Should I Short Sale In Lieu Of Foreclosure?

The question of whether to short sale a home in Charlotte, NC. or just give it back to the bank has come under a lot of scrutiny over the time. I talk to a lot of families that are weighing that issue on a daily basis...What shocks me is that attorney's they initially consult tell them that a short sale is "not worth it and the Real Estate agent is the only one making money". I do not practice law nor give any legal advice when ti comes to a short sale or a foreclosure. But there are certain facts that attorney's leave out when discussing the difference between short sales and foreclosures. First, the impact on your credit has shown to not be as dramatic on a short sale as a foreclosure. Your credit is going to take a hit in regards to your credit score. but the impact on your score has proved to be less when you short sale a home than foreclose on one. Second, this is the one that always gets me. In order to qualify for a mortgage again the rule of thumb (this could change in the future) is that you have to wait SEVEN YEARS after a foreclosure to qualify for a government backed loan (FHA, USDA, OR VA type of loan). On a short sale I have lenders I work with that will approve someone with sufficient credit TWO YEARS after a short sale. Third, you can stay in the house and live there during a short sale all the way up to the closing on the house...Chances are that if you are in danger of losing your house you would like to have some control over when you leave the house versus the bank telling you to be out on a certain day. Fourth, despite popular media reports the banks do not want the houses back in foreclosure; they rather you try to sell them in a short sale and are more willing to work with you to get them sold that way. The additional costs associated with foreclosure and the carrying costs of maintaining the house during the foreclosure process and afterward has gotten to be extremely expensive for banks. I recently had a family that called me about listing their home. They offered the home back to the bank and the bank asked them to short sale the house instead of giving it back to them. They told him they have to many now and would prefer to work with him to get it sold rather than take the home back. A lot depends on your situation. however; find the right Realtor and have that Realtor explain the process and how they work with the bank and what is required out of you....if you plan on wanting to buy a home sooner rather than later a short sale is definitely more beneficial. Also with so many things now tied to your credit the less impact can have other financial implications on you. So, is a short sale more beneficial than a foreclosure? probably if done right...... Dave diCecco Realtor/Broker www.davedicecco.com

New Listing: 3512 Tilley Morris Road matthews, NC. 28105

3512 Tilley Morris Road in Mathews NC. 28105 is a farmhouse style home that sits on almost a one acre lot. This 4 bedroom 2 and half bath home features over 3200 square feet of living space nestled in Matthews, NC.Located in one of the most highly desirable neighborhoods do to it's proximity to 485, and Charlotteand it's award winning schools. The home owner has done many updates to the house. It features a new architectural shingled roof that he had the leaf guard gutter system with drainage installed at the same time. They had city water line installed last year from the street as well. In addition the put in a new Trane heating and A/C unit for the lower level of the house and encapsulated the crawl space.... Their intentions were to be in this house forever...However; do to economic times and family they are forced to sell... The house has been professionally painted and new custom shutters were installed at that time as well. There are many features to the house that give it a WOW feeling. I personally love the partially wooded front yard and rocking chair porch as you walk up from the driveway. it gives you that nice country feeling as you prepare to enter the house... When you enter the double doors you are greeted by the new tile flooring in the foyer area of the house. The floor plan in the lower level is very open and yet offers the privacy. There is a nice office room in the front part of the house and a large dining area great for entertianing. The focal part of the lower level is the spacious living room...A large wood burning fireplace with a hearth accent one wall and built in bookcases along the other show off the old world charm in this house.... The back part of the house has a large open kitchen with tons of cabinet space and counter-tops to go with the breakfast eating area over looking the completely fenced in yard. The charm of this house does not stop there...In addition to the staircase located in the front of the house there is a servant staircase in the back part of the house. They both lead to the upstairs and 3 very good sized spare bedrooms and a master bedroom that has ample enough space for a king sized bed and furniture in addition to a sitting area. but the focal area of the upstairs is the bonus room/rec room. This room runs the length of the house and is so large it is split into a pool table section and an entertainment section....A true man's cave.... if you enjoy the outdoors you will love the level yard that the current homeowner had 30+ trees removed from and a stockade fence completely installed around the perimeter of the yard.... Come and see why so many families enjoy calling this part of Matthews, NC. home...... Dave disco Realtor/Broker www.davedicecco.com

New Listing: 3628 Oriole Place Charlotte, NC. 28269

3628 oriole Place in Charlotte, NC. 28269 is located in the Mallard Creek Estates subdivision. This 22200+ square foot ONE OWNER home shows the pride and joy the home owner took with the house. The home sits on a corner lot that intersects two dead end streets...This makes the house very desirable and eliminates people driving through the neighborhood adding to the safety of the children playing outside. When you pull up you instantly notice the wood like setting the house offers...A very nice row of pine trees accent the left side of the house and the back and right side of the home back up to wooded lots. When you pull down the long concrete driveway you can enter the two car side load garage with ample space for a work bench area. Entering the front door of the house you are greeted by the hardwood floors that accent the foyer area of the house. But what I noticed most the first time in there was the brand new wall to wall carpet just installed (2 months ago) and the fresh neutral paint on the high walls in the living room/dining room combo. Going through the foyer area to the right you have the half bath and then leads you into the kitchen. The kitchen has brand new quartz counter-tops and all the appliances convey to the new owner. In addition there is plenty of cabinet space through out the kitchen to store all those cooking supplies. Utilizing the cabinets for cooking supplies becomes easier with the large double door pantry just off the breakfast area. Even with my large family (4 children) there was more than enough room in that pantry to store all the food i would need for weeks. What I love about the downstairs of the house is how the tiled kitchen area opens up to the family room. The family room is a nice open room with a gas fireplace accenting it on the outside wall...off of the family room is a wonderful addition which adds a lot of character and usefulness to the house. It looks to be a three season sun-room. But in actuality it is a four season (year round ) sun-room. With heat ducts installed from the house and a separate A/C unit this tiled room with glass all around is a great place for relaxing, watching the children play in the yard or enjoying a quiet evening.... When you go upstairs you are greeted by three good sized bedrooms and a full bath in the hall. The master bedroom has a cathedral ceiling and a wonderful large master bathroom. the master bathroom has a nice sized garden tub and a separate shower stall. Off the master bathroom is a good sized walk-in closet. This home has a lot to offer a new family...... Dave diCecco Realtor/Broker www.davedicecco.com