What's a Short Sale??

Short Sale?  Let's get the facts straight!

A quick and dirty definition of a short sale is when a seller sells their home for less than what they owe on the mortgage.  The bank must approve the sale, and who pays the deficiency is up for negotiation.

Why would a homeowner do this?
There are a number of reasons homeowners are forced into financial hardship, many of which have nothing to do with how they manage their finances.  It could be anything from illness, relocation because of work, loss of employment, divorce, and so on.  It is estimated that most American families can only maintain their current living expenses for 30 days or less when income is interrupted for any reason.


Why not let it go into foreclosure?
While negative credit items fall off of an individual's credit report after seven years, the one question that is asked on every mortgage application is "Have you ever had a foreclosure?"  This item has staying power and will follow a person around indefinitely.  There are tax consequences to consider for either side of the argument.  The homeowner should consult a tax professional to discuss the best course of action.  However, there are laws in place to protect distressed homeowners.  Credit scores will drop- typically anywhere from 100-250 points, but usually can be repaired within 18 months.  Short sales are typically the lesser of the two evils and the damage caused can usually be repaired.


What a short sale is NOT:
It is not a "Get out of my mortgage free card."  A homeowner has to be approved by the lender and truly have a hardship, or have an impending hardship and on the way to foreclosure.  Just because a homeowner is upside down on their mortgage, does not mean that they qualify for a short sale.


How does a distressed homeowner get started?
First the homeowner should call me!  As a Certified Distressed Property Expert and an accredited Short Sales and Foreclosure Resource, I would love to discuss your options with you.  It never hurts to ask!!

"I'm never too busy for any of your referrals!"

Busting Home Buying Myths!!

We've all heard the hub bub in the media about how buying a home can destroy your finances, but as soon as you switch the channel, you hear the opposite!  What's fact and what's fiction?!
First you have to determine if buying a home is the right thing for YOUR situation.  Not your mother's, not your brother's, certainly not your Realtor's, but yours and yours alone.  
Consult a trusted real estate professional and ask questions about current home prices and trends.  A professional REALTOR is held to a code of ethics and should provide statistical data to you, if you wish.

Until, then, here are five common myths people commonly use as fact!

1.  "The Perfect Home Is Out There"  It may be!  But more commonly, it's a matter of compromise.  Many buyers tend to focus on the one thing a home doesn't have, rather than the 9 out of 10 things that it does have.  Decide up front, which features are deal breakers, and which ones would be nice to have.


2.  "The House Has To Speak To You"  Many people believe the home has to feel right when you walk through the door.  Companies spend billions of dollars every year to hire design consultants and staging professionals to ensure their home "speaks" to buyers.  Use a critical eye when viewing homes.  It's a process of elimination!  


3.  "The Listing Information is Always Accurate"  Listings are created by people.  People make mistakes!  Even with the best of intentions, REALTORS can accidentally misrepresent information.  Be on the safe side, measure the rooms for square footage, count the number of closets, get a home inspection.


4.  "You Should Buy as Much House as You Can Get"  Why?  Is it practical, either financially or otherwise, for a newlywed couple to buy a 4,000 square foot home, because they can afford it?  Not really.  Purchase a home so that you can live comfortably and enjoy your home, instead of working to pay the bills.


5.  "If Your Offer's Accepted Right Away, You Offered Too Much"  Not necessarily.  Buyer's remorse is a common occurrence- it's like cold feet at a wedding.  It's most likely the best decision, but people get nervous!  Just because your offer was accepted right away does not mean that you offered too much.  It may just mean that it's a buyer's market and sellers are ready to unload their homes!

Call me for all your real estate needs!  I'm never too busy for any of your referrals!

2012 BAH Rates for the Camp Lejeune area

The new 2012 BAH Rates have been published! Click here to use the BAH calculator!  Enjoy!!

Cornerstone Cottages!!

Cornerstone Cottages is an up and coming neighborhood just outside of Onslow County.  It's about twenty minutes from the shopping and restaurants and it's worth the drive home!  With a country atmosphere, you'll be able to enjoy the "no noise" and fireflies from your front porch!!

Call today for your exclusive preview of these fabulous homes!  American Homesmith was the 2011 Onslow County Showcase Winner of the Year for their fabulous floorplans and upgraded features in the homes.  

The homes in Cornerstone Cottages boast beautiful craftsman styling with vinyl siding and stone accents on the exterior.  The interior has nine foot ceilings, plush carpet and stainless steel appliances.  American Homesmith offers a 10 year Quality Builder Warranty on all their homes!

 The "St. Augustine" Floorplan

3bed/2.5 bath

$138,543!!

So many choices! It's a homebuyer's buffet out there!!

There is more than 9 months worth of inventory of the real estate market in Jacksonville, North Carolina.  Which means there are a lot of options out there for buyers!  Imagine that!  All those options!  So many choices!......But you're probably going to only buy one home, right?
This is where a handy checklist comes in.  If you're thinking of buying a home, whether it be to make a wise financial investment, or to purchase your "forever home", list in order of preference the features that are important to you.  For some people, the first thing that pops up is a Huge Kitchen.  For others, it might be a Huge Garage.  For many it's location.
Firmly deciding which features you cannot do without will ultimately narrow down the playing field which will lead you to your dream home.  
Home buying can be one of the most stressful situations one can endure.  Let's keep it simple!  Call me today with any questions or concerns!  I'd love to help!

As always, I'm here for any of your real estate needs!  If you have a friend or family member who is interested in buying or selling a home, I would love the opportunity to speak with them! Thanks so much!

Quick and Dirty Showing Tips for Sellers!

So you have your house on the market and you're waiting for the elusive, the impossible, the answer to all your prayers....  "THE BUYER!"  What happens if you get one and you're not ready?
Life happens!  The dog gets sick and the kid is playing in it.  You have a flat tire and no time to clean the house.  You're at soccer practice on the other side of town.  The list goes on and on!


Don't worry about getting ready for a showing- Be Ready!  
~Spend an extra fifteen minutes on your busy days and throw all the random toys in a laundry basket and stick it in a closet.  Then when you have more time, actually put things away.
~Only keep out what you use.  I know it's difficult to live your daily life like this- but trust me it will be worth it when you have a last minute buyer!
~Buy higher watt bulbs.  Crazy, I know!  But think of it this way- everything will look brighter and you don't have to do anything!
~Swiffer or vacuum really quickly first thing in the morning.
~There's not much you can do in the way of pets, unless you crate them during the day or they are outside, just make sure their area is clean and fresh smelling.
~Open the curtains before you leave- natural light really can enhance your home for showing!
~Don't leave toilet seats up, dishes in the sink or laundry on the floor!


Again, these are quick and dirty tips to help in a pinch!  I have a handy little booklet for anyone who would like more information on how to better display your home for sale that includes more detailed information.  Call me and I'll send it to you!

As always, I'm here for all your real estate needs!  Call me- I'd love to help!!

"I want to buy a house! Why do I need a 'buyer's agent'???"

A big misconception that I've found among buyers or people who might be thinking about buying a home, is that one real estate agent is just like the next one....half a step above a car salesman and half a step below an attorney.  Sometimes that might be true, but not always!

A REALTOR is a real estate professional that has been trained and follows the Code of Ethics by the National Association of Realtors.  And under that scope, each Realtor wears a different hat, depending on their clients' needs.  For instance, a listing agent, typically, is working for the seller and has their best interest at heart during the transaction.  A buyer's agent, typically, is working for the buyer and has their best interest at heart.  And sometimes, the same Realtor is wearing both hats, working for both the seller and the buyer at the same time.  These are very generalized descriptions, so let's look at why you should use a Realtor when buying a home!

A buyer's agent will work to negotiate the best price, ensure the property is inspected, and make sure you have the representation you need. Things you tell a buyer's agent remain confidential. Using a buyer's agent also means that you will be shown homes that are For Sale By Owner (FSBO). It might seem like using a buyer's agency means you are going to pay more -- but that's not always the case. In most situations, buyer's agents are paid by the seller and the commission is all ready determined before the offer is written.  In a FSBO situation, usually the buyer's agent will negotiate their commission directly with the seller.  If the seller refuses to pay a commission, that will be up to the buyer's agent and the buyer to discuss.   

Every transaction and situation is different.  This is why it might be a good idea to interview agents and get a feel for how well they will work for you and with you.  Every Realtor should ask a prospective buyer to sign a Buyer's Agency Agreement.  This agreement is solely between the buyer and the Realtor/Realty Firm.  For a buyer, this agreement specifies the duties and responsibilities owed by the Realtor to the buyer.  If the buyer is unsatisfied, essentially, they can fire the Realtor and cancel the agreement.  The buyer is not required to sign an agreement until an offer for land or a home is put into writing.  However, in the meantime, the Realtor is not required to provide loyalty, due diligence, provide all the material facts of a property, or hold a buyer's best interest at heart.  So it really is in the best interest of everyone involved if an agreement is signed and agreed upon from the start to clearly define all the duties, responsibilities and expectations.

Homebuying is one of the most stressful and most expensive life events that one can undertake.  Doesn't it make sense to have a trained professional to help you with it?  Especially when you don't have to pay them for their knowledge and expertise!

As always, I am here for all your real estate needs, and I'm never too busy for any of your referrals!