Category Archives: North Carolina Short Sale News

Wells Fargo Short Sale – Black Mountain, NC

This short sale was incredibly over-leveraged.  The outstanding debt to Wells Fargo was more than twice the amount the property sold for as a short sale.  Yet again, this short sale was attorney-negotiated (as they all should be).  That’s a function of the property condition (not so good) and market condition (also not so good).  […]

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Black Mountain Log Cabin Vacation Home

This home was a vacation rental cabin about 30 minutes from Asheville, North Carolina.  In other words, it was a second-home investment property.  The lender was Asheville Savings Bank (a community bank), and there was one mortgage.  This short sale was successfully negotiated within only a few weeks, with the seller receiving a full satisfaction […]

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NC Real Estate Commission: BPOs Can Violate Appraisers Act

We’ve touched on this issue before, but the North Carolina Real Estate Commission feels this issue is important enough to write about it in the March 2011 issue (page 4) of the Real Estate Bulletin. According to the NC REC, brokers are well within their rights to perform a Broker Price Opinion (BPO) if it […]

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North Carolina BPO’s Under Legal Scrutiny

In North Carolina, BPO’s (Broker Price Opinions) are done just like they are done in most states…by real estate agents for a fee of roughly $50-$75.  However, the North Carolina Association of Realtors has been spreading the word that this is in violation of state law. That’s right…according to David McGowan, NC REALTORS Director of […]

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Asheville Foreclosure Increase is First Nationally

The Asheville, NC metro area has made news in a less than desirable way…the area’s 229% increase in foreclosures from 2009 to 2010 was the biggest increase in the United States.  Ouch! According to RealtyTrac, the 4-county area saw 1,496 foreclosure filings in 2010, for a ranking of 175 out of 205 metro areas studied […]

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North Carolina Foreclosure Rescue Scam Shut Down

North Carolina Attorney General Roy Cooper’s office has shut down a foreclosure rescue firm that actually tried to change its name to avoid prosecution by the state.  Wow, did this guy really think he would get away with it? North Carolina law prohibits charging fees up front for loan modifications or foreclosure assistance, which is […]

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North Carolina to set Foreclosure Record in 2010

I hear from sellers almost daily that they are going to ride the market out.  After all, it has to get better at some point, right?  I agree, it will get better, but I don’t see a major upswing in prices any time soon.  I’m not an economist, but I do understand supply and demand.  […]

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