Purchase a Home and Put Money away for Kids College!

Now when you buy or sell a home through a participating ERA® office, you can get up to
$3,000 of your home’s sale price as college savings in your Upromise account.* And
that’s not all. ERA Real Estate is one of hundreds of Upromise contributing companies — all
waiting to contribute a portion of what you spend with them into a Upromise account for
your child, grandchild, or any future college student you would like to support.

This is just one way to help witht he ever increasing funds for college. If you want to know more about this program contact me at 757-343-7783 or at cheryl.turnbull@era.com. I will be glad to walk you through the process.

What are the Qualifications for a Short Sale?

The main qualification is that you are in some type of "financial hardship". This can include: loss of employment or income, divorce or separation, relocation or job transfer, major illness and medical expenses, or high dollar repairs without the resources to make them, or increased bills or living expenses. A good rule of thumb is that a short sale is not for those that "want" to sell, but only for those that "have" to sell. You typically must prove your inability to pay, however many lenders have become more lenient lately and will make acceptations sometimes for homeowners who are not even in hardship.

As a Realtor I will talk with you and help you to understand the options you have, so you can make a decision on which option is best for you.

Why is it to My Advantage to Short Sale?

A foreclosure can impact your credit far more, especially in the long term. In fact, some banks don't report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, where as a foreclosure or bankruptcy can take 7-10 years.

Another Version of a Short Sale...

A short sale in real estate occurs when the outstanding loans and liens against a property, after closing costs are paid, are greater than the proceeds from the sale of a home, and the lender agrees to accept this lower payoff amount. This occurs only when a home seller qualifies for a short sale through proving a hardship, and the lender agrees to this lower payoff amount.

What Exactly is a Short Sale?

A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, this is also known in real estate as a short payoff or a pre-foreclosure sale. The lender releases the borrower from the mortgage, thereby preventing foreclosure.

If you are a homeowner and want to know what your options are in today's housing market give me a call at 757-343-7783 or email me at cheryl@thecharlesgrp.com.

What Does 2010 Look Like for Real Estate so far?

There is an estimated $14 trillion of residential mortgage debt in the United States, and delinquencies and defaults are rising at a staggering rate. There are approximately 75 million homeowners in the U.S. There are more than 4 million homeowners at least one month behind on their mortgage payments, according to data from the Mortgage Bankers Association, and a record 500,000 homeowners had entered the foreclosure process in 2009. During 2010, in the U.S., approximately 1.9 million foreclosures filings have occurred and in July 2010, 325,000 new filings according to Realtytrac. This trend is expected to accelerate and increase significantly as approximately one out of every five homeowners in the U.S., with a mortgage, owe more on their loans than their homes are worth; and real estate values are continuing to decline. It is estimated that by 2011, 19 million homeowners will have mortgages greater than the value of their homes.

If you are not sure what to do about your home situation give me a call at 757-343-7783. I will sit down with you and go over your options and assist you in finding out what is best for you at this time in your life.

Do you feel like you are drowning when it comes to making your mortgage payment?

Are you struggling to stay afloat while waiting for your home to sell?
Want the facts about your options???

We CAN HELP!

Specializing in Short Sales Negotiations


Short Sale: A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, this is also known in real estate as a short payoff or a pre-foreclosure sale. The lender releases the borrower from the mortgage, thereby preventing foreclosure. 5 years and 2500+ successful short sales to our credit! Our experience is based on working with master servicers and investors.

Contact Us today direct at 757-343-7783 or by email at cheryl@thecharlesgrp.com