About Yvonne Schaefer

I am a Real Estate Broker at Keller Williams Realty in Cary, NC and President of Hands of Compassion International supporting our Health Center in Guayaquil, Ecuador. Here are some important things to know about me: -Consistent follow up and attention to detail during real estate transactions -Awarded Top Listing Agent and Top Selling Agent awards in my office. -Constantly improving computer and internet knowledge -Focused area is Raleigh, NC. This includes the surrounding areas of Cary, Apex, Holly Springs, Fuquay Varina, Clayton and Knightdale. -2007 and 2008 President of the Raleigh Chapter of the Women's Council of Realtors -2008 Member of Year - Raleigh Chapter, Women's Council of Realtors -Customer Service "SuperStar" Award - Monarch Services @ IBM -Board of Directors of Hands of Compassion International. I have served on this Board for eight years. -Lead teams of medical personnel to Guayaquil, Ecuador every year to provide free medical care to the poor who have no other means of receiving this type of assistance. To date, I have led 16 teams providing humanitarian care to Ecuador. -Married for 35 years and mother of 4 sons - three of which have served in the military. - Grandmother ("Mimi") to 3 yr old Alia, 10 month old twins David and Caleb, 4 month old Myka and 1 month old Olivia! Call me at 919.624.6055 or email yschaefer@kw.com. Visit www.AskYvonneBlog.com; www.BestRaleighListings.com; www.RaleighBargainHomes.com

Price It Right!

In our Raleigh, NC real estate market, we see multiple offers every day. In fact, houses are selling within hours of hitting the market. I just sold one in 6 hours. Another one had 27 showings and 9 offers in under 36 hours and sold for $10,000 over asking price. So, why are over 59% of homes listed in the Raleigh, NC area been on the market for more than 60 days?

Price, price, price!

Price Video Pic

It is imperative to have a real estate professional help you price your home. There are many factors that go into pricing strategies. Listen to their advice. I’ve heard things like, “My neighbors will be so upset if I sell for less than $___.” or “I’ll just let me house sit on the market until the right buyer is willing to pay my price.”

That way of thinking is simply not going to get your home sold for top dollar!

The fact is, in our Raleigh, NC Multiple Listing Service today only 25% of the homes that have sold in the last 30 days been on the market for more than 60 days. And here’s the most important part…they sold for less money! Yes, they sold for 94% of asking price while homes sold in less than 60 days brought in 97% of their asking price.

Even more interesting, of those homes sold in the last 30 days over 52% sold in less than 30 days at an average of 99% of list price!

Wouldn’t you rather sell your home quickly and for more money? Call me today and I’ll put you in touch with a great agent who can help you sell your home wherever you are! And, of course, if your are in the Raleigh, NC area I’m right here ready to help you.

Short Sale “Treasure”

Q. My friend told me about this house on ****. Can you check it out for me?

A. Well, that one looks like it is a short sale. We don’t have very many short sales in our market anymore, but once in a while one pops up. Short sales can be tricky. There’s several important things to understand about a short sale.The seller owes more on the home than the current market value. This used to happen a lot a few years ago when the real estate value dipped. It’s much less common now.

Let’s say the seller bought the house for $210,000 and got 100% financing. When they go to sell the house, they find the market value is $200,000. Once they factor in all the costs for selling the house and the difference in market value, they discover they owe more to the bank than they will get when they sell.

The seller stills owns the property but cannot sell because they would have to pay the bank that extra money. They will have to go to the bank and ask the bank to “forgive” them the difference. This is a complicated process that can take a long time. In North Carolina, only attorneys (or the owners themselves) are allowed to negotiate with the bank.

What this means to you as a buyer is that the seller doesn’t really know what the bank is going to do about this “forgiveness” of his debt. They may say yes. They may say no. And no one knows when the bank is going to respond. It could take weeks and even months to get an answer from them. In the meantime, your earnest money deposit is tied up and you don’t even know if the bank is going to allow the seller to sell the house for the price listed.

Which brings me to my next point…Just because the house is listed for a certain price, and the contract between the seller and the buyer is for a certain price, the bank doesn’t have to accept that sales price! It is not uncommon to wait for months to hear from the bank and when you do it is with a response that negates your contract price.

We really don’t have that many short sales anymore in this area. And frankly, it’s a special buyer that can hang on long enough and that is flexible enough with the price to make it work.

Lastly, most short sales are actually listed pretty close to the market value. In fact, the banks are requiring the sales price to be near the market value. So, they are really a “deal” anymore.

I’d recommend we keep looking for something else. With your lease coming up shortly, I don’t think you have the time to deal with a short sale.

When Can I Move?

Q. Hi, Yvonne! I’m sorry to pester you with so many questions but since I’ve never done this before I just want to be sure.  So the closing is supposed to be ***, correct?  Does that mean that I will officially be able to move there at that time?
A. It’s no bother at all. That’s what I’m here for…
On the day of closing you will sign all your paperwork at the attorney’s office. You will need to bring your drivers license and any money required to purchase the house. The lender will give you an estimate of what that amount will be. You will probably find out the exact amount the day before closing.
After you sign all the papers, the attorney needs to record the new deed with the county’s Register of Deeds. Until these documents are recorded you don’t actually own the house – even though you signed everything. That means that you won’t get your keys until the deed is recorded. Fortunately, Wake County has an electronic filing system. It used to be that we would have to wait until the end of the day for the attorney to go to the courthouse to file. It’s much faster now!
Typically, you will come to the closing and sign a stack of papers. Then the attorney’s office will contact me – and I’ll call you – when the deed is recorded. Depending on how busy the attorney’s office is that day and when your closing time is set, it should only be an hour or so for them to be able to record. Once you get that call, you can come back to the attorney’s office and get your key!
Sometimes, if the closing is very late in the day and the attorney misses the filing time limit, the recording may not happen until the next morning. That means you would not get the key until then. This is something Team Schaefer tries to avoid when we are scheduling closings, so it’s pretty rare for that to happen.
By the way, that’s why I said I do not like to schedule closings on Fridays. If something delays the closing, and the deed doesn’t get recorded on Friday afternoon, it would beMonday before the keys would be available. That is a terrible, terrible circumstance since most people would have the moving truck and crew ready for that weekend – but wouldn’t have access to the house. We do our absolute best to never have that happen to our clients.

Seller Under Contract Q&A

Q. Well, you did it! We just signed the contract to sell our house. Thanks, Yvonne! What’s next?

A. Congratulations! You did such a good job of keeping your house in tip top shape for the showings. And now we enter the next stage of the process of getting your house sold.

Just a couple of reminders:

1) The buyers Due Diligence is through (example: April 10). During this time they will be doing inspections and other research on the property (HOA info, etc). It’s quite likely they will do a home inspection, a termite inspection and conduct a radon test. Because you were proactive and performed a pre-listing home inspection, there should not be too many surprises.

2) After the inspections – and still during the Due Diligence period – it is quite likely the buyers will ask for you to do some repairs. Be prepared for them to ask you to hire a licensed contractor to do the repairs. We can help with getting those tradesmen lined up, if you would like. You also have the opportunity to give the lockbox code to such tradesmen, in case the scheduling gets too complicated for you. The code to your lockbox is ++++.

3) The buyer will also be getting their financing in order during Due Diligence. Team Schaefer will be in communication with the buyers agent (and possibly the lender) to make sure all target dates are hit during this process.

4) I just want to make sure we are all clear that any time during the Due Diligence period the buyer has the right to terminate – for any reason. So, circle (ex. April 10) on your calendar. It’s a big day! Once we get past 5 pm on (ex. April 10), the deal is solid. While I recommend that you begin to pack up (since this buyer appears to be financially sound and we already know what the inspection items are probably going to be), I would not make any major moves until Due Diligence is past.

5) When we receive notice when the home inspection is going to take place, it would be a good idea for you to have the house back in “show” condition. This is when the buyers and the inspector will be spending a lot of time in the house. A typical inspection take about 3 hours. The more they feel comfortable with how you have maintained the house, the less possibility of buyers remorse to arise during the inspection.

6) I recommend before the inspection that you peek under the house to make sure you don’t see any active leaks or drooping insulation. I’ve seen deals fall apart because a small active leak had just begun.

You guys have taken such good care of the house, I really don’t foresee any problems at all. I just want all of us to be on our toes until (ex. April 10).

If you have any questions, you can contact myself or my Team Manager, Ashley Hadi. Ashley will be the one driving the contract through the process. Ashley will be keeping me in the loop at all times.

Congratulations again!!!!