The most common way to get out of a home mortgage that you can no longer afford and avoid foreclosure is by doing short sales. The best short sale agent can help you with the process. We have listed 4 qualifications for your property to be considered in doing a short sale.
Borrower On Default
For the lender to entitle a property as a “short sale,” the homeowner should be in default. Not being able to pay your mortgage can be considered as default by the homeowner. The time allotted before short sale varies by state, but a short sale is usually done around 6 months after the default notice.
Financial Adversities
Facing financial adversity that could cause hindrance in paying the loan. Provide proof like documentation of the financial status.
Your liability should be greater than the value of your asset and income. Meaning you no longer have the capabilities to pay the mortgage on the due date. The mortgage company can liquidate the owner’s assets if the owner could not convert his assets to the cash needed to pay for their liabilities.
Financial adversity includes unemployment, divorce, sudden medical bills, the death of the landlord, relocation, death of co-borrower, natural disasters, and military service.
Before going any further, the lender must be open to the concept of short selling. The possibility of the lender refusing is rare. Lenders usually will consider a short sale short-selling once provided the necessary documents.
An Underwater Mortgage
To qualify for a short sale, you should know your property’s market value. The mortgage balance and the appraised value will determine if your property’s market value will fall short than the amount left on your mortgage. If so, then your property is considered “underwater,” and the short sale will be the feasible solution.
Charlotte NC Short Sale Agent Nancy Braun - Showcase Realty LLC can help with your short sales. We have a solution to help many homeowners, and we will be your trusted resource and guide throughout the entire short sale process. Reach us at 704-997-3794.
Buying a home for your retirement years opens up great possibilities. You can choose a location that offers amenities for you to make the most of retirement, which is an extremely liberating reality after a life of hard work. If you’re looking for a slightly smaller metropolitan area that still boasts all of the desirable aspects of city life, then Charlotte, North Carolina might be a great fit for you.
Charlotte is among the top 35 best places in the US to retire, according to rankings from U.S. News, much of this has to do with the abundance of senior-friendly activities the city has to offer. Charlotte has several museums and galleries in the downtown area, and residents have easy access to live theater. Seniors who love the great outdoors can enjoy the area’s many parks, trails and hiking opportunities.
Beyond entertainment and enjoyment, you’ll want to make sure you choose a house that is relatively close to healthcare facilities you may need. In this category, Charlotte remains a great choice. There are 238 physicians per 100,000 population in Charlotte, which exceeds the US average of 210 per 100,000 people. Additionally, in Charlotte, there are several local hospitals that are under magnet status, which is the highest credential for nursing practices across the world.
If you’re ready to start searching for potential homes in Charlotte, here are a few tips you should keep in mind:
Carefully Budget for Retirement
Charlotte residents love that the city is a very affordable place to live. According to real-estate website Zillow, the median home value in Charlotte is $224,200. This is slightly below the national median price of $229,800.
While real estate is definitely cost-effective in Charlotte, you'll need to keep in mind that affording a house is more than just the down payment and mortgage - you need to make sure you are financially prepared to shoulder any financial burdens that may come with owning a home in the long haul.
Taxes are an important consideration when developing a retirement budget. Having a grip on how much you’ll need to pay in taxes will give you a clearer picture of what exactly you’ll have in your pocket each month. The tax environment in North Carolina is favorable for retirees. According to consumer finance company SmartAsset, Charlotte is considered to be tax-friendly for retirees. The state of North Carolina exempts all Social Security retirement benefits from income taxes, while other forms of retirement income are taxed at the state’s flat income tax rate of 5.499%. The state’s property and sales taxes are both moderate, and seniors may be eligible for a property tax break under homestead exclusion. Your real estate agent can help you determine your eligibility.
Find Amenities to Help You “Age in Place"
In the ideal scenario, seniors can buy a home for their retirement that they can plan to stay in for the long haul. Your REALTOR® can help you target homes that can age with you - even through health issues or mobility limitations. There are certain design elements that can help ensure your new home will always be appropriate for you, including a one-story layout, no-step entryways, wide hallways and shower grab bars.
Consider Other Senior Living Options in Charlotte
Buying a home isn’t the only option you have when it comes to relocating for retirement. If you don’t want to manage the chores that come with owning a home, but would still like to live independently, you should consider moving into a retirement community. These communities, also called “55-plus communities,” provide a safe environment that frees you from some home maintenance responsibilities you may need assistance with, allowing you to focus on those activities that bring you the most joy. Retirement communities often offer different amenities for you to maximize your retirement - including pools, fitness centers, arranged transportation and senior happy hours.
If you think you will need help with activities of daily living, including medication management, bathing or dressing, then an assisted living facility could be the best living option for you. There are many top-rated communities in the Charlotte area and more that are located in surrounding areas. Your REALTOR® can help you narrow down the best communities that will suit your preferences and budget.
Connect With a Reliable REALTOR®
Having a reliable REALTOR® by your side is an extremely crucial part of the house hunting process. You should take the time to think about and discuss with your REALTOR® both big-picture issues like location, as well as small details like your daily lifestyle preferences. Ask prospective REALTORS® if they’ve been trained in helping senior homebuyers in the 50-plus age range, and have transparent conversations about what you’re looking for in a new home, including budget and timeline.
Whether you are a Charlotte native or a retiree relocating to Charlotte from elsewhere, I can help you find the perfect home and make your move as stress-free as possible. If you are thinking of selling, buying or renting a home and would like more information on my services, please feel comfortable reaching to me at 704-488-3109 or email Nancy@ShowcaseRealty.net. There is never any pressure placed on you and I am happy to help! If you don’t love your home in 12 months, I will sell it for free. Learn more about our services, visit ShowcaseRealty.net today. Contact me, Nancy Braun, to get started.
Immaculate ranch style home ideal for contemporary living
Be captivated by the comfort, quality, and location provided by this 2 bedroom, 2 bathroom, 1,425 square foot home for sale in Pineville NC.
Nestled in the heart of The Cottages at Carolina Place, a gated community for active adults, this beautiful Pineville home delivers convenience, ample space and a low maintenance quality of life, thanks to the lawn maintenance being included in the HOA.
A gated active adult community
The Cottages at Carolina Place is a gated community designed for adults over 55 seeking to enjoy their retirement years.
Set in the heart of Pineville, this community provides ease of access and convenience, ensuring you a comfortable lifestyle.
This home is close to the pool and clubhouse. You can drop by anytime you feel like swimming or socializing with your friends.
It is only next to Dorchester and for a minimal fee of $100, you have a choice of activities to join, facilities to use, and dining option per meal or month.
Carolina Place Malls, CSA OrthoCarolina Sportsplex, and I-485 are only minutes away from this community.
Clean lines and great spaces
Venture beyond the good-sized front lawn onto a covered front porch, great for relaxing and the best spot for your morning coffee.
Set it up with several outdoor chairs and a table and you have an inviting outdoor living space where you can relax, read, or just hang around with your friends and talk.
Entertaining is easy in the open plan and neutral toned great room awaiting to the left of the ample-sized foyer.
A large window lets in sunlight, bathing this room with a warm, cozy feel. Crown molding and chair railings add depth and structure to this great room where the living room and dining area shares a space.
This room is the perfect chance to display your favorite paintings! Decorate however you like, the color palette of the room will complement any chosen furniture.
Across the great room is a generous open plan kitchen, open to the dining area which makes food serving highly convenient.
White appliances, immaculate countertops, a breakfast bar, and plenty of updated kitchen cabinetry are waiting for you in this Pineville home for sale kitchen.
Create stunning dishes you and your loved ones will love and fill this home with delicious smells and great memories.
Enjoy peace of mind and the best of rest in the large master bedroom featuring neutral-toned walls, big windows and carpet floors.
It also comes with an en suite bathroom with a separate shower, double vanity counters, a walk-in closet with organizer, and gorgeous light fixtures.
This home also boasts of a laundry room so you have a space just for your laundry.
A breezeway connects the 2-car detached garage to the house.
There is plenty of backyard space by the garage and right in the section of the breezeway.
This low-maintenance, pristine Pineville real estate property allows you to live your life to the fullest. Make it yours for ONLY $220,000.
Light-flooded turnkey ranch home in Charlotte that celebrates space and landscape
Enjoy the privacy and retreat offered by this move-in ready, executive ranch style family home that showcases space and modern amenities in every space and corner.
Nestled on 1.56 acres of wooded land, this 4 bedroom, 2.5 bathrooms, 3,748 square foot Charlotte home delivers the easy living you've been dreaming of.
You'll love its expansive front yard with mature trees, tree-lined driveway and scenic drive through its gorgeous neighborhood.
The previous owners have also ensured that this home is well-maintained. Its exteriors were painted in 2016 and the interior painted in 2017. The ceiling skylight in the breakfast room and sunroom were also replaced by the previous owners.
This real estate property offers the peace, retreat, and serenity you want, all wrapped up in a gorgeous package of space and light.
As one of the most beautiful homes in Providence Plantation, the new owners will surely appreciate all the amenities this home has.
Providence Plantation is a highly sought-after subdivision 11 miles south of uptown Charlotte.
This community is prominent for its large lot cuts, beautiful homes, excellent schools and various amenities. On top of it all, this neighborhood is known for its peace and proximity to shopping and uptown.
From this home, there are great schools, both public and private, within a four-mile radius.
An interior that radiates warmth and elegance
Exposed bricks on the portico entrance add character to this stunning home.
Step inside the elegant front door and into an amply sized foyer flooded with natural light. High ceilings, neutral-toned walls, and skylights welcome you into this gorgeous abode.
The polished hardwood floor enhances the warmth and elegance of this spacious interior.
To the left side of the foyer is a french door that opens to the large gourmet eat-in kitchen of this Charlotte real estate.
This kitchen is designed to impress! It features immaculate countertops, a huge center island, stainless steel appliances like the GE profile gas stove and oven bought in 2008, a pantry, and loads of storage spaces.
Under counter lights, recessed lighting and imported Italian hand-blown glass lights above add sophistication and style, creating a magazine-page worthy kitchen.
Across the kitchen is a good-sized space for a breakfast nook. There's also a chef's built-in desk at the corner, a great spot for planning meals and inspiring party-worthy meals.
Meal times become more exciting when you are surrounded by great food and the wonderful company of friends.
For large gatherings and celebrations, the formal dining room of this home is the right space.
Large windows let light stream into this elegant dining room that can comfortably fit a six-person dining table and chairs.
Past the French doors, the hallway opens to a fabulously spaced living room with vaulted ceilings, exposed beams and a wood burning fireplace with a towering brick mantle.
Moroccan style panels add charm and character to this already stunning room.
This spacious living area is a great spot for rest and relaxation. Feel your stress drain away as you enjoy the warmth of the fireplace while relaxing on the sofa.
If you love to entertain, this vast living room will easily be your guest’s favorite space.
Adjacent to the living room is a beautiful sunroom with custom glass door insert and lots of windows overlooking the private backyard. Two skylights along with the glass windows allow plenty of natural light in this room.
This sunroom is the perfect place to entertain indoors at any season.
In spring and summer, you have a wonderful view of the thick lush foliage of the deep woods. Fall brings an array of warm colors from yellow to red, and the winter view offers a sense of calm and serenity.
If there is a room in this house specially designed for your guests, this is it! It features vaulted ceiling, large windows, a wood burning fireplace, and a custom full bar and sink, perfect for entertaining.
Need a home office? This home has one, and its ready for you and your furniture. Carpet floors complement the neutral-toned walls, giving you that professional office look.
A master suite with a rustic feel
Need a private sanctuary? You’ll love what this home offers.
The master bedroom is large and has vaulted ceilings with exposed beams and a walk-in closet with California style organizers. Large windows overlook the greenery, giving you a great view every morning.
Set with the most comfortable bed, it will deliver you restful nights and great sleep.
The master bathroom is just as lovely with its granite counters, heated floors, shower with multi jets and garden soaking tub with jets.
Look forward to indulging in some self-pampering at the end of the day in this luxurious bathroom that can rival a five-star hotel.
A large deck overlooking a private backyard
A great home wouldn’t be complete without a fantastic outdoor retreat, and this Charlotte home delivers!
This vast deck overlooks the large spacious flat backyard bordered with trees, giving you the privacy you want.
If you love having guests over, an outdoor barbecue grill would be a wonderful addition to this deck.
Host family gatherings and holiday parties on this fabulously spaced backyard.
This Charlotte property offers the suburban haven you are looking for. Enjoy excellent location, privacy, and space for ONLY $630,000.
Don’t miss the Open House on May 5, 2018 at 2-4PM SATURDAY, and May 12, 2018 at 12-2pm SATURDAY.
This is your chance to own one of the best homes in the highly desirable Providence Plantation!
Call me, Nancy Braun at (704) 997-3794 and schedule an appointment to see this home for yourself!
Text "Hampton9416 to 704-870-2369"
In case you can not view this video here, please click the link below to view 9416 Hampton Oaks Lane Charlotte NC 28270 Home for Sale on my YouTube channel: https://youtu.be/Qc1UTYdNgsU
Short sale or foreclosure- which is a better option?
Are you having problems with making your monthly mortgage payments? You may be considering what to do next. You can either choose a short sale or a foreclosure. However, before you make any decision, it’s important to know the facts.
How do foreclosures and short sales work?
When a homeowner misses three to six months of payment, the lender will record a notice of default. The homeowner will be notified that he is facing a foreclosure and he will be given a reinstatement period to make things right by paying off debts. If the mortgage balance is not paid off within the given reinstatement period, the homeowner receives a notice of sale and the property is then auctioned at a trustee sale to the highest bidder. This is what we call a foreclosure.
A short sale is an alternative to a foreclosure. With this transaction, the bank lets the delinquent homeowner sell the home for less than what's owed. There is an understanding that the sale price might not cover the balance of the mortgage.
The homeowner works with a Charlotte NC short sale agent and puts the house on the market. However, a short sale agreement does not necessarily release the homeowner from the obligation to repay any deficiencies of the loans, unless specifically agreed to between the parties.
Here are some benefits of doing a Charlotte NC short sale:
It’s the first step to financial freedom.
You are in control of your home sale, not the bank.
You will spare your family of the social stigma the foreclosure brings.
Your home sale will be handled like any other home sale.
You will have peace of mind because you know who will be buying your home.
Impact on your credit rating
A foreclosure can cause your credit rating to fall by 200 to 400 points. It also remains on a credit report for 7 years and can have a negative impact on your future borrowings and job applications. If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.
On the other hand, a short sale can cause your credit rating to fall by 50 to 130 points, even though credit bureaus do not show the word "short sale" on your credit report. It may say "paid in full for less than agreed" or "settled for less," among other categories.
Buying a home again
Buying a home after a foreclosure or a short sale can be difficult. With a foreclosure, you become eligible to buy another home in 5 years, with some restrictions, or in 7 years with no restrictions. Aside from that, you have to report the foreclosure on all your future loan applications.
With a short sale, you may be able to purchase a new home immediately if your payments were never more than 30 days late and the lender does not require you to pay back the loan. Most lenders consider short sales in a better light and demand shorter waiting periods.
A short sale is better than foreclosure in many ways. Make sure to work with real estate agents who are experts in the art of negotiations of a short sale.
Selling a house in probate is a little more
complicated than a regular sale.
It involves a series of court-regulated steps
that must be carefully followed and managed. When selling a property in
probate, you have to be mindful of the deadlines, be familiar with the
specialized documentation, and make sure the court’s oversight is honored in
all aspects of the sale.
Before clarifying what happens to a home in
probate, let start with a definition of probate.
What is probate?
A Charlotte NC Probate is the process through
which a deceased person’s property, known as their “estate,” is passed to the
heirs and beneficiaries named in their will. The entire process is supervised
by the probate court and usually takes about a year, depending on the size and
complexity of the estate.
The responsibility of overseeing the probate
process falls to whomever was appointed as executor or personal representative.
This person will assume responsibility for the legal affairs and obtaining
probate or letters of administration, which will enable them to act as the
personal representative. In the event that the home is to be sold, the grant of
probate will give the executor or the personal representative the authority to
do this in compliance with the will’s terms.
Usually, a home is sold in probate court when
an individual dies without bequeathing their property. In such cases, the state
takes over and oversees the property’s sale. The court wants to ensure that the
property is marketed and sold at the best price possible.
Selling a house in probate entails going
through a series of steps that are regulated by the courts. Close attention
should be given to the entire real estate probate sale process because there
are many details involved. The sale involves the executor, the personnel of the
court, the attorney representing the estate, one or more buyers who place bids
with the court and the buyers’ real estate agents. Everyone must follow the
guidelines and deadlines of the court.
You start by having the home appraised in
order to establish its current market value. Next, you have to get and fill out
a petition from the probate court to be able to sell the property. This is
filed along with the appraisal in order to get approval to sell.
Once probate is granted, the responsibility
of selling the property falls on your chosen real estate probate agent. That’s
why it’s important to work with a professional who is experienced in probate
sales and is familiar with the language, the documentation, and the steps in
the process. You want someone who’s been there and done that.
Selling a probate property can be a
challenging task, so having someone there to coach you through the process is
extremely necessary.
Looking for a team of professional,
experienced and competent real estate agents who specialize in probate sales of
real property? Call us anytime at 704-997-3794. Let our team at Showcase Realty
provide you with help during the entire probate process.
