Tag Archives: Real Estate Agent

Considering a Short Sale? Here’s what you need to know.

 

In Atlanta’s real estate market today, short sales and foreclosures make up about half of all real estate transactions. In fact, short sales represent a significant portion of real estate sales activity in Atlanta and are becoming increasingly more common than foreclosures. Though they require a bit more red tape than a normal real estate sale, short sales can benefit all parties if they are all willing to make some sort of compromise.

First, let me explain what is a short sale anyway. When a homeowner sells a home for less than the amount of money owed on the mortgage of that home, that sale is called a short sale. Sometimes, you might hear people refer to it as pre-foreclosure. In most cases, the homeowner has fallen behind on mortgage payments and cannot afford to continue making mortgage payments on the home. Instead of waiting until the lender decides to repossess the property, the homeowner will petition to sell the house for less than the amount owed on the mortgage. In some cases, the lender will even forgive the portion of the mortgage loan not covered by the selling price. Even though foreclosures and short sales negatively affect seller’s credit score, the damage incurred from a short sale can be mitigated if the seller can convince the lender to report the debt as “paid in full.”

For the lender, short selling a property is a lot less hassle and a lot less paperwork than taking on a foreclosed property. They are just as tired of foreclosures as the rest of the population. A short sale transaction benefits them in that they don’t have to deal with selling a property that has been vacant for a while and most likely needs repairs. The lenders are the shot callers in the short sale process and are the ones who set the selling price.

It’s unfortunate for the sellers and the lenders that these homes are selling at depressed price levels. For buyers, it’s a deal. Even though a real estate short sale can still take months to have a decision made by a lender, buyers still get a deal on a property that will most often require less work than a foreclosure.

If you’re in the market for a home in the Atlanta area and are considering a short sale, here is a list of things you want to consider before you jump in head first.

Understand what you’re getting yourself into. Short sales take a while to close and can involve extra effort on the buyer’s part. Save yourself time and unnecessary stress by getting disclosures up front.

This is not a DIY project. As I mentioned before, short sales come with a lot of red tape. It’s imperative to work with a real estate agent on the Go Getter Team who knows the territory and is able to navigate you to a successful close.

Know the condition of the property. In a rush to get rid of the property, sellers may not always be so forthcoming with unfavorable information about the condition of the property. It’s important to have the property professionally inspected before you commit. The Go Getter Team has a list of knowledgeable real estate inspectors on our Preferred Service Providers List.

Be sure the sale has a prayer of closing. Since lenders generally approve of short sales based on the seller’s financial situation, the sadder the story, the better. Most lenders require a letter of hardship, proof of income and assets, a comparative market analysis and a list of liens to consider approval of a short sale.

Be realistic. If you are in a hurry to purchase a home, do not consider a short sale. It’s definitely a waiting game. If you do decide to go for the short sale home purchase, make a reasonable offer that the lender will actually entertain. Lastly, be realistic about where closing costs are coming from. In these cases, cash is the greatest financing alternative for buying a short sale in Atlanta.

What are the short sale tips you’d like to share?

 

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Take Advantage of Atlanta’s Low-Inventory Housing Market and Sell Now

Real Estate Agent, Chris Williams of the Go Getter Team explains why now is a great time to sell your home in the current Atlanta housing market.  Supply is low and demand to buy a home in Atlanta these days is high.  We know that good old economic law of supply and demand.  With Atlanta’s housing inventory down by 30% from last year,  sellers definitely have an advantage in the Atlanta real estate market.  Listen to what Chris has to say about taking advantage of the opportunity and see why you should consider selling your home in the Atlanta real estate market now.

Tell us what would motivate you to sell your home in Atlanta.

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Stressed Out About Buying a Home?

Image Source: ziprealty.com

Use these 8 tips to Minimize that Stress…

Buying a home is exciting. The process of buying a home can also be an emotional rollercoaster. It is one of the most intricate and involved transactions a person will ever complete in their lifetime. Preparation is the key ingredient to minimizing the stress that the complexity of a real estate transaction can bring. Use these 8 tips to help you avoid unnecessary stress.

Be a Smart Saver. When it comes to buying a house in Atlanta, saving money toward a down payment can give you more flexibility when it’s time to get a loan. You’ll want to do this long before you start your tour of homes.
Know Thy Credit. Knowing your credit score will give you an idea of how the mortgage company will view you as a borrower which affects your interest rate. Plus, finding out what’s exactly on your report will allow you to resolve any issues prior to applying for a mortgage loan. You can access your credit report once a year for free by visiting AnnualCreditReport.com.
Do Your Research. Learn everything you can about different loan types and any assistance available for buying a home in Atlanta and the metro areas. That way, you’ll have the knowledge to choose the right loan product for you. Remember, you want a loan that you can afford through the life of the loan.
Get Pre-Approved. Being pre-approved allows you to see how much house you can buy and makes your offer more attractive when your real estate agent submits an agreement to a seller. Be realistic about how much you can afford, and make sure you’re living within your means.
Determine What You Really Want. Know what are your negotiables and non-negotiables. This will help keep your real estate agent sane and will save you a lot of time in the long run. Stick to this list, and stay focused on it so you can quickly make decisions on what properties to view.
Have a Professional Real Estate Agent. When buying a home in Atlanta, the Go Getter Team is your professional assistance! There are so many details, laws, rules and regulations around a real estate transaction. It is a lot easier to go through the process when you have professional real estate agents on your side to be your guide and resource.
Understand the Offer. The price you’re willing to pay is only the beginning of an offer. Talk to real estate agents on the Go Getter Team about earnest money, due diligence periods, contingencies, closing time frames and other factors that may make your offer more attractive to the seller while protecting your interests.
Stay Tuned In…even after your offer is accepted. For varying reasons, not all transactions close. You want to be sure you follow our advice and stay on top of your deadlines and tasks so that you have the best chance of getting the keys to your new home in Atlanta!

As a part of the Go Getter Team, our real estate agents pride themselves on preparing Atlanta homebuyers for a successful transaction. We explain the entire process of buying a home and guide you all the way to closing and beyond. Buying a home is an exciting time in your life, and the Go Getter Team is here to be sure you enjoy the process!

If you’ve purchased a home in the past, what tips would you add to this list to minimize stress?

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Commonly Asked Question in Real Estate:

Why should I use a Real Estate Agent to buy a home?

Your agent will give you their professional opinion regarding the price, location, and condition of any property that you are considering purchasing. If you are inexperienced in real estate, then you’re probably going to need a Real Estate Agent.

To begin, your Real Estate Agent can help you gage your buying power. Give your Real Estate Agent some basic information about your available savings, income, and current debt, and he/she can refer you to lenders best qualified to help you.

Next, your Real Estate Agent has many resources to assist you in your home search. Sometimes the property you want is available but not actively advertised in the market, and it will take some effort by your agent to find all available properties.

Finally, Real Estate Agents may assist you with negotiations. Here are a wide range of diversities that can affect negotiations when buying a home:

  • price
  • financing
  • terms
  • date of possession
  • repairs and furnishings or equipment

The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Overall, your agent can guide you through the closing process and make sure everything flows together smoothly for your buying experience.

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Filed under Information for Buyers, Information for Investors, Information for Sellers, Real Estate