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Biggest Mistakes by Sellers

With the selling season getting into high gear, it is important to avoid some common mistakes!  This was published by ActiveRain today and I thought it warranted sharing for everyone is who is thinking of selling this year.

Remember!  Most importantly of all, do NOT overprice your home! Our market here in the Triangle is improving, but there are still a lot of savvy buyers out there that will not consider a home that is overpriced.

Wake County Schools Recognized As Some of the Strongest in the Nation

For families looking to relocate, the local school systems are one of the biggest considerations for potential home buyers. Wake County public schools have maintained a reputation for their dedication to quality education. They accomplish this through innovation, creativity, and passion in the classroom.

 

The Wake County public school system covers cities including but not limited to Raleigh, Apex, Cary, Rolesville, Wake Forest, and Holly Springs, North Carolina. Diversity is championed in the classroom and students from elementary to high school are encouraged to develop a well-rounded worldview.

 

Aside from academics, the Wake County school systems place incredible importance on extra curricular activities. The fine arts are encouraged from elementary school and specific practices such as music and photography are developed in upper level courses. The drama programs in Wake County schools are equally strong, having inspired many to study theatrical arts in college.

 

Sports are greatly supported by Wake County schools and receive widespread attention from the community. Wake County strategically attracts talented coaches and teachers to ensure that the sports teams receive the best training available. The rapid population growth of the local community has made these sports teams more competitive and has strengthened the overall might of the schools and their teams.

 

With over 9,000 teachers throughout the entire Wake County public school system, the teacher-to-student ratio ensures that all students receive personalized attention. This close interaction with teachers helps young students develop academically and personally.

 

In fact, many of the tutoring programs offered by the schools attract students aiming to improve specific skillsets – and teachers are passionate about providing help outside of the classroom.

 

The Wake County schools maintain a budget of $1.78 billion and continuously use new technology to enhance the learning process. With over 165 schools in the system, Wake County provides the resources and options necessary for academic and personal success.

Buying Distressed Property, Some Terms You Should Know

There are a few terms that are used in the real estate world when it comes to buying distressed properties.

 

1) Foreclosure In Process – The bank has called the deeded owner’s loan due and is in the process of legally taking the property over to recoup their investment

 

2) Short Sale – There are two types of short sales, one that have been pre-approved by the bank because of owner’s communication with the bank and others setting the price below what is owed in hopes the bank will negotiate with the new buyer and take a loss.

 

Pre-approved short sales that have all their hardship documentation completed and a negotiator assigned take a lot less time.

 

Non-approved short sales – Bring a contract to the bank and fill out the paperwork once a buyer comes can take several months, even a year depending on the bank. The back log of short sales is usually what takes the longest amount of time.

Raleigh Home Foreclosure

3) REO/Lender/HUD Owned – Properties marked with this special circumstance have already been foreclosed on and the bank/government already has authority to transfer via special warranty deed.

 

Special warranty deed limits the seller’s warranty only for the time the seller owned the property. In general warranty deed, on the other hand, seller will warranty title problems not only during his/her ownership but throughout the chain of ownership.

 

You can offer whatever you would like on these types of property, just keep in mind, you may only have one shot at a property. Not all banks counter offer. You may be one of many offering on the same property.

 

In some cases, the bank will hire a third party real estate firm to do a BPO (best price offering) to vet if an offer is reasonable. They may reject or counter an offer based on this BPO or simply reject it.

 

There are many risks and facets to a short sale or REO/HUD owned property that should be considered when making an offer. 99% of them are sold as-is with no warranty or disclosure of any possible issues with the property. Keep that in mind when you are making your offer.

 

Also, make sure if the foreclosure is in process that the listing agent is in constant communication with the bank. The larger banks are notorious for not communicating well within each other. The old adage “the right hand does not know what the left hand is doing” is appropriate in some of these cases.

 

I hope this gives you a quick, high level education on distressed properties!