UNBELIEVABLE SHORT SALE Log Cabin for sale in Murphy NC! From first approach, this home will win your heart. The incredible attention to detail is second to none. Giant log & river stone wood burning fireplace stretches to the top of the vaulted ceiling on the main level. Hardwood floors, large master suite with vaulted ceiling, walk-in closet, private bath and deck is wonderfully done. HUGE loft can be used for anything! There is a great kitchen with lots of cabinetry, counter space, and all the appliances. There is also a FULL Finished basement with a large room, mud room, and 2-car garage. Outside are some wonderful porches and large attached gazebo perfect for relaxing or even a hot tub! This is a must see home! Sale is subject to bank approval.
John Poltrock at REMAX Mountain Properties in Murphy, North Carolina is now short sale and foreclosure certified! He has completed his SFR designation, which is sponsored by the National Association of Realtors and specifically designed to help those who are facing foreclosure or needing to sell their home in a short sale.
Not only that, it’s important for both buyers and sellers! In the complex world of buying foreclosures or short sales, there are certain steps and information required to ensure the closing goes smoothly and happens as quickly as possible. Without the proper knowledge, a short sale can easily task 120 days to close! We have the experience to
- Negotiate with lenders – both primary and secondary mortgage lien holders
- Direct sellers to the proper finance, tax, and legal professionals.
- Develop a short sale package for sellers giving them the greatest likelihood of being approved
- Limit your risk! Both buyers and sellers have some risk, and we know what to minimize it!
Arming yourself with The Poltrock Team’s knowledge, expertise, and education ensures your short sale or foreclosure transaction in Murphy NC goes as smoothly as possible. If you’re looking for the best, call The Poltrock Team at RE/MAX TODAY!
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.
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:
- 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.
- 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.
- 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.
Real estate has been a hot topic here lately in the news – and its positive! Nationally, sales were up for the month of February. Ms. Lisa Floyd of Carolina Farm Credit was kind enough to send an article from USA Today that sums up what we as Realtors and mortgage lenders are seeing. Home mortgage rates have dropped to less than 5% and have spurred a race to buy a new home and to refinance current ones. Coupled with rock bottom low prices on homes, buyers are in search of great deals and good rates – and you’ll find them.
With that said – there are some things you really need to consider when you’re looking for a new home today.
- Consider ALL the purchase options:
- Foreclosures: if you’re a buyer, this is really becoming a hot topic. There are some great values on bank owned properties and then there are some rip-offs no matter what the price is. Don’t get caught up in the “allure” of buying a foreclosure. It doesn’t make you a “sophisticated” buyer or make you look like you’re on the cutting edge with your friends. There are many times as good or better buys that the bank doesn’t own. Look at ALL your options because many times there are better choices. (You can learn more about foreclosure buying and tips on our website www.iLoveMurphy.com . Search “foreclosure”)
- Short Sales: This is another hot topic that not everyone knows about. This is where the current owner is selling their property for less than what they owe on it. The bank either forgives the difference or agrees to do a personal loan to the owner for the difference (in which the owner still has to pay back the lost money over time). I’ve seen several cases where there’s a better buy on short sales than foreclosures, so this is a good consideration. In this case, you MUST have patience because it will be very drawn out.
- Sellers: this is the tried and true way and doesn’t have the fancy new lingo attached to it or make you sound sophisticated, and many times this is still the best way. Many homes have been owned for 10+ years and they can afford to sell it at a great value. Other sellers MUST move and are willing to take a hit to get on with their lives. There are thousands of other possibilities here and you should certainly not rule this out just because it’s not the “cool, new thing.”
- Here’s what you must have when you buy a new property:
- Patience: If you’re dealing with foreclosures and short sales, you better have patience and the ability to wait. If you need to move in to a house yesterday, you had better look at some other alternatives. Odds are there will be delays coupled with large amounts of waiting to find out about offers and more.
- Patience: Nope – I didn’t stutter here. This is more important than anything. Sometimes you won’t find what you’re looking for right away. You’ll have to be willing to tell your Realtor to look ACTIVELY for you and be able to act fast when the right thing comes along. Although there are a lot of homes on the market currently, some styles/categories/types of homes in certain price ranges are very picked over. As such, you need to have the ability to wait and look for the right thing.
- Money in Hand: There’s no need to walk in with a suit case of money (although you’ll be able to negotiate a bit harder for a better buy if you do!). You do need to be prequalified with a reputable mortgage lender and have verifiable funds to pay your down payment. This is very important because sellers (or banks which won’t even look at your offer unless you complete this step) will take you far more seriously and give you a better value.
- Don’t Fall in Love: When you’re negotiating for practically anything, you have to be able to have “walk away power.” You’ll get a better deal if you have the ability to walk away from the table and move on to the next thing. If you fall in love, you loose that ability. Don’t get me wrong, there’s absolutely NOTHING wrong with buying a property you absolutely love. It may cost you a little bit more, and that’s okay. It’s probably worth it.
- Representation: With all the new topics, concerns, and issues that face you in your real estate purchase, it’s not wise to try and tackle it on your own. Real estate is one of the largest investments you make, and you should have a Realtor and/or an attorney who specializes in real estate working for you. As Warren Buffett said, “Risk comes from not knowing what you’re doing.” Make sure you’re comfortable with and trust your agent and/or attorney. They should also have the heart of a teacher. They need to be able to break everything down for you so that you can easily understand it and the choices you have.
Real estate is an excellent investment strategy when it’s done correctly. We’re finding buyers that are ready to buy now because they know that the market is dragging bottom! You can look free of charge with no obligation to see what properties are available on our website at www.MyMurphy.com. Contact us or your agent to find some great opportunities that aren’t online because they’re out there!
If you’re selling your property now or considering it, yes – the value of your property is down from the peak of the market. The good thing is you can take this information and utilize it once your property is sold and you’re buying another. You WILL get a better buy now than what you would have, even if you got more money for it before. Truthfully, it’s likely a zero sum game and the numbers are just different. Talk to your current agent or call us and we will help you any way we can. We’re here for you!