This Realtor's Christmas Wish

This time every year is all abut the holiday's. For me it is decorating the Christmas tree and buying gifts for my loved ones and friends. Singing Christmas carols, going to see holiday lights and watching Christmas shows over and over again on TV. (Tomorrow is my favorite one the Christmas story). But the most important aspect of the holiday season for me is remembering the past year and spending time with family and friends. I have tried over the years to instill in my children the real gift of Christmas (or any holiday this time of the year) is the gift of oneself. A gift does not have to be a monetary item. To many times we lose prospective as to the real meaning and are in a hurry to get the hottest toy that is out there, or what are we going to do bigger and better this year. This year, I received the best gift of all from my daughters. it was the gift of time. When I asked my youngest what she wanted for Christmas her list included two toys (both reasonable) and to spend more time as a family. When I asked my oldest daughter the same question it was following in the family traditions that we do every year...Those traditions are ones where we as a family do things together. As I write this I look back and think to myself as a Realtor we are always taught to build relationships and nurture them and keep in contact with our clients to build a long and prosperous career...But what do I do to ensure that with my family? I spend countless hours each day, week, month and year nourishing my relationships with clients/friends....but do I give the same attention to my family? I have come to realize through the eyes of my children that I do; but not enough. I love the look on a young couple's face when they just signed the papers and now own their first house. or the look when someone has bought their dream home. it is like Christmas everyday for me seeing those expressions and it never gets old. I get a warm feelign inside knwoing I helped soemone. That feeling is something I wish for everyone out there...be it buying your first home, or your dream home. or just the lfeeling when you and your family are spending time together or helping soemone out..... This holiday season I know I am going to cherish the time with my family more and keep it going throughout the year...I hope you do as well.... Happy Holiday's...... Dave diCecco Realtor/Broker www.davedicecco.com

What Does A Lienholder Do On Multiple Offers on A Short Sale?

Yesterday I wrote about how a Realtor is required by Real Estate law to submit ALL offers into the lien holder. But what does the lien holder do with those offers? Well, unfortunately the answer is not as black and white as submitting all offers to the bank. it depends.... I have dealt with numerous banks/investors on short sales. I have had discussions with most of them when I am working a short sale as to their policy regarding a second offer coming in on the property while we are negotiating an offer on it. the answers have varied. I will say most banks want to know their is another offer on the house. They have asked me to verbally convey the terms of the offer. if the offer is financially more beneficial to them; they have countered back to the first buyer with the terms of the second offer (if the first offer terms were acceptable to begin with) and asked them to make a decision. I have had other banks (only one i have dealt with so far) tell em that submit one offer and any other offers you are to hold as backup offers and we do not want to know about them. Some banks have had me send all offers into them and when they were working out the numbers for the house they reviewed all the offers and told me this is the price we want for the house based on the offers Now, the difficult part with this part of the transaction is that the seller is technically the other party in the contract (not the bank/lien holder). Once a seller signs an offer to purchase and accepts the number subject to third party approval that is the only offer the bank can really consider. Just because I offer one number and you come behind and offer more money and better terms does not mean the bank can kick me to the curb. I still have to be offered what the bank feels is an acceptable number for them. if I refuse to accept the bank number then the seller can go back to the other buyers and present the bank offer to them and let the next in line buyer decide if they want those terms or not...and so forth down the line. So, ALL offers as I mentioned yesterday have to be presented to the bank. but the bank cannot pick and choose which offer they want to work with....However; experience has told me that they will adjust the numbers to the highest offer and maybe a little more if they feel they can get more money..... Dave diCecco Realtor/Broker www.davedicecco.com

Do ALL Short Sale Offers Have To Be Presented To The Bank?

The question is do ALL offers have to be presented to the Lienholders/banks on a Short Sale? This is a question that comes up time and time again. if you go out and ask 50 Realtors this question the chances are you are going to get a couple of different answers. The answer should be simple....YES they do. There are Realtors out there that will disagree with this statement. Under a normal sale transaction in North Carolina the seller and buyer negotiate a sale price for a home. Upon agreeable terms to both parties a revised contract is written and signed by the seller and the buyer. The buyer goes through their due diligence period and closes on the house. On a short sale, everything is the same until you get to the diligence period. After the seller and buyer sign the offer it is then sent to the bank for APPROVAL. yes, I capitalized the word. it is very important to understand that just because the seller and the buyer have agreed to terms the bank does NOT have to accept them unless it makes financial sense to them. A seller cannot terminate an offer and accept another offer because the terms are better than the first offer. A seller can notify their Realtor to inform the buyer that they will accept the offer as a back up offer on the house. That part is correct when Realtors say the seller will only entertain one offer and all other offers will be placed as back up offers. However; here is where the confusion comes in. Just because the seller has accepted the offer as a backup (which is the legal and correct thing to do) does NOT stop or preclude the listing agent from presenting the offer to the lien-holder. A lien-holder has a vested interest in the property as a third party. it is being asked to release a lien on a house without getting fully compensated for it. Thus, as a Realtor we are required to disclose to the lien-holder that there is another offer and the terms and conditions of that offer. it has become a material fact to the lien-holders interest in the property. What a lien-holder does with that information is for another blog post.... But as a Realtor we are required to present all offers to the seller and notify any lien-holder on a short sale of a subsequent offer....If your Realtor is not doing that, they are violating the rules and laws governing us. So, if you have your home on the market as a short sale and signed off on an offer and received another offer; what did you do? What did your Realtor do? Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: NoDa/The Arts Distrcit Charlotte, NC. Nov. 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from November 1st to october 31st. 3 years ago there were 43 homes that sold for an average sale price of $242,541. They were on the market for an average of 62 days. 2 years ago there was 24 homes that sold for an average of $235,046. They were on the market for an average of 161 days. Last year there was 30 homes that sold for an average of $183,117. They were on the market for an average of 113 days. Currently there are 31 homes actively on the market for an average asking price of $250,258. They have been on the market for an average of 182 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $277,000 and were on the market for an average of 191 days. Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 Nov. 2011

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from December 1st through November 30th. 3 years ago there were 4 homes that sold for an average sale price of $121,875. They were on the market for an average of 23 days. 2 years ago there were 5 homes that sold for an average sale price of $114,350. They were on the market for an average of 81 days. Last year there were 6 homes that sold for an average sale price of $90,933. They were on the market for an average of 101 days. Currently there is only one home for sale at $79,900. There are 4 other ones under contract right now. The average asking price of the ones under contract is $86,863 and they have been on the market for an average of 83 days. David diCecco Realtor/Broker www.davedicecco.com