NancysNewHomes.com Logo

Door Image

Dorsey Alston Logo

Archive for the ‘Short Sales’ Category

Best day to Buy a home is…..

Friday, September 25th, 2015
Atlanta in the Fall

Atlanta in the Fall

According to RIS Media, a real estate magazine, RealtyTrac analyzed over 32 million sales of single family homes and condos sold since 2000, and found that, on average, buyers got the best deal in the month of October. The best day of the week to buy a home is Monday; the second best day is Friday. The worst day is Thursday.

On average, the study also showed it’s October 8, when buyers averaged 10.8% below estimated market value at the time of the sale, followed by:

  • November 26 (10.1% below market value)
  • December 31 (9.7% below market value)
  • October 15 (9.1% below market value)

The best “average” day of the year in North Atlanta was January 15, as buyers recognized a whopping 14% discount in the last 15 years!

If you are a buyer, and with interest rates about to rise, why are you waiting? Call me today!

Nancy Sold Another One

Nancy Sold Another One

Buying an Atlanta Foreclosure

Tuesday, January 25th, 2011
Here are some tips to consider when trying to buy a foreclosure:

  1. Work with Realtor who has access to foreclosure information.
    Many home buyers assume that all agents have access to foreclosure listings. Ask your agent!
  2. Bank-owned properties usually close faster than short sales.
    While short sales can be bargains, they also can take a lot longer to close. Some banks will negotiate in a timely manner on short sales, but most will prioritize properties they have already repossessed.
  3. Always offer less than the asking price.
    Don’t assume that banks are firm on their price. For example, asset managers are responsible for liquidating bank-owned properties, but are often willing to consider a lower offer.
  4. Ask the bank to pay your closing costs.
    The worst that can happen is that they say no. Sometimes buyers are surprised to find that banks can be quite accommodating when they want to.
  5. Get pre-approved from the right bank.
    When making an offer on a short sale, sometimes it is helpful to be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.

I’m here to help. Call or email me for more information!

Atlanta’s Property Tax Meltdown

Thursday, December 16th, 2010

 

I am looking forward to this report. On Sunday, December 19, the Atlanta Journal Constitution (AJC) will launch its “Property Tax Meltdown” series – an investigative report that reveals flaws in home property value assessments and their impact on metro Atlanta homeowners left with unreasonably high tax bills. The obvious question is: “What took you so long?” and why haven’t our towns, counties, town councils and elected officials realized this?

I believe 2011 will be the ‘Year of the Short Sale’. If you aren’t ready to handle this type of sale, you should be getting ready or finding someone who is! And make sure you know the tax implications of the sale for the buyer.

Cash Buyers

Thursday, November 4th, 2010

Many buyers are choosing to buy real estate for cash, thanks to low prices, a huge inventory of foreclosed properties, and poor rates of return on other types of investments. In September, 2010, 20.9% of all buyers in the metro-Atlanta area paid all-cash for their property! 

 Although the only legal requirement for a cash purchase is the money, there are several important considerations for a cash buyer:

  1.  Home inspection – never buy a property without one;
  2. Appraisal – there is no lender appraisal, so this is the only way to insure that the purchase price is reasonable;  
  3. Survey – always recommended for small lots and properties in older or urban areas;  
  4. Flood zone determination – a lender always checks this, and a buyer should also;  
  5. Hazard insurance – always have the property bound with insurance from the closing date (do not put this off);  
  6. Termite inspection – a termite problem can be a major expense;  Water bills: look at recent water bills to make sure they are not unreasonably high. A high bill could reveal a leaky or broken pipe;  
  7. HOA dues or condo dues – inquire about pending assessments or increases in dues – check the foreclosure rates, owner/occupancy rates, and financial stability of the complex and association;  
  8. Owner’s title insurance – this is imperative for the cash buyer, especially when buying a foreclosed or distressed property such as a short sale.

Help for Atlanta’s Underwater Mortgages?

Friday, August 6th, 2010

 The rumors are circulating that the Obama administration is trying to throw more money at underwater homeowners.  The Obama plan, which may be revealed on August 17, would help those owners’ whose home is worth less than what they owe on it.

An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of approximately $800 billion!  Will this plan help the politicians or homeowners?  read the entire article  

What’s an Atlanta Short Sale?

Saturday, August 29th, 2009

 Everyone is talking about short sales these days.  As a Seller, are you qualified for a short sale on your property? Or, are you a Buyer, wanting to buy a home this way? Depending on your perspective, Seller or Buyer, it is not something for someone who is impatient or for someone who is unrepresented.

What are the parameters and prerequisites for a short sale? If you want/need to short-sell your home, what paperwork does a lender need? Do you know how much time is involved in a short sale? Do you know what a short sale’s consequences are and what you can expect in the long-term if you sell your property this way? What if you buy a short sale; is it different from a traditional sale?

If you would like a confidential discussion regarding the short sale of your Atlanta property, or if you would like to purchase an Atlanta home that is being sold through a short sale, call or email me.  I am a Certified Distressed Property Expert (CDPE) and I can help. Don’t wait to Experience True Experience!