Archive for February, 2010

Michael Sullivan, Realtor, Broker, E-pro

Short Sale Real Estate Specialist for Raleigh, Durham, Cary and Chapel Hill North Carolina

Michael Sullivan, Realtor with Fonville Morisey Realty in Durham NC brings nearly seventeen years market experience to the Raleigh, Durham, Cary, Hillsborough and Chapel Hill real estate market. Mike Sullivan lists and sells homes from Burlington NC to Clayton NC. Michael Sullivan is a broker, E-pro, SRES and CREN and has made client advocacy and education hallmarks of his residential real estate practice. Call Mike Sullivan today at 919-608-2372 and let him help you find a place to call home.
A short sale can occur with the following conditions:
a. A seller desires to sell a home
b. A seller owes more on that home than the property will fetch on the open market
c. A seller has a bonafide hardship that a bank will accept and allow a short sale.
d. The lender/mortgage holder approves the sale of the property
Bear in mind that this writing is for informational purposes, any legal advice or specific tax advice should be sought from either an attorney or a certified public accountant.

So here is the very good news, Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty has engaged the services of a company that will assist us in getting short sale properties sold and closed. Our job as REALTORS will be to market the short sale properties and our affiliated businesses task will be to navigate the ever changing and frustrating world of mortgage lending. The national news media has made no bones about broadcasting how tedious the short sale process is. Our new business partner has a proven track record of moving the short sale process forward on average in sixty days. Once approved our closing attorney can close the deal in typically one month.

The benefit to the owner of a property which is short is that they can be out from under ownership of the property in three months under ideal circumstances. The great news in all of this, it costs the seller of a bonafide and approved short sale property nothing out of pocket, however there are other costs such as credit implications and tax consequences which should be considered and discussed with appropriate professionals.

If you have a hardship like a lost job, reduced income, medical expenses, and if you find yourself falling behind and you want to sell your home but you don’t know where to begin. Then you should call or email Michael Sullivan with Fonville Morisey Realty. Mike Sullivan with his nearly seventeen years experience in the Research Triangle real estate market is always happy to put his knowledge and expertise to work for any client. Michael Sullivan can be reached at 919-608-2372 or via email at MSullivan@fmrealty.com or visit Mike on the web at www.TeamMichaelSullivan.com or www.TeamMichaelSullivan.net

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Michael Sullivan, Realtor with Fonville Morisey Realty in Durham NC brings nearly seventeen years market experience to the Raleigh, Durham, Cary, Hillsborough and Chapel Hill real estate market. Mike Sullivan lists and sells homes from Burlington NC to Clayton NC. Michael Sullivan is a broker, E-pro, SRES and CREN and has made client advocacy and education hallmarks of his residential real estate practice. Call Mike Sullivan today at 919-608-2372 and let him help you find a place to call home.

 Ok, so today I’m going to talk a little differently with respect to how I write and comment on this funny animal called residential real estate. No doubt about it since 2007 things have been hard, really hard; I’ve had to work harder, work faster, spend more and work longer hours. I have had to go back to basics; send, call, see, hold open houses and constantly be looking for deals to cobble together. I have also had to be ever mindful of my role as a REALTOR or real estate agent. I counsel buyers and sellers, I assist buyers in finding their new home and working through the ever changing and complicated process and I coach sellers in how to sell their homes.

Up until 2007 I thought that I was pretty good at helping sellers establish a price for their homes. 2007 became a reality check for me, no longer was it sufficient to look at comparable sales and determine value, we had to look at current competition and then project to where we saw sales numbers falling to. This is akin to shooting a bullet into a black hole and trying to hit something. Or even more accurately standing in the Grand Canyon and trying to catch a single feather as it floats to the bottom. Ok, well maybe that is a bit of an exaggeration but you get my point.

For the last three years I’ve had to face home sellers who own very nice homes, well presented, well cared for and we thought well priced and adjust our prices downward and downward and downward. Currently I see values near 1997 values, and that is a tough pill to swallow. I think values are stable but only time will tell, there are a whole lot of foreclosed homes flowing onto the market at he moment.

On the flip side buyers ask again and again, why has this home been for sale for so long? Time and again my response is the market, plain and simple the market, there are fewer buyers, there are more homes there are oodles of foreclosed and short sale homes all competing for a limited number of home buyers. A Limited pool of buyers who have been told to save their money and not spend and are doing just that, a limited pool of buyers looking longer, looking harder and bargaining harder to buy a home.

I have also had to spend much more time coaching buyers through the mortgage process. The banks, after the proverbial horse has left the barn, and the barn has all but burned down have slammed the barn door and tightened lending regulations to a strangle hold. These, in some instances, banking criminals, have become completely ridiculous; some bankers are requiring that storage sheds be removed from sales contracts because said sheds are not real estate. Well theoretically this is true, but then a house isn’t real estate either, a structure is a fixture and those fixtures add value to the real estate which is the land. These bankers are also requiring that drapes, rods, some appliances be removed from contracts too. All of a sudden the offer to purchase and contract isn’t an instrument to bring buyers and sellers together, but rather a form to protect banking interests.

I think protecting banking interests is laughable. The banks definitely know how to protect their interests; they perpetrate wholesale fraud and deception in the banking melt down and then get the American taxpayer to bail them out and then to throw salt in the wound, penalize those very people who saved the bankers velvet skin. It is indeed maddening and every single American tax payer who is current should be furious. Frankly I find all of this exhausting and it leaves me feeling more than just a little tense and angry.

You see from 2002-2007 when Wall Street money moved into banking and real estate; and almost everyone was speculating in the real estate industry, some of us saw dark clouds on the horizon and screamed about them. The banks threw money and value around like the pocket book was bottomless. Greed, graft and corruption, with a wink, wink, nod, nod, to ethical and moral behavior went right out the window and like profits eventually did…down the proverbial drain. Banks would lend to folks with no credit, low credit, stated income, one hundred and three, four, five, six, seven, eight, nine and ten percent to value. No deal was too scary, no buyer too risky, no new home neighborhood too over-valued.

Then poof in 2007 it went south and in a hurry and now they have slammed the door on the monster that they created and the tax payer paid the bill and they, the bankers are still writing the rules. The inmates have the keys to the asylum and all of us should be terrified. What happened in this banking crisis is nothing more than a ponzie scheme, as long as money was flowing in from the bottom all was well, but when the pool of qualified buyers dried up, then the banks and Wall Street went looking for a fresh crop of mortgage borrowers. Unfortunately those new buyers were credit unworthy and here we are. We are left cleaning up a huge mess made by bankers, Wall Street, some real estate professionals and people who were credit unworthy.

Scads of REALTORS have left the industry, perhaps rightly so, many should have gone; realistically why would anyone put their trust to purchase or sell their largest asset in the hands of a person who works in real estate part time? It is a poor decision; we wouldn’t hire a doctor, lawyer or stock broker who was part time, why then a real estate professional? For this travesty I’ll shame the national and local associations for chasing the dues dollar and basically throwing anyone who could pass a state test and write a check for dues into the fray, professional standards are at best lax and at most nonresistant for newly licensed real estate professionals; for the most part training is a joke too, there are some exceptions; my present company excepted.

Optimistically, hopefully I think we’re near the end of the tunnel, but I don’t know. I think history will judge this one much more than an ugly recession, I think this one will be characterized a depression and only time will tell when and where it will end. As an industry real estate is leaner and perhaps this is good, fewer of us will do more and hopefully those of us left will elevate the professional standards of a bruised and damaged industry. As for banking and Wall Street, who knows what their house looks like?

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616 Edenberry Drive Durham NC 27713

This property is being marketed by Michael Sullivan, Realtor with Fonville Morisey Realty.  Mike Sullivan is the market expert for Durham, Chapel Hill and the Research Triangle Region of central North Carolina.  Put Michael Sullivan’s 17 years real estate market experience to work for you. 

616 Edenberry Drive is a charming, well maintained three bedroom and two and a half bath home in the Hope Valley Farms neighborhood of Durham NC.  The two story entry foyer and living room/dining room combination are adorned with hardwood flooring and soothing neutral paint colors.  A lovely wood burning fireplace is the focal point of the living space and sliding glass doors open to a huge, fully fenced rear yard that back up to green space.    Just imagine no neighbors behind you and a fully fenced space for gardening, barbeques and playing. 

The galley kitchen is modern and functional and has newly added ceramic tile flooring.  A convenient door passage leads from the two car garage to the kitchen so if weather if foul groceries can be brought into the house and everyone will stay dry.  The kitchen appliances stay with this home and the sellers are offering a one year HSA Warranty with a $100 deductible for buyer’s peace of mind. 

Upstairs are three bedrooms, all with Berber carpeting.  The master is vaulted with a cathedral ceiling and ceiling fan and is serviced by its own private bath.

Hope Valley Farms offers interesting and fun lifestyle amenities.  There is a swim and tennis club which is optional for residents to join.  The neighborhood has miles and miles of sidewalks and is bounded by the American Tobacco Trail which offers miles of wooded, paved trails that wind from downtown Durham and the Durham Bulls Athletic Ball Park to the Streets of Southpoint Mall in southwest Durham.  Hope Valley Farms is roughly ten miles to UNC at Chapel Hill, ten miles to Duke University and 5 miles to Research Triangle Park; literally at the center of it all.

Wish to see inside 616 Edenberry Dr.?  Call or text Michael Sullivan at 919-608-2372 or email, MSullivan@fmrealty.com

Mike Sullivan can be visited on the web at www.TeamMichaelSullivan.com or www.TeamMichaelSullivan.net

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2240 Spruce Shadows Lane Raleigh NC 27614

Open House  Saturday February 20, 2010 between 2 and 4 pm.

Need more information phone or text Michael Sullivan at 919-608-2372 or email MSullivan@fmrealty.com 

Visit Mike Sullivan on the web at www.TeamMichaelSullivan.com

or www.TeamMichaelSullivan.net

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Open House

Saturday February 13, 2010 From 2-4pm

4100 Five Oaks Dr. #42

From Garrett Road and Old Chapel Hill Road, take Old Chapel Hill west toward Chapel Hill, turn left on Five Oaks Dr. then right into the first driveway, go down the hill unit 42 will be directly in front.

Come out and see this lovely, fully updated, end unit that looks out on lush woods.

Need more information  call or text Michael Sullivan 919-608-2372 mobile/text or MSullivan@fmrealty.com



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4101 Five Oaks Dr. #38 Durham NC 27707

This charming two bedroom, two and a half bath townhouse styled condominium is spacious and is one of the best deals being offered in the Five Oaks neighborhood.

On the first level is a large combination kitchen/breakfast room with electric range, refrigerator and dishwasher.  There is a decent amount of cabinet space and a handy panty closet for storage.  There is also a formal dining room with sliding doors to a rear patio and a formal living room with a wood burning fireplace and sliding glass doors to the rear patio.  The first floor also offers a powder room so that guests don’t have to venture upstairs.

Upstairs is a laundry closet, a huge storage closet and two bedrooms each updated and each with updated private baths. 

Five Oaks is a wonderful community located 7 miles from Duke University and 7 miles from the University of North Carolina at Chapel Hill.  Five Oaks is within walking distance of grocery stores, retail shopping and dining.  The Five Oaks recreational association (FOR A) offers a pool, tennis courts, a dog park, basketball, volley ball, a lake, a ten thousand square foot club house which is available for parties and gatherings, a gym, yoga studio and a whole host of weekly and monthly activities for its members.

Michael Sullivan with Fonville Morisey Realty is the residential real estate specialist for Five Oaks and the entire Durham/Chapel Hill region.  Call Mike Sullivan today and put his nearly 17 years of market experience to work for you.  Michael Sullivan can be reached at 919-608-2372 mobile/test or via email at MSullivan@fmrealty.com visit Michael Sullivan on the web at www.TeamMichaelSullivan.com or www.TeamMichaelSullivan.net 

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Open Saturday Feb. 6th from 2-4pm

5213 Echo Ridge Raleigh NC 27612 Area 2A $152,700 with $2,000 in seller paid costs Glenwood west to left on Duraleigh to right on Delta Ridge, to Right on Echo Ridge down the hill and on the left

More information follow this link…



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