Understanding a Short Sale in Murphy NC Real Estate

Posted by I Love Murphy on

Short sales in real estate have been a popular topic not only in Murphy NC, but all over the United States. National media has brought attention to this topic, and many people simply don’t understand what a short sale is. A short sale is not like a real estate foreclosure, which is is where a bank has repossessed a home or land parcel because the borrower failed to make their payments.

Need Help with a Short Sale? Get The POLTROCK TEAM!
Need Help with a Short Sale? Get The POLTROCK TEAM!

A short sale happens when the owner (or borrower) still has possession of the property and sells the property for less than what is owed to the bank or mortgage holder.

A mortgage must always be satisfied (paid off) in full in order for a property to sell. In order for that, one or a combination of three things must happen:

  1. The most popular and most talked about is the bank/mortgage holder writes off the loss and “forgives” the borrower. In some instances, it can still negatively impact your credit – but not as bad as a foreclosure.
  2. The borrower brings cash to the closing table to pay for the difference. This rarely happens because if the homeowner had the money to pay the difference, they would likely not need a short sale in the first place. Short sales are generally reserved for when foreclosure seems inevitable and the borrower has no way to pay back the note.
  3. The owner borrows the money to pay the difference. Many times the institution (so long as it is not a mega-national company) will loan the difference or a personal loan can be given from another bank.

Many sellers who are “upside down” in their real estate are trying to attempt this option. On the surface, it seems very easy. The truth is, there are a lot of hoops to jump through and you may not qualify for it. I was working a short sale and had the buyers about two weeks ago. The president of a large local bank told me, “If we did it for these guys, then we would have to do it for everyone. That would say it’s okay to default on a loan you promised to repay and that’s just not right. We’ll foreclose on it before we’ll even consider short selling it.” On the other hand, some banks would far rather a short sale than to have to go through the expensive process of foreclosing. We’ve closed short sales and they do happen.

There are so many things that come into play on these that I will have to save them for a later time. Keep an eye out for more on this topic and I will try to link them together to make them easily found. If you have any questions, call us or email! We’re in business for you and are happy to help any way we can.

Related articles:

Perils and Advice of buying Short Sale Real Estate in Murphy, North Carolina

John Poltrock, Certified Residential Specialist – The Poltrock Team at REMAX Mountain Properties – www.MyMurphy.com – JohnPoltrock@gmail.com – Toll Free 1-866-Murphy-NC or 1-866-687-7496

Enjoying the Water on Hiwassee Lake in Murphy NC This Weekend!

Posted by I Love Murphy on

This weekend turned out to be bright and gorgeous! After a long day of showing real estate to some prospective buyers on Saturday, it really was a treat to get out boating on Lake Hiwassee this Sunday.

We put in the boat at the Hanging Dog Forest Service area here in Murphy and then rode all the way to the Hiwassee Dam.

This year is exceptionally beautiful because Hiwassee is practically full! After a couple of years with low rainfall and low water levels on Hiwassee, it’s genuinely a treat to see it that full. It’s beautiful with all the Forest Service it has surrounding it, and yesterday was no exception. It’s great to ride for miles and only see nature around. Natural shoreline is certainly the majority on Hiwassee since it’s only 7% developed and Forest Service owns the rest.

If you’ve not been fishing or skiing on Hiwassee, you should! Much of the water is like glass since the channels are long, slender, and blocked from wind by the mountains. You can find a cove and just enjoy yourself and likely not see another person in your cove!

For real estate in the mountains of Murphy NC or to find out what is for sale on Lake Hiwassee, call The POLTROCK TEAM at REMAX Mountain Properties toll free at 1-866-Murphy-NC or 1-866-687-7496 – JohnPoltrock@gmail.com – www.iLoveMurphy.com

Murphy NC SOLD Real Estate Update – Homes and Land

Posted by I Love Murphy on

Happy (upcoming) Memorial Day! We certainly thank God and everyone who is a veteran and have supported our great country. Be certain to thank them and their families this Memorial Day as they have sacrificed as much, and in some cases more, than our soldiers have. Our country is full of heroes, and even though we are still in a struggling economy, we need to thank those heroes. We live in the greatest nation in the world, and they are the ones who have made it that way.

Real estate has been extremely busy here in Murphy NC. All of us at RE/MAX feel a surge, and I must admit that because of that, I am a bit disappointed in the numbers for the past two weeks. I am surprised to find only 13 properties have closed in the past two weeks. Based on the folks I have spoken with, I suspect our next update will be much higher. There are a lot of homes and land pending that is scheduled to close at the end of the month.

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Email John at JohnPoltrock@gmail.com and join our SOLD Update!

Here are some interesting factoids that you should know about what real estate is doing:

  • 16 Homes have went pending in the past 14 days (accepted contracts awaiting sale)
  • 4 Pieces of Land went pending in the past 14 days
  • 872 – The number of homes actively for sale in Cherokee County
  • 2,347 – The number of land parcels actively for sale in Cherokee County
  • 83 – Commercial properties for sale
  • 238 – The average number of days it took to sell the homes (616 days is the longest!)
  • $216,000 is the average sales price for homes (that sold in the past 14 days)
  • 89.84% – The average list/sale ratio of the homes (Think $100,000 home sold for $89,840 on average)
  • 359 – Days it took to sell land on average (913 is the longest!)
  • 78.33% is the average list/sale ration for land

Real estate is seemingly re-invigorated with interest and people shopping – and it should be.  There’s still a hard road ahead of us, and it is very important that you have your property properly positioned in the market. The best property in the world is not selling if it’s price too high. You’ve got to be competitive right now because those that are are selling.

If you would like for us to review your property and give you an update on how you are positioned, let us know! We’re here to work for you and get your property SOLD. We greatly appreciate your business and are working tirelessly for you. You can call us toll free at the office 1-877-837-3002 or email me at JohnPoltrock@gmail.com.

Have a wonderful and safe Memorial Day weekend!!

Sincerely,

John Poltrock
The POLTROCK TEAM
www.MyMurphy.com
1-877-837-3002

The Importance of a Home Inspection in Murphy NC Real Estate

Posted by I Love Murphy on

When you’re getting a home inspection on a home you’re buying in Murphy, NC, it simply makes “good sense.” In fact, I commonly equate it to buying a Carfax Report when you’re purchasing a car – you hope you’re throwing your money away, but if there’s something that pops up, you’ll be glad you did it.

Home inspectors commonly go through a home and check a variety of items. A few of the items they check on while going through your future home can be: appliances, electrical outlets, light fixtures, heating and air conditioning systems, possibly the water, radon, commodes, water heater, and much more.

Base cost for most home inspections is $350 and can go up from there based on the size of the home and a few a la carte tests that can be done. Once the inspection is completed, you get a thick report with many pictures showing issues, concerns, and maintenance items. This report allows you to request repairs, if needed, on the home you’re buying.

One important thing for real estate buyers and sellers to remember is that home inspectors almost always find something that needs repair. In fact, if you think about it, if someone paid you $350 to check out a house, you would feel a bit obligated to find something. If there’s small nit-picky items on the inspection, in many cases you don’t need to worry about it. The key is you’re looking for major issues of concern that need to be repaired.

Need a home inspector? Go to our Murphy NC “Gotta Guy” List for Recommended Contractors today! You can find several choices on folks who do good work. The next time you’re buying a home, be certain to get a home inspection – even if your house is brand-spankin’ new. Sometimes, those check out worse than resales because sub contractors forgot to do something, something was overlooked, or a shortcut was taken.

Enjoy your new home!

John Poltrock – The POLTROCK TEAM with RE/MAX Mountain Properties – www.MyMurphy.com – JohnPoltrock@gmail.com – Call us toll free at 1-866-Murphy-NC or 1-866-687-7496

The Watt Family of St. Augustine, FL Recommends The POLTROCK TEAM at Murphy NC REMAX!

Posted by I Love Murphy on

Watt Family at REMAX Client Appreciation PicnicThe Watt family just recently purchased a property from us in Turkey Creek, which is a great Nottley River Community in Murphy NC. They wrote two testimonials – one on paper and one by email. We’ll share them both with you!

Testimonial to Office Manager: I got to meet John by accident. I was working with a real estate agent in North Georgia who basically did not want to be bothered with smaller real estate purchases. Out of frustration, I “Googled” Murphy N.C. and John’s real estate website www.MyMurphy.com came up. I placed a call to him and was immediately impressed with his personable attitude and knowledge of his properties compared to my interests.

John spent all day Friday and Saturday showing us properties that matched the criteria we gave him. On our first trip, we purchase property – a lot of that decision was based on his trust worthiness – he wasn’t selling us a bad deal.

I would absolutely call John for any future needs and have already passed his name and number to my co-workers.

I hope John is able to “ride out” the the lull in real estate the country has managed to find itself in. He would certainly make an excellent mentor to those new in the field. I look forward to working with him for any future transactions.

Email Testimonial: Just wanted to share my experience with the Poltrock team regarding our real estate transaction …. What a breath of fresh air to work with someone who’s sole purpose was to insure customer satisfaction! My family and I made arrangements to visit Murphy during the summer just to ’scout’ the area out for our retirement at a later date. John lined up 2 days worth of prospects from the criteria we gave him – he made us feel very comfortable and welcome in a totally new place. John recommended lodging, food, and even gave us a brief tour of Hiwassee Dam. John’s knowledge of the area and his ability to understand our needs resulted in a purchase in Turkey Creek on our first trip! He was extremely helpful during the ’process’, making a long distance transaction seamless. He also made sure we had comfortable accommodations on our second trip to Murphy just last week – staying at a rental that was as clean and comfortable as our own home. His trust and honesty laid the foundation of our friendship – Big Kudos for John and REMAX of Murphy. I would recommend them to everyone!

The Watt family
St. Augustine, Florida

P.S. I really enjoy your blogs … I read them when I’m suppose to be listening on conference calls.
The Watt family
St. Augustine, Florida


P.S.  I really enjoy your blogs … I read them when I’m suppose to be listening on conference calls.

What’s Happened to the Value of My Real Estate in Murphy, North Carolina?

Posted by I Love Murphy on

Real estate in Murphy NC, as for most of the United States, is a high topic of conversation. Whether it’s about an individual home or land or the prices of them, you can expect to hear about it at any local hangout. Now, most folks don’t walk around and openly say, "my home is worth a gajillion dollars," but they do watch what’s selling and for sale in their neighborhood.What's the value of my Murphy NC Real Estate???

So it’s natural to wonder, "What’s happened to my property value over the last few years?"

Since Murphy, NC doesn’t have subdivisions with 100’s of the exact same house, it’s difficult to track a definite percentage of how much our market has adjusted. Fortunately, there’s still a good way to calculate it based on a popular style of houses. Like most areas, we do have a popular style. And nope, it’s not stucco, brick, or any of the common houses you see in primary markets. We have a popular home style called the chalet.

Because we have many chalets for sale and in turn help families buy a lot of them, we can get a rough idea of what the market has done. Without a doubt, these numbers will not apply to every home – especially unique ones. This is intended to give you a benchmark.

Market Summary

 

2006

2007

2008

2006 to 2007 Difference

2007 to 2008 Difference

2006 to 2008 Difference

List Price

 $253,031

 $269,155

 $237,730

 Up 6.37%

 Down 11.68%

 Down 6.05%

Sales Price

 $246,777

 $259,757

 $217,813

 Up 5.26%

 Down 16.15%

 Down 11.74%

List to Sale Ratio

 97.37%

 97.01%

 91.99%

 Down 0.37%

 Down 5.17%

 Down 5.53%

Days on Market

 111

221

225 

 Up 99%

 Up 1.8%

 Up 102.70%

*Based on an average of all 2/2 chalets on a basement sold in Cherokee County in the given year as sold across the Mountain Lakes Board of Realtors®. You can view more market statistics on our Murphy NC State of the Market Reports.

The large and short of it is that we have seen sale prices decline about 11.74% over the last 20 months. The stock market has lost 13.3% in 2008 alone (based on the DJIA index). With that said, it appears your money is far more stable and secure in the tangible asset of real estate rather than stocks.

This chart is a great indicator as to how the market trends. The year 2007 was our transition year where values began to decline. One of the largest indicators as to this is that days on market practically doubled while prices still increased. This indicates that although there was appreciation, it took longer for buyers to find and buy homes on the market. Since days on market is remaining quite stable, it shows a strong sign our market is reaching the "trough" (or bottom) of the business cycle.

Since it looks like we’re riding the wave at the bottom of the market, now is a great time to buy. You can purchase your real estate at low prices that we haven’t seen in years. If you’re waiting for the market to go up, you’ll miss out on huge amounts of appreciation that’s in store for us soon.

Are you considering selling and want to know what this data means for your individual property? Contact your local Cherokee County Realtor® for a free market analysis to interpret what your home is now worth. If you’d like us to research it for you, please feel free to call us or use our FREE Online "What’s My Home Worth?" form. 

Are you considering buying and want to find the best buy on the market? Be sure to contact a local Realtor®. They’re the ones living and breathing real estate and you should rely on their expertise. You can also call us to find your new property or use our FREE Online "Find My Dream Home!" form.

Written By: John Poltrock, your Cherokee County Certified Residential Specialist – www.MyMurphy.com – Call Toll Free (866) 687-7496 and demand The POLTROCK TEAM! – Real Estate in the Mountains of Murphy, North Carolina – Email me at JohnPoltrock@gmail.com – RE/MAX Mountain Properties

*Watch for this article in the upcoming issue of the Cherokee Scout’s Country Roads, which is the *new* real estate section of Cherokee County’s newspaper. Be sure to subscribe to the Scout newspaper and have it delivered at your home for 38 cents per week!

While in Murphy, North Carolina, It’s Fun to Visit Helen, Georgia!

Posted by I Love Murphy on

 

One of Murphy, North Carolina’s greatest assets is not actually something in Murphy, but everything around our hometown. You’ll commonly hear the phrase that Murphy is “about 2 hours from anywhere.”

In less than that you can find yourself in the quaint little town of Helen, Georgia. It has a distinct Bavarian flair through the architectural style of practically every store and building.

It offers my two personal favorites:

Tubing down the Chattahoochee River. There’s two main companies that operate there, and we always go with the Flea Market Tuning Co. You’ll recognize their trademark hot pink tubes floating down the crystal clear river water when you get there, and for a mere $3 per person, you can’t beat it! Be sure to bring a stick like a broom handle to help navigate – it’ll save you from having to spend several more dollars. Its quite Dub and very relaxing!

Hansel and Gretel’s Chocolatier. Need I say more? Hansel and Gretel’s is a great candy shop with chocolate covered everything – strawberries, pretzels, cherries, cows, chickens and yaks. Well, just kidding about the last few, but you get the idea! They are simply put, excellent!

Those are my favorites. There’s also German cuisine, shopping at local stores, several other restaurants, horse drawn carriage rides, inns, and many other places.

Helen is a perfect excursion for the day or weekend. It’s also convenient that its an easy drive there and back so you don’t have to stay in a hotel or anything unless you want to. Typically, when the day is over with, you can jump in your vehicle and head back home to Murphy, North Carolina!

You can even visit Helen GA’s official website to learn more about the little town and another site about Helen as well.

John Poltrock, Murphy NC’s Certified Residential Specialist – www.MyMurphy.com – RE/MAX Mountain Properties – The POLTROCK TEAM – Call Toll Free (866) 687-7496 and demand The POLTROCK TEAM!! JohnPoltrock@gmail.com

Testimonial from John’s Parents

Posted by I Love Murphy on

Jack and Tina PoltrockJohn’s parent’s just bought a home in Eagle Mountain in the Martins Creek Community of Murphy, NC. Here’s what they had to say about their experience:

We bought a mountain chalet in February 2008.  The Poltrock team did an outstanding job of helping us through the process.  Both are outgoing with excellent ties to the community.  We found them to be honest, hard working and willing to listen. They showed us several properties after listening to what we were looking for.  They are a young couple with a strong focus on customer service.  If anyone is interested in purchasing land or a mountain home in North Carolina or Georgia, my husband and I strongly recommend the Poltrock team.
Tina Poltrock
Fayetteville, North Carolina

Thanks mom! It’d be terrible if my own mother couldn’t endorse The POLTROCK TEAM! Although I have to admit, the way you wrote it, I wouldn’t have known it came from my own mother. We hope you enjoy your investment for years to come!

John and Jessica Poltrock – The POLTROCK TEAM – www.MyMurphy.com – JohnPoltrock@gmail.com – Homes and Land in the Blue Ridge Mountains of Murphy, NC – Call Toll-Free (877) 837-3002 and demand The POLTROCK TEAM!!!

John Poltrock is now a Certified Residential Specialist!

Posted by I Love Murphy on

Certified Residential SpecialistJohn Poltrock is now a Certified Residential Specialist by the Council of Residential Specialists. This designation and certification places him in the top 3% of all the Realtors in Cherokee County and in the top 4% of Realtors nationwide by both experience and education.

Does it cost more to buy or sell a home with Certified Residential Specialist? They may have more real estate experience and more training than the average real estate agent, but Certified Residential Specialist don’t cost any more. In fact, their expertise may actually save you time and money when your buying a home or increase your profit when you’re selling one. So when you’re looking for a real estate agent, look for a Certified Residential Specialist.

Professors have the Ph.D.
Physicians have the M.D.
REALTORS have the CRS.

John Poltrock is your Murphy, NC Certified Residential Specialist

Call Toll-Free (877) 837-3002 and demand The POLTROCK TEAM! – www.MyMurphy.com – JohnPoltrock@gmail.com – Homes and Land in the Mountains of Murphy, North Carolina

CRS Logo

 

3/2 Home for Sale in Martins Community of Murphy NC! WOW!

Posted by I Love Murphy on

Here’s a gorgeous home you don’t find every day in the Murphy, North Carolina area! A beautiful piece of real estate along with a home that stands out from all the rest! 3 bedrooms, 2 baths, a 2 car garage really set this home apart! It’s located in a great area of Murphy – the Martins Creek Community – which is where we live, too! It’s located right on Bergan Moore Road. Some of the features of this home are:

  • 3 Bedrooms
  • 2 Baths
  • 2 Car Garage (with lots of storage)
  • Paved Road
  • Hardwood Floors
  • Tile (not vinyl)
  • Super Large Master Suite
  • Beautiful Mountain view
  • Level Yard!
  • and more! Watch the video!

[youtube:http://youtube.com/watch?v=7qXVe6Cwx30]

Want to watch all our current videos?? View our YouTube Channel to see all the current listings available for sale with a video tour! Be sure to subscribe to keep up to date with our new releases.

John and Jessica Poltrock – www.MyMurphy.com – The POLTROCK TEAM at REMAX of Murphy NC – JohnPoltrock@gmail.com – Call Toll Free (877) 837-3002 and demand The POLTROCK TEAM for the very best real estate!