Welcome to Blair Realty, the premier resource for all real estate information and service in the Highlands-Cashiers, NC area. Blair Realty was established in Highlands in 1980 and located on Main Street for many years. Please enjoy your visit and explore everything our website has to offer, including all listings in the Highlands-Cashiers Multiple Listing Service,information for buyers & sellers,community information, and more. We look forward to assisting your real estate needs. Visit as often as you like, and contact us for information on any listings in this area. Representing all properties in the Highlands & Cashiers Area.
BLAIR REALTY Est.1980 Wildcat Cliffs Country Club Information Center since1989
An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?
A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.
As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.
However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.
The transaction process for a short sale can be rather cumbersome as well, whether you’re on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.
If you’re on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.
I was impressed with Margaret & Blair from the moment we met. Their office is beautiful and very unique! Their knowledge of the area was terrific. As a native of Atlanta, I was familiar with the Highlands area, but no expert. They listened to me and helped me determine what was most important in my home selection.They directed me to properties that were right for our family rather than trying to sell me something in a specific club or one of their own listings. I felt like they were working in my best interest. I recommend them to anyone exploring the area. bbjclemsonfan
Great experience. They were very helpful from showing properties through the closing. Recommend them highly to anyone interested in property. They understand what you are looking for and do not waste your time showing you things that they know will not work for you. Susan & John Wiener