Ursula's Blog

Go Green! Use Our Free Active Listing Report To Find Your Home!

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 02 Apr 2010 10:15:51 -0700

Spring is here, flowers are beginning to bloom, and buyers are out looking for homes all over the city.

If you are one of these buyers, you have probably spent countless hours sitting in your car, stuck in traffic, or just plain lost as you drive around looking for houses. When you finally spot a for sale sign, you stop the car and sit idle while you wait to leave a message. Then you drive away until you see another sign, where you repeat the process... over and over and over again. What a waste of time, not to mention gas!

Fortunately, I have a solution that will free up your time, keep the gas guzzler parked, and possibly reduce your carbon footprint.

When you use our FREE HOME SEARCH SAVER, you can preview active listings that meet your specific criteria. The best part is, the report is delivered to your email in a clear, easy to read format. New matches are highlighted so there is no need to look at the same results day after day trying to find the changes. It can't get much simpler.

So what are you waiting for? Sign up today and start receiving this FREE REPORT. Now, Go out and enjoy these beautiful spring days!

Conyers Real Estate - What Happened In March 2010?

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 01 Apr 2010 15:41:59 -0700

If you own a Rockdale County, GA home or have had it on the market for sale in March, there appears to be some good news. The number of sales for all price ranges increased by 19.8% compared to February. The most active price range continues to be $0 - 100,000, which saw a 39.1% increase in number of sales vs. February. This is good news when compared with other East Metro Atlanta counties of Newton and Walton which combined saw a decrease in total sales of 1.6% in March.

Here is a breakdown of the numbers for March 2010. This data comes from MLS and represent single family residential sales only.

Rockdale County Real Estate Values For March 2010

Number of Sales - 67
Average Days On Market (Solds) - 134
Active Listings - 680
Average Days On Market (Actives) - 162

Hopefully, we will continue to see an increase in the number of sales as the spring selling season gets going.

Let us know how things are going with your sale.

Buying A Home? Know Your Numbers!

Ursula Lowther (Keller Williams Realty First Atlanta) — Wed, 31 Mar 2010 10:35:38 -0700

Tax Credit Ending Soon!

With the Homebuyer's Tax Credit set to expire soon, many buyers have gotten off the fence and are frantically running around trying to buy their first home. Many of these buyers are becoming frustrated by the process.

There seems to be 2 common theme these days. Either, everything they see is under contract or has multiple offers as soon as they see it, or they are outbid on their offer.

So what is the answer? How do you have success as a buyer in this market? How do you get your offer accepted?

It really is very simple. You need to understand the market and make your best offer from the beginning. While it may be a buyer's market in general, the neighborhood that you're looking at may be moving quickly. As inventory decreases, prices will go up. The law of supply and demand. In the Metro Atlanta area, inventories are definitely decreasing.

The chart below shows the last 24 months of history for active listings for Dekalb County Single Family Homes.

For March 2010, there as been a 23.4% decrease in active listings vs. March of 2009. February 2010 had 28.5% fewer listings than February 2009.

So what does this mean. Simply put, if there are fewer houses to choose from and more people trying to buy, competition is going to be fierce. Look at the chart below.

This chart shows what is happening in the last 2 months in Lithonia, GA. You can clearly see that in some price ranges, houses are selling above list price. This is just 1 example of what is really going on with home prices.

When you find the shiny penny in the group, you will not be alone! Everyone else will see the value in the same home that is price aggressively and is move in ready.

When you are ready to write the offer, give yourself the best chance to win. Do Not be afraid to offer more than list price. It doesn't mean you overpaid.
After all, prices have declined substantially over the last 2-3 years so go in knowing that you are still getting a great deal.

if you need specific information for your area, Call Us at 678.229.8767 or visit our website at HomesByUrsula.

Are You Claiming The Home Buyer Tax Credit? IRS Says No To Electronic Filing!

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 26 Feb 2010 11:16:18 -0800

ATTENTION HOME BUYERS!

If you are planning to buy a home before the tax credit expires, you need to be aware of the new forms and filing requirements from the IRS.

Basically, the IRS has a new form that must be completed (IRS Form 5405 "First-Time Homebuyer Credit and Repayment of the Credit") and the tax return must be mailed in as a hardcopy.

You can still use tax preparation software to complete your return, but you will need to print it out and mail it in with all appropriate documents.

Please click the link for further information: Taxpayers Seeking Homebuyer Tax Credits, Reunds Must File Paper

If you would like more information about the tax credit, or buying and selling a home, please contact us at 678-229-8767 or visit our website at www.HomesByUrsula.com

When Is A Buyer's Market Not Always A Buyers Market?

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 25 Feb 2010 13:25:20 -0800

If you have been listening to the news recently, you have probably heard that it's a great time to buy real estate. Interest rates are at historical lows, prices are down, and inventories are up.

So, armed with this information, you go out with your local real estate agent and find a house. As you prepare to write up an offer you remember what you heard on the news this morning: "It's a buyers market, inventories are high, home values are declining." You tell your agent that you want to make a low offer.

Is this always the best approach?

The answer depends on the situation.

What everyone needs to understand, is that the buyer's market that is being reported is looking at a very broad picture. When you break down the information for you local area, you may be very surprised at what you see. There can be, and frequently are, several different markets within a local area.

This is the situation in the Metro Atlanta real estate market. We have some neighborhoods that are seeing a buyer's market and a seller's market at the same time.

You are probably asking, "How is this possible?". The answer is simple. Look at the number of days that a property has been on the market for both active listings and recent sales. If it is less than 6 months, you have a seller's market. If it is more than 6 months, you are in a buyer's market. If you break the information down by price ranges, you see areas that are selling much faster than 6 months and those that take much longer than six months to sell.

So what does it all mean.

When you are writing an offer, having this knowledge of the local market will help you to make the best offer with the highest chance of being accepted. If you know that homes price between $50,000 - 75,000 are selling in 36 days at 103% of the list price, you may reconsider making an offer at 90% of the asking price if you want to have the best chance of success. After all you are probably not the only buyer making an offer.

How do I know what the best approach is. Simple. Ask your agent. They have all of this information available to them.

Remember, just because you saw it on television or heard it on the radio, you may need the rest of the story.

Beautiful Resale In Swim / Tennis Community

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 04 Feb 2010 10:02:36 -0800

End of Year Wrap Up....

Ursula Lowther (Keller Williams Realty First Atlanta) — Sat, 26 Dec 2009 13:53:55 -0800

So the end of the year and looming and it is always a time of reflection for me. What did I learn in 2009 and what will I do differently in 2010???

1) I will not work as many hours anymore. I love what I do but working 14+ hours a day, 7 days a week will cause burn-out.

2) I will hire more quickly next time. In my arrogance of thinking only I can do everything as good as I do and only I care so much for these people, it took me awhile to realize that there are others that can do it better than I can and that I can hire them to do it.

3) With hiring other people it gives me time to help even more people. The cycle becomes a good one in that more will be helped when I get more help.

4) Taking time for me is not selfish. This one is so hard for me but I am working on it.

5) You can not help those that are not willing to help themselves. Man, I hate this one and let me tell you I have cried alot of tears over this one.

6) There is always a bright side... you just may have to turn it upside down to find it.

7) Work with your strengths. I am very empathetic.... and then I am just pathetic when it comes to technology. That is OK. I have someone else to deal with technology and I will deal with the people.

8) When I actually focus on my 20% it amazing what I can accomplish!

I hope that everyone has a very special holiday season. 2010 is going to be great for me and I hope it will also be great for you!

Don't Miss An Opportunity Because You Didn't Finish

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 25 Sep 2009 13:31:07 -0700

So the other day I am making coffee. I fill the pot with water, carefully measure out the coffee beans for grinding (or just dump them in until it looks right), grind the beans and add them to the filter basket, add the water to the pot, replace the carafe and then walk away...

Almost an hour later, when I get a minute to go pour a cup, I realize that I never started the coffee maker. A simple push of the button never happened. All of the preparation and no results. Was I too preoccupied with other business? Is my memory really that short?

It made me think about buyers and investors. They do their research on the web, then they call a Realtor to show them the houses, and then they go home to think about it, and think about it....and then think a little more...and then "maybe we should see a couple of other homes that I just found while thinking about all of the others we looked at today. After all, the perfect house may still be there."

As a buyer, if you never "hit the button" i.e., make a written offer on a home, you miss out on the opportunity to enjoy that cup of coffee in your new kitchen.

Corn Dawgs Corn Maze In Walnut Grove, GA!!!

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 18 Sep 2009 14:55:40 -0700

If you were planning on going to Corn Dawgs Corn Maze in Walnut Grove this weekend, they have postponed the opening until Friday, September 25, 2009 due to the rainy weather. Be sure to come out next weekend, though, for all the fun.

Your admission includes access to our main maze, junior maze, pedal racers, hay jump, mountain slide, tile maze, labrynth maze, barrell train, hayride, and more.

Maybe we will see you there!

New Website Search Features!

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 17 Sep 2009 17:49:09 -0700

We have recently updated our website to simplify searches for foreclosure and short sale properties. You can now search each county in the Metro Atlanta area in different price ranges with just the click of a button! Please come check it out.

Foreclosure Hotsheet

Act Now! Don't Miss Out On Free Money - $8,000 Tax Credit Ends Soon!

Ursula Lowther (Keller Williams Realty First Atlanta) — Mon, 14 Sep 2009 13:23:11 -0700

There are only 77 days left to get the $8,000 Tax Credit. You must close before December 1, 2009 to be eligible.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

How Is The Real Estate Market Really Doing In Newton, County GA

Ursula Lowther (Keller Williams Realty First Atlanta) — Wed, 09 Sep 2009 09:04:26 -0700

Today I wanted to talk about the the market in Newton County.

As you can see from the chart, there has been a pretty significant decrease in active listings over the last several months. In September 2007, there were over 2,500 single family homes on the market. Now, we have less than 1,400 homes for sale. In addition, Chart 2 indicates that there as been a leveling of Average Sales Price. Does this mean that we have hit the bottom.

We really don't know at this point. Unfortunately, the crystal ball is on the blink. However, it is encouraging to see some slowing in declining sale prices.

So what do the pretty charts mean? Will prices start going up and keep going up? Have foreclosures and short sales gone away or will the banks flood the market with more houses?

Now is still a great time to buy and there are some great deals out there! If inventories continue to decline,we will see sales prices increase! Don't miss out on an opportunity because you are trying to time the market, waiting for the bottom? Get in the game now.

Click on the graph(s) below to enlarge.

Chart 1

Chart 2

Free Concert - John Berry - A Community Appreciation Concert

Ursula Lowther (Keller Williams Realty First Atlanta) — Wed, 02 Sep 2009 14:19:10 -0700

If you are looking for something Fun And Free to do this weekend, then come out to the Square in Covington, GA this Friday.

General Mills is celebrating the 20th anniversary of its Covington, GA plant on Friday September 4, 2009 at 7:00 PM on the Square in Downtown Covington.

Hosted by General Mills celebrating the 20th Anniversary of the Covington Plant & Main Street Covington

How Your Credit Profile Can Affect Buying a Home

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 20 Aug 2009 12:20:17 -0700

Via Liz Miller (Keller Williams Arizona Living Realty):

Almost half of US Americans have credit scores that are not so great or even good and these consumers will not qualify for preferred interest rates when buying a home. Depending on the consumer's credit profile, the consumer may not qualify for the home loan at all. The biggest challenge to consumers is that many don't know exactly how their credit profile will affect their ability to buy a home or get preferred interest rates.

Here are some tips that may help you understand and improve your credit profile:

* The maximum amount of your monthly credit line for you to have the best credit profile impact should be 50%.

* The top contributing factor that makes a good credit score is your payment history.

* As soon as you pay off one of your high-interest credit cards, you should continue using it occasionally, but minimally.

* Remember that applying for credit cards just to receive a free gift will have an impact on your credit. So, be careful and sign up for credit cards that you really need.

* Rewards points on your credit card are usually a good deal when you carry no balance each month.

* To even have a credit score, you must have at least one creditor reporting some type of activity on your credit report for six months.

* Remember: banks and credit card companies do not think you are credit worthy by how many credit offers you receive in the mail.

* Credit scores are mainly used by lenders to predict how likely you are to repay your loan on time.

* Credit bureaus who manage your credit report and scores are just regular business corporations. So, when there's a glitch on your report, contact them to get it resolved. They are not government entities.

* Here's a little pop quiz for you to test your knowledge: If you were to pay 2% a month on your credit card, how long would it take you to pay off a $3,000 balance with an interest rate of 10%?

If you found that you really are confused about your credit profile, there's good news. It's not too late and, with proper guidance and understanding, you can begin to effectively manage your credit profile. By the way, the answer to the pop quiz is that it would take 18 years to pay off.

Realtor® Liz Miller ~ Lake Havasu City, Arizona Real Estate

Havasu....Your Lifestyle Awaits

6 Reasons why your house won't sell.

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 20 Aug 2009 12:16:32 -0700

Via Alan May, Coldwell Banker Evanston Realtor, North Shore Realtor (Evanston Real Estate, Evanston, IL):

1. Your photos are unimpressive. The vast majority of home buyers start their search for a home on the Internet, your house had better look great in print. Not just nice... downright fabulous. Today we are considering internet views as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... We consider that your SECOND showing. Today's buyers are expecting good quality photos (and lots of them... just 1 shot from the street won't cut it!), a virtual tour, maybe even a floor plan, if applicable.

2. It's overpriced. You've got to view your own property as objectively as possible. Look at the home like a "buyer"... if necessary, go out with your Realtor and view other homes that are priced comparably to yours. Be objective. Given the other options on the market (and yes, you DO have to include short sales and foreclosures on your list... your potential buyers are!), would YOU buy your home, over the others on the market?

If no, then you either have to "update" your home to meet or beat the competition... or lower your price to adjust for it. if you can't afford to sell for the price, that you KNOW it sell for, you may want to consider just removing it from the market.

3. It shows poorly. This could mean almost anything... from the barky, barky dog, to the smell of the diaper pail. Maybe the carpeting is a bit worn, or the woodwork shows a lot of wear. All things that don't show up on the internet, but whoa.... once you get inside the house... they show up, like a cat-urine-smell on a 95 degree day in New Orleans!

4. You're invisible. Today's buyer comes from the internet, almost exclusively. Have you (or your agent) simply plopped the property on the MLS, and started praying? Are you on all the websites...(Trulia, Zillow, Craig's List, Google Base, etc...) all the places that buyers are searching? If not, you want to be.

5. Your listing is tired and stale on the market. Okay... yes, you overpriced your home initially when you first came on the market 2 years ago. But since then you have reduced your price almost monthly... constantly chasing the market down.... Now, finally you're truly priced where you should be... but your listing is tired and stale. Everyone looking for your type of property (ie: 3br/1.1 bath) in your area has already seen it, sometimes twice... and they remember that there was "something" about it that they didn't like... but what they don't remember is... what they didn't like.... was the price. Time to take the listing off market. Let it cool off (3-6 months), and bring it back on fresh in the Spring. Yeah, you'll have 6 mos. worth of holding-costs... but you'll more than make up for it in your purchase price.

btw... Avoid the temptation to bring the house back on at a higher price, than when you left the market. Just "don't do it"!

6. Your house won't appraise. The house looks great... you've finally gotten someone to bring you a bid on your slightly over-priced, but beautiful pied-a-terre. But the bank appraiser says it's worth $20,000 less than what they've agreed to pay. Heavy sigh... bite the bullet.... negotiate with them. If you have to drop the price $20,000 to make it work.... "make it work"... chances are, anybody else trying to buy your house will run into the same problem.

Failure... What Do You Do Now?

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 20 Aug 2009 11:19:51 -0700

Lately I haven't felt like a failure... I know that is a good thing... but at times in my life I do… and why is it that when you are down it is like a magnet that pulls more bad things to you… it seems like you just keep spinning in that vortex and can’t get out of it… How do you get it to stop????

A friend posted this in Facebook one day and made me think…..

Failure: The most important step in overcoming failure (which can be setbacks, mistakes, challenges, or just plain screw ups) is to understand “failure is an event not a person”. It is something that happens to you – but it is not YOU! To put it simply, failing to achieve does not make you a failure. There is only one way to fail and that is to stumble and not look beyond the failure to the next adventure.

Wikepedia defines failure as to the state or condition of not meeting a desirable or intended objective. The criteria for failure are heavily dependent on context of use, and may be relative to a particular observer or belief system. A situation considered to be a failure by one might be considered a success by another, particularly in cases of direct competition or a zero-sum game. Similarly, the degree of success or failure in a situation may be differently viewed by distinct observers or participants, such that a situation that one considers to be a failure, another might consider to be a success, a qualified success or a neutral situation. There are different types of failure. Some examples are (1) Failure to anticipate, (2) failure to perceive, (3) failure to carry out a task.

So in light of the definition above if I set a goal to make $3,000,000 in sales this month and I only make $2,900,000 am I a failure? Or are there levels of failure…. Like I reach for the stars but landed on the moon so I am only a little bit of a failure…. Or 3rd place failure….

I think there are times that we just give up or we don’t start something because we are afraid of failure. Well every time a baby falls when learning how to walk is a failure. Should that baby just give up because he has had those failures… or should he get back up and start again?

It is the same thing with all of us… whether you are in sales or having issues in your personal life…. Stop, breath, assess the situation and get back up and try again.

Understand it is not the failing part that gets us. It is the quitting involved when we experience a failure. Winning is a habit. Unfortunately so is quitting. If you tenaciously persist, you will succeed. When you reach the end of your rope, tie a knot and climb upward. You will eventually reach the top.

New Government Regulations for Lenders.... How Will This Affect Your Closing Dates?

Ursula Lowther (Keller Williams Realty First Atlanta) — Wed, 24 Jun 2009 08:10:03 -0700

Changes.... They are coming....

There are new federal regulations for lenders that have been put in place to protect buyers and while they may put a kink in your closing they are for the best. With these changes your closing dates may change also. These regulations could affect how quickly a closing can happen and what type of delays that can happen...

Here are a couple of things to consider under the new regulations when scheduling a closing:

   1. You can put a closing date of tomorrow in your purchase contract, but if the buyer is financing, the earliest it can close is 7 business days after they receive the initial disclosure from the lender.... So if you lender doesn't get the disclosure to the buyer in a timely manner... you have time on your hands...

   2. The new homebuyer has to receive the appraisal of the home they are buying at least 3 days before closing. If they don't, guess what??? Move that closing date...

   3. If the APR on the buyer's loan increases more than .125% of the initial Truth-In-Lending Disclosure and they buyer isn't notified with a new disclosure prior to 3 days before closing.... Guess what????   Move that closing date...

So the summary of all of this is buyers are getting there due diligence no matter how the contract is written. You had best have the lender on speed dial to make sure everything is where it needs to be or your closing is going to go south..... This is to PROTECT the buyer and this is a good thing.

What Are You Waiting For? The Cost Of Waiting To Buy

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 19 Jun 2009 11:22:11 -0700

Mortgage rates are constantly changing in today’s economy. Other than giving the media today’s headline, what does it mean to you? Simple. Waiting could be costing you thousands of dollars!

Buy Now Or Wait?	Scenario 1: Home Prices decrease by 5% Interest Rates increase by 0.5%	Scenario 2: Home prices decrease by 10% Interest Rates increase by 1.0%
Home Price $200,000	Home Price: - 5% $190,000	Home Price: - 10% $180,000
Interest Rate 6%	Interest Rate: +0.5% 6.5%	Interest Rate: + 1.0% 7.0%
Payment $1,199	Payment $1,201	Payment $1,198

If you have been thinking about buying a home, there has never been a better time than right now!

Opportunity Is Knocking - Short Sale In Covington, GA

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 21 May 2009 09:39:42 -0700

Ursula Lowther | Keller Williams Realty Atlanta Metro East | 678-300-6141; 678-487-1600

35 Winchester Court, Covington, GA

Beautiful Brick Ranch With Over-Sized Bonus That Can Be 4th Bedroom. Nice Sized Kitchen With Gas Stove. There Is A Covered Front Patio And Separate Di

4BR/2BA Single Family House

offered at $130,000

Year Built	2002
Sq Footage	Unspecified
Bedrooms	4
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	0.35 acres
HOA/Maint	$0 per month

DESCRIPTION

Beautiful Brick Ranch With Over-Sized Bonus That Can Be 4th Bedroom. Nice Sized Kitchen With Gas Stove. There Is A Covered Front Patio And Separate Dining Room. The Home Has Architectural Shingles. Walking Distance To Schools. Short Sale - All Terms and Conditions Subject To Lender(s) Approval.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Living room
Bonus/Rec room	Dining room	Breakfast nook
Dishwasher	Stove/Oven	Microwave
Laundry area - inside	Balcony, Deck, or Patio	Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 1
Photo 2	Photo 3

Contact info:

Ursula Lowther

Keller Williams Realty Atlanta Metro East

678-300-6141; 678-487-1600

For sale by agent/broker

Equal Opportunity Housing

Posted: May 19, 2009, 10:43am PDT

Just Like A Kid In A Candy Store!!

Ursula Lowther (Keller Williams Realty First Atlanta) — Mon, 13 Apr 2009 14:08:23 -0700

OOOHHH!!! AAAHHHH!!!

MOM, DAD, Look at this one over here...I think I want this one...No, Wait! Maybe this one over here!

UMMMMM. I just can’t decide!

If you are currently in the market for a home, you have probably felt like this at some point in your search. The choices can be overwhelming!

How do you decide? Am I making the right choice? Is this the right neighborhood? Will I be happy here? What about resale?

Whether you are buying your next home or an investment property, you should be clear about your goals for the property. Follow a Process and your search will be much smoother and faster.

Bring all of the decision makers together early in the process.

Select a Realtor® to work with. He or she will work closely with you to identify the property which suits your needs.
Get Pre-Qualified with a Lender.
Decide on a price range, bedroom count, number of baths, lot size, etc.
Determine your must haves. These are the features that are not negotiable. If the home doesn’t have them, you walk away.
Then, determine the nice to haves. If you find them, Great. If you don’t, that’s fine too.
Go and see properties.
Write a contract.
Close on the home.
Move In!
Relax. Now the fun Begins.

With the number of available houses on the market, it is imperative to be ready to buy when you go looking. The best houses, (Shiny Pennies) will sell quickly and will often have multiple offers, so you must be ready to act!

The very next house you see may be the one. Don’t miss out because you were under-prepared!

Uh...I forgot to bring my checkbook…

Ursula Lowther (Keller Williams Realty First Atlanta) — Fri, 03 Apr 2009 16:42:18 -0700

I forgot to bring my checkbook…

How many times have you heard this recently when showing homes to your buyers?

In today’s HOT BUYER’S MARKET, many homes have offers within a few days (or hours) of showing up on the MLS.

Are you consulting with your buyers before getting in the car or are you so happy to have any business, that you jump in and go?

It is truly amazing, how the hour that you spend up front setting the buyer’s expectation, will save valuable of hours of time and frustration down the road. (Do you know how much you earn per hour?? Stay tuned for a future post)

Identify their wants, needs, dreams, must haves, nice to haves, etc. Then, explain the current local market conditions. Prepare Them- Don’t Scare Them.

Now, go get in the car and find them their dream house.

Oh and by the way, tell your buyers...DON’T FORGET THE CHECKBOOK!!

What can a Buyer Expect in a Short Sale or Pre-Foreclosure Transacation...

Ursula Lowther (Keller Williams Realty First Atlanta) — Thu, 26 Mar 2009 08:59:26 -0700

OK - You have found the home of your dreams and it is a STEAL! You make an offer and the seller accepts - YEA!!!! But wait.... the seller's bank has to do something...mmmm... Now What???

As a Buyer this new market can sometimes be confusing. Back in the day when you used to make an offer on a home, you would have it accepted in 48 hours, be in binding agreement, have 10-14 days to do your inspections, closing within 30 days of contract, and joyfully move into your new home. This is not necessarily the process anymore.

If you are making an offer on a short sale (pre-foreclosure) home, you need to understand the process BEFORE you make the offer.

Step One -    You make the offer (same as always).

Step Two-    The Homeowner accepts or negotiates the offer (same as always).

Step Three-    You come to an agreement and go under contract (again same as always).

Step Four -   The offer then has to get ready to be presented to the bank for approval. (NEW STEP)

The listing agent and the seller work together to put together a package to send to the bank that includes but is not limited to:

* a hardship letter from the seller stating why they have to sell their home for less than what is owed
* a financial data sheet breaking down where every penny is spent
* a Preliminary settlement statement showing how much money the bank will receive
* the two most current bank statements
* the two most current paycheck stubs
* the last two years of tax returns and W-2’s
* the listing agreement
* copies of the listings from the MLS
* the listing history of the property
* area statistics
* the offer
* and the list goes on...

My package is typically 60+ pages long. Most of this may already be in place but some of it such as the settlement statement, recent market stats, bank statements and paycheck stubs may have to be updated. I typically have this done within 1-2 days of offer but I would recommend giving 5 days to have this completed. The package needs to be completed thoroughly. If even one page is missing in this package the deal can stall. This package is designed to make the bank want to accept your offer. This is for the benefit of the seller (who is getting out from under a debt) AND for you the buyer (so that you can get a good deal). You want this done right the first time. YOU NEED TO HAVE PATIENCE!!!!

Step Five - The package is sent to the bank. (NEW STEP)

The bank will typically take anywhere from 72 hours to 7 days before they even acknowledge they have received it.Then it can take anywhere from 7 - 30 days depending on the bank for them to even open the file.

Please keep in mind that these banks are overwhelmed. They probably have a pile of 20-30 (or more) files on each persons desk that they have to go through. They are overworked and are learning on the fly.

Step Six - They are now paying attention to YOUR OFFER.

Step Seven - The bank orders a BPO.

A BPO is a Broker Price Opinion. Either an appraiser or another real estate agent goes out to do an inspection on the property and determines the value of what the home is worth. This can take from 7-14 days. This is then sent back to the bank for their review.

Step Eight - The loss mitigator at the bank accepts the offer and now sends it to his supervisor for final approval.

This step can take anywhere from 24 hours to 4 weeks depending on the bank and whether they have to obtain board approval.

Step Nine - They approve it! YEA!!!

Step Ten - They contact the listing agent and convey final approval of the offer.

Step Eleven - The clock starts ticking on all the inspections and contigencies that are tied to the binding agreement date.

This clock doesn’t start until this bank approval.

Step Twelve - YOU GO TO CLOSING!!!

Step Thirteen - YOU MOVE INTO YOUR NEW HOME!!! YEA!!!

This is a somewhat abbreviated version of the short sales process but it gives you a little more of an understanding.

Please understand that in a pre-foreclosure or short sale, the bank is accepting less than what is owed on the home. This is a distressed sale.

This entire process can happen in as little as 45 days, or as long as 4-5 months, depending on how backlogged the bank is.

PATIENCE IS A VIRTUE!!!

Listen, if you are buying a house that is worth $150,000+ and getting it for $95,000 you are getting a STEAL!!! Your patience will more than pay for itself in the long run.

Putting Together a Winning Short Sale Package - Free Class Thurs April 23rd @ 1:00 @ the KW Conyers Office - All Agents Welcome

Ursula Lowther (Keller Williams Realty First Atlanta) — Tue, 24 Mar 2009 09:57:04 -0700

This Class was a HUGE SUCCESS... We had a packed house....Thanks Everyone for Showing.... I have been asked to teach this class again next month... so I will be teaching it Thursday - April 23rd @ 1:00pm... please let me know that you would like to attend as I have to limit it to 40 people. THANKS!!!!

March 19th, 2009, Thursday

I am teaching a class today at the Keller Williams Conyers Office @ 1:00pm. It will be about the Short Sale Package that I put together to submit to the bank. This package has earned me high praise from several lost mitigators. It is a clear and concise package. I have a 98% closing ratio on my short sales.... Torreen Cummings used this package and the bank called her and asked her to list another house they had for their clients. That is high praise indeed!

The class is free and open to any and all agents. If you are selling short sales or have ever thought about selling them or have had a buyer on one. This class will help you understand the process and make it a little easier to do.

We are in the KW Conyers Office. You can call (678) 487-1600 for directions. I hope to see everyone there.

Short Sale Negotiations

Ursula Lowther (Keller Williams Realty First Atlanta) — Wed, 18 Mar 2009 10:13:23 -0700

Since yesterday afternoon, I have heard this scenario twice: The buyers have made an offer on a property listed as a short sale. The bank "accepts" the offer and then comes back a few days later and asks for several thousand dollars more. In each case, the new request appears to be very similar to the outstanding mortgage amount. In one case it was about $5,000 higher than the mortgage.

Has anyone else experienced this? Are banks aware that there has been a shift in the market? Or are they willing to lose more money by foreclosing, incurring additional carrying costs and ultimately selling the house for less than the original short sale offer?

I would be interested to hear thoughts from other agents working on either side of the short sale transaction.

Awesome Deal - Short Sale In Lithonia, Georgia

Ursula Lowther (Keller Williams Realty First Atlanta) — Tue, 17 Feb 2009 14:22:40 -0800

Ursula Lowther | Keller Williams Realty | 678-300-6141

6698 Wildwood Ct, Lithonia, GA

Awesome Deal - 3 Bedrooms 2.5 Bath Split Level

3BR/2.5BA Single Family House

offered at $100,000

Year Built	1995
Sq Footage	Unspecified
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	0.3293 acres
HOA/Maint	$0 per month

DESCRIPTION

Short Sale - Subject To Bank Approval. Home Is In Good Shape. New HVAC, Formal Living, Formal Dining, Eat In Kitchen, Den With Corner Fireplacep, Level Backyard, Sold As Is, Pre-Foreclosure

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Family room	Living room	Dining room
Breakfast nook	Dishwasher	Stove/Oven
Microwave	Laundry area - inside	Balcony, Deck, or Patio
Yard

ADDITIONAL PHOTOS

Seller contact info:

Ursula Lowther

Keller Williams Realty

678-300-6141

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 17, 2009, 11:56am PST