Many people think that the original recorded deed is necessary for their sale. This document, however, has already been recorded in the Register of Deeds’ Office for the county that your property is in and is not nearly as helpful as their Owners’ Title Insurance Policy.

In searching the title to your home, the buyers’ closing attorney will customarily perform a 30-year search or, in certain circumstances, will “tack on” to an existing Owners’ Title Insurance policy, thus shortening the length of the search from the date of the sellers’ Owners’ policy. This serves two purposes, one benefiting the buyer and one benefiting the seller: (1) the buyers get a reduced, or “re-issue,” rate on the title insurance they must purchase for their lender and for themselves; and (2) the sellers need only to resolve any title issues that have arisen since the date of their Owners’ policy, which is typically the date that they purchased the property, rather than having to resolve any title issues of the last thirty years. This can save you countless time and effort if all it takes is providing a copy of your Owners’ Title Insurance Policy.

Other important documents that might (but may not necessarily) be needed are any existing surveys, cancelled Notes/Deeds of Trust that had been paid off or refinanced while you’ve owned the property, certificates of occupancy for additions/alterations, variances, and any documentation pertaining to approvals sought and granted by the homeowners association for improvements to the property.

A little bit of foresight and preparation while these documents are readily available to you could save you from having to locate documentation or reconstruct a paper trail and, instead put you on the path to a smooth closing.

Cynthia J. Robinson
C.J. Robinson, P.A.
10336 Troutman Road
Midland, NC 28107
(ph) 704-721-0076
(fax) 704-721-0661
(email) cjrobinson@ctc.net

Ask yourself-what attracted me to my current home in the first place?

Whether or not you need schools at the time, schools will continue to play a vital roll in protecting your value and increased desirability.  Award winning schools are the most important consideration.  Great shopping centers create a lifestyle of convenience and social gathering spots.  We are all creatures of convenience and these spots are exactly that.  Whether you want to live in South Charlotte, with such shopping centers as Blakeney or Stone Crest, or up North in Huntersville where you have Birkdale Village these award winning centers are a hub for shopping and enjoyment.  Today’s buyers are focused on a community and neighborhood that offer so many choices.  Country club life style of golf, tennis, and an on site restaurant, having a club house with work out facilities and a lazy river for the family or just a well groomed community play a major roll in the ease of selling your home.

Real Estate is local in nature and not all communities are impacted by “market conditions”.  Even though we face tougher economic times not all communities are declining in value.  Some communities continue to outpace the market because of the factors I’ve listed above.

Want to know more?   Do you have questions as to which communities are the best and which schools have the best ratings?  Think before you purchase and consult your Realtor.

Survey Data Reveals…

Incredible low country home situated on a private 2.48 acre cul-de-sac homesite. This 2 story home has a fully finished basement and features 5 large bedrooms and 4.5 baths in over 4800 square feet. A charming wrap-around front porch invites you in to this beatiful home with hardwood floors, fresh paint thoughout and new carpet. Call today for a tour!

[View with PicLens]

Maybe the buyer has fallen in love with your home . . . except . . .

The master bathroom is too small
A gas fireplace would be better than a wood-burning fireplace
The kitchen needs granite countertops
Hardwood floors would be so much better
The front door must be covered

And on, and on, and on. You just lost a potential buyer – or did you?

Savvy agents will take these comments and work them to the seller’s advantage. How? By taking the feedback/idea, and working it into a potential offer on the home.

For example: the buyer would buy a listing held by Schwebel & Associates of Prudential Carolinas Realty, except all of the bedrooms but one have direct access to a bathroom. We receive this feedback and become proactive. We contact 2DIFOR Builders.

2DIFOR Builders specialize in strategic home alterations. Strategic home alterations is a tool for real estate agents to custom tailor that perfect fit for their client. There is no cost – 2DIFOR Builders simply offer feasibility options and budgets for changes to the home during the buying and selling process.

Schwebel & Associates presents 2DIFOR Builders with the information about overcoming the buyer’s objections. 2DIFOR Builders will assess the situation, determine possible options and budget the alterations. Armed with this knowledge, we can then present options to the buyer’s agent.

From there, the cost of the alteration might be negotiated in the selling price of the home, or it may become a condition of the sale.

Strategic home alteration also works equally well for our buyers. If we show them a home that is perfect except for . . ., we can offer the services of 2DIFOR Builders to help them to realize their perfect home.

Not every buyer has the ability to ‘see’ a home with potential changes, and certainly most won’t have an idea of the costs involved. Our solution is to help them with the process and at the same time, find them the perfect home at a good price.

With the amount of inventory out there, every advantage that we can offer to our buyers and sellers can only help them to achieve their goals; to find the perfect home, or to sell their home in a timely manner.

The old adage, “buy low sell high” hasn’t changed, but it now has a new twist. Savvy buyers take advantage of the overall market being down a certain percentage from the high.

For example if the overall market is down 10% then a home that was $500k is now $450k and a home that was $200k is now $180k.  If you sell the second home and buy the first you lose $20k on the selling side, but on the buy you gain $50k in potential equity for a net gain of $30k. Obviously this is a simplified example, but the point is the same.

Let us know if you think this may be an option for you.  As the economy shows signs of warming up the window of opportunity shrinks every day.

This article from Homes: Sell at a loss, buy at a discount

What is a short sale? A short sale is an option you have before you reach the point of foreclosure where you are selling your home for less than what is owed. However, the bank has to agree to a short sale as they stand to lose money via either process.  Banks do short sales because of cost.  An average cost to the bank for foreclosure is around $65,000, so they are smart to take the short sale.

You must have an offer in hand for the bank to tell you whether they will do a short sale or not.  They have the say-so whether or not a short sale will be accepted.

The 4 requirements to have a short sale are:

1. The home’s market value has dropped.
2. Mortgage is in or near default status.
3. The seller has fallen on hard times . . . unemployment, divorce, medical emergency, bankruptcy, death
4. The seller has no assets to speak of.

Foreclosure is on your FICO score for 6 years.  Short sales start to repair themselves after 2 years.

Short sales can be a win-win for the lender and the seller.  The lender recovers more of their capital faster than would be possible if they went through foreclosure.  The owner wins by relieving themselves of the financial burdens of the home and taking a smaller hit to their credit than would happen if a foreclosure occurred.

Unfortunately it’s not as simple as it appears.  Every lender and every situation is different.  There are pitfalls to be avoided and terms to be negotiated to reduce or eliminate any further obligations for the borrower after the short sale is concluded.  It is critical to have a team of experts in place to guide you through the process.  A seasoned real estate Broker and a real estate Attorney who specializes in such transactions are the backbone of such a team.

“I wish I would have bought when the market was low.”
 
The article below sums up where the real estate market is today and makes the case for buyers to take advantage while the getting is good.

I am constantly asked what I think the Charlotte real estate market is going to do tomorrow or in the next few months.  I tell everyone if I knew where the market was going we wouldn’t be talking, I would be on my yacht making phone calls all over the world to buy and sell investments because I had the ability to time markets!

All kidding aside, I do know that all markets are cyclical and by the time we know the market is going back up it is too late to get in.  For those who are making the leap now, they may not get in at the absolute bottom, but they’ll be very happy they got in when they did.  Let me know your thoughts whether you agree or disagree.
 
Time To Invest In Real Estate!

The Home Builders Association of Charlotte is protesting provisions in the $819 billion economic-stimulus bill passed by the U.S. House of Representatives last week.
The organization will deliver more than 1,000 petitions to members of the U.S. Congress outlining its objections.
The group says the bill doesn’t sufficiently help home buyers and the housing sector because it fails to expand the $7,500 tax credit to all home buyers.
The association says the bill should increase the tax credit to at least $10,000, extend the eligibility period from June 30 to Dec. 31 and allow the credit to be used at the time of closing.”

The article went on to say that:

The building industry is one of the hardest hit in the country,” says Michael Hinshaw, president of the association. “If home building continues to be curtailed, Americans will no longer realize the dream of home ownership and hundreds of thousands of men and women involved in our industry will be unemployed.”

Is this more of the same – going down the road of artificially stimulating the housing market by putting folks into homes that under the traditional model wouldn’t qualify, or is this a stimulus that will work with no negative affects?

One of the most paralyzing conditions that we, as Realtors®, have to deal with every day.  We must be out to make a quick buck.  The lowest of the low.  Scum of the earth.  How can we live with ourselves? How dare we charge a fee for standing around looking pretty while someone chooses a home to buy! I can sign those forms myself without your help, thank you very much.

We understand your feelings and preconceived notions about the real estate industry and those who choose to work as Realtors®. However – our ethics, attitudes, and concern for your investment (a home is a very large investment) may surprise you. Hard as it may be to believe, we value your thoughts, and want nothing but your satisfaction in the end.

• We are not your average real estate agents.

• We did not choose to sell real estate because it was a fun part-time job.

• We don’t spend countless hours with clients hoping they’ll buy a home – any home – just to have a sale.

• We don’t patronize our clients by allowing them to make bad investment decisions.

• We will tell clients things that they may not want to hear, but it will be something that they need to hear.

• We do take the burden of the closing process off of a client’s shoulders, and take full responsibility in seeing that the transaction is a success.

• And we value quite highly the satisfaction that our clients feel when the last document is signed.

Our client’s satisfaction is our greatest reward.  We realize that we can’t please everyone, but we do our best to make that happen.  We love our job.  Meeting people, showing them around our favorite city, allowing them into our lives for however long it takes for them to see that we aren’t smoke and mirrors – what you see is what you get.  And what you get is nothing short of amazing service, dedication, and unparalleled loyalty.

We are –

Top Charlotte Agent . . . for a reason!