Atlanta Real Estate Blog

When it comes to real estate and home sales, its hard to compare to the beauty and charm of Johns Creek GA. The homes in and around Johns Creek GA are among the finest in GA, and the real estate in the community are often grand masterpieces. Matt Newman has been successfully selling the finest homes and property that Johns Creek GA has to offer. If you would like more information about current properties available in Johns Creek GA please contact us at 404-372-8462

Now you can search all Johns Creek GA listings right in one place!

www.Johns-Creek.com

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With short sales becoming so prevalent in today™s real estate market, criminals have found new ways to take advantage of the situation.     It is the same scheme that took place during the housing boom when prices where rising rapidly, only now it is reversed and geared toward these changing real estate times.   Unfortunately, these folks looking to commit fraud are preying on poor homeowners who have fallen upon hard times and who are looking for an honest expert to aid them in a time of need with an honest and legal solution.

As a Realtor/Agent and short sale specialist who represents many sellers who are facing financial hardship,   my obligations are to represent my client and will always remain with my client throughout the process.     My goal is to LEGALLY sell a home for as much as possible and often this means requesting that lenders/banks accept a lower payoff on a mortgage balance in addition to relieving that seller of any additional liability if the market value falls short of what is outstanding on the home.   This legitimate practice is called a œShort Sale.

The fraudster often enters the picture as an œinvestor who is looking to flip the short sale and profit on the œspread.   This person is most interested in making a large profit and will gladly commit fraud in order to do so.   Often these investors are in the form of other agents or have partnered with ignorant agents as a œteam.   What they do is approach the listing agent with the opportunity to double profit by selling the already listed home twice. I guess they feel this offer of a double commission will seduce a listing agent into forgetting his/her obligation to the seller and forget right from wrong.

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I am pleased to announce the launch of my new short sale web site www.shortsalesga.com.   It will serve as a resource for sellers who may find themselves in need of short sale information. With estimates at 50% or more of Georgia homeowners potentially “under water”, many are searching for solid information regarding the short sale process.

Estimates are that up to 50% of sales in the Georgia market are short sales and this statistic is likley to remain fairly steady for some time to come.   I hope to address some common misunderstands/misconceptions when it relates to short sales in this post.

1.) A short sale means that more money is owed on the house/property than what the current market value.   This money owed is most commonly made up of the mortgage(s) balance and costs to sell (Real Estate Fees).   This amount owed can also include other liens such has back HOA dues, unpaid property taxes and so on.

2.) The Seller/Homeowner is NOT the bank. What is important for buyer’s agents and buyer’s to understand is that the seller still holds title.   Some short sales may be close to foreclosure but they are NOT yet bank-owned and the seller still is the person who you initially negotiating with.   The main difference is that there will be a contingency for those who are owed money on the house to agree to accept less in order to allow the sale to proceed.   Think of it like a reverse financing contingency.

3.) Once the buyer and seller sign the contract, you have a binding agreement.   This is a something that many agents seem to either not understand or not want to accept.   They think that it only becomes a contract once those who are owed money agree to take less, this would be like saying on a regular sale there is no contract until the loan is fully approved and all contingencies are removed and they buyer will deposit the earnest money at that time.   In addition, this often means the buyer will have to perform an inspection upfront before the contingency is signed off on.

4.) Time-frame: Lenders can take 60 or more days to evaluate these short sale scenario.   You and your buyer most likely are not going to get an answer to this contingency in a few days.

Conclusion: While this post only highlights some very basic information on short sales, it does illustrate the complexities one does have.   It can’t be overemphasized enough that working with a real estate professional that has short sale experience is vital to the successful outcome on a short sale transaction.

This past week my team closed another short sale.   The best part was the closing occurred on the original date placed in the buyer’s offer.   The offer came in on 3/03/2009 and we had bank approval on 3/18/2009. Further more, no deficiency note was required by the lender to be signed by the seller.   This particular home had a first and second mortgage with the second mortgage holder receiving $10,000 on a balance of more than $250,000.   The first was fully satisfied.

Are you trapped in a home that is upside down and you are facing significant financial hardship? If so, call my team now at 404-372-8462.   We specialize in short sales.

The spring market has sprung here the northern Georgia/Metro Atlanta area.     Like it or not, this spring market is very different than most.   While overall inventories of homes are down, the number of qualified buyers is down even more dramatically.   One might argue that this equation is about to change and we may be carving out a bottom in pricing (different discussion).   Either way, we have dropped to price levels last seen in 2002 according to the latest S and P Case Schiller Price Index.

1. Sell the home for market value and bring cash to the table (if they have funds)
2. Wait for the market to appreciate (no telling when this will happen)
3. Walk away from the home and foreclose
4. Place the home on the market and negotiate a short sale with your lender (s)

My focus is on number 4.   The Short Sale.   This option is one that takes very careful consideration.   Every homeowner should consult an attorney and CPA for advice about the implications of selling a home as a short sale.

Are you looking for a great prospective on the current real estate market?   Check out the latest video posted from Dan Forsman, the CEO of Prudential Georgia Realty.

http://www.atlantarealestate2009.com/

RATE UPDATE: 30-year fixed mortgage interest rates are the lowest they have been since WWII.   I have seen purchase rates as low as 4.25% on the 30-year fixed rate mortgage.

I have been successfully helping sellers avoid foreclosure or get out of home that they were under water on for quite a while now.   The primary tool that I have been using has been called a “short sale” where we sell the home for less than what is owed on the home.   This is a fine option for homeowners who need to move and have no desire to stay in the home.   For some, staying in the home would have been preferred but there were little to no options available at the time.

Lenders are now offering homeowners what are called “loan modifications”. Loan modifications are becoming more popular since they are a win-win for everyone and the homeowner gets to stay in the home.   This option is perfect for those who have suffered a loss if income but can still afford some of the monthly loan obligation.   They are also useful for those who no longer qualify to refinance with today’s more stringent guidelines.

If you are facing increasing monthly payments, loss of income, owe more than the home is worth, and you would like to stay in your home…call me today to find out more about loan modification.   Having a professional on your side who is knowledgeable about the process is crucial in obtaining the most beneficial loan modification.   Understanding the lingo and negotiating the terms are just some of the services we can offer.

In case you have not heard, now is a great time to buy real estate in the Atlanta Metro Area.   Prices have fallen and sellers far outweigh the number of buyers.   This comes at a time when mortgage interest rates are at historic lows.   For those who think the worst is yet to come and you are trying to time the bottom, consider that a 1% increase in interest rates will make a home more expensive to own than an additional 10% price decline.   The real question you need to answer is how long will mortgage rates will remain this low…

If you are wise enough to recongzie that now is the time to buy, I have two luxury listings that are priced below the competition and below the market.   Both are considered short sales where the asking price is below the total mortgage balance and any outstanding liens.   Any offers must be contingent on the lenders accepting the short pay.   The good news is that lenders have really ramped up staff and the entire process moves much faster.

First Home:

Creekstone Estates for $675,000. For more detais: www.mattnewman.com/FM3779631

Second Home:

Laurenbrooke for $475,000. For more details: www.mattnewman.com/FM3851741

If you would like more information on either of these two homes or if you are looking to find out more about short sales, contact Matt Newman today at 404-372-8462.

We are well into 2009 and what this year has in store for Atlanta Real Estate is yet to be determined.   What I can tell you is that current trends continue to show a decline in home sales, a decline in home prices, but also a decline in the number of homes listed for sale.   January 2009 was not such a hot month for the North Fulton real estate market or anywhere in the metro Atlanta area. In fact, we had the fewest number of closed home sales for any month as far back as I have data for.   January seemed to be a great month for mortgage lenders who are riding a nice refinance boom (based on my personal observation of lenders I personally know).

So, what does the rest of 2009 have in store?   If I knew, I would be one rich person!

What I do know is that the supply of sellers far outweighs the supply of buyers, interest rates are the lowest we have ever had in history and the government will give first time home-buyers $8,000!   Sounds to me like a buyer can really take advantage of the current conditions.   Now, some buyers might be waiting for a larger housing stimulus from the gov’t but keep in mind if we get a tax credit open to all buyers…suddenly the supply of buyers will increase and the equation will not be as favorable for buyers as the competition for the most attractive listings increases.

Even with such a large supply of sellers on the market, only a true professional can help a buyer find the most motivated sellers in the market.