Metro Atlanta, Gerogia Real Estate Market, North Georgia, REO Sales

Sellers Requirements!

REO SELLERS (ie) banks, Mortagage companies etc are now requesting that ALL offers to be accompanied by a "PRE-APPROVAL" from the Dierct lender regarding financing contingencey offers or verification of funds letter to close on cash offers. Some REO Sellers will have addendums that state the Buyer to provide an unconditional approval within 10-14 days of the acceptance. Buyer's failure to notify Seller shall be construed as removal of finance contingencey.  Foreclosures are on the rise and that is bad for the homeowner....However; it is the perfect time if you are a buyer to contact me and I will provide you with everything you need to take advantage of this sub-market ...

Remember All REO'S are sold AS IS however you can still ask for thing to be done and of course you will have an inspection. All pre-qualifications letters must state from the lender that they are willing to provide financing based on the AS IS clause and the appraisal .REO Sellers will not provide 2ND mortgages or seller financing, however; they may offer special terms and conditions (ie) low or no closing cost and or a buyer & repair program such as with HUD homes, VA and Fannie Mac. Ask me for details.

Take care

Mark

I know everyone is tried of hearing about the falling home market....As a REALTOR, I am watching the market very closely. The market is according to the National Association of REALTORS that sales of existing sigle-family homes and condominiums dropped by 1.2 pwercent on October to a annual rate of 4.97 million units nation wide. The median price of a home has dropped of 5.1 percent from a year ago, the biggest year over year price decline on record. The blame on the fallout is from serious credit cruch that roiled financial markets, banks and other lenders have just had tio tighten credit standards in the response to soaring levels of defaults.

However; I think that we are going to see some change in the new year. I heard that masny of the sub-prime notes that were going to adjust have been held at present intrest rates and this will hopefully keep thousands of homeowners out of foreclosure. Time will tell.

FHA loans are now the new sub-prime leander. There are people who can still get a loan for a home through the FHA programs. Also HUD and VA are still a good  for those that are willing to go through the process of obtaining these kinds of loans.  It is a BUYERS market and I tell everyone who is thinking of owning a home....Now is the time to buy. contact me if you have any questions I will be glad to help.

Take Care.

Mark

Hi

I just got back from a trip to my parents home in SC for the thanksgiving week. It was grewat to get out of town and be someplace else. I moved to Cartersville, GA several years ago form the big City of Atlanta, GA. Cartersville is just a short dive north on I-75 45 minutes or so .... I found this great little town on one of my weekend outtings and find it to be just the place to call home. Since I moved here  the town has grown and grown... The Bartow County is now considered Metro Atlanta. The housing market is still doing okay in new home sales but the re-sale market has slowed way down. I am sorry to say that the housing  market will stay this way into 2009 I have seen home values drop up to 6% from what they were last year. It is just correcting itself. I feel that the market had to go through a correction.

It is still a BUYERS MARKET and do not understand why Buyers are not out there buying...... There are over 110,000 homes on the market in the metro Atlanta area that is a 9-12 month inventory. If you are thing of buying ...Now is the time. I work the metro areas and know what is out there and I am seeing homes that are priced below the market values and builders are making great deals to reduce their inventory. So lets get out there and BUY a home.

Why it's important and how to do it....

By the time you finish paying off the mortgage on your home, you'll have paid more in interest alone than the actual purchase price of the home.

For Example, if you borrow $125,000 at 8% for 30 years, you'll end up paying over $205,000 in just interest, plus the $125,000 you barrowwed. Your $125,000 home has cost you $330,000! So it makes sense to shop WISELY for the best mottgage, since it probably be the biggest financial decision of your life.

I will  be talking more about the Mortgage business later in the next few weeks. I do have several Team members that would be glad to help you with any information you may need. Just contact me and I will be glad to share with you.  Have a great Thanksgiving Week. I am going to visit my parents in NC

Mark

What's an REO?

REO stands for "Real EstateOwned". These are properties that have gone throughForeclosure without a sucessful sale and now reverts back to the bank, lender or mortgage company. A REO, by contrast, is a much "Cleaner" and attractive transaction. The Owner of the property (bank etc) will negotiate with the IRS for the removal of TAX liens, evict occupants if needed, pay off any homeowner insurance fees and generally prepare for the inssuance of title insurance policys to a new buyer at closing. Junior Liens are written off. Do be aware that REO properties are exempted from normal disclosure requirements. The REO seller has never lived in the property nor in many cases has never seen the property.

If you have any questions feel free to contact me.

Mark Kimball a REALTOR in the metro Atlanta area has picked up on the trend in mortgage Foreclosures that we are hearing about every night on the news. . When Mark saw zero-intrest loans and other enticements were pulling previously unqualified individuals and families into homeownership, he knew that the day would come....and it is here and not going away for some time.

Mark Kimball is a REO REALTOR Specialist and helps Corporations, Asset Management companies market and sell the REAL PROPERTY OWNED. Mark also does BPO services for companies that own  or are a thrid party to sell off the inventory. Mark says that we have had a boom and now the curve has U-shaped NAR estimates delinquencies will increase over the next nine months and foreclosures will continue to rise over the next 12 to 18 months. 

Mark Kimball can also help those that maybe close to losing their home in what we call a "short Sale" Eventually most homeowners facing foreclosure resign themselves to the fact that they're going to have to sell their home and at that point that is were I maybe able to help them . A short sale is not always the best way but it is a way.Mark says he has to work with the lenders and see if they are even willing to take less than the balance owed on the property. I think that even the most complicated problems can be solved through soilid negotiations and perseverance, and that I 've even seen The IRS release some property liens.