FRANKLIN NC REAL ESTATE * SHORT SALES RELATIVELY FEW IN MACON COUNTY
by John Becker / Bald Head Exit Smokey Mountain Realty
Franklin, NC is doing well at present as regards real estate sales. We have plenty of buyers and a good amount of inventory to show. Sales are picking up.. This is testament to the fact that real estate is LOCAL and not national. Franklin is primarily a 2nd home market and it is believed this is why Franklin NC hasn’t been effected by the financial down turn nearly as much as other areas in the nation. Home prices have receded some what, but again, not nearly as much as the rest of the country. With the lowest mortgage rates in decades and eager sellers, NOW is a great time to buy a new or second home in the Franklin NC Mountains. We are expecting prices to begin rising fairly soon as our market continues to expand. There have been a few financial casualties in Franklin NC and for the unfortunate folks that are enduring the possible loss of a home, I have some news that may be helpful to you. Check out this writing by Dean Foust
The new exit strategy: A short sale
For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that’s resetting higher), up to now the only option was, well, letting the bank foreclose. That’s not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a “short sale.” This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank’s blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).
That’s the really short version of how it works. It was this article in the Tucson Citizen that caught my eye and made me aware of short selling. The Tucson Citizen article, in turn, provides links to a couple of other articles that discuss short selling, one on EHow.com and another on a real estate lawyers site. See the full story here.
Franklin NC Real Estate – Macon County NC- Otto,NC
John Becker / Bald Head – your gateway to Paradise in the Smokey Mountains of Franklin, NC. John Becker / Bald Head, provides a superior level of informed, professional real estate service to Buyers and Sellers of real estate in Franklin NC, Macon County, and the Great Smoky Mountains. You can find every bit of information you require for your Franklin, NC real estate endeavor with John Becker / Bald Head Exit Smokey Mountain Realty. Call 828-506-3719