Danielle Edwards

RE/MAX Executive

What is a Home Warranty?

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What is a Home Warranty ?

Do I need one? and What does it cover?

by Charlotte Realtor Danielle Edwards with RE/MAX Executive

Whether you are buying a home or you own a home sometimes getting a home warranty can be very helpful.
I have many emails from various clients over the years on how their home warranty has saved them money.
Think of a home warranty just like you would a car warranty, insurance policy etc. You have to be willing to
deal with the hoops and fine print to get your stuff covered sometimes. I have had clients have amazing experiences and borderline stressful ones.

Check out my video below on the pros and cons of getting a home warranty in today’s market.

 

 

Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

Danielle Edwards Favorite MUST have Charlotte Real Estate Links

Buyer real estate software for market  updates

Best real estate software for your homes value

Search Charlotte Properties with Danielle

Check out my FIVE STAR REVIEWS here!

Top 5 Mistakes a Buyer Makes

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TOP 5 MISTAKES A BUYER MAKES

Looking to purchase a home? STOP!  Check out my TOP 5 before you start!

Click here for everything you need to know about buying a home in North Carolina.

 

Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

Danielle Edwards Favorite MUST have Charlotte Real Estate Links

Buyer real estate software for market  updates

Best real estate software for your homes value

Search Charlotte Properties with Danielle

Check out my FIVE STAR REVIEWS here!

 

Charlotte Real Estate Market Report

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Charlotte Real Estate Market Report

Market home sales show early signs of recovery for Charlotte Real Estate

Is the Charlotte Real Estate market recovering? As businesses across the region continue to adjust to reopening, home sales across Charlotte show the housing market in the early stages of recovery. According to data from Canopy MLS, home sales in June were down only 1.8% compared to June 2019. 4,938 properties sold in June 2020. Closed sales compared to May 2020 increased 37.2% with 340 more transactions completed than the previous month.

Pending contract activity

Buyer interest and demand for homes in the region is returning to pre-pandemic levels. Pending contracts rose significantly by 26.8 percent year-over-year with 6,174 properties going under contract in June. Contract activity compared to May 2020 was also positive and rose 4.2 percent.

Charlotte Real Estate Market
2020 Canopy Realtor® Association/Canopy MLS President John Kindbom said, “The large bump in pending contracts this past month compared to last year shows that buyer demand is healthy and was held back simply due to COVID-19. The last two months were certainly challenging. There are still challenges ahead. But we can already see the market is improving and will likely be a key driver in our economic recovery.”Prices rose during the month of June. The average list price ($366,537) rose 10.9 percent compared to last year but decreased 2.4 percent compared to May 2020. The median sales price ($284,900) and the average sales price ($333,938) rose 7.5 percent and 3.5 percent, respectively. The original list price to sales price ratio was at 97.6 percent, showing sellers are getting close to their asking prices.

 

New listing activity

 

New listing activity continues to lag and signals that seller confidence is recovering at a slower pace. Year-over-year new listings were down 8.5 percent with 5,365 new listings added to inventory during the month. Compared to May 2020, new listing activity rose 3.8 percent as sellers continue to adjust to virtual showings and opening their homes to buyers in the safest manner possible under current and changing conditions.

Kindbom added, “Realtors® certainly understand the hesitancy many sellers have in listing a home during what seems to be the height of a pandemic, even though agents continue to use every precaution to ensure safe showings. However, with inventory at the lowest level recorded, there’s a lot of opportunity for sellers who are ready to list. In fact, new listings get increased visibility and are spending less time on market.”

Inventory in Charlotte Region

Inventory across Charlotte declined 46.7 % year-over-year to 5,701 active listings at report time. This pushed months of supply to 1.3 months in June. This time last year the market had nearly three months of supply and 10,698 active listings.
Homes continue to sell briskly, which is another hallmark of a strong seller’s market. Days on market, the metric that accrues for “Active”and “Under Contract-Show”statuses, averaged 38 days in June 2020 compared to 40 days in June 2019. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 89 days.

Charlotte Real Estate Market
The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Canopy MLS. The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

For more information on this report and data please contact Danielle Edwards with RE/MAX Executive.

 

 

 

 

704-604-2999

drivendanielle@gmail.com

www.soldondanielle.com

Charlotte Real Estate Market in 2020

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Charlotte Real Estate Market in 2020

Buying or selling? Here’s how the Charlotte Real Estate market may affect you

Perhaps the number one question Realtors get is “how is the Charlotte real estate market ?” Followed by: “when is the best time to sell or buy?” Whether you are looking to buy a new home or sell your current home this year, the best place to start is by diving into as much information as you can get your hands on, so you can create an effective game plan for your journey. Let’s start by discussing the state of the Charlotte real estate market in 2020.

 

 

Charlotte Skyline

Photo by Daniel Weiss

Charlotte, NC ranked 2nd fastest-growing city

According to the Charlotte Observer, everyone from big business owners to small families around the country have their eye on Charlotte as a possible relocation destination. Our little southern banking town isn’t so little anymore, and it’s certainly not just a banking hub these days. The north side of South Boulevard was merely warehouses and old mills over a decade ago; but now, it’s a bustling metropolitan hot spot full of activity. If you were seeing it for the first time in 10 years, you wouldn’t recognize it at all.

Charlotte Real Estate statistics

According to the MLS, 2019 ended with a flurry of housing activity. From December 2018 to December 2019, home sales grew by 17.2%.  During the year of 2019, 50,854 properties sold in the Charlotte region, which was a 5.9% increase from 2018.

The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. The Charlotte region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

Demand still increasing

Pending sales, which continue to show tremendous demand from buyers, increased by 8.9% from 2018 to 2019. December figures showed demand soared upwards by 22.3% compared to last December as buyers continue to seek homes across the region.

Still a “seller’s market”

Prices continued to respond to strong seller’s market conditions, with the average list price in 2019 ($333,290) rising 4.6% over 2018’s average list price. The original list price to sales price measure for the year was 96.7%. The average sales price in 2019 rose 5.9 % compared to 2018 to $303,722, while the median sales price, a better measure of prices over time, rose 7.1% to $255,000.

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Inventory steadily decreasing

“Despite the slower activity during the first half of 2019, it’s truly turned out to be a record-breaking year of sales,”said 2020 Association/Canopy MLS president John Kindbom. “With sales in 2019 up nearly six percent over 2018, and with the phenomenal activity we saw during the month of December, it looks like the spring market has started early.”John Kindbom 2020 MLS President.

The new listing activity has been challenged for some time now, with offers being placed almost as soon as a listing is published. Listing activity for all of 2019 was essentially unchanged compared to 2018, rising 1.7% with 61,069 total new listings at year’s end. This will continue to impact inventory, which declined 23.9% in December and left the Charlotte region with 7,416 properties for sale at report time, or 1.7 months of supply. A year ago, in December 2018 the region had 9,747 properties for sale, or 2.4 months of supply.

Days on the market: holding steady

For all of 2019, the average number of days a property was on the market from the time it was listed until it closed (list to close) was 93 days, which is unchanged compared to December 2018. Days on Market, the metric that accrues for “Active”and “Under Contract-Show”statuses, averaged 43 days in 2019.

This excerpt was from Canopy Realtor® Association, which is a trade association that provides its more than 12,200 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region’s primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 17,800 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.

Realtor Danielle Edwards: Thoughts on the market

This time last year was really slow for many Charlotte Realtors. This year proves to be different as just one week into the new year, I have one listing and 3 pending buyer transactions.  I would say 2020 is off to a great start.  Interest rates are at a great place for buyers and many sellers are taking advantage of that to sell and relocate.  In the Charlotte real estate market we see a lot of homeowners downsizing into senior living, townhomes, or opting to move to the mountains or beach.

Buying vs. Selling in Charlotte

A realtor most often wears two hats, listing agent and buyers agent. Here is a link to the working agents brochure if you want to familiarize yourself with how that works.

Why do I need a buyers agent?

Excellent question! Did you know that buyers’ agency wasn’t created until the 1980s? Prior to that, all agents represented the seller.  I can’t imagine!  Here are a few quick reasons you need a buyers agent:

  1. They are experts in the home buying process and guide you through each step
  2. Good agents can point out the negatives or any potential red flags in a home for resale
  3. They are highly knowledgeable on what’s legal and what’s not
  4. They negotiate repairs by leveraging their contacts when needed to provide “expert advice” on certain issues
  5. A good agent has your back while you’re busy. They’ll be hard at work problem solving and getting all documents lined up for you when your day-to-day life needs your attention
  6. They have YEARS and hundreds of hours of training behind them to handle the craziness of unexpected scenarios you have no idea exist.
  7. They are paid by the seller. Yep, buyers agents are at NO cost to you!

Why do I need a listing agent?

With a slew of online firms entering a market, it stands to reason that a seller will want to check out their options when it comes to listing their home. I think it comes down to one word. Service.  Do you want a one-size-fits-all approach to selling your home? Or do you want to try to sell your home for top dollar and leverage your property?  It amazes me how often small upgrades can truly change the appeal of a home. Do you want to do all the work? Or do you want someone to do it for you? It’s as simple as that.

There are so many factors to consider.  If you are considering interviewing Realtors, I would be happy to meet with you to discuss the role of a Realtor and what sets me apart.  Visit Soldondanielle.com for video testimonials from my clients.

Danielle Edwards
DrivenDanielle@gmail.com
704.604.2999

Danielle Edwards, Realtor Charlotte

 

 

 

 

Thank you for CMLS for the data used in this blog.  Canopy Realtor® Association is a trade association that provides its more than 12,200 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region’s primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 17,800 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.

Wire fraud in real estate

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Wire Fraud in Real Estate

What to know when buying a home

Imagine spending months trying to buy a home, and finally purchasing the perfect one only to find out at the closing table your funds never made it, they are gone– that they vanished due to wire fraud. Imagine selling your home only to find out a wire fraud hacker created a fictitious email and contacted the attorney to redirect your proceeds to their account instead of yours?  It happens, a lot.

Wire Fraud: What is it?

Wire fraud is when someone obtains money based on false representation or promises. As con-artists become more sophisticated and tech-savvy, parties involved in real estate closings are regularly being targeted with wire fraud scams. These parties include buyers, sellers, realtors, and closing attorneys.

How is it done?

Most recently, the scams have focused on hacking into e-mail accounts of the parties involved in the transaction. Con-artists can gain unauthorized access to third-party e-mail accounts when just one party involved in the transaction fails to utilize e-mail encryption software. The frauds break into either the Realtor’s or the client’s email and secretly follow what is going on.

Assume that the buyer, buyer’s Realtor, seller’s Realtor, buyer’s attorney, and the seller’s attorney are all involved in an e-mail chain concerning the particulars of the closing. These emails would likely include sensitive information, such as wiring information, closing figures depicted on the settlement statement, and names/contact information. Now assume that just one of the parties involved in this e-mail chain failed to use encryption software. With the assistance of readily available computer software, a con-artist can easily intercept the entire chain of emails from any individual who replies to or forwards an email without using encryption software. Now, the criminals have everything they need to engage in wire fraud.

How do I avoid it?

Criminals are posing as attorneys with a similar email address to send fake wire instructions to clients. Therefore, the safest practice is to go to the closing attorney’s office in person and pick up your wire instructions. Sometimes, the fraud will pose as the attorney and contact the sellers to ask where they’d like their proceeds sent, and intercept them.  In both cases, the money is wired to a bank account that belongs to the fraud. At this point, the funds are usually beyond reach of the correct banks or the FBI, well before the scam is even discovered.

Sellers should always bring a voided check to closing.  Sellers should also verify when the wire is being sent and if it was received.

If you are involved in a real estate purchase, you should take steps to ensure that you don’t become a victim of wire fraud by verifying that you and the professionals representing you are using encrypted email software.  If you receive anything fishy or out of sorts do not email back.  Call the correct number your Realtor should have, or that is on letterhead to verify.

What if it happens to me?

Many individuals and law firms have fallen victim to these scams, which have resulted in the victims going bankrupt and law firms and real estate companies going out of business. If you are an attorney, Realtor or other professional involved in the real estate closing, and one of these scams succeeds due to your failure to utilize encrypted email, you can expect for the victim to look to you for reimbursement.

What does wire fraud look like?

These scammers are getting very good at scamming to gather your information with texts, phone calls and emails.  Remember, rarely will a company call and ask for your social or credit card over the phone.  You are better off hanging up and calling back the main number that is correct. Be wary of Google.  They might take a phone number for GODADDY and change one digit in their phone number.  So, the person who quickly glances to ensure it is correct will be mistaken.

What does fraud look  like?  It comes in many different forms. Have you received one of these texts or emails?

Stay safe out there! If you ever have any questions or concerns involving the real estate process, contact me! I am always here to help.

Danielle Edwards

REMAX EXECUTIVE
Charlotte, NC
Realtor NC/SC
www.soldondanielle.com
704-604-2999
drivendanielle@gmail.com

Danielle Edwards

The opportunity of a lifetime for first time homebuyers!

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The Opportunity of a Lifetime for First Time Homebuyers!

Are you a first time home buyer?


If you are a first time homebuyer, you may qualify for $15,000 through the NC Down payment Assistance Program! There’s no catch. If you live in the following counties, then you may be eligible:

  • Cabarrus
  • Cumberland
  • Guilford
  • Johnston
  • Mecklenburg

First time home buyers who qualify could get $15,000 in down payment assistance in the form of of a five-year deferred loan with zero interest financed by the North Carolina Housing Finance Agency when combined with the agency’s 30 year fixed-rate NC Home Advantage Mortgage. The downpayment loan if forgiven by 20% for each full year you stay in the home. This means if you live in the home for five full years, you won’t be required to pay it back!

How do I know if I qualify for down payment assistance?

  • You are a first time home buyer or have not owned a home in 3 years
  • Your income does not exceed the program limits
  • You purchase an existing home under $245,000
  • You buy in one of the five targeted counties
  • Your credit score is 640 or higher
  • You complete the homebuyer education course in person or online

What if I’m not a first time home buyer?

If you’re not a first time homebuyer or are not purchasing a home in one of the five targeted counties, you may STILL be eligible for up to 5% downpayment assistance with the NC Home Advantage Mortgage.

Contact Danielle Edwards with REMAX Executive Realty for all of your Real Estate needs and Jeff Gilmore with Fairway Mortgage for questions about a home loan!

Danielle Edwards First Time Homebuyer Down Payment Assistance Program

Listing agent Danielle Edwards

704-604-2999

drivendanielle@gmail.com

www.soldondanielle.com

Jeff Gilmore | First Time Homebuyer Downpayment Assistance Program

6 Tips for Relocating to Charlotte

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6 Tips for Relocating to Charlotte

Everything from navigating through the city to Queen City culture, use this article as your resource guide for relocating to Charlotte

Whether you are packing up and relocating to Charlotte right away or you are just in the early stages of house shopping, this Charlotte-area Realtor Estate agent is here for you! My name is Danielle Edwards and I am a Charlotte, NC Realtor with RE/MAX Executive, the number one RE/MAX in the Carolinas.  Preparing to relocate is stressful enough. I’ve done some research on relocating to the Queen City… so you don’t have to!

Know your school districts.

Oftentimes, the best neighborhoods are near the best public schools. Charlotte is a huge city, and if you plan on staying in the same home as your children grow up, be sure you’re looking at neighborhoods in school districts with a great reputation before relocating to Charlotte. Check out our list of the top rated high schools in Charlotte, and what neighborhoods surround them.

Test-drive your commute.

Loop Study StonewallCharlotte is full of interstates. If you’re heading North on I-77 on the way to work, your 15 mile commute may take an hour. If you’re heading South at the same time, your ride will be smooth and traffic-free. The same is true for the inner and outer loops of I-485, I-85, and even smaller roads such as Highway 160. If you already have a job lined up in the area, take a ride during rush hour from your prospective neighborhoods to your job site. If you will be working in uptown Charlotte, make sure you’re comfortable with the commute before your first day. The random one-way roads uptown can be tricky if you’re not used to them.

Subscribe to the Charlotte Agenda.

This online publication is great for newcomers that are relocating to Charlotte. The writers highlight popular restaurants and neighborhoods, and keep readers up-to-date on what’s in the works for the Queen City. Once you get settled in, this will be a great resource in figuring out where to explore. You are sure to fall in love with the many beautiful sights and unique breweries, parks, boutiques, and other small businesses that Charlotte has to offer! They also list multiple job openings a day, for those of you who are still on the job hunt.

Relocating to Charlotte

Are you a workout fanatic? Purchase Class Pass.

This smartphone app is $79 per month. But, if you love working out it will be worth it. Charlotte is home to a large amount of local, family owned or private gyms. Maybe you are a yogi but don’t know which studio is best for you. The app lets you choose from almost ANY gym in Charlotte, view their schedule, and reserve a class. The only fee you pay is for the app itself. This means you have access to every gym in Charlotte until you find the one that’s right for you. Some of these gyms cost over $200 a month for a membership, so $79 is a great deal.

Know your neighborhoods.

It seems like Charlotte is home to a handful of “mini-towns.”You’ll hear all kinds of names for different areas here. The truth is, there are a ton of unique neighborhoods around the city and each one has it’s own character. While one area may be home to many college students, another may be home to many young professionals or families, so it’s important to get a good idea of what you can expect from each of these communities so you’ll be an expert before relocating to Charlotte! Some of these areas include: Elizabeth, South End, Lower South End, NoDa, South Park, Steele Creek, and Dilworth. To learn more about each neighborhood, check out this helpful website.

Relocating to Charlotte

Elizabeth neighborhood in Charlotte

Utilize the RE/MAX Relocation Guide.

You can request a Relocation Guide online, which is a great resource for information on the business environment, schools, homes, events, and attractions in and around Charlotte.

 

Contact Realtor Danielle Edwards for your real estate needs in Charlotte, NC region.

RE/MAX Executive Realtor Danielle Edwards

Realtor NC/SC

704-604-2999

www.soldondanielle.com

email: drivendanielle@gmail.com

Follow me on Facebook/soldondanielle

 

 

 

 

CONTACT DANIEL EDWARDS

Anyone can tell you what your home is worth. Contact me and I’ll show you how to make it worth MORE. As a RE/MAX Executive Realtor here in Charlotte NC, I use our global and local database to get your home SOLD. You need to know how to make your home worth more!

Stocking Stuffers for Christmas

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Charlotte, NC

Stocking Stuffers for Christmas

Just when you thought your holiday shopping was done you realize you forgot the stocking stuffers!  No worries

if your are pressed for time, running out of ideas, or maybe its your first Christmas playing Santa I have stocking stuffers for you!

<H2>Here is my TOP 10 Stocking Stuffers for Christmas</H2>

1. For her- Sephora has awesome beauty gift sets for $10 you can get online or in the store

2. For him- Razors are always  great, or shaving gel/cream

3. Both- Perfume splash sprays, to-go lotions, chap stick

4. Both- Candy is always a crowd favorite and fills up that stocking quick!

5. Both-  To counteract the candy, toothpaste and floss.  Santa is a big believer in good hygiene

6. For her- A girl can never have enough hair ties.  Know before you go which kind she likes

7. Both- Deodorant, let’s face it smelling good is pretty important

8. Both- gift cards for a massage, fitness/personal training, or beauty related splurge is always appreciated.  Especially, if it is something that the person might not normally purchase themselves.

9. Both- Car related.  I know I can’t stand having to pay to have my car cleaned.  I would love Santa to get me a giftcard towards a car wash deluxe pacakage.   Or anything else that person needs for their car that is small.

10. Four legged friends- treats for the dog or cat are always welcomed also.

Hope my Top 10 Stocking Stuffers helps put the “Merry” into your “Christmas”.

What are your top 10 stocking stuffers?  Please comment below and let’s get the creative minds talking!

Written by Danielle Wasser.

RE/MAX Executive Realtor Danielle Edwards

Danielle is a Realtor in Charlotte, NC with Remax Executive.  She also is a fitness enthusiast, personal trainer, and Isagenix coach in her spare time.

 

TOP Thanksgiving Healthy Swaps

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TOP 10 THANKSGIVING HEALTHY SWAPS

thanksgiving+dinner

Average American consumes 4,500 calories Thanksgiving day, 3,500 Calories in one pound

Turkey and Cranberry Sauce

Let’s start with the basics. Mr. Gobble Turkey with dark meat, and canned jelly is 410 Calories, and 10g of Saturated fat!
OR you could try 4oz Turkey Breast, and homemade cranberry sauce 195 calories.

Stuffy Stuffing

Carbs are the number one thing to avoid when trying to lose weight, or just remain where you are.
1/2 Cup of stuffing is 175 cal and 4 grams of fat.
OR skip the stuffing, and opt for the green bean casserole 100 calories and 6 grams of fat.

Candied Sweet Potatoes with Marsh mellow stuffing

YUMMMM! My favorite Thanksgiving side item. However, the word “candied” is a clue that
it isn’t going to help your waist line. 250 calories, and 8 grams of fat.
OR you can opt for plain sweet potatoes, or mashed potatoes w/ turkey gravy 170 calories.

Not the Cornbread!

If you weren’t snacking on cheese and crackers, bread and nuts before the meal, not to worry, there surely is
cornbread during meal to truly STUFF yourself. Cornbread, 1 square, is 190 calories and 9 grams of fat!
Or a regular dinner roll with butter is 130 calories and 5 grams of fat.

Nana’s Pecan Pie is just the best!

Nana I love your pie, but bring the Pumpkie pie to the event! Pecan pie 1 medium slice, is 450 calories, and 21 grams of fat.
OR the Pumpkin Pie is 335 calories and 15 grams of fat. Both aren’t real winners in the calories department. But, you can pick or choose your sides to save for dessert!

Other than the food swaps, take into consideration the days of leftovers that most people continue to eat their Thanksgiving weekend. Please post any healthy thanksgiving recipes you find here.

Written by Danielle Wasser

RE/MAX Executive Realtor Danielle EdwardsDanielle Wasser is a Realtor, in Charlotte, NC

Upside down in your Mortgage

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Upside Down in Your Mortgage?

foreclosure

Option’s for when you owe more than its worth

Let’s face it, you are not alone with the rest of your “under water friends” who bought at the height of the market. Not only do you own this great home, but most have high interest rates. Staying in your home and throwing GOOD MONEY at your bad investment is not helping you grow financially, or save money.
You may be lucky enough to have an Aunt Ida fund to make up the difference, otherwise I have put together 7 options to help you with your upside down mortgage. I would seek legal advice on 2-7, since rules and laws do vary from state to state.

Option One: DEAL WITH IT

Staying in your home is the least stressful option. A great option if you enjoy taking your money and throwing it away every month at an investment you might never see a return on. However, the right thing to do if you care about your credit and accepting the fact that life isn’t always fair. Because of high interest rates, and the limitations on selling it, dealing with it and “sucking it up” leaves you at option one. But, the good news is that one day in the very distant future you will have it paid off.

Option Two: RENT IT

rentIf you are able to rent your upside down home and cover your expenses this may be a great option. Even if you barely cover your expenses, and you can find an other cheaper living arrangement this would be a good scenario. Sometimes you may have homeowner association rules against renting out that make this option less favorable.
Other options, you can rent out a room, or even two. Probably, not the American Dream you imagined, but a good option to make your living expenses less.

Option Three: Short Sale

A Short Sale is when you can prove a financial hardship and you get the bank’s permission to sell the home for less than what it is worth. Most banks require that you have missed payments. Short sales can be a painful and long experience. They will ding your credit for at least 7 years, but you will NOT be responsible for the difference owed to the bank. However, some banks will make payment arrangements with you for the remaining amount owed, but at a low to zero interest rate. Every bank is different. Having an attorney who specializes in SHORT SALES is highly recommended.

Option Four: Modify Your Mortgage

Many homeowners are taking advantage of various loan modification programs. These programs offer lower interest rates, but also restart the term of your loan for 30+ years. The home will have to qualify and in some cases appraise. The upside in doing this is by making the home more affordable you could potentially put yourself in a position where you can sell it sooner.

If this option doesn’t work, see option five.

Option Five: HARP Program

HARP PROGRAM is a great program for those who are upside down in their mortgage, have made on-time payments, have a reasonable good credit score, and falls into the guidelines in this video.

HARP if you meet all of the following criteria:

Option Six: Walk

By no means am I suggesting foreclosing on your home. But, lets face it, people are doing it. In some areas, mortgages are often made on a non-recourse basis — so, the bank can take your house, but can’t come after you for any balance due on your mortgage. (Check with an attorney! This is not true everywhere and in every case)
A better option is to contact your bank regarding a deed-in-lieu, where the bank agrees to take the deed. All you are doing is saving the bank a step from taking you to court to sue you for the keys. However, they can still come after you for the difference owed.

mortTo get started:

Offer the bank a deed-in-lieu.
Stop making payments.
Continue to live in the house and save money, cause let’s face it your credit is about to take a 7 year hit!

Most of the time the bank would want you to try to short sell your home with a Realtor. This shows good faith, however you need to prove financial hardship with a short sale and missed payments.

Option Seven: Bankruptcy

Bankruptcy is forgiveness of all debt. This is the sure way to make sure you are DONE with the collectors calling, and the bank coming after you. When you file bankruptcy you can forgive other debt like credit cards, car loans, and your mortgage loan. There is something calling AFFIRMING your loan in the bankruptcy process. This would be if you want to not put your home in your bankruptcy and still “agree” to pay your mortgage cause you still want to live there. Many bankruptcy attorneys may advise not reaffirming your mortgage loan, even if you want to stay in your home. When you file bankruptcy, even if you decide to keep the home and make payments, the bank no longer reports to the credit bureaus that you are making ON TIME payments, because the loan wasn’t “reaffirmed” in your bankruptcy.

Hope this information was helpful! If you have specific questions on selling your home in Charlotte, or you are upside down on your mortgage please contact me directly I am happy to help.

RE/MAX Executive Realtor Danielle Edwards

Danielle Wasser
www.daniellewasser.com
(704)604-2999
drivendanielle@gmail.com

Contact

Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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