Posts
Tuesday, February 23, 2010
Thursday, February 11, 2010
I'm Giving Vaccinations!
I'm giving vaccinations.
Yes, you heard me right.
Vaccinations against the "NE" Virus that is running rampant.
It's a bad one alright.
The last year or so I've seen it infect thousands here in Georgia. Thousands.
You haven't heard of it?
....Oh I bet you have.
If you own a house or are thinking about buying one...you better!
The Negative Equity Virus.
Neighborhood to neighborhood. House to house.
It cares not at all if you just bought your home a couple of years ago or if like some members of my family...you've worked long and hard for 30+ years to pay it off.
It will strip your equity down to the bone with each new foreclosure that sells around you.
What can you do?
Well if you are already a homeowner, unfortunately not much.
If you are not a homeowner already...then I would suggest having a consultation with a "NE" vaccinating real estate agent.
Do not get yourself into a situation where you too will be infected with the virus!!!
There is research that must be done.
A complete analysis of the neighborhood and surrounding areas can be done by your agent. Please do not take this lightly, or you could be singing the "NE" blues within months of closing.
My buyers are going to get a deal. Period.
Now is more crucial than ever.
I'm determined to do my part.
Do the research.
Make the offers.
Help you close on a crazy deal!
Then YOU will be vaccinated. (Promise it won't even hurt!)
Tuesday, January 12, 2010
Help! If I Don't Sell My House, I'm Going To LOSE It!
Lose your mind?
Or literally lose the house?
Well I know at times you can feel like losing your mind when you are desperately trying to sell.
If that is you, then hang in there and take a couple of deep breaths...you might even want to get a massage.
Yeah, that sounds nice! :)
The market is slow, so it's going to take some patience.
If on the other hand you read this headline and it means you're heading down the path towards foreclosure, then let's find a solution.
First things first...if at all possible keep making your payments! If you are able to do a short sale on your property, then you will have better chances of your credit score not getting heavily damaged if you keep your payments current.
If you are behind on the house, I would at least try to keep my other bills current. A successful short sale will at times only effect your credit 50-100 points, when a foreclosure can effect it 200-300.
According to Fannie Mae guidelines, you can purchase another home after 2 years of closing a short sale... with a foreclosure, you'll have to wait 5 years. If you'd like to read more about Fannie Mae guidelines concerning short sales and foreclosures, click here.
According to Wikipedia the definition of a short sale is:
"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. If often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower."
According to Wikipedia the definition of a short sale is:
"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. If often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower."
A short sale can be a solution for a seller that owes more than their property is worth, and has to sell.
Find out if a short sale is your best option for you and your family based upon your situation. You'll want to consult with your attorney and tax consultant to clarify any questions you may have.
The short sale process is not an easy one. It takes time, and even more patience. Many real estate agents would rather have teeth pulled than deal with one!
It's always best to contact a real estate agent that specializes in short sales. During this stressful time of your time, it helps to have someone that is famaliar with the steps of a short sale.
Look for future posts on more specifics on how a short sale works and the details of short sale.
Heather Coley is a licensed real estate agent with Meridian Realty Saylor & Associates in Fayetteville Georgia. Office (770) 719-9150. Heather Cell (770) 527-2594.
Meridian Realty Saylor & Associates specializes in helping seller's in Fayette, Henry, Pike, Coweta, & surrounding Atlanta areas short sale their home.
Tuesday, January 5, 2010
Selling Your Home Amidst Georgia Foreclosures
Thinking about selling your home in Georgia?Let me tell you...it's a different world!
Due to the large amount of foreclosures we have experienced, it has been a struggle at times determining property values.
These days it isn't uncommon to hold your breath during the appraisal process, and also say a couple of prayers at the same time. Are you like many Georgia homeowners?
...realizing that now you owe more than your home is worth, or being "underwater" in your mortgage.
It's not your fault....you've paid your payments on time, and most likely got a "great deal" on the home when you bought it. You might have even put a decent down payment down.
It's just how the real estate market is in some areas of Georgia these days.
In a future blog post I will share what your options are if you are in this exact situation, but today I'm speaking just to those that are thinking about selling in this market (without being underwater).
The first step is to contact a qualified real estate agent that can do a market analysis for your neighborhood or a "CMA". You might be in an area where the values haven't taken a hit! Or not as bad as you think.
You'll want to know what other homes have sold for nearby. Have there been many Foreclosures? Short Sales? What is currently listed?
This information is a MUST in this market.
Unfortunately it is not going to matter what you paid for your home, or what you feel like you "have to have". The reality in real estate is this...the market value is always determined by what a buyer is WILLING to pay.
If you want to sell now, you HAVE to stand out! No if, ands, or butts about it!
As I show property, the majority of buyers are still looking for the same. A nice house at a really nice price. There are some that are only looking for "fixer upper properties", but they are those that have cash in their pocket for repairs. Most first time home buyers do not fit into this category.
The next category of buyers are those that are "moving up". Most feel that they have already "been there, done that" and are not looking for repairs to do. They just want to move in.
So if you make the choice to list your home, make sure that you have it
CLEAN,
DE-CLUTTERED,
and REPAIRS DONE!
No buyer is going to give a second thought on a house that is a re-sale and needs work in today's market. If they want to play "handyman" then they would be looking at HUD properties and foreclosures. Goodness knows there's enough of those out there to look at!
I'll be honest with you though....there are some REALLY nice houses out here listed. The landscaping is perfect, carpet never looks like it's been stepped on, and even the faucet's are shining...but they are not selling. Why? why? why?
PRICE.
That's it. PRICE. To sell today, you have to be VERY competitively priced. Start with a good price from the beginning. The first few weeks of a listing are critical times.
It's Head & Shoulders time.
You only have one chance to make a first impression. Period.
Ofcourse it's okay to have a little negotiating room, but nothing extreme. A qualified Georgia real estate agent can do the research to help you in your pricing. Make sure when you are figuring out your net that you include items such as real estate commission, buyer's closing costs, and a home warranty.
No, you do not HAVE to pay a buyer's closing costs or a home warranty, but trust me most buyers will ask and even expect it. It's always interesting to me that in different parts of the country and even parts of Georgia, who pays closing costs is viewed so differently.
Out in our neck of the woods, namely Fayette County, Henry County, Pike County, Coweta County, the buyers are going to try their best to get the seller to pay for it.
They know that when they are looking at foreclosure properties that the banks will typically pay 3% towards the buyer's closing costs. When I've represented buyers in the past, I've often been able to get the banks to pay 4 & even 5% towards a buyer's closing costs and pre-paids.
As a seller in today's market, your biggest asset will be your PATIENCE. The last two homes I have sold (representing the buyer) have been re-sales (not foreclosures).
Interestingly enough, both homes had been on the market for well over a year and a half.
So if you are sitting there and your house isn't selling, and you know the price is RIGHT, and you know you've got it looking the best it can look...
There's only one thing you can do today...RELAX.
Sooner or later the right person will show up. I've seen it happen so many times. :)
Happy Home Selling!
Look for my future blog posts on what to do if you MUST sell or if you need help with an increasing payment.
Heather Coley is a licensed real estate agent with Meridian Realty~Saylor & Associates in Fayetteville, Georgia. Office number 770-719-9150.Heather can be directly contacted at 770-527-2594 or Heather@HeatherColey.net.
Tuesday, December 8, 2009
Friday, November 6, 2009
Thursday, November 5, 2009
Subscribe to:
Posts (Atom)
