Short Sale What is it?

A short sale is an arrangement with your lender in which you are permitted to sell the property for less than you owe. This is a method of disposing of your home without having the lender foreclose on you. In many cases the lender pays your closing cost and your realtor's commission. Not all lenders papprove a short sale. They are in the business of lending money, not owning houses. The decision depends on a number of factors: Where is your house? How much loss will the lender suffer? What is the possibility that an investor would buy the property at a foreclosure sale? Each lender has its own requirements. You will need to prepare a comprehensive letter explaining why you are requesting the short sale. It is much like the paperwork you completed when you applied for the loan, only in reverse. Now you must prove to your lender that you are in financial distress and can't afford the monthly payments. The short-sale process often works but is complicated, time-consuming and uncertain, which is why choosing the proper agent is critical. It could save you time, money and your credit history. Interview your agent before hiring him or her. Some agents don't do short sales at all, because it's not guaranteed they will get paid. If you start early, before you miss your payments and before your lender notifies the credit-reporting companies, you are ahead of game and have a better chance of succeeding

For list of homes that are bieng sold for short sale or You yourself qualify for a short sale, contact
Edwin Gerace at 803-609-7653

Point of Sale Update

Point of Sale Update




The Senate failed to give H.3272 (Cooper) third reading by three votes. The legislation remains in the Senate Finance Committee, while retaining its place on the Senate Calendar for third reading. With just two weeks left in the legislative session, we must send the message to the Senate that this issue must be addressed. SCR lobbying staff continues to urge the Senate to move forward with point of sale reform this session. Some Senators remain very concerned with the financial impact that H.3272 could have on school district budgets. SCR argues that the state cannot afford to leave this issue unaddressed. We remain optimistic that, with your support, point of sale assessment will be addressed this year.

Ban on Texting While Driving Debated in the Senate

Ban on Texting While Driving Debated in the Senate




Two weeks ago, the Senate set S.642 (Alexander) for Special Order on the Calendar. Debate of the bill commenced this week. S.642 makes it unlawful for a person to compose, send or read a text-based communication while driving and would pre-empt any local government ordinance. An amendment was offered that would have banned use of any electronic communication device while driving, which was defeated. The bill remains in interrupted debate on the calendar, and debate is expected to resume Tuesday.



The House previously passed a prohibition on texting while driving in H.4282, which has been referred to a Senate Judiciary Subcommittee. The House-passed version imposes a ban on reading, writing or sending a text or email while operating a motor vehicle and includes a penalty of $25 for violation.

Come vist Edwin Gerace at the Lexington Chamber Business Expo at old Ace Hardware. Visit the Russell & Jeffcoat Booth (hourly drawings for door prizes)

Getting Ready to enjoy the Lexington Chamber Business Expo at old Ace Hardware. Visit the Russell & Jeffcoat Booth (hourly drawings for door prizes)

Enjoying networking at the Lexington Chamber Business Expo at old Ace Hardware. Visit the Russell & Jeffcoat Booth (hourly drawings for door prizes)

The Guinness Book of World Records itself holds a world record, as the best-selling copyrighted series. It was created by Sir Hugh Beaver, then the managing director of the Guinness Brewery.