Thursday, February 11, 2016

Short sales and why they are not a great deal.

1. Property may be foreclosed upon prior to settlement, in which case the buyer's contract is void (although the buyer will get his or her deposit back).
2. Approval of the short sale by the seller's lender may take several weeks or months.
3. Lenders usually don't approve a short sale unless the seller proves he or she is incapable of paying the full amount of the loan balance due to illness, relocation, unemployment or some other hardship. The fact that the property has declined in value is not sufficient for the lender to approve the short sale.
4. Lender may approve short sale only if the seller agrees to sign a new promissory note agreeing to pay the remaining amount due on the mortgage over a specified number of years; if the seller refuses, the buyer's contract is void (although the buyer will get his or her deposit back).
5. If the seller's mortgage is insured, the mortgage insurance company may have additional requirements for approval of the short sale, which may take additional weeks or months.
6. Even if the seller's lender approves the short sale, the seller may not have any money to pay for repairs of defects that are found on the home inspection, or that arise after that and before the settlement.  Seller may not have money to pay overdue amounts of condo fees or homeowner association fees; often the lender will not pay these either, so the buyer may have to pay them even if not part of the original contract to buy the home.
7. Buyer may have locked in a mortgage rate for x days, but the seller's lender takes longer to approve the sale, in which case the interest rate on the buyer's mortgage may have gone up.

Plan on waiting 3-6 months for the bank to approve/reply/deny. During that 6 months or more, you need  to move forward with the sale, inspections having an appraisal, ( around 500) secure a loan from your lender ( around 80.00 application fee)  You still could go to the closing table and be out all this $ for nothing because the seller ( bank or owner ) could refuse to sign. 
Usually even though I have listed short sales I caution people buying their first home like this. 
some times you get through all this process.. which is a pain even buying a normal home, and then you lose out on good homes that are on the market, because you can not get out of the contract once the seller signs you have to wait for the bank to make a decision or you lose your earnest money. I doubt you have thousands of dollars to lose, so please Think about all this. 

Sunday, January 24, 2016

Pleased to announce this newly constructed home in York, SC

Pleased to announce this newly constructed home in York, SC  It's not easy to find an agent with my combination of skills, strengths and experience - which is why I hope you'll think of me whenever you (or someone you know) is considering buying or selling a home in the area. 

Wednesday, January 13, 2016


“Homeowners obviously know their homes better than anyone, but that doesn’t mean they’re the best salespersons for their properties.
Some sellers are tempted to try a For Sale by Owner (FSBO) transaction because their local community is in the midst of a sellers’ market and they think they can sell easily without help. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a Realtor.
However, statistics show that selling your home with the assistance of a professional real estate agent will garner you a higher profit, enough to cover the commission as well as put more money in your pocket. According to the National Association of Realtor’s 2013 Profile of Home Buyers and Sellers, the average FSBO sales price was $174,900, while the average price for a home represented by an agent was $215,000, a difference of $40,100.
Why to Sell With a Realtor
Choosing to sell with a professional rather than on your own makes sense for a variety of reasons:
A Realtor has access to market data about recent sales and other homes on the market that can be used to price your home appropriately. Studies show that homes priced right when they’re first listed sell more quickly and for a higher price than those that linger on the market.
A Realtor can show your home when you aren’t available, can respond to inquiries from potential buyers and their agents, and can get valuable feedback from visitors – all things that save you time.
A Realtor can look at your home objectively and suggest ways to improve its appearance – by staging and minor repairs – so it appeals to more buyers.
Buyers typically prefer to look at a home without the seller present so they can feel more comfortable exploring the rooms and visualizing themselves in the property. At an FSBO sale, the seller must be present.
A Realtor can screen visitors to your home, which provides a measure of safety that FSBO sellers don’t have. In addition, by checking to see if the buyers are legitimate and can afford to purchase your home, a Realtor can help you avoid wasting time showing your home to unrealistic buyers.
Realtors have professional marketing expertise, contacts with other Realtors who work with buyers, and the support of a brokerage that can market your home more widely than you can as an individual.
A Realtor can help you negotiate a contract that not only garners you an appropriate price for your home, but that meets your needs for a settlement date and perhaps includes a period when you rent back your home from your buyer. In addition, a Realtor can make sure your contract is in compliance with all local regulations.

Most buyers today work with a buyers’ agent to represent their interests. If you choose to sell your home on your own, you’ll be negotiating with a professional and relying on your own skill to finalize a contract. Not only could you end up selling your home for less money, you could leave yourself open to potential legal problems unless you have the contract vetted by an experienced real estate attorney.
FSBO transactions can be successful, of course, but 90 percent of homeowners prefer to work with a professional rather than risk an unsatisfactory home selling experience.” directly from 


Cost  on sale of  250,000 home 

For Sale by Owner
PROFESSIONAL Photography: $250-700
sign, directionals: $50-300
Professional flyers $75 mailers $150
advertising on line: Just FB advertising $500 a month For Sale by owner $250 per month. Google ad $30-1000 per month. people are on line looking for homes.
3% buyer agent commission: 7,500
time off work to show property: 14 an hour. based on 4 people coming in 1 hour per visitor $56
Screening buyers: $500.00 each visitor in your home background checks, making sure they are pre-approved to buy your home and not just “checking it out for when you are not home”
Website:$ 400-$1200
Ads in Realtor magazines and books to reach potential buyers $200-$1000
So what if all this doesn't work at the minimum you are out $2500, and of course taxes, mortgage payments. 

That is a big gamble to me.  Real Estate agents are professionals.  I spend the money up front to market your property.  If your property is not placed on line where buyers and agents that have access to other buyers cant see it you are waisting time, energy and $$$$$.

1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.
The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies which work for the buyer and will almost always find some problems with the house
The appraiser if there is a question of value
Your bank in the case of a short sale

2. Exposure to Prospective Purchasers
Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3.  Results Come from the Internet
Where do buyers find the home they actually purchased?
43% on the internet
9% from a yard sign
1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.
5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000.   This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.