Posted on 21. October 2011 03:47 by qmiskini

 

Every time one of the Buyer Realtors on our Team presents an offer on behalf of the Buyer to a Seller’s Realtor representing a short sale, the Buyer is given a document that explains in full detail what a short sale is, how a short sale transaction works, and what they can expect to occur during the contract negotiation process.  It begins with the following:

Dear Short Sale Buyer,

 

CONGRATULATIONS! You have just made an offer to purchase a short sale property as your next home.  You’ve chosen to buy a home that is well worth owning, but you will need to have patience and persistence in order for this sale to be completed. Fortunately, when it is completed, you will have been able to buy a great home at a great price, one which most other buyers who do not understand the process and do not have your patience, will miss out on.

The two key words in that paragraph are understanding and patience.

 

Let’s start with understanding.  Understanding means understanding the process you are entering into.  If your Realtor is an experienced Buyer’s Realtor with many successful short sale closings in his or her experience in the Marietta, Roswell, Alpharetta, Woodstock or Canton communities, they will make you aware of the length of the short sale process, the inconsistencies in the level of experience of Realtors representing Sellers in the transaction and the reality that the Seller has little or no control over the sale process.  That is not to say the Seller does not have all the rights accorded to Sellers in every residential re-sale transaction. They do.  But the final decisions about how, when, for how much and under what terms and conditions the sale of the property can occur, lie with the Seller’s Lender or in some transactions, multiple lenders.  These lenders must agree to the terms and conditions of the offer as well as approve the modification of the terms of the mortgage agreement between the Seller and their Lender(s).  Then, if the Seller agrees to the short sale loan modification terms and the Buyer agrees to the purchase and sale terms, the sale can successfully conclude.

 

What this means is a short sale is actually at least two separate transactions which are also linked to each other.  Right at the start, things get confusing.  The first thing a Buyer must understand is that the Seller is selling their home under duress.  The Seller is being forced to sell their home because of a myriad of personal and financial difficulties.  They are often extremely stressed.  Under these circumstances the Seller must make an appeal to their lender to work with them to sell the home, usually at a price that is less than the Seller owes to their lender, and accept terms that allow the Seller to be relieved of most or all of the unpaid balance of the mortgage debt at the conclusion of the sale.  That is not what lenders want to hear.  However, as a practical matter, when all parties are realistic about the value of the property and financial circumstances of the seller, accepting a negotiated short sale can be the least financially unrewarding of several unwanted choices the lender now must make, including exercising the due on sale clause present in most mortgage documents allowing the lender to foreclose on the property.  In Georgia which is a non-judicial foreclosure state, foreclosure is a relatively simple and quick process for the lender.

 

Lenders were, and in some cases remain unprepared for the huge number of loan modification and short sale applications they receive daily.  Unlike assisting a Buyer in purchasing a foreclosed property where the sale procedures are established and, though not always easy, relatively consistent, every lender has its own sometimes clear, but often unclear or shifting short sale rules and procedures that over-complicate and muddle the process.  Many lenders use third party processors to manage the transaction, some who have experienced processors and negotiators, others who do not.  Many of the Seller’s loans are not actually owned by the lender.  These loans may have been sold to investors in a package of loans, or to Fannie Mae or Freddie Mac, the quasi-government controlled mortgage purchasers who themselves are in management and financial turmoil.  FHA or the VA may be involved as well.  So there are often many approvals required for the Seller to get short sale approval, and for your offer – which is only one part of the short sale transaction – to be accepted and approved by all these third parties.  The process can take weeks in the hands of a Realtor and Team experienced in the management of the short sale process on behalf of sellers.  But it can also take many months, only to end in failure.

 

All this is why the second key word – PATIENCE – is so important.

 

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 7. September 2011 02:07 by qmiskini

 

Having a property inspected by a professional home inspector is a necessary and important part of the home buying process.  Even if you are buying new construction, hiring a qualified professional to inspect the home can provide you with valuable information about key aspects of the property that can, if left unattended sometimes cost you thousands in after-the-sale repairs.

In various Metro Atlanta communities like Roswell, Marietta, Kennesaw, Woodstock, Canton or Alpharetta, homes range in age from new home construction to thirty to fifty years old.  Many older homes have been updated but the original construction features like foundations, the roofing structure, insulation, duct work for heat and air systems, electrical wiring and plumbing are original to the home and may not only be in need of repair but may need updating or even replacement.

In many homes in Georgia and especially in many of the foreclosed properties for sale that have been empty for months and sometimes years, inspecting for mildew and mold and testing for Radon emissions and air quality is also a recommended part of the home inspection process.

As with most aspects of buying a home the home inspection is a necessary part of the process. It can forewarn you of potential issues and down the road repair costs, and give you relative peace of mind in knowing that the home you are about to purchase is in good physical condition and needs only your personal touch to transform it into your home. 

A knowledgeable realty team leader will be able to provide you with a list of names of qualified professionals to assist you in the inspection process.  This short video about the importance of the Home Inspection will provide you with the basics of how the home inspection benefits you, the home buyer. For access to a 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 purchase 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. 

If you just want to start out by searching the MLS to see what types of homes are available in your projected price range and area of preference CLICK HERE =èSEARCH THE MLS FREE

Remember, buying a home is a process, not an event.  Finding a Realtor to help you step through the process – one you can trust – will go a long way toward achieving your goals.

 

 


Posted on 6. September 2011 01:34 by qmiskini

 

 

The CMA (Comparative Market Analysis) is a very important tool for determining what a home’s value is, relative to other homes similar to the home you are considering purchasing or selling.  There are a number of facts and factors that are considered, compared and contrasted within a CMA.  But essentially, a CMA – when properly prepared and evaluated – can add significantly to understanding a property’s true fair market value (FMV).

A thorough CMA is information drawn from a variety of sources, selected for specific criteria and carefully focused to provide a detailed cost-value-benefits assessment.  It is not enough to simply look at recent activity in one neighborhood or sub division and calculate the average price for a home sold in recent months.  The neighborhood’s current, recent and historical activity, the area’s history – going back not just months but years, activity in a number of categories including homes for sale that both expired and were withdrawn from the market, and evaluative readings of comparable neighborhoods and homes are a portion of the data that helps build a more complete and clear picture of your property’s market value.

The CMA is a collection of broad and fine distinctions – some general, some very specific.  For example in Marietta, Areas 81 and 82, home values differ, sometimes significantly depending on whether a property is in the Sprayberry High School District or Lassiter High School district. Property taxes will differ depending upon whether your property is on the Cobb County side of Roswell or the Fulton County side of Roswell. Your Realtor should be capable of discerning the right information to gather, know the best way to assemble that information, be knowledgeable of how to assess that information and ready to provide you with both a clear picture of the Market Analysis and examples of back-up to support their recommendations and conclusions.

Understanding a property’s history can help you more clearly and confidently assess a property’s current and future worth, and potentially save you thousands of dollars in a purchase or earn you thousands of dollars in the future when it comes time to sell that property.  No two properties are the same.  No two CMA’s should be the same.  Be sure your Realtor really understands the intricacies of developing and evaluating the data, weighing its impact on both properties similar to the one you are considering purchasing or selling and your specific property. 

For an initial evaluation of a property’s potential worth CLICK HERE: On-Line-Home Evaluation.  Don’t underestimate the importance of an accurate CMA.

 


Posted on 6. July 2010 10:13 by qmiskini

"I'm looking for a really great deal in Lassiter," she exclaimed. "A really great deal!"  Well, okay. Who isn't if you're optimum choice of High School districts is the well respected Lassiter High School district in East Cobb/Marietta. In the sub divisions surrounding Lassiter in both Marietta and a segment of Roswell (just over the county line in Cobb County) where prices have declined considerably less than in other areas of Metro Atlanta, finding that "really great deal" can take a variety of forms.

It all starts with developing a plan with your Realtor; one that takes into account a list of important criteria that provides both focus in researching homes, sub divisions or streets, and allows for flexibility and creativity when viewing homes and ferreting out those "great deals."  In this Area there have been fewer foreclosures and short sale properties and so counting on finding an under priced bank owned or pre-foreclosure home means facing potential disappointment; banks and their distress sale managers know their markets and can afford to hold on to a property until they get their intended price.  That's where flexibility comes in.

Many of the foreclosed and short sale properties come with a history of physical neglect - meaning all those "deferred maintenance" issues that start small but grow into costly repairs when left unattended that can add to the cost of a so called good deal because of the need to make those repairs in order to bring the property up to reasonable living standards.  These "fixer-uppers" can be great deals. But you have to have the budget and the skills necessary to do the work yourself, or supervise a team of professionals to make the repairs for you.

For those home buyers who are neither "handy" nor ready to invest thousands in repairs before even moving in, a good Realtor knows where to find properties that are not distressed - yet the price for the quality of the home, street and neighborhood is a great deal.  These are homes that have been meticulously maintained by the owners.  They are in neighborhoods that have continued to appreciate despite the market crash. The amenities - pools, tennis, clubs, etc. are well established, carefully maintained and inviting. They are homes that need nothing more than a splash of paint here and there to match your color schemes, and a new owner who will provide the same high level of care and attention to the property so that the value will continue to grow over time.

Knowing what your tolerance is for work and effort, and understanding the limits of your budget and time helps frame a flexible strategy through which your true home buying goals can be achieved with patience and persistence. Then finding that "really great deal" in any market can become a delightful reality.

 

 


Posted on 5. July 2010 07:18 by qmiskini

According the the official Roswell Georgia website, "Roswell, GA, is an affluent suburb of Atlanta that is renowned for its high standard of living. According to the U.S. Census Bureau, the population of Roswell was 79,334 in the year 2000 and its total land area is 38.6 square miles. In 2008 Roswell’s population was estimated to have increased to almost 102,000, the median income for a household in Roswell was more than $73,500 and the median income for a family was over $94,500. Roswell is ranked among the safest cities to live in the United States and Atlanta Magazine selected Roswell as the best place to live in the Atlanta Metropolitan Area."

The City of Roswell website summarizes its founding history this way: "Roswell was incorporated as a town in Fulton County on February 16, 1854. The city is named for the original settler of the area, Roswell King. King, and others, traveled from the Georgia Coast with the hopes of investing in mining. After discovering that this area was close to the Chattahoochee River, King was inspired to build a major textile mill powered by the water. The Roswell Manufacturing Co. and the Roswell Mill played key roles in the development of the town during its earlier history."

Whether you consider moving to Roswell because of it's unique charm, its roots or its potential for future growth, there's one thing for sure anyone living in or near Roswell should not miss - the 4th of July fireworks display at the park alongside Roswell High.  By 6PM cars are beginning to line Old Scott Road, eventually stretching nearly all the way back to Holcomb Bridge Road.  The park, a bucolic grassy and tree-lined stretch becomes a sea of small islands of families and friends. From infants to teens, from young adults to grandparents, everyone just settles in, enjoying the gentle late afternoon breeze, chatting amiably, stretching out on blankets or relaxing on folding chairs, all waiting for sundown and the first pop-boom of the opening display signaling the start of the ever-building series of sparkles, flashes, crackling flairs and colorful radiating pyrotechnic plumes.

In the background tunes like "Born In The USA" burst out over the loud speakers. The crowd oohs and aahs at each new display, cheers at the ever intensifying array of combinations of colors and shapes, and applauds and cheers all the more at the end of the big finale more than 30 minutes later. 

Roswell may no longer be the small mill town of the 1850's. But the flavor of small town life is not lost in Roswell, certainly not on the 4th of July. Then it was over and the crowd began to disperse.  As you listened to the comments you could easily say no one was disappointed. And many will be back again next year. It may be a small thing, but in Roswell it's one among many small and valuable elements of neighborhood life that makes living in communities like Roswell great.