Nevada Real Estate >> Las Vegas Real Estate Specialist: December 2010

Earnest Money Deposit (or EMD) means you are putting some money forward when you write a contract to purchase a home.  When a home is listed in the Las Vegas MLS, the amount the seller is requesting is on the listing sheet.  Everything in real estate is negotiable but you want to try to get as close to the seller’s number – when you are writing an offer on a Las Vegas Home – as possible.

The check is presented with the offer but is not cashed (generally) until an offer is accepted and fully executed (both buyers and sellers have signed agreements.)  I have to sign that the check is in my possession on the board offer so I cannot submit the offer without your EMD check or I could be subject to a fine by the real estate division. There are alternatives that I can sign on to submit an offer but your offer does not appear to be strong to the seller if you are making no effort to write out a check and place it in the possession of your agent.  (Note:  This rule may not apply in locations outside of my market area.)

What if I back out of the sale – will I get my Earnest Money Deposit refunded?

It depends.  If you are within your due diligence time frame and you are backing out due to a contingency that you could not fulfill, you should receive an EMD refund.

You should always check with a lawyer BEFORE you sign a contract and when you are backing out of a contract for an unsatisfied contingency.

Typically in Las Vegas real estate,  earnest money is applied to the purchase price.  You are not “losing” that money when you close.  It will be applied to your down payment or closing costs and if the EMD amount exceeds your down payment or closing costs, the excess will be refunded after close of escrow.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Trying to understand Credit Scores can seem to be complex at times, especially when there are so many so-called experts online and or credit repair companies. Trust me, I have sat next to loan officers in the past that just made up things as they went along.

Many that come to me and seek my help or advice usually seem to be those borrowers that were previously approved. Yet are denied last minute and in most cases it was because of their credit. And for two months while in processing, that borrower was told all was okay. So how can this be?

In my own opinion, there are three main factors that a loan officer should look at.

1.) Credit scores aka fico scores

2.) All items that are derogatory, to include : latenesses, judgments, collection accounts, bankruptcies, etc

3.) Your credit balances vs your credit limits, to see if you abuse your credit.

What I seem to find that happens in many cases is that the loan officer dwells on the credit score the most, thinking that the deal should not be as difficult if that borrower meets the credit score requirements. Or for the fact that they can’t distinguish less than perfect credit for bad credit. But lately, I am finding more borrowers that were told no problems during the process and their credit scores were between 580 and 619. Here is the reality of it. Most lenders now require 640 or higher. Yes, FHA allows a borrower to go to 500, while on conventional loans you can go to 620. And there are some, such as Infinity Home Mortgage, where we can go to 620 on a case-by-case, if the loan makes sense and the borrower meets the basic guidelines pertaining to debt ratios. Here is the problem. There are a few lenders that will portfolio their loans and go as low as 580. Not only are the rates about 1.5 percent higher than normal market rates, that come with a few more points, but have more lender overlays regarding the lending guidelines. Yet it is very hard to close these loans. Even though I could broker out these types of loans, I tell the borrower that it is best to get their scores up to 620 or higher for various reasons.

When dealing with a lender when you have lower credit scores, your first question is, “how do I get them higher?” This can be such a dangerous question, because there are so many different answers and some are either wrong or misleading.

Example : If you have collection accounts that are two years or older, you should not pay them off at all until you go to settlement. When you pay anything off, that creditor or collection agency will be reporting this to the credit bureaus, which creates a new date. This does affect your credit score for the worse.  I tell people not to pay off a thing until settlement, if requested to be paid off.

How can you increase those credit scores?

• Keep your balances at thirty percent or less of your high credit limit. The higher the balance to credit limit, the more it will hurt your credit score.
• If you don’t have many open trade-lines, you should obtain new credit. "Well, I can’t get a credit card, I tried and was denied." You can get a secured credit card. Just get a $250 limit and keep your balance at $25. Make a payment as soon as you can, not waiting for your bill. Then ask if you can get a letter stating that you made a payment on time and the lenders credit agency might be able to re-score your report. If not, you will just have to wait the full thirty days.
• Credit latenesses – We know that 30 day lates hurt, but what can hurt more are 60 and 90 day lates. Your scores will get a tad better after three months, as long as you aren’t late on anything else. But these credit scores can improve drastically after six full months, as long as you aren’t late on anything.
• I talked about keeping your credit balances low. Sometimes if you even pay down your balance even more, this could help your score.

Example 1 : I have a client who has a mid score of 587. They have one credit card with a credit limit of $6,500 and currently have a balance of $4,000. If they paid it down the normal 30% limit, that would be $1,950 and their score would rise about 16 points. If they pay it down to a balance of $750, their score would increase another 19 points, for a total of 35 points.

Example 2 : The same client also has a card with a $351 balance and their credit limit is $600. To pay it down to the 30% level won’t do much, about 5 more points. But paying it off completely, they will get another 7 points, totaling 12 points. Overall, I am now increasing their credit scores by 47 points. And this will get their mid credit score to 636.

Conclusion: You need to deal with a loan officer that not only understands these different scenarios, but one who has access to a credit analyzer. Never assume what you should do from those on the internet, or from a family member, or from credit repair companies that tell you the world. If they didn’t run a credit analyzer/simulator, then it’s all a guess, with hope and a prayer. And if the lender doesn’t have access to a credit analyzer, then seek one that does.

Key Reminder : Unless instructed to do so, never pay off your credit cards. Keeping a running balance on revolving credit will help if under control. Paying off installment loans won’t really help your credit scores.

Key reminder when others check your credit scores.  If you get an outside source such as True Credit Report or Free Credit Report, your credit scores will usually be higher than when a mortgage company pulls your credit. Why? Because each uses a different logarithm. Just as those that give out car loans, they have a different logarithm.

• Credit Scores Part 1 – The basics and that you don’t need 700 credit scores or 20 percent down

• Credit Scores Part 2 – Understanding your Credit Scores

Disclaimer : I don’t work for a credit agency nor should I be considered a true credit expert. However, I do understand more than the basics and this information is based on my knowledge and research from many years in the mortgage industry.

PS.. don't hesitate to reblog this for your clients and or readers. Thanks

My New Years Gift to all of you.... something that took me a day to put together, like a mini book with many ideas for better business in 2011.

Your 2011 Business Plan - Keeping your eye on the moving target

thanks

The Lakes November 2010 Real Estate Resale Market Report:

• Listings (12/15/2010):  78
• Under Contract (12/15/2010):  59
• Sold November 2010:  16

Since Last Month's Report:  Listings DOWN -7, Pendings UP +5, Sold Units DOWN -3.

For Current and Past The Lakes Market Reports

View The Lakes Homes For Sale Here (Updated Daily)

More Information on The Lakes Real Estate Here

More Las Vegas Communities Here

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”.  Merriam-Webster Dictionary definition #4 defines contingent best when it is applied to real estate:

“dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>”

Disclaimer:  I am not a lawyer, I am just explaining what contingencies I see in real estate contracts.

When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies.  You will want to make sure:   the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc.

This time frame to fulfill contract contingencies is also commonly called:  ”due diligence period” or “inspections period”.

Las Vegas Buyer Contingency Examples:

• Loan or Mortgage
• Appraisal
• Home Inspection(s) (Mechanical, Structural, Soils, Fungal, Pest, Septic, Roof, etc)
• CLUE Report (Insurability)
• HOA Document Acceptance
• Sale of Existing Home
• Preliminary Title Report

Las Vegas Seller Contingency Examples:

• Delivery of Marketable Title
• Short Sale Approval
• Court Approval (usually for Lis Pendens or Probate)

It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency.  It’s always better to be safe than sorry!

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Welcome Home To GATED W Las Vegas Community:  The Lakes!!

• 3295 Homes
• Homes Ranging from 1061 Square Feet Entry Level-11662 Square Feet Ultra Luxury Multi Million Dollar Homes
  
• Built from 1985-2008.  A majority were built in the late 80's to early 90's.  The newer homes are the Ultra Luxury Custom Homes!
  

The Lakes Community Amenities Vary from Subdivision to Subdivision.  The Lakes Community is close to an abundance of:  Retail, Restaurants, Professional Offices & Local Gaming.

The Lakes is a rare Oasis in the desert!

Click Here to Browse Listings & Homes for Sale in the Lakes Community.

View The Lakes in a larger map

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Southern Highlands November 2010 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

• Listings (12/15/2010):  246
  
• Under Contract (12/15/2010):  170
• Sold November 2010:  47

Since Last Month:  Listings are DOWN -10, Pendings are DOWN -10, Sold Units UP +7

Last Month's Southern Highlands Market Report

View Southern Highlands Homes For Sale Here (Updated Daily)

More Information on Southern Highlands Real Estate Here

More Las Vegas Communities Here

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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As a Las Vegas Homeowner, maybe your bank or a friend has mentioned that you should do a short sale.

As a Las Vegas Area Home Buyer, maybe you have been looking at some short sale listings.

A Short Sale is when a homeowner is asking lienholder(s) to forgive part of the debt owed on a home.

It is a sale contingency, which means that the executed contract & sale is contingent on the third party lienholder(s) approval.   It should be looked at no differently than a financing contingency, home inspection contingency, appraisal contingency or any other contingency listed in the purchase agreement.

Many people think that the lienholder(s) have control in executing the contract but that thought is false.  The short sale sellers still have complete control of decisions made on the house, the lienholder(s) just send them price, terms and conditions that they will have to approve to complete the short sale.

A short sale is an extremely complicated type of contingency and sellers and buyers should ask many questionsbefore they list their home or write a purchase agreement as a short sale.  Many short sale buyers and sellers get very frustrated in the middle of the short sale transaction because they are not educated well enough about the process.

You can read more about purchasing a Las Vegas short sale right here.

You can read more about listing a Las Vegas Short Sale right here.

If you have any questions and you are not already tied to a Las Vegas area real estate agent, I will be happy to answer them via email or phone.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Las Vegas Area December 15, 2010 Active Listings by Type

• REO:  3409 (22%)
• Short Sale:  7817 (50%)
• All Other:  4440 (28%)

November 2010 Sales by Type:

• REO:  1572 (46%)
• Short Sale:  901 (27%)
• Other:  923 (27%)

This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.

Click here to see last month's Listing and Sales Type Report

Click here to view the most recent stats

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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When qualifying for a mortgage, the borrower(s) need to meet three main qualifications.

• Income – There are specific front and back end ratios depending on the mortgage program. And sometimes you can exceed such ratios with compensating factors.
• Credit – Mortgage programs now require credit scores, aka fico scores.  You also need to show good credit performance on how you can handle your credit or that you have established credit.
• Assets – Depending on the mortgage program, you might need assets to close and or to show a specific number of reserves.

I want to talk about a specific issue when there could be more than one person on a mortgage when it comes to mortgage qualifying or income qualifying. Many will state that they should be able to qualify for the mortgage because their spouse also has a job and makes money. Unfortunately this doesn’t apply if that person doesn’t meet the basic credit requirements. And if you think about it, it kind of makes sense.  Why would someone lend another money if they didn’t show any credit worthiness. Yes, we know there are circumstances, which some loan programs are more lenient on. But it all starts with the credit scores now. Many lenders and loan programs now require a 640 credit score. Some will go down to a 620 and there are some still advertising to 580. All I can say, even if someone could do your mortgage below a 620, it’s going to be very very costly. How costly? Interest rates usually higher by one percent or more with higher points. And don’t fall for the trap when the loan officer says, “don’t worry, you can refinance to a lower rate in 6 months.” Sorry, my crystal ball broke decades ago.

There are two other things to think about when it comes to mortgage qualifying with income and or credit. You can read about non occupant co-borrowers and community property states here for the other requirements. Non-Occupant Co-Borrowers & Community Property States.

Realtors - If you have a client asking you this question, you can send them to this post, instead of trying to explain it.

Merry Christmas from my family to yours!

If you are in Las Vegas from now through New Year's Day here are two holiday guides if you are looking for something to do:

Las Vegas Holiday & Christmas Light Displays 2010

Las Vegas New Year's Eve Event Guide 2010:  Concerts, Night Club Parties, Hotels

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Las Vegas Area REO Inventory has RISEN since last report (+123 units), Under Contracts have RISEN (+116) units  Closing data has RISEN (+112) units.  Low interest rates have spurred a flurry of buyer interest & activity  and it continues.  

REO sales accounted for 45% of all Las Vegas Area Valley resale closings in October 2010.  REO listings account for only 21% of total resale listings.

Current Listed Bank Owned Statistics:

• Listings (12/15/2010):  3409
  
• Under Contract (12/15/2010): 2894
• Sold November 2010:  1572
  

View Last Month's Report Here  

For Most Current Las Vegas REO Inventory Market Report.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Believe it or not I am enjoying the “much needed” Las Vegas rain.  Hopefully it isn’t a newsflash to anyone we have been in a drought for around a decade.  The Las Vegas Sun is reporting that “western slope snowpack is 145% of normal” right now.  Snowpack is more important than the rain itself which has only raised Lake Mead’s level’s 2/10 of an inch (it’s down 130 feet), according to the Las Vegas Sun.

Aside from that I thought that stores would be dead Monday morning but it seemed to have brought out shoppers in all places I was at:  Target (Flamingo/Hualapai), Ulta (Arroyo) & Bed, Bath & Beyond (Arroyo).  That’s also great news for our pitiful economy I suppose!

According to weather.gov’s map:  my area has received 3-4 inches since Saturday (my pool is filled to the brim and we need a respite so we don’t have to drain a couple of inches of it!)  Sprinklers are off and unless we have an unusual hot spell between now and the new year they won’t go on until the first week of January!

Las Vegas isn’t exactly equipped with storm sewers (like the midwest) and there are large pools of water – especially in and around the newer areas like Mountain’s Edge.   We also don’t have lakes or creeks (pronounced “cricks” alright?)  We have detention basins and washes (pronounced “warsh”!)  You rarely see water in those washes or basins.  Here is a photo I took of the detention basin at Durango & Russell today:

It has been a little rough getting around for BPOs this week with cars not seeing big puddles and hydroplaning but the up side is that no one is outside wondering why I am taking a photo of their house

And one more thing that I can be thankful for:  IT AIN’T SNOW!  ;)

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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The absorption rate for Las Vegas Valley Area Short Sales has swung from a stable market back to a buyer's market. Inventory has INCREASED by +120 units.  Under Contract has DECREASED by -433 units.    Sold units have DECREASED by -26 units.

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 12/15/2010:  7817
  
• Pending 12/15/2010: 7891
  
• Closed November 2010: 901

Short Sales Currently Account for:

• 50% of All Las Vegas Valley Listings
• 19% of All Las Vegas Valley Sales 

Read here for last month's report on Las Vegas Area Short Sales.

Most Current Market Report For Short Sales

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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If I have used a consumer credit counseling payment plan am I still able to apply for an FHA loan?   The good news is, YES.  However there are some steps that must be taken.

Participating in a consumer credit counseling payment program does not disqualify somebody from obtaining an FHA  mortgage.  This is providing that the lender documents one year of the pay-out period has elapsed under the plan and that the buyers payment performance has been acceptable, meaning no late payments on accounts or rent.

It is imperative that the buyers loan officer help them receive written permission from the counseling agency to apply for an FHA loan.  There are many caveats to FHA financing and with it come many questions.  Feel free to contact us about this or any other mortgage related question.  We are always glad to help. 

I had an inquiry via email last night from a Las Vegas Home searcher that wanted vacation or second home in Rhodes Ranch.

He wanted to only spend 100K.  Rhodes Ranch is also a Guard Gated Golf Community with a water park.

We have a slight problem here because Rhodes Ranch Homes are very popular and while we have some *kind of* close to that price range – they are contracted – and short sales.   The lowest priced ACTIVE listing I could find was $170K.  In the last year the lowest price sold was $140K so something tells me that those lower priced short sales won’t even pass the BPO sniff test.

Yes, most of Las Vegas Real Estate is in fire sale status!  Yes, the more popular areas – like Rhodes Ranch – will still cost a little more.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Silverado Ranch November 2010 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (12/15/2010):  224
• Under Contract (12/15/2010):  191
• Sold November 2010:  45

Since last month:  Listings are UP +5, Under Contract DOWN -8, Sales are DOWN -14.  The Silverado Ranch Area is Currently Enjoying a Seller's Market.

For Current and Past Silverado Ranch Market Reports

View Silverado Ranch Homes For Sale Here (Updated Daily)

More Information on Silverado Ranch Real Estate Here

More Las Vegas Communities Here

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Desert Shores November 2010 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

• Listings (12/15/2010):  104
  
• Under Contract (12/15/2010):  65
• Sold November 2010:  12
  

Since Last Month:  Listings are UP +1, Pendings are DOWN -10, Sold Units are DOWN -7

For Current and Past Desert Shores Market Reports

View Desert Shores Homes For Sale Here (Updated Daily)

More Information on Desert Shores Real Estate Here

More Las Vegas Communities Here

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Las Vegas Rental Homes:  The Tutorial

As a Las Vegas real estate agent, I do show and assist renters with finding Las Vegas Rental Homes.  My goal of this post is to help renters understand procedures for getting into your new rental home!

Step 1:

Get set up on a Las Vegas Rental Home search via our MLS:  You will receive rental home listings via email that match your search criteria once they hit the market, have a price reduction or if photos are added.

Step 2:

The physical search will begin 2-3 weeks before you need your new Las Vegas Rental Home!  Many landlords will not hold rentals for more than 2 weeks.

Step 3:

Once you find your Las Vegas Rental Home, you will need to initiate the application process with the landlord directly or the property management company.  I will first look at the Clark County Recorder’s office to see if there are any indications the home is in a stage of foreclosure.  I will then give you the application and instructions for turning in the application.  Most landlords & property management companies require a non-refundable application fee in certified funds that ranges typically from $50-100 per applicant – per house.

Step 4:

After you have filled out the application for the Las Vegas Rental Home, you will gather other documents that are necessary.  These usually include:  last two paycheck stubs, driver’s license copies, certified funds for application fee, etc.

Step 5:

Drop off the application at the property management company per instructions and the other supporting documents required (including fee) so that you can be considered for the Las Vegas Rental Home that you love!

Step 6:

Upon approval for the Las Vegas Rental Home you will be given a couple of days to come in and sign the new lease.  You will also be expected to have all of your deposits at that time.  Deposits are approximately 2-2.5% of monthly rental price.

One question I get asked often:  ”How Do You Get Paid?” Landlords have a compensation agreement in the MLS and pay me.  Nothing comes out of the renter’s pockets.  I do not show non-MLS properties.  It is up to you to arrange showings for those.

Tips For Finding Las Vegas Rentals (must read for credit challenged individuals or insurance banned breed dog owners.

Search for Las Vegas Rentals:

• Las Vegas Rental Homes
• Henderson Rental Homes
• North Las Vegas Rental Homes

PS, I also have referral partners that work North Las Vegas Rental Homes & Henderson Rental Homes.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Our Value is Only as Good as Our Integrity

In·teg·ri·ty.  What does integrity mean to you?  What does it mean to your business?  Moreover, what does your integrity mean to your clients? 

The definition of integrity is really quite simple--firm adherence to a code of especially moral values.  Integrity is synonymous with words such as incorruptibility, soundness, completeness, and honesty.  As real estate professionals, our 'value' is only as good as our integrity.  Think about that for a moment.

Commitment to integrity is something that is predominantly 'ingrained' in us as children; however, as adults, we must establish a commitment to this practice both in life and in our business, especially if we have employees or partners with whom we work.  Shouldn't we share the same commitment to integrity as a team or a firm (our businesses)?


Are you a person of integrity? Are you incorruptible, sound, complete and honest?  Do you do the right thing even if it does not mean 'money in your pocket?'  Do you do the right thing even if it means additional steps in an already, lengthy transaction?  (i.e. disclosures)


Possessing high integrity is perhaps the most difficult quality in life to 'achieve' but, once you have achieved it, integrity is THE most satisfying one.  Integrity is connected to a very deep subconscious decision to utilize constraint when it comes to acting upon something that is morally conflicting for us.  Whether we know it or not, subconsciously we may be 'considering' whether we should or shouldn't act morally in a particular situation.  If we have strong convictions to 'do the right thing,' our internal conflicts will occur less often and with less conscious involvement in the decision.


In our business, we have SO many opportunities that could lead to the compromise of our integrity.  Just look at the state of the economy, predominantly caused by those who chose to compromise their integrity in exchange for a hefty paycheck or even a new home mortgage.  Many of the issues that cause agents to permanently lose their license are those related to poor decisions, which directly relate to their integrity.



Are you willing to compromise your license, your livlihood for a few extra bucks?  We should protect and cherish our businesses, keeping in mind just how hard we worked to get to this point--but, only after we consider our morals.  Our integrity is something that we've worked to protect our our entire lives. 


in·teg·ri·ty (L. integritas) n.  Adhering to a strict ethical code

• The state of being wholesome; unimpaired
• The quality or condition of being complete; pure
  

Our team's motto:  Integrity Without Compromise.  Plain and simply.  Is that part of your customer service; part of your life?

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Thinking of Walking Away?  What About the Deficiency Judgement?

Many homeowners who are facing foreclosure fail to consider is the possibility of a deficiency judgment.  Deficiency judgments are levied by your former lender, who simply 'sues' you for the balance of what was owed on your mortgage at the time of the foreclosure less the eventual sales price, plus legal expenses, penalties, etc.   If the primary mortgage of $300,000 nets the lender (after foreclosure) $150,000, the amount of the deficiency would be $150,000 + legal fees, penalties, etc.

Homeowners facing foreclosure in North Carolina can and are walking away or otherwise allowing their homes to be foreclosed upon without any recourse from their lender.  Purchasing a new home is not an option for 7 - 10 years but, they could escape the possibility of deficiency thanks to North Carolina General Assembly Statute § 45‑21.38A.   Before you take any steps to walk away, I would strongly advise that you meet with an attorney to see if you are eligible to apply for mortgage deficiency forgiveness.

If it is your primary residence, the loan was originated after 2005 and has remained your mortgage since 2005, and is NOT a line of credit, you could be covered by the deficiency judgement forgiveness program.

Please bear in mind that this does not affect any tax implications that may or may not be included in the forgiveness by this statute.  Please contact your CPA or tax attorney before making a decision to walk away from your mortgage.

If 7-10 years of not being able to purchase another home or real property does not appeal to you, contact a short sale specialist to help you avoid foreclosure--a far better alternative to most distressed homeowners.

 

      

  Charlotte NC Homes for Sale

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Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

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