Charlotte, NC

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. A Realtor can help you through this process and negotiate with the bank on your behalf.

What does this mean for you as a BUYER? Because of the current mortgage crisis and the large number of homes that are facing foreclosure, there are many short sale listings currently available for purchase in Charlotte North Carolina and the surrounding areas. These homes are available at BARGAIN prices, so they can be sold quickly, before the bank forecloses on the property. This is a WIN WIN for you and the current homeowner.

So, If you are currently in the market to purchase a home in the Charlotte NC area and would like the help of a Realtor who has experience representing Buyers in short sale deals, GIVE ME A CALL! I'll help you find a great home at a great price!

Broken windows, stained carpets, damaged walls, late or no rental payment, and the list keeps going. Problem tenants are the leading cause of frustration and headache in the rental industry. Hundreds of property managers must deal with the issue of bad tenants on a regular basis. This is why it is crucial that management companies take the appropriate steps to screen tenants, and when I say appropriate, I mean there are wrong ways to screen tenants as well. It is VERY IMPORTANT that the property manager truly understands and follows Fair Housing Law to avoid being taken to court. Taking the time to screen tenants could potentially save your property THOUSANDS of dollars.

The first step is to have the tenant fill out a rental application. The information gathered should include employment history, monthly income, proof of identification (i.e. social security number, copy of driver's license, etc.), and references of previous landlords or employers to get a sense of character. It is very important to follow through with their references. Just because they are on paper, doesn't mean they are legitimate references. Many management companies request references and never check them. Make sure you also include a written code of conduct within your application. The code of conduct should clearly explain in detail the roles of both the tenant and the management company. This code could protect you in court, so it is very important to include.

It is also very important to obtain a copy of the applicant's credit report. In order to obtain this information, the manager must first get permission from the applicant. If you do not have permission, do not run the credit report. The following information must also be gathered: Tenant's name, address, and Social Security number. The next step is to find a credit report agency. If the results are not to your standards and you decide to turn away the applicant, you must send an adverse action letter. This letter needs to explain why the applicant was rejected and the name and number of the agency used to obtain the report.

Meet your applicants in person. This will give you a better idea of what the person is like and how they might treat your property. Do they try to make a good first impression? Do they come off as well educated? This will also give you the opportunity to start a good tenant relationship right off the bat.

Renting your property to just anyone could cost you some serious time and money. It is not uncommon to see a property rented to bad tenants due to improper background checks or application processes. Following these steps will help protect you from court, property damages, and the headache of dealing with delinquent tenants.

For more information on home rentals click HERE

How Do I Get the Real Scoop on Home I am About to Purchase?

Home inspections, seller disclosure requirements and your REALTOR's experience will help. Disclosure laws vary by state, but in North & South Carolina, the law requires the seller to complete a real estate (property) disclosure statement. Here is a summary of the things you will see on a disclosure form:

* In the kitchen: range, oven, microwave, dishwasher, garbage disposal, refrigerator (if included).
* Safety features such as burglar and fire alarms, smoke detectors, sprinklers, window screens and intercom.
* The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
* Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces. You will note that alot of homeowners with homes over 50 years old, may opt to sell their home with no disclosure made regarding the fireplace--'Fireplace Sold As Is'--you will want to be certain to have your inspector evaluate and see if he recommends a separate fireplace inspection.
* Type of heating, electrical wiring, gas supply and presence of any external power source, such as solar panels.
* The type of water heater, water supply, sewer system or septic tank.
* Age and condition of roof.

Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements (which may also be confirmed with a survey, which is HIGHLY recommended), room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.

Also look for, or ask about, settling (remember vertical cracks are normal--check into the horizontal ones), sliding or soil problems, flooding or drainage problems and any major damage resulting from natural disasters or acts of nature.

People buying a condominium must be aware of covenants, codes and restrictions or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. NC & SC have mandated disclosure forms that are available in the home or on the MLS listing (ask your agent for information).

Make sure that you have a home inspection to include general, mechanical, termite and, if necessary, structural, roof, chimney, pool or radon.

Also, ascertain that your agent has secured a home warranty for you during the negotiations. If he/she has not, PURCHASE ONE!

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