to it. You will have to transfer the property’s title and get a legal deed to establish ownership.

It’s just that for a mortgaged property, you have first to settle the debt attached to the property.

Managing relatives inheritance

When you receive a Charlotte home with a mortgage from a relative, your first step is to learn the original terms of the mortgage agreement. Doing this will help you know the remaining amount of debt owed to the lender. You can then decide if you want to keep the home or have it foreclosed.

The law gives you certain rights when you inherit a mortgaged home. The Garn-St. Germain Depository Institutions Act of 1982 allows you to keep the mortgage in your relative’s name, provided that you live in the house.

You don’t need to refinance the home mortgage. You just have keep the monthly mortgage payments and other payments associated with it.

Since you are paying for the remaining mortgage, notifying the lender is not a priority, but it must be done.

If you find the remaining mortgage too high for you to continue, or you are not interested in the property, you also have the option to foreclose it.

Managing non-relatives inheritance

If you happen to be the inheritor of a friend’s mortgaged property, you cannot assume the monthly payments. That right is reserved only for the relatives.

What you can do is learn how much mortgage must be paid off and make an arrangement with the lenders to fulfill the demand of the debt.

You also have the option to sell the property, or to foreclose it.

Whether you decide to accept the property or not is entirely up to you. Remember, when it comes to owning a home in Charlotte, you don’t just get the home, you also get the financial responsibility that comes with it. Property comes with tax payments, home maintenance, HOA fee (if the property is in a subdivision) and other lien payments attached to it.

Do you have any questions about your inherited property? We at Showcase Realty are ready to answer your questions and provide assistance.

Call us today at 704-997-3794. Look for me, Nancy Braun. I look forward to helping you.

In case you cannot view this video here, please click the link below to view What Happens When You Inherit a Property with a Mortgage? on my YouTube channel: https://youtu.be/BVnu6hfrdxY

Charlotte Short Sale Agents

Are you looking for an answer to your mortgage problems?

A short sale may be a good option if you need to sell your home but find that you owe more on your mortgage than the current estimated value of the property. It is an agreement between you and your lender that the lender will accept less than the full payoff amount for your mortgage.

These days, short sales are becoming more and more popular throughout the country with a noticeable increase in many states. However, many people are still unfamiliar with it.

Once you have determined that a short sale is the right step for you and your family, you will next want to consult with Charlotte short sale agents. While any agent can assist you with a short sale, not all agents have the experience to avoid the pitfalls or know how to help you expedite the short sale process.

What should you know about the short sale process?

A short sale includes negotiations between a number of people, so it is wise to have an expert on your side to guide you.  The process tends to be lengthy and includes paperwork-intensive transactions.

This type of real estate transaction is too complicated to trust to a novice and the process should never be taken lightly. In fact, short sales can be 4 to 5 times the amount of work as a regular transaction.

There are some real estate agents who claim to be short sale experts but do not have the education or experience to provide the service you need. Don't make the mistake of choosing an agent to do your short sale simply because that agent has an impressive website or has taken a couple of short sale classes. Keep in mind that a short sale class, even one which results in certification, does not necessarily make an agent a short sale agent.

The short sale transaction is complicated enough and taking on an agent who is incapable will only add to the challenges. If you are not familiar with the short sale process and also hire an inexperienced short sale agent, then you will be creating more problems for yourself.

Here are some questions you should consider when choosing short sale agents to work with:

• Is the agent experienced?
• Is the agent a neighborhood specialist?
• Does the agent possess specialized knowledge or has received training for specific types of transactions?
• How many short sales has he/she closed?
• What are referrals saying about the agent?

Given the complexity of paperwork and negotiations, it’s essential to work with the best Charlotte short sale agent. That would be me, Nancy Braun.

Our team at Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure.

We are committed to delivering a  high level of professionalism and will be by your side every step of the way in assisting to find a favorable solution for your situation. We will discuss with you the details of the process including the things you should expect.

Call me, Nancy Braun, at 704-997-3794 to learn more about short sales and how they will benefit you.

In case you cannot view this video here, please click the link below to view Charlotte Short Sale Agents on my YouTube channel: https://youtu.be/JJY-HfcmnVs

Charlotte NC Short Sales

What is a Charlotte NC short sale?

A short sale means selling your property for less amount than what you actually owe on your mortgage.

Now, this is not a rock bottom real estate situation, most experts say it is a lot smarter than pursuing more serious measures like foreclosure or bankruptcy. If you can’t find the relevance of this, you may be surprised to read these benefits:

• Your credit will not be hurt as much as it will be with a foreclosure.
• You will be able to apply for a loan to buy a new home much sooner with a short sale than with a foreclosure.
• You will be able to stay in your home until you close on the short sale.
• All of your closing costs including the real estate commissions will need to be approved by your mortgage lender because they are the ones taking the loss. So they want to make sure they mitigate the loss as much as they can.

You will need the advice, support, and negotiation skills of a short sale expert like Nancy Braun, Broker/Owner of Showcase Realty in Charlotte NC.

I, Nancy Braun, and my team serve as trailblazers in Charlotte, NC and I’m happy to say we set the bar when it comes to services that stand out from the rest. My team and I, who specialize in short sales as one of our areas of expertise, will not just provide you with one agent but a whole team of professionals, for a quick and faultless sale.

We do all the heavy lifting!

How to qualify for a Charlotte NC Short Sale

Not all homeowners can qualify for a short sale. Let’s check some of the guidelines so you can determine if you can take advantage of this option:

1. Your property is under water. Your property’s worth has to be less than your loan outstanding balance. We can provide a free home valuation so you will know how much your home is worth!
2. Mortgage in or near default status. If you’ve missed payments, and you’ve explored other options, such as a loan modification, and you still don't have a resolution, then call me for a totally confidential phone consultation. We will go through your options together.
3. You’ve proven financial difficulties.  You must be able to submit a “letter of hardship” explaining why you can’t continue paying and why you won’t be able to pay the difference when you sell your property.

Examples of financial hardships:

• Illness
• Divorce
• Death
• Loss of job

Doing a Short Sale May Test Your Patience

As we work together, we will inevitably receive crazy and ridiculous lowball offers. The most important decision that you need to make is to “make a decision”. Do not avoid confronting the financial consequences of defaulting on your mortgage.

Consider all options available and when none of them will work, you will get the assistance that you deserve as you move forward from this chapter in your life. We’re excited to see you unfold better opportunities in the future! Check our proven track record and you’ll see we know the short sale process!

Call me, Nancy Braun, at 704-997-3794! This is the silver lining you’ve been waiting for!

In case you can not view this video here, please click the link below on my YouTube channel: https://youtu.be/NcMV0pDH4XA

How Probate Works in North Carolina and South Carolina

A probate sale happens when a homeowner dies without a will bequeathing the house to an heir. In order to liquidate the asset, an estate attorney or representative sells the property and distributes the money to family members.

The probate process involves determining the validity of a will, documenting the property of the decedent, ensuring taxes and debts are paid, and distributing assets under the will or state laws.

Is probate the same in every state?

The rules that govern each state are different, so probate of a real property can vary from state to state.

Probate of real property in North Carolina

Unlike many other states, real property in North Carolina does not typically pass through a probate. When a decedent dies with a Will and explicitly named an individual who they wished to receive the property, then upon probate of the Will, title to the decedent’s non-survivorship real property becomes vested in the devisees of the will.

In the event the decedent did not have a will, probate laws dictate how the decedent’s assets should be distributed. However, probate isn’t always required. It will depend on the type of assets the decedent owned.

If an estate falls below a certain threshold, it is considered a “small estate” and doesn’t require court supervision to be settled.

Some of the most common kinds of assets that pass without probate are Joint Tenancy Assets, Tenancy by the Entirety or Community Property With Right of Survivorship, Beneficiary Designations, and Payable on Death Accounts/Transfer on Death Accounts.

The executor may petition the court to request permission to bring the real property into the estate to sell if the estate’s debts exceed its remaining assets. The sales proceeds will be used to help satisfy the remaining debts of the estate.

If the decedent includes language in their will explicitly conveying the property to the executor and granting the executor permission to sell, then executors are exempted from requesting permission.

Probate of Real Property in South Carolina

In South Carolina, Real Property is a probate asset and passes through a decedent’s estate.

The first step is to determine if a court action is required. A formal or informal action is required when the decedent owns individually-held property without a beneficiary designation that exceeds a certain dollar amount, currently $25,000.00 or real estate.

If all of the decedent’s assets are all non-probate then no South Carolina probate administration is required.

If probate administration is necessary, it can occur with a Will or without a Will. If the decedent died with a Will, the executor designated in the Will may request that the Will be admitted by the court and that he or she be appointed as the Personal Representative of the estate.

If the decedent died without a will, a family member or other interested party will petition the court to be appointed as Personal Representative of the decedent’s estate and the estate will pass in accordance with what South Carolina law provides.

In addition, unlike North Carolina, South Carolina does not have tenants by the entireties property. Instead, most property is held as tenants in common. A 50% undivided interest owned by a deceased spouse will pass through probate of the deceased spouse’s estate.

Probate of a real property can be a complex process. We at Showcase Realty are ready to assist you!

Call us today at: 704-997-3794, or email OfficeAdmin@ShowcaseRealty.net. We look forward to serving you.

**In case you can not view this video here, please click the link below to view How Probate Works in North Carolina and South Carolina on my YouTube channel: https://www.youtube.com/watch?v=QESFtyXGnUM&feature=youtu.be**