My New Blog

If your current home’s value is down, does it make sense to think about selling? Absolutely! If you intend to buy a larger or more expensive home then yes it makes sense to sell in a down market. Let’s use easy math, if you have a $150,000 house and want to purchase a $300,000 house and both are down 10%, then you will lose $15,000 on the sale but save $30,000 on the purchase so you are ahead $15,000. Plus, you may be able to purchase in a neighborhood that you would never have been able to afford if home prices continued to increase. So, don’t rule out selling just yet! 

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Let’s just get it out there, Short Sales are Nightmares!  I have spent several hours educating and submitting offers on short sales just to end up with disappointed buyers.  For those of you who do not know, a short sale is when a seller owes more than the current market value of the property and the bank of the seller agrees to take less money than is presently owed.

So yes, it sounds like a great deal but after waiting 6 – 10 weeks for an answer let’s see if a buyer feels the same way.  Not to mention there are no rules when it comes to short sales and no two banks do it the same way.  Kind of ironic considering Real Estate transactions are based on laws and contracts but short sales don’t fit into that mold. 

I was recently praticipated in training where Wells Fargo said they closed 30 short sales in January 2008 and in January 2009 they closed 700.  Wow, no wonder it takes weeks to hear anything.  Below are a few pieces of advice that might help buyers and agents:

- Buyers, be certain you are ok with waiting weeks or months for an answer

- Buyers and Agents, know that you are competing against the foreclosure clock. The first one to the closing table wins!

- Agents, quiz the listing agent to see how much they know about the short sale process.  They are instrumental in completing the deal.  Ask them how many offers they are submitting to the bank and if your offer is accepted, will they continue submitting other offers to the bank.  If they are going to submit up until closing, consider walking away.  Trust me, buyer’s are not happy when a couple days before closing the bank takes another offer.

Lastly, don’t discount all the other good deals out there that are much less heartache!  And most of all, Good Luck!  

South of Uptown Charlotte, NC Real Estate Specialist – Krista Cutler, Exit Broker

Top producer that focuses on education and communication.  Specializing in South of Uptown Charlotte from the Light Rail Corridor, Dilworth and SouthPark to Ballantyne, Pineville and Steele Creek.  If you are thinking of buying, selling or investing, or would like to learn more about foreclosures, call The Cutler Group 1^st, (704) 737-6975.  Exit Realty South

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I get asked this question all the time, “Should I buy or should I wait?”. If you are a first-time homebuyer, then this should not even be a question. We are experiencing historical market conditions with home prices being down, interest rates being ridiculously low AND an $8,000 tax credit. If you have a decent credit score, a little money in the bank and are paying rent then you should consider buying. Please do not listen to your colleagues at the water cooler who are saying you can’t qualify, every situation is different. Talk to a professional Lender and Realtor to find out what you qualify for or need to do to be able to qualify. Stop sitting on the fence, get out there and buy something! You will be happy you did.

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