SC HELP Foreclosure Prevention Program Now Available Statewide

Almost $300 million in funds to keep homeowners in their homes.

[Columbia, SC]           Following a successful pilot program and Treasury’s approval of South Carolina’s readiness assessment, SC Housing Corp. will take its foreclosure prevention program statewide. Starting January 20, the South Carolina Homeownership and Employment Lending Program (SC HELP) will use almost $300 million in federal funds to help responsible but struggling homeowners in the state.

Key components for SC HELP include:

• Monthly Payment Assistance-assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self sustainability.

• Direct Loan Assistance-for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance-in cases where the mortgage cannot be salvaged, funds may be provided to incentivize short sales, deeds-in-lieu of foreclosure and to help transition families from homeownership to rental housing.

Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:

1.    Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)

2.    Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences

3.    The property securing the mortgage must be owner-occupied as a full-time residence

4.    Borrower must provide a financial hardship affidavit

5.    Mortgage can be no more than 120 days delinquent

6.    Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a nonrecourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced prior to the loan termination date, funds will be recovered should sufficient equity be available from the transaction. The Property Disposition Assistance Program will provide a one time, lump sum grant to the recipient.

Additional criteria and documentation requirements must be met for final eligibility determination. Homeowners wishing to make an application should apply online at www.SCMortgageHelp.com.  SC HELP officials emphasize that using the online application is the fastest and most efficient way to begin the process. Homeowners without internet access may call toll-free to 855-HELP-4-SC (855 435-7472) to begin the process.

SC HELP is intended to assist responsible borrowers – those borrowers who are facing possible foreclosure due to circumstances beyond their control, i.e. unemployment, death of a spouse, catastrophic medical expenses and/or divorce.  SC HELP is NOT intended to serve borrowers who are facing foreclosure due to poor credit and/or debt management, stripping the equity from their home for non-essential purposes, or overall mismanagement of their personal budget.

Additional information, background and resources are now posted on SC State Housing’s website, as well as www.SCMortgageHelp.com, and will be updated frequently.

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SC Housing Corp. is a nonprofit division of the South Carolina State Housing Finance and Development Authority (SC State Housing).

1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments.  So pay your cards on time!

2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first.  So the faster you pay it off, the more money you save.

3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans.  This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates.  Your best bet is just to pay it on time.

4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit.  So don’t spend more than your limit.

5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month.  This will be an eye opener, and a hard lesson for many.  Pay more than the minimum or you could possible pay on this card longer than your house mortgage.

6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign.  I think this is the smartest law of all!  When I was in college, you would sign your life away for a free t-shirt or can coozie.  All adults over the age of 21 take note…DON’T COSIGN

You ask, I can sell my house immediately?

A lot of people are convinced that properly staging your home is the best way to sell your home quickly and if money is not an issue, you want to consider hiring a professional stager. They will go through your home and analyze what needs to be done and then do it. Sometimes this can just be eliminating clutter. Other times this can entail a fresh coat of paint or redecorating.

In some instances a stager may recommend that you remodel a portion of your home, but the level of staging that you undergo really depends on your budget and the amount of time you have available to put the house on the market.

Another way of selling your house quick is to make sure that it is marketed with lots of quality pictures. With a lot of houses on the market, buyers can find themselves overwhelmed with the amount of property to look at.

Often time is of the essence for the buyer as well. They do not want to waste their time looking at homes that they are not interested in. As a result, hiring a photographer to take quality interior and exterior photographs can ensure that the buyers who come to look at the house are really interested and not there just to get a better look.

Taking several pictures of the exterior as well as shots of all the interior rooms is the best way to go about it. The buyer can have a virtual tour of the house through the pictures. If they are interested it is certain that the level of interest is much higher and can eliminate timely revisits.

If you are thinking about selling your Fort Mill SC home, Sharon Salisbury has the knowledge, experience, and ability to help you get a quick sale for top dollar!

Now, although this is certainly some encouraging news, home prices overall are still down roughly 33% from the numbers from mid-July 2006. So while we are starting to see some improvements in the housing market overall, there’s still a very long way to go before things are completely back.

The report shows that with the exception of the Las Vegas, Detroit, and Seattle areas home prices are rising across the country and I would say that that’s the trend I’m seeing here in the Fort Mill SC and Rock Hill SC area.

Yes, it’s still very much a buyer’s market, but you can slowly see home prices starting to increase ever so slightly.  We’ve been very fortunate in that home prices never really took the nose dive experienced by other markets, but home buyer confidence is certainly returning which in turn means homes are selling closer to asking price than previously.

Hopefully this trend will continue, not just in the Fort Mill SC area, but nationwide as well.  Home sales has always been a bit of a barometer of how well the economy is doing so the better the home market is, the better off our economy is!

Here’s a quick video that shares some simple home staging tips that can help you sell your home faster:

]]> http://sharonsellscarolina.com/446/simple-steps-for-staging-your-fort-mill-sc-home/feed/ 0 http://sharonsellscarolina.com/438/what-exactly-is-a-short-sale/ http://sharonsellscarolina.com/438/what-exactly-is-a-short-sale/#comments Fri, 11 Sep 2009 16:53:52 +0000 SSCadmin http://sharonsellscarolina.com/?p=438 Given the turbulent housing market this past year or so has led to an obvious increase in the number of foreclosures across the country, and even here in our backyard in Fort Mill SC and Rock Hill SC. This means an increased inventory of homes available for purchase, which in turn means lower home prices for both those buying and selling real estate.

Well, while a foreclosure is the worst possible scenario for someone that has fallen behind on their mortgage payments and it’s something you want to avoid if all possible, there are other options.  One of those options is something called a ‘short sale’.

As it relates to real estate, a short sale essentially means the lender has agreed to allow the home to be sold for LESS than what is actually owed.  Now, not all homes qualify for a short sale simply because not all lenders will allow the home to be sold for less than what is owed on it.

If you’re in a situation where you feel like you’re about to lose your home, investigating the possibility of selling it via a short sale might be a good option, but as with everything in life you MUST do your own due diligence.

You certainly want to consult with your accountant and an attorney familiar with real estate short sales.  You’ll find a great list of steps you could expect to have to take in order to sell your home via short sale right HERE.

On the buying side, purchasing a home via a short sale is much, much less certain a process than buying an average home listed for sale.  You’d be wise to consult with a qualified real estate agent that has some experience working with real estate short sales.

If you have any questions about either selling your home via a short sale or purchasing a home via a short sale, I have experience in both so please don’t hesitate to CONTACT ME.

Many news reports point to the sub prime lending mess as the cause for the housing slump. But home sellers should know that plenty of people with good credit are simply cautious buyers, which can keep sales down.

In most areas it’s a buyer’s market, so people can be picky. “Most buyers in this market will try to re-negotiate based on the findings of their home inspection. If the seller is unwilling to make repairs or lower the price, they may walk away because they knew other properties are available,” says Kathleen Kuhn, president and CEO of HouseMaster.

With approximately two million home inspections collectively performed by its franchise offices, HouseMaster is aware of a number of conditions that are more likely to scare buyers away.

But sellers do not have to stand by with their fingers crossed to secure a fair sale.

“More and more home sellers are getting a pre-listing home inspection that helps identify potential deal-breaking issues before the house is listed on the market,” Kuhn says. “This way, sellers can fix problems and worry less about a buyer walking away late in the deal process.”

According to Kuhn, the following are “The Fearsome Four” when it comes to real estate deals:

• Roofing Concerns: A new homeowner does not want the expense of roof replacement shortly after closing. Many sellers believe that if their roof is not presently leaking it is in acceptable condition. But an astute buyer knows that a worn roof needs to be replaced before it leaks.
• Electrical Problems: Older panels are often undersized and might even pose a fire hazard. Although an upgrade is usually straightforward, the potential fire risk can be scary for prospective buyers.
• Structural Issues: Major structural issues are one of the least common defects found in homes, but when they do occur, they can be costly to repair, and can really stop a buyer in his tracks. Fortunately, there are often repair options that will make the sales process go smoother. But it will often require another inspection by a structural engineer or repair professional, and additional time, to determine what can be done.
• Synthetic Stucco or Exterior Insulation Finish Systems (EIFS): Overall EIFS can be effective, economical alternatives to traditional stucco. Unfortunately improper installation can lead to trapped moisture behind the siding. This can cause structural damage and mold, and can cost tens of thousands of dollars to correct.

“Sellers lose some advantage when they are caught off guard by issues, even minor ones. In a market where every edge counts, sellers can use tools like pre-listing home inspections and repair records to show that they are conscientious and have taken appropriate steps to sell responsibly and competitively,” Kuhn says.

Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue.

More home safety and maintenance information is available online at www.housemaster.com.

This information is provided for general guidance purposes only. Neither DBR Franchising, LLC nor the local HouseMaster® franchise warrants its accuracy and assumes no liability related to its use. Contact the local franchise office and/or qualified specialists for advice pertinent to your specific house or circumstances. © Copyright 2008 DBR. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of DBR Franchising, LLC.

According to Bloomberg,

“Sales of existing U.S. homes jumped more than forecast in July to the highest level in almost two years. Purchases climbed 7.2 percent to a 5.24 million annual rate, the most since August 2007, the National Association of Realtors said today in Washington. The gain was the biggest since records began in 1999. The median price fell 15 percent.”

As I’ve said all along, the Rock Hill SC and Fort Mill SC housing markets haven’t been hit as badly as other areas of the country, but we’ve certainly felt the reprocutions.  Now with the national housing market appearing to rebound, I would expect that we’ll continue to see an increase in existing home sales.

There’s still quite a lot of homes for sale, but the pace at which homes are selling has slowly picked up the past few months.  And now with the $8K tax credit coming to it’s end on November 1st many home buyers are scrambling around, trying to find their dream home in order to take advantage of this credit.

So, if you’ve been thinking about selling your home, now’s a GREAT time to put it on the market!

You see, even in this challenging economy real estate is still moving.  People are still buying and selling houses so there’s no reason to think your home couldn’t be one of them.  Sure, it’s a little more difficult to sell a house today than it was just a few short years ago, but by making sure you do a few things correctly it’s not unreasonable to expect your home to sell.

So, here are 5 reasons why your home may not be selling:

1. Your home isn’t in top condition. If you want to sell your home fast and for top dollar then it absolutely MUST be in tip top shape.

   While there might be a few people looking to find a home that requires some TLC, most people in today’s marketplace are looking for homes that are move-in ready.  This means no holes in the walls, freshly painted walls, floors that are in good shape, and very little ‘updating’ required.

   If your home leaves buyers feeling like they’d have a lengthy list of chores to do before they moved in then chances are you’ve pinpointed a big reason why your home hasn’t sold yet.

2. Not enough photos OR badly taken photos. Because more than 80% of all house searches begin online, you have just a few seconds to capture the attention of potential buyers.  As a result, it’s absolutely crucial that the first photos they see show your home in it’s best light.

   This means taking the photos at the right time of day so the light is at its best, removing any obstacles that could block a full view of the house, and making sure the driveway is clear of cars, bikes, or other vehicles.

   You also want to make sure you have enough photos to give prospective buyers a good feel for your home, as well as what they can expect to see when they actually do come see it in person.

3. You aren’t doing enough to market your home. Nowadays you simply can’t list a house on the MLS system and expect it to sell.  To sell a home quickly and for top dollar in today’s marketplace you’ve got to employ as many marketing methods as possible.

   This means an extensive listing in the MLS, listing it on real estate websites, sending postcards to neighbors, running ads in the newspaper, holding open houses, networking with other agents, etc.  There are way too many methods available to rely on just one or two to get your home sold.

4. You hired the wrong listing again OR haven’t hired a real estate agent at all. Yes, you can sell your home as a ‘for sale by owner’, but it’s not easy. 

   That being said, if you do decide to hire a real estate agent you definitely want to make sure you’ve hired the right one for the job. Interview a handful of agents and ask them lots of questions. What’s their plan to market your home? How many listings have they sold in the last 6 months? What have their previous clients said about their experience working with them?

   If you don’t get the answers you want to hear, don’t be afraid to interview more agents.  Remember, when it comes to selling your home a quality real estate agent can be more than worth their weight in gold, but you might have to do a little panning to find the right one for you.

   Be sure to learn about why you should hire Sharon Salisbury to help you sell your home!

5. Your home isn’t priced correctly. In most cases, this is the biggest reason why real estate doesn’t sell.  A home that is priced correctly will generate a high amount of interest as well as qualified offers.  If you try to price your home too high hoping to be able to negotiate a final price that’s lower than what it’s listed at, chances are you won’t have much luck.  Home buyers nowadays typically look at the listing price as a starting point and if it’s outside of what they think it should be, they won’t even give it a second look.

   So, price your home competitively and watch as the qualified buyers come running and chances are you’ll very soon be entertaining offers to sell!

Remember, there’s a lot that goes in to selling a home quickly and for top dollar so don’t expect it to happen overnight. However, by avoiding these 5 mistakes there’s really no reason why you shouldn’t expect to sell your home for a dollar amount you’re happy with and in a time frame that makes you jump for joy!

Here are a few suggestions to consider if you don’t think you’re house is selling fast enough.

1. Is it priced too high? In many cases, this is the single biggest reason why your home isn’t selling.  In tough markets like the one we’re experiencing, house buyers have many more options so it’s critical to make sure your home is priced to sell.

   Now you don’t want to simply give your house away, but you may need to consider that a price reduction is needed to sell the property.

2. The home is too ‘personalized’. This is another common problem.  If potential home buyers can’t envision themselves living in your home for all the family photos or other extensive personalization you’ve done, you’re going to have a very difficult selling your home.

   You want people to want into a home where they can easily see themselves living, with their furniture, and their personal touches, not yours.

3. Your agent isn’t doing enough to get the word out about your house. In today’s tech-savvy real estate market, it’s critical that your house is marketed online.  And I’m not just talking about listing it in the MLS. 

   A good agent should have your home listed on their website or blog, they should have it listed in the large real estate websites like Yahoo! Real Estate or Zillow, and they should also be taking advantage of social media sites like Facebook or Craig’s List.

   If you’re agent isn’t doing any of these things, it may be time to have a conversation with them about joining the social media revolution. And if they say those things aren’t important, look for a new agent.

4. Holding open houses. Now, while open houses for the general market really aren’t all that effective, broker or agent open houses can be.  This is an open house for just real estate agents or brokers.  This is a great opportunity to get the word out about your house to other agents that may have potential buyers for your property. 

   Yes, it takes a little bit of work to put on a good agent open house, but at the end of the day, it’s an important step in getting the word out about your home.

5. Have some patience. Again, just because your home hasn’t sold within the first week of going on the market doesn’t mean it won’t sell.  It just means the right buyer hasn’t come along yet.  If you have a hard-working, savvy real estate agent on your side though, it’s really only a matter of time before you’ll soon be sitting at the closing table!

If you’re considering selling your Rock Hill SC or Fort Mill SC home, I’d love an opportunity to share with you all the ways I’ll market your home in order to sell it as quickly as possible and for the highest price possible.

Contact Sharon to sell your Rock Hill SC home today!