Wednesday, December 13, 2017

Real Estate brokers have sometimes been accused of “shortening our words” or using terms that we think everyone already knows!  So, here’s a little helpful guide, if you have trouble navigating real estate terminology!

What it says versus What it means

conveys with sale … it will STAY with the home

EIK … eat in kitchen

SS … stainless steel

HDW, HWF, Hdwd ….. hardwood floors

WIC …walk-in-closet

FDR ….. formal dining room

MLS...multiple listing system

FSBO ….. for sale by owner

Pre-approval …  based on information you are able to provide to the lender.  This will look much better than a pre-qualification to the seller.

Pre-qualified ….  based on a 5 minute phone call to the lender and only on what you tell the lender.  This is needed in order to even make an offer on a home.

due diligence funds …the funds the buyer gives the seller at time of contract to “buy time” off the market while they do their due diligence

due diligence or DD…all of the inspections and loan process, etc a buyer can exercise on a prospective home during their due diligence time period

Due diligence money- is non-refundable The good news is the money is typically credited towards the purchase of the home at closing.

Earnest money is “good faith” money. The buyer is showing the seller they are serious about buying the home.

contingency … a contract on a home that is dependent on you selling your existing home

3 BR/2BA  3 bedrooms and 2 baths


I’m sure we’ve missed a few, feel free to leave comments with any you might still be wondering about and we’ll do our best to define them.

We are here to help you navigate your real estate needs and ALL the terms that come along with that!

Welcome home!

Friday, October 20, 2017

FRONT PORCH REALTY has exciting news; we are the #1 LOCAL Independent Real Estate firm in southwestern Wake County!

See our 3rd quarter local real estate market snapshot . It is no surprise that we are still in a seller’s market; inventory is still extremely low across the Triangle.  Know that in this competitive market, Front Porch Realty brokers are equipped with professionalism and the expertise to help both our seller and buyer clients navigate multiple offer situations.  If we can be of any assistance to you or someone you know, rest assured they will be extremely satisfied.

Please watch our website, Facebook, and Instagram for all housing, and other local news around town and to see our new listings as soon as they hit the market.

If you would rather receive this report either by email or snail mail please contact Laura .

Inventory is low, it’s a great time to sell.

Happy fall!

Laura Moody

Broker/Owner Front Porch Realty

Friday, August 4, 2017

Real Estate Market Update

Here is Front Porch Realty’s quarterly local real estate market snapshot.   Mortgage interest rates and Triangle demographics are still causing a major shortage of homes in the Triangle as well as our end of the county.  Sales prices are up a healthy 6-7 % across the Triangle with our average sales price about $300,000 and average days on market 36 days.  We are still experiencing frustrated buyers in the under $300,000 price range at our end of the county with days on market being reported in hours, not days.

Check out our 2nd quarter numbers here:  2nd Quarter 2017 

Here’s another view of the market in Durham, Johnston, Orange and Wake counties from the Triangle MLS.

Sales prices are up a healthy 6-7 % across the TriangleAs you can see from our numbers, if you are considering selling your home and believe it would fall below that $300,000 price point, now would be a great time to sell! Give us a call today!

FRONT PORCH REALTY continues to grow and provide the existing residents of Fuquay-Varina, Holly Springs and our bordering counties as well as the new residents looking to make our area home, a strong professional sales team.  Please watch our Facebook and website for all of the housing news around town and to see our new listings as they hit the market.

Welcome Home- Laura

Wednesday, June 28, 2017

This week we have a “Guest Post” written by one of our Mortgage Professionals, Jennifer Miller with Sierra Pacific Mortgage Company.

To Buy or Not to Buy?


You’ve heard the news reports on the housing market in our lately – low inventory, good prices, quick sales – and maybe you’re wondering where you fit into this latest market swing.

We should probably start with the news reports.  Yes, it’s true that in some price ranges, namely homes priced under $300,000 there is low inventory.  The same cannot be said for higher priced homes, especially those priced above $500,000; there are still plenty of homes available at that price point.  And yes, the appraisals are coming back at reasonable levels; meaning that in many cases the appraised value and the sales price are matching up; although that’s not always the case.  As far as quick sales, well that depends on how you define “quick”.  Most people are closing in the normal 30 to 45 day range.


When you’ve got a home to sell…

So, should you pursue your dream home, or the home that’s closer to work so that you can eliminate that 45 minute commute you face twice daily?  Putting your house on the market requires effort, commitment and sometimes, money.

The effort and money come in once you’ve had a Realtor to your home for a preliminary meeting.  The first order of business is deciding whether you feel comfortable listing your home at a price comparable to what other homes in your area are selling for.  If the answer is yes, then it’s likely that your Realtor will want you to change or improve your home in a few areas.  You may need to “de-clutter” and pack away your belongings that you’re not using every day to make the home appear larger.  You may be asked to paint, install new carpet or work on the landscaping to improve the homes’ curb appeal.  Depending on how handy you are; you may be able to do some, or all of those things yourself; without having to pay a professional.  Certainly, that is the least expensive way to go.  If you can’t do these things on your own or if you’re too busy to attempt them you may find yourself shelling out up to $2,500.00 to cover these costs.


This is where the commitment component kicks in: if you’re not really committed to selling your home, chances are that you’re not going to be very motivated to get all this work done.  Realtors are fairly savvy these days when it comes to assessing their clients’ needs and wants.  If you want a nicer home but you don’t really need one your Realtor may decide that you’re not the right client for them.


What if you’re not currently a home owner?

Maybe you’re a young professional who’s never owned a home before, or maybe you owned a home previously in another state or at a different time in your life.  If you’re wondering whether a good time to buy is now, the short answer is yes!

As I said at the beginning there is some low inventory with homes priced under $300,000.00; however, if you don’t look for a home then you surely won’t fine one, and there are homes to be found even in that price range.  So what else do you need to consider in a home purchase?  First, do you have enough money to buy a home?



The Price Tag…..

There are several loan programs available that will get you into a home for zero or a very low down payment with reasonable interest rates.  But you will need to have some cash to cover expenses like the appraisal ($450) which is paid upfront and out-of-pocket in the home buying process.  You will also need money for closing costs, which come due on the day you sign the promissory note at closing.


If you don’t have enough cash to cover the closing costs, talk to your realtor about negotiating these into the sales contract.  There is an easy way to handle this scenario.  Let’s say that you want to purchase a home that’s listed at $187,500.00.  You would like to pay $185,000 for the house and you know that you need $5,000 to help cover closing costs.  Simply ask your Realtor to write the offer to purchase for $190,000 with the seller paying $5,000 in closing costs.


Show me the Money…

But how do you know how much closing costs are going to be?  And, how do you know if you earn enough money to be able to qualify for a mortgage loan to begin with?  Now we come to the crux of the matter.  The best way to answer these questions is to call me and start the application process.  With just a little information, I can quickly see if you can be prequalified for a mortgage loan.  I can also make sure that you’re taking advantage of the best loan programs available.

Home-ownership is part of the American dream; and with interest rates still at historically low levels now is a great time to explore your options.  Call me today and let’s get started on getting you into the home of your dreams!






Jenny Miller
Loan Officer
NMLS: 1054076

Sierra Pacific Mortgage Company
6736 Falls of Neuse Road Suite 120
Raleigh, NC 27615

Phone: 919-448-5355



Sierra Pacific Mortgage Company, Inc. NMLS # 1788. Licensed in North Carolina L-127865. Sierra Pacific Mortgage Company, Inc. is not affiliated with the Real Estate Agent and/or Brokerage identified in this advertisement, you are not required to use Sierra Pacific Mortgage Company, Inc. to obtain mortgage financing. This advertisement is provided for informational purpose only. Not all borrowers will qualify. This is not a commitment to lend. [Insert and program and/or additional disclaimers]. Equal Housing Lender.




Wednesday, June 7, 2017

To FSBO or not to FSBO, that is the question…

It’s no secret that the Triangle Area Real Estate Market is busy. Why not just be a For Sale by owner and save a little cash?

FSBO cartoon sign

We can totally understand why a NC Homeowner might be enticed to sell their real property “on their own” in this busy Real Estate market.  You have worked hard to build up the equity in your home…why give it all to an agent?

From Larissa, a recent FRONT PORCH REALTY Seller Client ” …Selling you home is always stressful but working with a professional real estate professional ensures that the process goes as smoothly as possible and that your best interests are kept in mind while your home is being marketed and sold so that you can get the highest return on your investment…”




  • NC has disclosure laws that EVERY homeowner must follow, whether they are using a real estate agent or not.
  • NC purchase contracts now have a due diligence clause to help the seller with their real estate sale, a professional knows how to negotiate all of the facets of the purchase contracts and their addenda to get you through a smooth transaction.
  • A perspective buyer entering your home will most likely be represented by their own personal Buyer’s Agent and YOU are paying for that representation whether you have hired an agent or not!

Did you know it is illegal for anyone in the state of NC to pay a “referral fee” to a non-licensed person?  Yep, it is actually a felony. It’s better to avoid this and stay out of trouble!

We sell real estate FULL TIME and we have a professional state license to do so. We are experts in this Market and we want to work for you.

So…why not leave it to us?

Friday, April 28, 2017

Who needs a Buyers Agent Anyway? I just want someone to show me a house! Do I really need an agent “on my side”?

The answer is ABSOLUTELY!!!

Buyer's agent Kim, assisted Brooks and Linsey with the purchase of their new home!

Buyer’s agent Kim, assisted Brooks and Linsey with the purchase of their new home!

Thankfully, for the homeowners and perspective homeowners of NC, the NC Real Estate Commission has given us AGENCY.  This means when a consumer wants to buy and/or sell real property in our state, they can be represented in various ways by a real estate broker.

Working with Real Estate Agents in North Carolina

Did you know that having a buyer’s agent represent you is 100% FREE. Meaning for anyone entering into a Buyer’s Agency Agreement with a Front Porch Realty Broker, we don’t charge a single fee!  

That’s right, you can have a professional agent working for ONLY YOU when you purchase a home for absolutely no cost. And we highly recommend hiring one, here’s why:

Not only is your Buyer’s Agent going to assist you in finding the perfect home for you, they are also going to help you make an informed offer and strategically negotiate that offer because we know what it takes in our current competitive seller’s market of today to get YOUR offer accepted. Once you are under contract for your new home, we are seasoned in getting you through the entire due diligence process and on to closing.


A recent Front Porch Realty Buyer client, Molly explains “…when buying a home, it is very important to have an agent on your side because they are able to guide you and inform you of all of the possible situations that are important to investigate about a possible property.  If we didn’t have a Buyer’s Agent with our last home we wouldn’t have ever taken the extra steps in researching the property… because we just didn’t know what we didn’t know!”


Interested in buying a home? Contact FRONT PORCH REALTY today and let us work for YOU!

Monday, April 10, 2017



Lisa Notini

Lisa Notini


Congratulations to Lisa Notini, Front Porch Realty’s Agent of the Month – March 2017

Lisa ALWAYS gives 110% to all of her buyer and seller clients. She goes above and beyond to listen attentively and if she doesn’t know an answer to any question her client might ask her, she will find someone who does! Lisa works diligently to find her buyer’s that perfect home, and has even matched up sellers and buyers lately when they didn’t even know they needed to be “matched”.

Thank you LISA NOTINI for all of your dedication as a FRONT PORCH REALTY real estate professional!


Lisa is a Boston native who relocated with her family six years ago to Fuquay-Varina. She thought she would stay here for a few years until she decided where she would settle but Lisa loved our town so much that she decided to call Fuquay-Varina home. She is now selling homes to others who love the Triangle area as much as she does.  Lisa and her husband, Doug are at the tail end of raising 13 – yes, thirteen – children!

“Believe me, if I can manage and negotiate raising such a large family, then I can be a strong and great advocate for you during one of your most important purchases or sales of your life, your home.”

– Lisa Notini

Tuesday, April 26, 2016

Here is a snapshot of our local housing activity.  Housing, and the lack there of, in the entire Triangle seems to be the buzzword these days, and our market is no different.  Inventory is still low and demand is high, causing sales prices to soar and days on market to decrease to almost 0 in some price points!  Enclosed is a detailed look at all of our activity by price point and area.  With all of the growing we are doing on our end of the county I changed my reporting a bit; as always I welcome any feedback.  I have reported “pending” listings separately from “active”, this is the first time I have seen the need to do this, so this is great news for our thriving town.

1st Q 2016 Home Sales

I know you must have a plethora of real estate professionals in your “circle” but I would love for FRONT PORCH REALTY to be your “top of the mind” company when it comes to real estate in the Fuquay-Varina/Holly Springs area.  I am celebrating 20 years of selling real estate this year and would personally like to invite you the FV Chamber of Commerce Business After Hours Front Porch Realty will be hosting Thursday, May 12, 5:30 pm – 7 pm.  Hope to see you there!

We are super excited to announce a new way of giving back to our community. Front Porch Realty and Sherry Riano’s team at DNJ Gateway Mortgage have teamed up to offer Benefits for Heroes for our community teachers, medical, military, police, and fireman personnel, with special discounted mortgage and real estate perks totaling a savings of over $1,000. Please help spread the word.

Please join me in celebrating 20 years of helping the people of Fuquay-Varina and the surrounding areas and pass our name to your co-workers, employees, relatives and neighbors.   Please think of Front Porch Realty as YOUR LOCAL real estate professionals!




Laura Moody McCorry


Front Porch Realty

Tuesday, February 2, 2016

Happy New Year!  While all of us in the housing industry are trying to catch our breath, I took some time once again to look at our year end local SW Wake county real estate numbers.  I was both surprised and pleased to see that Triangle MLS reported the Fuquay-Varina/Holly Springs market 3rd in the Raleigh housing market for market share for 2015.  With our crazy growth, I decided to add an even more in depth comparison of re-sale homes to new construction in our region.  According to the TMLS report, the Fuquay-Varina/Holly Springs market also showed a lower than average Days on Market of 50 (the Triangle average was 60) as well as a higher than average sales price increase of 7.5% (the Triangle average was 5.6%).

Across the board, re-sale and new construction of all SW Wake markets showed an increase in number of solds, sales prices, and price per square foot, as well as decreased days on market compared to 2014 year end.  This is not surprising news as we are deep into a “Seller’s Market”.  There are just not enough homes out there for sale, new or re-sale, to satisfy the buyers pouring in to our market.  Now is the time to sell your home!

See our 2015 Sales by City Comparison

FRONT PORCH REALTY has had lots of excitement going on this past year too!  We have added 3 more real estate brokers, 2 of them bilingual; we can now help consumers speaking French and Spanish.  We have also JUST moved our long standing Cary office to Holly Springs.  Watch for some exciting news about our Holly Springs office coming soon.

Front Porch Realty loves selling Fuquay-Varina and the surrounding area, we are helping buyers moving across country as well as those moving across town. I will be celebrating my 20th year selling real estate this year and am proud to offer Fuquay-Varina a team of experienced professionals to make everyone’s dream come true!  Please like our Facebook page to stay up on all of our LOCAL real estate news.

Friday, October 2, 2015

15464_MBA_TRID-Resource_Page_Graphic_2“Know Before You Owe” Begins October 3, 2015

Real Estate professionals and lenders have been getting ready for the new government lending guidelines for awhile now.  Historically, when a consumer purchased  their home with a mortgage they were bombarded by paperwork requirements and disclosures throughout the entire home buying process. While absolutely necessary, this process can also crush  the “fun” of buying their dream home!

Typically, when “closing day” finally arrives, the buyer’s are relieved as they have taken off work, already have their things packed on a moving truck, have slept on a mattress on the floor the last 2 nights, and have already transfered utilities.  The buyers are ready to sign on the dotted line and get their keys!  Meanwhile, their HUD-1 closing statement (the document that tells them where all their money is going) may have been changed a half dozen times or so in the last 24 hours alone.

As of tomorrow, not anymore!  If a loan application is made by the consumer after October 3, 2015, the “closing statement” a borrower will sign at the closing table will now be ready for review 3 BUSINESS DAYS prior to closing so that any questions can be answered and the buyer has a better understanding of the exact terms of their loan.  If any changes need to made, the 3 business day wait will begin again.  So what does this mean exactly for the buyer, seller, the real estate professionals, lenders, and closing attorneys involved in the real estate transaction?  Currently, we write contracts to “close” on a home after 30-45 days but we are being warned by lenders to go ahead and add an extra 7-14 days to the approval process.  Essentially, we all need to work towards 2 closing dates; the “closing” of the paperwork being approved by all and then at least 3 business days later the “at the table closing” paperwork, where all documents are signed, the transfer of the deed is recorded, and a seller gets their proceeds and the buyer gets their keys!

While, in the beginning this might be a little scary for all those involved as we all anticipate delays in the closing process; I see, in the not so distant future, the initial kinks getting worked out and the closing process improving for all parties involved.  No more of the last minute “morning of closing and we don’t even know if we are closing or not” scenarios that cause stress on every buyer and seller out there!  Here is an article from with more information and of course you can call our office and speak to one of our experienced realtors to help answer any further questions.  signing contract

Monday, July 13, 2015

It’s no surprise our Southwest Triangle Market is HOT this season and our quarterly numbers are certainly proving that.  This quarter I have decided to show numbers of a more narrowed down section of our county by reporting only Fuquay Varina, Holly Springs, Apex and Cary.  I have also included data comparing re-sale homes to new construction homes as our new starts have certainly heated up this year as well with new construction homes being a significant part of our real estate sales.

2nd Q 2015

In summary, all markets are showing healthy new construction activity.  Surprisingly, in most price-points re-sale homes are showing “price per square foot” as high as new construction and “days on market” just as low, if not lower, than new construction.  Builders are staying very competitive.  Holly Springs is the only market that is actually showing a measurable increase in number of units sold this 2nd quarter 2015 as compared to the same quarter last year with a 27% increase.  The other towns show 1-6% increase of total units sold.  It should also be noted that our table shows only active and closed sales; calculating months of inventory for this purpose we are considering “pending” sales as “active”.

FRONT PORCH REALTY has settled in to our new Main Street Fuquay office and are enjoying being part of the Link between our two downtowns.  We have started a new seminar series on the 3rd Thursday of every month from 6-7 pm.  This casual seminar is for potential clients that are just starting to think about a move.  We offer a relaxed format with wine and cheese as well as visits from some of our trusted local professionals that also are involved in the selling or buying real estate transaction.  Please send over anyone that you believe can benefit!

What’s a Buying and Selling Seminar Anyway?

We love selling Fuquay and the surrounding area, we are helping buyers move across the country as well as those moving across town. With 19 years of experience selling our Triangle market, excellent communication skills and broker support team.

Welcome Home,



Monday, June 15, 2015

conference tableOnce a month Front Porch Realty hosts a Buying and Selling Seminar, so I thought I would tell you a little more about it here:

I came up with the idea of having a seminar because it seems like our sellers and buyers are learning about the buying and selling process online more and more these days.  I, myself, admit to “googling” whenever I come across anything unfamiliar that I want to find more information about; I think something as life changing as “moving your family” deserves a little more personal attention.  A good real estate professional wants to know your dreams, hopes and goals for your next home and wants to be able to guide you through this process.  Zillow, Trulia and just can’t do that!  I thought maybe a low key, no obligation setting like a seminar was the way to help. We have so much to offer as professional and experienced real estate brokers.  Yes, real estate has changed over the years, but we still hold a NC state license that is held to a very strict standard with the NC Real Estate Commission; legally and ethically. Our profession truly is more than sticking a sign in your yard and unlocking a door!

At our seminar I talk about what it really means to “have an agent” representing you in a real estate transaction, whether it be buying or selling or both. I talk about what we, as Front Porch Realty, look for while marketing a home for sale or helping you pick a home that best meets your needs and wants. I talk about all of the different legal and disclosure obligations of all parties to the transaction and property, and I talk about the importance of pricing as well as marketing your home. I also talk about the Offer to Purchase Contracts and all of their addenda.  Contracts are much more than “lots of blanks to be filled in”.  There are strategies and negotiation points on every page of the contracts and I believe that is where a lot of our skill and professionalism is proven.

We also invite some trusted contractors and inspectors that we have used over the years to come say a few words; as sellers and buyers the chance of needing a contractor is very likely as you prepare your home for the market and/or work on improvements for your new home.

I invite you to spread the word of our seminar to anyone you feel may benefit and come have some wine and cheese wine and cheesewith us!

Front Porch Realty Real Estate Seminar 

*Every 3rd Thursday of the month

*Fuquay Varina office 604 N Main St., across form CVS 

*Reserve your seat today or just come on by!

Tuesday, February 10, 2015

 To no one’s surprise 2014 was a great year for our Triangle real estate market! All of our local markets showed an increase in average sales price as well as an increase in price per square foot and decrease in days on market.  That means homes are selling fast!

4th Q 2014 Home Sales by City

This shortage of homes for sale has helped our sellers to be able get out from under water and have the confidence again to sell. Mortgage rates stayed extremely low for the year which was a key factor in fueling buyer activity.

See how 2013 compared to 2014 and how a few of our Fuquay Varina local neighborhoods shaped up in 2014.  This should give you a good picture of what’s to come in 2015!

4th Q 2014 City and subdivision

Welcome home! laura

Wednesday, April 30, 2014

Once again, I have taken an in depth look at our Southwestern Wake real estate market.  Just as the front page of the News & Observer reported a couple of weeks ago; “Area home sales improve, but sellers remain scarce”, we are seeing this scenario in our Southwestern part of the county.  We are seeing multiple offers and contracts coming in above sales price.  I am seeing such a low number of new homes coming on the market, buyers have to make quick decisions or they will miss out.  New inventory is low, but sales prices have not increased enough for sellers to feel confident enough to try selling, again, in some cases.  Distressed standing inventory is down as well as builder speculative standing inventory, this brings good news for our re-sale market as sales prices will begin to increase again.

Below is a summary of our entire area; months of inventory along with average average sales price and average days on market.


The following link shows a more detailed look at each of our city areas and their price ranges respectively.

Market Update Q1 2014

It is a FANTASTIC time to sell your home; if you, or someone you know, have tried to sell their home in the last few years unsuccessfully, this is a great time get on the active market again.  Feel free to contact us for our exclusive proven marketing program.  With 18 years of experience selling our Triangle market, I know how to sell real estate!  My communication, expertise, and sales support team is un-matched as evident in being the only boutique real estate company serving Southwestern Wake county.

If you would like to receive my Quarterly Market Update personally just let me know and I will be happy to add you to our email distribution and/or to our snail mail hard copy distribution.

Welcome Home, Laura

Tuesday, November 5, 2013

Every quarter I compile sales data and statistics from our local Triangle MLS;  its a great way for me to analyze my pricing strategies and see our whole REAL real estate picture, usually backing up what I already could feel was happening in our Southern Wake real estate market.  Always good to have quantitative data to back up what you are buzzing about!

Below is a summary of our entire area; months of inventory along with average price per square foot and average days on market are all  improving, all good indicators of our appreciating market.

Sales by CITY Q3 2013

The following link shows a more detailed look at each of our city areas and their price ranges respectively.

Market Update Q3 2013

Our “summer” season lasted longer than usual as our Southern and Western Wake county markets have continued to appreciate and rebound.  All areas have lowered their months of inventory in most of their sales price ranges and we are showing balanced and even slight seller markets for some sales prices across the region.

This is good news for sellers, and continuing  great news for buyers as mortgage rates have stayed extremely low and mortgage companies are continuing to lighten up on lending.

If you would like to receive my Quarterly Market Update personally just let me know and I will be happy to add you to our email distribution and/or to our snail mail hard copy distribution.

-Welcome Home, laura

Tuesday, October 8, 2013

           Wow! I just found out that our membership in the Institute for Luxury Home Marketing also gives us membership into Proxio, THE International MLS translated into 19 languages.  This gives FRONT PORCH REALTY a huge advantage to be able to market luxury homes to high net worth buyers across the globe.  Not only can we market our properties directly but we will be networking with 450,000 real estate professionals in over 115 countries!









Welcome Home,  laura

Wednesday, March 28, 2012

Is  OUR Housing Market REALLY Showing Signs of Improvement?

With lots of buzz in the local and national news right now over our housing crisis showing signs of improvement;  I thought I would share what I am seeing in our local Raleigh Triangle market, including the southern and western Wake County areas of Morrisville, Cary, Apex, Holly Springs and Fuquay-Varina, NC. 

Inventory is still high, although in certain very desirable areas (closer to RTP) inventory is definitely low in all price ranges.  Other areas show lower inventory in the lower price ranges, we are even seeing multiple offers coming in on lower-end properties (<$175,000).  I am also seeing banks set their sales prices very low day one on the market, a major change over last year at this time.  As a result of their low pricing, they are moving their inventory very quickly and have streamlined their whole “market to offer” approving process.  As these distressed properties are sold quickly we also have good news, according to CoreLogic in Realtor magazine;   that the “shadow” market is also declining, in other words the number of houses not yet in the foreclosure process but heading towards it are down 10% from this time last year. 

Watch for my 1st Quarter Market reports due out mid-April as I take an in-depth look at our local market and how we are improving in each of the Triangle, Wake County areas at every price point.

-Welcome Home, laura

Wednesday, February 8, 2012

With all the talk about foreclosures and short-sales, I thought it might be helpful to try and explain exactly what a “short-sale” is and how it may benefit a buyer and a seller. A “short-sale” is just what it sounds like…the sale is shorted. When a home sells for less than an owner owes on their mortgage note(s), and the seller cannot come up with the difference to pay all that is owed, the mortgagor may accept a short payment. The lenders are much more open to this idea than they used to be because of the down economy and increased number of homeowners falling into default on their mortgage payments. The bank does not want to foreclose on your home! It costs them lots of money to take possession of your home and put it back on the market to sell.

If you are a homeowner needing to sell your house because of job relocation and/or a financial hardship, a short-sale may be an option for you. We need to decide on a market expected sales price and then see if all your expenses and payoffs can be covered. If not, contacting your mortgage company(s) is the first step. We can help you through the short-sale process as we have done many of these alternative type of transactions in the last couple of years.

For a Buyer looking at a “short-sale” home to purchase, patience is the key. Sometimes the banks can take a long time (30-90 days) to give an answer on a sales contract as to whether or not they will accept the “short”. The listing agents have to prove market time of the property, and prove that they have achieved the ‘highest and best’ offer for the bank. Once a bank approves a short-sale offer things can move very quickly to closing which will result in most likely ‘a below market price’ for the buyer and an avoidance of a foreclosure for the seller.

Welcome Home, laura