Posted on 11. October 2011 03:47 by qmiskini

 

As more and more foreclosed properties make their way onto the Atlanta Metro Area market, it seems they are not just more abundant, but harder to buy.

Although many properties are listed for sale as “Bank Owned Foreclosures”, the Bank is either acting as the Asset Manager for the property which is actually owned by an “Investor,” or has allocated management of the sale of the property to a 3rd Party Asset Management firm that is the negotiating intermediary for the Bank/Investor.  If the property is a VA or Freddie Mac or Fannie Mae property there is yet another layer of approvals to the sale.  Confused yet?

This is where an experienced Buyer’s Realtor and Team becomes a valuable “partner” in your quest to find a great home at a below market price.  Here is an example of how Banks, Investors and the quasi-private/government mortgage purchasers (Freddie Mac and Fannie Mae) and government loan guarantors or insurers (VA or FHA/HUD) are changing the way in which negotiations between Buyer and Seller sometimes take shape.  Remember, the Buyer wants the property for the lowest price and best terms.  The Seller is seeking the highest price and least costly terms.

One of our Team’s Realtors is representing a Buyer in the purchase of a “bank owned” foreclosed property.  The Investor for whom the Asset Manager is managing the sale is Fannie Mae.  This property in the Brookstone sub division in Acworth was somewhat overpriced when first listed by the REO Realtor charged with finding a Buyer for the property.  Although REO Realtors complete a market analysis called a BPO (Broker’s Price Opinion) it is the Asset Manager who dictates price and terms.  There was relatively little showing activity even though the sub division is a well maintained community and the home is in relatively good condition for a foreclosed property.  After a few weeks on the market with few showings, the Asset Manager instructed the REO Realtor to drop the price.  At this point our Team’s Realtor put in an offer on behalf of her Client.

She completed a thorough market analysis, checked with the REO Realtor to be sure there were no other offers, and deftly questioned the REO Realtor to see what information about the property and the Asset Manager’s readiness to negotiate a sale was available.  Since the property was priced considerably below market value, and the original sale price of the property was considerably higher than the current listing price, an offer consisting of a purchase price very close to the current list price, a request for Seller paid concessions on behalf of the Buyer and other necessary terms was submitted.  By all accounts a strong and appealing offer.  However, within 48 hours of submitting the offer there were other offers submitted and a request for the Buyer’s “highest and best” offer and terms was received.  The Realtor and Buyer fashioned an offer that was 101% of the listing price with Seller concessions and terms.  Still a great deal for the Buyer.  The offer was “verbally accepted” by the Seller.

Here’s where the game has changed.  In the past, because of the “back-office issues” with Asset Managers work volume, verbal acceptance triggered Due Diligence and the offer was considered Bound.  It also changed market status of the property’s listing from “Active” to “Pending.”  But guess what… the REO Realtor informed our Team’s Realtor the property would remain Active until the Asset Manager signed the Agreement and Seller Addendum documents. And it would take a week to get the documents to be signed.  Until then the Seller would continue to accept other offers – even though the Buyer’s offer and terms had been “verbally accepted!” Two days later came an email calling again for the Buyer’s “highest and best” offer as new offers had been received.  Needless to say, the Buyer is understandably upset.  “When”, they asked, “is a deal a deal?”  The answer: “We are not sure.”  This process can potentially play itself out several times until either all the Buyers simply stop making offers and walk away from the property, or someone overpays for the home, caught up in an “auction-like” buying frenzy.

Here is where the negotiating experience of a Buyer’s Realtor and Team becomes a Buyer’s most valued asset in the purchasing process.  When is it time to walk away?  How can the Buyer’s offer be tweaked to make it attractive enough for the Seller to accept it and sign off on the transaction?  Should the Buyer stand pat and make their current offer their highest and best offer? 

REO properties are getting tougher to buy.  Sellers are seeking ways to wring every dollar they can out of the sale.  Buying a foreclosed property is no longer a game of checkers… it has become a game of chess! 

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 10. October 2011 05:43 by qmiskini

In Georgia (as in other states) the practice of Dual Agency is a legal and accepted practice.  Simply put, Dual Agency, when agreed to by the Buyer and Seller allows one Realtor to represent both parties in the transaction.  There are transactions where Dual Agency can work to the benefit of both the Buyer and Seller.  But most often, one Realtor cannot represent both parties to the full benefit of each party.

Both Buyers and Sellers need to be clear about the nature of Agency and the duties and responsibilities a Realtor has to their Client, whether Buyer or Seller.    Perhaps the most important duty a Realtor has to their Client is to protect their Client’s interests in the transaction at all times, including disclosing to their Client all relevant information they have learned about the other party’s interests and finances.  That makes walking the line between two Clients in a Dual Agency relationship difficult and hard to navigate.  

There are some duties and services a Seller Agent - the listing agent in a Seller Agency relationship with the Seller – can perform on behalf of both the Buyer and Seller.  This chart illustrates these primary functions.

 

However, when a Buyer allows the Listing Agent who is already in a Seller Agency relationship with the Seller to represent both parties in a Dual Agency relationship, there are duties and functions a Realtor whose role is also to represent and protect the Seller’s interests cannot adequately perform on behalf of the Buyer.  This chart illustrates those primary functions.

 

 Here is what is stated in the GAR Exclusive Buyer Brokerage Agreement regarding Dual Agency.

Dual Agency Disclosure. [Applicable only if Broker’s agency policy is to practice dual agency] If Buyer and a prospective seller are both being represented by the same Broker, Buyer is aware that Broker will be acting as a dual agent in that transaction and consents to the same. Buyer has been advised that:

A. In serving as a dual agent, Broker is representing two clients whose interests are or at times could be different or even adverse;

B. Broker will disclose all adverse, material facts relevant to the transaction and actually known to the dual agent to all parties in the transaction except for information made confidential by request or instructions from either client which is not otherwise required to be disclosed by law;

C. Buyer does not have to consent to dual agency and, the consent of Buyer to dual agency has been given voluntarily and Buyer has read and understands the brokerage engagement agreement.

D. Notwithstanding any provision to the contrary contained herein, Buyer hereby directs Broker, while acting as a dual agent, to keep confidential and not reveal to the other party any information which could materially and adversely affect Buyer’s negotiating position.

E. Broker or Broker’s affiliated licensees will timely disclose to each client the nature of any material relationship with other clients other than that incidental to the transaction. A material relationship shall mean any actually known personal, familial, or business relationship between Broker and a client which would impair the ability of Broker to exercise fair and independent judgment relative to another client. The other party whom Broker may represent in the event of dual agency may or may not be identified at the time Buyer enters into this Agreement. If any party is identified after the Agreement and has a material relationship with Broker, then Broker shall timely provide to Buyer a disclosure of the nature of such relationship.

 

For a Buyer not represented by a Realtor who finds a home whose Seller is represented by a Realtor that suggests they can represent both parties, these terms and conditions must be clearly understood as they affect the rights of both parties in the transaction.  If you have not already entered into an Exclusive Buyer Brokerage Agreement with a Realtor, the Realtor representing the Seller can offer you a good alternative.  It is called Designated Agency.  Here is what is stated in the GAR Exclusive Buyer Brokerage Agreement regarding Designated Agency.

Designated Agency Disclosure. [Applicable only if Broker’s agency policy is to practice designated agency] Buyer does hereby consent to Broker acting in a designated agency capacity in transactions in which Broker is representing Buyer and a prospective seller. With designated agency, the Broker assigns one or more of its affiliated licensees exclusively to represent a prospective seller and one or more of its other affiliated licensees exclusively to represent Buyer.

 

Simply put, the Realtor’s Broker can provide each party in the transaction with qualified Realtors to exclusively represent each party individually and to the benefit of the party the Realtor is representing.  One Realtor represents the Buyer and the Buyer’s interests; one Realtor represents the Seller and the Seller’s interests.

Then, both parties are fully represented; the added stress of one Realtor trying to “fairly” represent both parties is taken out of the transaction; and both Buyer and Seller can feel confident their Realtor is working fully in their individual best interests.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 

 

 


Posted on 5. October 2011 04:06 by qmiskini

 

What do sellers want?  Buyers!  Pretty simple, right?  No, not so simple. 

First, a few tough but true facts. In the Atlanta Metro Area, the high water mark for residential detached home sale prices peaked in June 2007 at about $275,000.  By the end of July 2011 the average sale price had declined 29.82% to about $193,000.  Interestingly, the number of home sales rose between 2010 and 2011, adding some hope and energy to the residential home sales market.  But that was sparked by a decline in home values overall of 13.96% between July 2010 and July 2011. 

The Atlanta Metro Area is a huge market area, divided into many different Areas where everything from the quality of schools to zoning impact home values in those Areas.  In Area 13 which includes a portion of Alpharetta as well as Roswell and Mountain Park, the average sale price for the months including January through July 2007 was $459,317.  The average original list price to sold/closed sale price was 95.69% of the original List price.  A home run for sellers! 

In the same period this year, the average sale price was $389,859, a decline in home values of 15.12%.  The good news is, in Area 13 the decline is only half the Atlanta Metro Market decline.  The bad news is that unrealistic expectations and pricing showed the overpriced original list price average of $441,924 vs. the final sold/closed sale price average of $386,859, just 88.22% of the original list price.  A home run for Buyers!

If all this sounds very technical, actually it’s pretty basic and very, very important.  Your Realtor and Team must know the numbers, the specific numbers for your Area and your sub division and street, in order to help you accurately price your home for fast sale at full market value.  But price, although a major component of attracting qualified, interested Buyers is only one part of the equation. 

Presentation of a seller’s home – “pin-neat” and “move-in-ready” – elevates a property above the crowded field.  And innovative and aggressive marketing that targets the specific Buyers who would be searching for just this home separates the seller’s home from all those other homes in the price category.  Remember, the numbers are the harsh reality of today’s market.  Understanding what it takes to showcase a seller’s home so that the Buyers in search of the “perfect home” immediately and positively equate this home’s benefits with this home’s price, means the difference between bringing Buyers to the home and Buyers passing that home by without ever crossing the home’s threshold.

Everything about the marketing - from the quality of the photography and presentations showcasing the home, to the articulation of that home’s unique benefits, to understanding what Buyers shopping for a home like this want - must be carefully thought through when showcasing a home for sale.  Even the messages on the yard signs must be unique and enticing to Buyers. 

There is no “trick” to selling a home. There are plenty of Buyers looking for “deals.”  There is an over-supply of homes for sale.    Selling a home in today’s complex market means making sure your Realtor and Team have a firm and clear understanding of pricing and values, past trends as predictors of future pricing, and an aggressive and innovative system of marketing that can elevate your home above the really crowded field.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 4. October 2011 02:47 by qmiskini

 

When choosing a Realtor and their Team to guide you in the purchase of your next home, be sure to ask how familiar they are with the Market Area and local communities you are interested in.  An experienced Team will not only have access to all the homes that match your criteria listed by all Realtors, and access to homes whose owner’s listings have expired or been withdrawn yet may still be interested in selling their home, but will have specialized knowledge about individual homes that may not have made your initial criteria list.

Experienced Realty Teams meet regularly and share information about properties they have previewed and researched, and properties they have visited with Clients.  They will discuss the attributes and negatives of these properties and evaluate them as potential properties to preview for current or future Buyer Clients.  This is really important because a Team of Realtors working together may have visited 50 or more properties in one week.  Many will be just average.  But some will be memorable for their negatives while others memorable for their positives. Sharing that research with first hand feedback provides valuable specialized knowledge with assessments from both the Realtor and their Buyer Clients that can be provided to you by your Realtor.

Recently one of the Realtors on our Team, working with a Client, previewed a home that was in very good condition in a well-tended sub division in a strong school district at a competitive price.  Although the home did not suit her Client’s needs, the information about that home was passed along and provided to another Realtor on the Team who was working with a Client for whom this might be an excellent choice.

Client #2 had some specific travel time and distance criteria concerning travel from home to work in Cobb County’s always congested traffic.  They had previewed a number of homes in Marietta within their work to home radius with no success.  Travel time seemed to be dominating their search to the exclusion of some potentially suitable properties outside that constraint.  Their Realtor took the suggestion of previewing this potentially suitable property in Powder Springs, just next door to the west of Marietta.  She researched it.  She reviewed her Client’s list of needs, wants and wishes.

Before starting their next home previewing appointment she asked her Client to spend a few minutes reviewing their criteria and especially their travel criteria.  She asked them to consider, in the “grand scheme of things” how important an extra few miles travel would be if the property they came home to really fit their list of important needs, wants and wishes… with a minor adjustment to their want or wish lists.  They agreed to look at the home, but travel time was “real important.”

Their Realtor had listened to them as they previewed other properties.  She felt she did know what features and benefits were really important to her Client.  In Metro Atlanta, where traffic is either horrible or terrible, letting a few miles travel distance dominate their search was diverting attention from finding the best home for them.  So they visited this home that was rejected by Client 1 but which seemed perfect for Client 2.  And perfect it was!

It is of great advantage to every Buyer when their Realtor and Team have the specialized knowledge of both the market and individual homes to help them search out that perfect new home.  Their Realtor needs to have a sense of where they are.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 3. October 2011 03:47 by qmiskini

 

Buying a home is a journey, not an event.  This mantra is repeated to every new Client and over and again as we work with our Clients.  Occasionally it is a sprint, but it should never become a marathon. Your Realtor and Team are there to guide you through that journey by helping you focus your wants, wishes and needs, and then as you step through the journey, add clarity to your criteria, but remain flexible enough to adjust when the “perfect home” is found… even though it may not meet 100% of your criteria.

Client #1: “I love everything about this home, but we will have to paint the dining room and replace the back splash in the kitchen and the master bath wall paper is just ugly.”  Client #2: “The rest of the house is just what we’re looking for, but we hate the front porch so much we can’t picture ourselves walking past it every day.” Client #3: “I want to be no more than 20 minutes’ drive from home to work and I timed the trip, it’s 25 minutes away.  Yes the house is perfect, but it’s too far from my job.”  No perfect home is truly perfect.  It is possible to find a home that meets your criteria, but rarely will it meet every one of your wants, wishes and needs. 

Client #1 wanted a move-in ready home.  They did not want to make changes until they had been in the home long enough to feel comfortable and settled.  That was a pretty big “want” on their list.   When they reviewed their criteria with their Realtor, and worked through the “inconvenience” of taking on some minor remodeling, they realized they had found a home that met all their major needs and most of their wants and wishes too.  The back splash really wasn’t that ugly, it would only take a day or two to repaint and change the offensive wallpaper. They focused on their needs and were flexible about a few of their wishes. Offer made, negotiated, accepted… purchase closed…everyone delighted.

Client #2 who loved everything else about the home spent an afternoon with their Realtor driving through the neighborhood to see what other similar homes with porches looked like, and what ideas they could come up with about making changes to the look of that offensive porch to make it more pleasing.  Other than the dreadful front porch, this home met every one of their very specific criteria.  After about two hours of comparing and contrasting porch aesthetics, they actually found the list of things they “sorta liked” about “their” porch was longer than the list of “flaws” they were seeing in the designs of their neighbors’ porches.  They became more focused on their needs and were flexible about one of their wishes.  Offer made, negotiated, accepted… purchase closed…everyone delighted.

Client #3 really felt the home fit all their needs.  It had a pleasing floor plan, needed relatively little clean-up and fix-up even though not was an foreclosed property, it was in the right school district, in a well maintained sub division.  Everything about it was right.  It met nearly all their criteria… except it was “5 minutes too far!”  Offer made… offer withdrawn.  This is the 6th home they made on offer on, and the 6th home not purchased.  Focused but inflexible…everyone disappointed – again.

Work with your Realtor early in the journey to develop your list of criteria with four separate categories.

Category 1 is your needs list: I need a basement for storage and expansion.  I need at least 4 bedrooms.  I need to be in the Pope High School District.  I need the price to be no more than $275,000.  Your needs are the things that are the “musts” in order to fit your family, space, location and price minimums. This is your primary list of needs criteria in your search.

Category 2: is your wants list: I want to be within 10 minutes of I-75 to make travel to work reasonably easy.  I want an oversized garage.  I want a level driveway. These are musts also, but musts that can be somewhat flexible. 10 minutes to I-75 is great but I can manage 15 minutes.  I can swap out the oversized garage for a level driveway.  Your ideas about perfection will change as you view homes in your search.

Category 3: is your wish list.  I want a nice rear deck but a screened porch would be wonderful.  I was hoping for all stainless appliances, but these black-front appliances are all new.  I pictured my perfect home with a big shade tree out in the front.  But I can plant my own tree and watch it grow over time.  This is how you balance your needs with your wants in your selection process.

Category 4: is your Flexibility list – this is your list of wants and wishes that become apparent as you focus your search.  It lets you decide what can be flexible about in order to not let peripheral details dissuade you from buying a home that, given a small amount of elbow grease or a few minor adjustments truly does meet your most important needs, wants and wishes.  This is , perhaps, your most important list… it is the list that will help you make the best decision and be happy with that decision long after you close the sale.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 29. September 2011 02:23 by qmiskini

 

An appraisal is a critically important building block in the purchase and sale of a property.  It is important for the Buyer who does not want to overpay for their new home; important for the Seller because nearly all transactions are contingent upon a home appraising at or above the agreed-upon sale price; important for the Buyer’s lender in order to verify the property they are providing a mortgage for meets or exceeds the amount of the loan value they will be funding.

In Metro Atlanta, the market is large, spread out and varied.  In some Market Areas home values generally have plummeted more than 30%.  Yet in pockets in those same Areas home values have declined significantly less.  Individual sub division communities in some Areas hold valuations despite the market crash; other sub division communities riven by short sales and foreclosures in the same Areas have declined at a rate greater than the Market Area.  Realtors and their Team including research experts have to be clearly in touch with the many variations in home values from community to community, school district to school district and Area to Area.  That keen awareness and thorough research and price analysis can help significantly when pricing a home for sale or when making an offer to purchase a property.

When making or accepting an offer, Buyers and Sellers need to heed their Realtors’ market analysis so they have a clear picture of their home’s fair market value.  Offering or accepting a price that may not be consistent with recent appraisals could foster difficulties in late stage price negotiations and may lead to termination of the transaction.

One of the documents that manage the wrinkle of when a home appraises for less than the agreed upon sale price is an exhibit called the Appraisal Contingency.  This Contingency provides for a specific amount of time for the Buyer, if it is an all cash transaction, or the Buyer’s lender if the Buyer is seeking loan financing, to order and complete the property appraisal.  This is the nail-biting period. Everyone hopes the appraisal value of the property is consistent with the sale price.  But what if the property appraises at an amount less than the sale price?

In this same document there is a provision allowing the Buyer to ask the Seller to lower the sale price to the appraised value.  If the seller agrees, the Buyer is obligated to complete the purchase.  If the Seller refuses, the Buyer can terminate the Agreement and have the earnest money deposit refunded.  Of course, any of the costs for inspections and any other due diligence work will be lost by the Buyer.  There are a number of ways to remedy appraisal-price discrepancies, but for the most part, if Buyer and Seller cannot reach a re-negotiated agreement on price, the deal is dead.  The use of such contingencies is important.  They protect the rights of Buyers and Sellers; they set definite time frames for completing critical tasks and proscribe specific mechanisms for resolving differences. 

But in the end, when a sale fails to complete because of an appraisal, everyone is disappointed.  The appraisal is necessary to protect all parties' interests, but when Buyers and Sellers agree on prices that are inconsistent with researched market valuations, there is always the chance the appraisal will not be the deal maker confirming the value of the property, but a deal breaker, confirming all parties involved miscalculated the property’s true market worth.  Are there times when an appraiser will get it wrong?  Certainly.  But unless an appraisal is grossly out of step with researched market values, the appraisal rules.  Thorough market research and a clear understanding of a property’s market value make the appraisal a validation of price and not the arbiter of price.  It makes the appraisal a deal maker not a deal breaker.

   Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 

 


Posted on 28. September 2011 03:14 by qmiskini

 

Determining your wants, wishes and needs when searching for your new home is a very important part of finding the perfect home.  Equally important is knowing what priced home you can afford and what it will take financially to purchase it.  For many Buyers this is a scary step.  The finances of buying a home can sound complicated, daunting.  Interest rate, FICO scores, closing costs, escrows, PMI, MIP, Good Faith Estimates and on and on - terms with often confusing definitions that are not a part of a Buyer’s daily vocabulary.  And that’s just the start.

Among the members of your Realtor’s Team who will assist you through this maze should be several experienced mortgage loan officers to interview and choose from.  Each should be affiliated with a credible Lender that offer a variety of strategies and programs you can be explore to find the right loan program for your financial needs.  Your loan officer will help you determine, based on your current financial picture, what priced home you can afford, what your monthly loan expense should be, and what it will cost to secure a home loan mortgage.  They will help you step far enough through the qualification process to provide you with a Pre-Approval Letter.  And they will work with you during your home search by collecting all the necessary financial data and documents their underwriters require so that when you make an offer on that perfect home, you are ready, willing and able to close the purchase on time.

Why is being pre-approved by your Lender so important to the buying process? Just as the seller’s Realtor needs to help the seller think like a Buyer by understanding the Buyer’s wants needs and wishes, the Buyer’s Realtor must help the Buyer think like a Seller.  One of the Seller’s biggest concerns when accepting a Buyer’s offer is “will the Buyer be able to secure a loan and close the sale on time.”  Once an offer to buy that “move-in-ready” 2-story classic Georgian Traditional in the Windsor Oaks Sub Division in the Lassiter High School District in Marietta is agreed upon and bound, that property’s standing in the multiple listings goes from “Active” to “Pending.”  That means the property is essentially off the market during the next 30 to 45 days it will take to complete the due diligence work, home appraisal and finalization of your loan package. 

This is a very worrisome time for the Seller.  If you fail to secure your financing the Seller will lose precious time and money and have to restart the sales process all over again.  They will be concerned about whether or not their home will appraise for at least the agreed upon selling price. They will be concerned about their home meeting the Buyer’s physical expectations during the inspection period.  They will be preparing to move, securing their new residence. They may be purchasing a new home too, and their transaction may be contingent upon the closing of the sale of their home to you.  They will also be working with a lender to secure their new home loan.  There’s a lot for the Seller to be concerned about.  So if you are not pre-approved for a home loan by your lender, pending only the home appraising appropriately and there being no changes in your financial picture prior to the closing of your loan, you run the risk of your offer being turned down by the Seller or worse, losing your earnest money deposit because you failed to meet your financing approval obligations during the time period provided in your purchase agreement.

Being fully pre-approved gives you negotiating leverage when making an offer on your perfect new home. It allows you, with the guidance and advice of your Realtor as well as your loan officer, to confidently step through the due diligence period to complete all the essential tasks that lead to the close and that exhilarating moment after all the documents have been signed: receiving the keys and taking possession of your new home!

Don’t underestimate the importance of getting pre-approved before you begin your home search.

Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 27. September 2011 02:09 by qmiskini

 

Realtors who represent a number of listings throughout the Atlanta Metro Area work hard to help sellers prepare their property to look its best for showings to prospective Buyers and their Buyer’s Realtors.  It makes no difference whether it’s an executive level home in Alpharetta or Roswell, or a once popular Contemporary design in Kennesaw or Marietta, or a 60’s 4-side-brick ranch in Acworth or Canton, putting your home into show quality condition helps sell homes more quickly than when a home is poorly presented.

It takes a partnership between the Seller and their Realtor and Team to sell any home.  They share common goals: sell the home for the best price in the shortest time with the least hassle.  Reaching those goals takes cooperation and, occasionally a few dings to one’s pride in order to get the job done.  If your Realtor and their Team is experienced and marketing savvy, they will advise you on what the best plan is for getting your home and property into show quality condition.  Sometimes the changes they may be suggesting won’t necessarily be a message you want to hear.  Why, you may wonder won’t a Buyer like your decorations, curtains, paint colors. Can’t they ignore cigarette odor, unwashed laundry on top of the washer, unmade beds, cat litter odor… the environment you have lived with for years and are used to.

Buyers are trying to imagine themselves living in your home. They often have difficulty looking past your art and decorating and sometimes unkempt yard or messy interior.  If that sounds a bit harsh, remember a property that has not been carefully prepared and maintained during the entire selling process will inevitably take longer to sell and often sells for less than it would have… indeed should have.  Most Sellers do understand the fiscal importance of preparing and maintaining their home for sale.  But some do not agree and therefore the importance of Buyer feedback.

Effective Realtors gather feedback several ways. In the Atlanta Metro area most Realtors utilize the Supra e-key system which sends showing notices to your Realtor and feedback request emails to the Buyer’s Realtors after each showing. Some Realtors also use 3rd party Feedback survey systems that send detailed Feedback surveys to Buyers’ Realtors.  Additionally your Realtor will call the showing Agent to get further details, especially if the survey feedback is negative.

Feedback information is like a window into the Buyer’s, and the Buyer’s Realtor’s minds.  Both positive and negative feedback regarding a property’s physical and aesthetic  condition, their estimate of its market value, details about what the Buyer did and did not like about the property – from the “kitchen is too small” to “the back yard is overgrown” on the negative side, to “a pleasure to show,” “well maintained inside and out” on the positive.  You want firsthand information about why a Buyer has not made an offer on your property. 

These feedback surveys are shared with the Sellers so they know within a day or two of each showing exactly what the Buyer thought of their home.  If you receive the same feedback from more than one Buyer – it’s is a sure sign you have an issue that needs to be corrected in order to effectively sell the property.  A Buyer’s Realtor who may be working with more than one Client won’t be back.  After a few weeks Buyers will just stop coming because Realtors know when a property is unlovable because it is unkempt and in disrepair.

If a Buyer does not like the floor plan you cannot change that.  But you may be able to stage furniture to help direct the flow.  If your home “feels dark” because of heavy draperies covering the windows, or a large tree close to your home that leans toward the home scares Buyers, you can remove these negatives from the equation.

Caution: Do not ignore Buyer Feedback.  Buyers are telling you what they like and don’t like about your home. And they are telling you how to correct the problems.  Often the off-putting problems are easy to correct.  When you eliminate the negatives and accentuate the positives your home will sell faster, for more money and with a lot less hassle.

Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 26. September 2011 02:51 by qmiskini

 

Sellers were once Buyers.  Why did they choose the home they are now selling?  Was it the location, home style, floor plan comfortability, the yard, the neighborhood, the color of the front facade?  Was it clean and in move-in condition and met all their wants, needs and wishes when they purchased the home?  Was it a fixer-up they turned into their vision of the perfect home? Whatever the reasons and circumstances, this home was the best fit… it came the closest to fulfilling their wants, needs and wishes.

Now its being sold; now the home that once fit the Seller so well has to be the perfect fit for a Buyer.  In order to attract the Buyer who will see this home as the right fit, the Seller must think like a Buyer.  Helping the Seller think like a Buyer is one of the most important elements of the psychology of selling a home. It is among the primary strategies your Realtor and his or her Team must help you – the Seller successfully accomplish.

Every house, whether it is a cottage or mansion is just a box with defined spaces within it.  How does that box become distinguishable from all other boxes? What is required to make that box appealing to people other than its owner?  What is it about this box that feels welcoming, inviting, orderly, functional, safe?  Are this box’s colors pleasing, cold, vibrant, comforting? Is its outer skin clear and smooth or wrinkled and cracked?  Does it look drab or bright?  How about the window dressing? Is the lawn weedy and sparse or lush and green? Bushes neat and trimmed? Trees cut back away from the roof?

How does the home smell: fresh and neutral or like last evening’s fabulous dinner? Carpets cleaned or stained, wrinkled or stretched?  Wow, look at all the great art this family has collected.  Lots of furniture in this room… it feels crowded. There’s “stuff” in the gutters.  The back yard fence is a little tumble-down.  I wonder why it’s so warm in here… is their air conditioning broken?  Oh look, the windows are all painted shut.  Ugh, there’s all that soap film on the shower curtain, I think this is a dirty house. There are bulbs burned out, I hope that fan-light is still working. There’s a lot of “things” on the kitchen counters; this kitchen is small; not enough storage. Wow these closets are stuffed; not enough closet space.

We were previewing a home in Alpharetta. It was a 1980’s vintage in an elegant executive style sub division.  The owner’s décor, from the kitchen to the huge work-out room was beautifully maintained 1950’s “postmodern.”  The home was decorated in the same style and was filled with extraordinary and expensive art.  It felt like you were visiting a time-warp museum.  The seller had lowered the price more than $100 thousand dollars and still had not received an offer.  Wonder why? The home was eventually withdrawn from the market and two years later has still not sold.

Prior to listing a drab looking contemporary ranch in Kennesaw, the focus for the marketing plan was to offer a home with a bright, cheerful, spacious feeling floor plan that was neat as a pin and in move in condition for a first-time home buyer.  The large dog that was delightfully friendly and shed everywhere was temporarily relocated to a daughter’s home.  Carpets were cleaned. Lots of soap and water and “elbow grease” was used to remove finger prints and smudges from the walls and switch plates. Dark draperies were removed and inexpensive but clean and fresh window blinds were hung.  Half the furniture and 95% of their wall are and room décor was boxed up and put in the garage.  The scruffy lawn and bushes were trimmed, edged and decorated with rich-looking red mulch.  Colorful annuals were planted and the exterior was power washed, gutters were cleaned and the largest tree next to the home was removed.  The home sold in two weeks to a first-time home buyer who was delighted with all the space and how fresh everything seemed compared to their crowded apartment, and “how pretty the garden (the colorful annuals) made the home look.”

Helping Sellers think like Buyers helps sellers sell homes.

Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 23. September 2011 02:44 by qmiskini

 

The statement: “I don’t want to give my house away” is, if not clearly articulated by Sellers to their listing Realtor, certainly on every seller’s mind.  It is the seller’s mantra, spoken or unspoken whether the market is a strong seller’s market or a troubled buyer’s market.  Why is this a concern for Sellers?  Likely because they may not trust their Realtor because their Realtor has failed to give them a full, clear market analysis backed up by research data that helps the seller understand the market’s values and how their home stacks up.

The Comparative Market Analysis – CMA, must be a well-researched and presented package of data that breaks down the market in a number of ways so when a home is valued, there is strong market analysis data to back up the price assumptions. Sellers need and deserve to have accurate data that is clearly presented in order to make confident decisions about the ultimate selling price of their valued property.

No two homes are truly alike. Location, condition of the home, neighborhood conditions, and a variety of other physical factors play a role in valuing a property. But values of other homes that have sold and closed on the seller’s street, sub division, neighborhood school district, market area and even city all have impact on a home’s individual value.  A 2-story, 3-sided brick, 4 bedroom, 3 bath home on a basement with a side loading garage in North Fulton County Alpharetta will be valued and sold at a substantially different price than the exact same design in West Cobb County Powder Springs or East Cobb County Marietta or South Cherokee County Woodstock.

What did homes in the seller’s community sell for prior to the economic downturn?  What percentage of deflation can be ascribed to the market and what portion of that value decrease directly affects that individual home?   What were the original list price (OLP) to list price (LP) to sale price (SP) ratios and percentages prior to the downturn? What are they today?  How have they changed due to changing market conditions over the past five years since the Atlanta Metro market’s sale price highs? What were the year to year changes in their Market Area and in their sub division? Were those changes less, more or the same as the Atlanta Metro market as a whole?  Correlate these statistics plus a number of equally important, sometimes subtle market performance factors and you have strong, clear, supportable data from which a simple, easy to understand summary with references to the research can be provided to the seller.

Realtors and their researchers should always remember sellers are not real estate professionals.  The seller is financially vulnerable and emotionally involved.  Their home is usually a substantial portion of their net worth.  The seller must have good information, clear marketing data and clear assumptions of what a range of values and timeline for a sale should be. 

These are tough times for most sellers.  They need and deserve the best research, clearest analysis of their home’s value and the strongest marketing plan linked to a smart pricing strategy in order to garner offers and negotiate a sale price that is clearly supported by their home’s value.

Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net