foreclosure: Short Sales, Bank Owned Properties and Credit Pulls - 11/19/09 05:55 PM
A few days ago I wrote about how the purchase offering process is having issues… issues that are especially apparent on Bank-Owned Properties (we call them REOs).
Banks are often requiring that ALL offers be accompanied by pre-qualification letters from specific approved lenders (perhaps even from their own loan department). In … (4 comments)
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foreclosure: Job Loss/Mortgage Payment Insurance for Buyers! - 11/16/09 08:54 PM
We are pleased and excited to announce the roll-out of a new program for buyers... Job Loss Insurance.
This is a cool program to take a little bit of apprehension out of buying a home. In effect, it is an insurance policy that protects the buyer in case of job loss. … (3 comments)
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foreclosure: Foreclosure Stripping? - 11/15/09 12:16 PM
Clark Howard was talking about this a couple of days ago, and Fox News is talking about it today. And it doesn't involve a pole...
Foreclosure Stripping...
In effect, some folks that are losing their homes are "fighting back" in their own little way. Prior to departure, these folks are looking … (12 comments)
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foreclosure: First Time Home Buyers... I just found a REAL bargain... - 09/24/09 10:22 PM
The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The third point was about the realities of "bargains".
There are absolutely some bargains in the market... But, often those properties that are the real bargains are NOT … (7 comments)
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foreclosure: Water, Water, Everywhere... Trashing the House... - 09/17/09 08:40 PM
Water is essential for life. Without it, everything dies. But... sometimes it can be a pain in the butt... like when it is in the wrong place in the house... or outside of the house...
I have a buyer that is under contract on a beautiful home... or more accurately, a … (6 comments)
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foreclosure: Deal or No Deal... - 09/10/09 10:30 PM
It isn't just a TV show with Howie Mandel and a bunch of hotties holding briefcases. It is daily life in real estate...
And one of the issues that buyers face is the Deal or No Deal mindset. It boils down to this...
Do you want a deal?
Many buyers see … (2 comments)
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foreclosure: Mold, not just for bread and cheese anymore… - 09/04/09 02:27 PM
Image via Wikipedia
Ok, mold has NEVER just been for bread and cheese. and while it can be useful stuff… when it is penicillin… the rest of the time, it is NOT something we want in our bodies.
So, Mold and Real Estate?
I’m seeing it more and more. Actually, … (4 comments)
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foreclosure: Deals in Bankrupt Subdivisions? - 09/03/09 11:49 AM
I recently took some buyers out looking at houses in an area with a lot of bankrupt subdivisions. The houses were, in many cases, quite attractive and priced very competitively.
But there are a lot of considerations that buyers need to weigh before buying a home in a subdivision where the … (9 comments)
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foreclosure: Strange People... muttering... muttering... - 09/01/09 10:52 PM
Have you ever hung out around the County Courthouse on the first Tuesday of the month?
The County Courts CAN make for some great people watching on any day of the month (ok, any weekday...), but the first Tuesday on the month here in Georgia is a little more special. There … (0 comments)
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foreclosure: The Story of a House... - 07/30/09 11:05 PM
Earlier today I read a blog my Anne Rains about a house she took a buyer to see... it was a mess. It had smells. It had clutter. They left.
It reminded me of a house.
I was six. And it was a cool house... in that 70s sort of way. … (6 comments)
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foreclosure: Legends of Parkview - Luxurious, New, Bank Owned... - 07/29/09 09:56 PM
Back in February, 2008, I attended an event for agents at Legends at Parkview. At that time I was impressed with the quality of the homes offered in the community. I was also impressed with the philosophy of the builder, Sean Mayfield of Mayfield Homes. I also liked the style of … (0 comments)
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foreclosure: Get out of your mortgage for FREE?!? - 07/09/09 09:21 PM
Probably not...
But that doesn't mean that people aren't trying it... and it doesn't mean that people aren't getting in trouble for it.
Here is the way it works (and it all sounds so legit...):
Mr. and Mrs. Consumer buy a house and get a mortgage from MonsterMegaMortgageCompany (MMMC).
MMMC sells … (74 comments)
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foreclosure: Can a home be overpriced at $29,000? - 06/07/09 10:04 PM
I wandered out to look at some investment properties this afternoon… One of the properties was priced at $29,000… in a neighborhood of $100,000+ homes. In fact, this very home had sold for over $110,000 in the last couple of years.
Could it be overpriced at $29,000?
Yep.
The funny thing … (3 comments)
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foreclosure: Looking for a real estate deal? - 05/06/09 09:21 PM
Of course you are... everyone is. Maybe not everyone, but there are a lot of people that are looking for good deals in real estate in Gwinnett County, GA, during a buyer's market... which is basically what we are in right now.
While looking for something semi-related, I ran across some … (5 comments)
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foreclosure: Talk about a deal... - 04/29/09 10:11 PM
While running a quick search for a friend, I ran across a few interesting listings...
There are a few deals out there that stop me in my tracks for a minute. Some catch my attention because they are priced well below the competition... and they don't need more work that the … (3 comments)
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foreclosure: Can I tell my sellers it is a good idea to offer seller financing? - 04/25/09 12:34 AM
Looking at the legislative landscape, I see a new danger on the horizon. In addition to the existant dangers of financing a mortgage for a buyer such as their credit-worthiness and ability to repay, there is another risk which could soon be inserted into the pool...
Cram-Downs
If you aren't already … (7 comments)
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foreclosure: Best of both worlds? Brand new foreclosed homes... - 03/18/09 11:35 PM
I just got an email about 5 properties that are brand new and are part of a bank foreclosure sale. One of the most dangerous parts of buying a foreclosed home is that they are often suffering from "deferred maintenance." Since these are brand new, they shouldn't have as many possible … (2 comments)
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foreclosure: Can I get a sub 4% loan, too? - 03/17/09 11:52 PM
A small bank in Washington state is hoping that they have the answer to bail-out some of their clients... clients that are builders and owe them millions of dollars.
They are offering loans as low as 3.875% for buyers with excellent credit and 20% to put down (3.973% APR). Basically, they … (7 comments)
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foreclosure: We need Fuel. We need Fire. - 03/12/09 10:15 PM
I need to do some chainsawing in the yard. There is brush to be cleared and trees to trim. Unfortunately, my chainsaw doesn't really want to do any work right now. It needs two basic ingredients... fuel and fire.
The real estate market is similar. There are two ingredients, fuel (sellers/listings) … (2 comments)
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foreclosure: Still think Cram-Downs are a good idea? - 03/01/09 10:16 PM
Ken Cook posted something today that was specifically about investor properties. Here is a link. Go read it... you should read his blog anyway.
What does it have to do with Cram-Downs?
Let me touch a couple of high points of Ken's post. These are the requirements to get ten Fannie … (4 comments)
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