No one should claim the short sale process is simple, easy & quick….yet it’s a very necessary component in stabilizing our market & enabling people to transition onto the next chapter of their lives. We work long hours & dealing with banks can be incredibly frustrating at time, which is why I keep thank you letters like the one below that I just received from a seller in Atlanta who we recently helped successfully complete a short sale posted on the walls in my office as a constant reminder of whom we’re helping. It helps to fuel the internal … (0 comments)
Late last fall I was contacted by a woman who’d been surfing the web looking for a local short sale expert…when she came across info about my track record of success in the Atlanta area. We discussed her situation over the phone – 2 years after being laid off, she’d thrown her hands up and admitted she needed help and had to get rid of the burden of her home mortgage. My only disappointment in the whole situation is that she hadn’t contacted me earlier, as she’d been pulling money out of her retirement fund to pay the … (1 comments)
I was contacted by a woman in the Fall about a few homes in the Kirkwood & East Atlanta neighborhoods that her mother had owned. Now, as the executor of the estate - it was time to sell them and move on. She'd seen my signs in the area & decided to give me a call. I'm not sure there are too many realtors willing to deal with the banks in a situation involving multiple liens and small properties (each less than 80k). The outstanding loan balances on her mother's former primary residence was well more than double the … (0 comments)
short sale: Appreciation for Working In The Trenches
- 12/08/10 05:28 AM
You may wonder why on earth is there a picture of Michael Neville with a Samurai Warrior on his desk, well it will all make sense once you finish reading the story below..... I received a call from a young man earlier this year about the need to sell his townhome in East Atlanta, a normal inquiry.....once he mentioned the development I immediately knew it wasn't going to be that simple. The development had planned on being a mix of townhomes & single-family homes.....they'd only completely the first few phases of townhomes before going bankrupt and leveling a forrest of … (0 comments)
short sale: What is a Short Sale?
- 12/07/10 11:22 AM
I have people ask me this all the time - so here's a very straightforward explanation of the basic components & definition of a short sale and circumstances that qualify for a short sale. Whatever you do.....you DO NOT HAVE TO LIQUIDATE YOUR 401K - the banks are NOT ALLOWED to come after your retirement funds!! I've had a few people ask me this in the last month as they've been unable to find work for the last few years & have depleted their life-savings trying to hold on to their homes in Atlanta. Here are the basics: A short sale … (1 comments)
short sale: Can I Sell My House In This Market?
- 12/01/10 02:25 PM
People often ask me if it’s an okay time to sell their home. No matter what the market conditions, my first reaction has always been “it depends on what you are looking to achieve”.
Seller’s commonly say “I want top dollar for my home”. There’s no doubt, that is always our goal, but “top dollar” in today’s market may not truly be what they are looking for – since it may be 25% below their outstanding loan balance, yet it is still “top dollar” in the current market based on the activity and comparable sales in the area within … (1 comments)
As the holidays approach my annual tradition of trying to take a little bit of the burden off of my past clients' shoulders is here! With so much to be done - organizing in-laws, prepping turkeys, cleaning, making travel arrangements, etc. I'm here to help in a simple yet tasty manner...I tell them "I'll help with dessert - just tell me what type of pie you'd like and I will deliver it to you!" I truly appreciate the opportunity to serve as their realtor. With nearly 65% of my business coming from past clients repeat business, or past … (5 comments)
short sale: Being the 2nd Agent & the 1st Agent to Shed Light on the Reality of the Situation
- 11/02/10 11:24 AM
Sometimes people jump into the world of real estate with thoughts of grandeur & making a fortune but in this market, those opportunities are buried in a pile of deals that can be harder to navigate than a minefield. With the proper guidance, analysis of market conditions, budgeting, & most importantly the right acquisition price (you make money based on the buy not on the sale....it's all about creating large enough margins to sell in the anticipated market at time of acquisition or even if the market slides 10-15% they are still okay.A couple was led to believe they'd be … (2 comments)
short sale: When Losing Is The Best Idea
- 10/14/10 05:10 AM
In December I helped a group of investors acquire a property in East Atlanta - a modest 3/1 that could be easily converted to a 2/2 without needing to do an expansion. They have a substantial background in contractor work but not in flipping, so this was a different approach.The goal was to have the project renovated by Mid-March/Early April in plenty of time for the home-buyer tax credit. Unfortunately, other components outside of this project delayed the timeline substantially was slowed. The project was slated to be sold just above or below 200k as other recent comp's supported that value … (2 comments)
short sale: Short Sale Completed - Another East Atlanta Home Sold By Michael Neville & Associates
- 10/26/09 12:22 PM
Well, After 3 other agents failed to sell 2141 Stockbridge Drive Atlanta, GA 30316 in the East Atlanta neighborhood I received a call from the Seller saying she was frustrated and didn't know what to do with the Short Sale process. After a quick Q & A session it became clear to me that the Seller had not been dealing with serious agents committed to the process, no intimate knowledge of the neighborhood (1 of them lived over an hour away!!), or experience in knowing how to successfully navigate a short sale of this type. Every Short Sale is different. … (2 comments)
short sale: Fully Approved Short Sale in East Atlanta Village!!! 4 bed/3 bath w/2 car drive under garage for only $264,900
- 08/10/09 07:13 AM
FULLY APPROVED SHORT SALE - Must Close by 9/25/2009!!! 4 bedroom / 3 bath with 2 car drive under garage - built in 2005 - virtually brand new in East Atlanta!!!! This is an incredible deal! It sold for $400,000 in 2008. Stainless Steel Appliance, Granite Countertops, Island, Hardwoods, Fireplace, Office, Walk-in Closets, etc. Instant equity & modern conveniences - an incredible value for some lucky homebuyer, who might also benefit from the Federal First Time Homebuyer $8,000 tax Credit & The $1,800 state tax credit b/c this property was previously listed by other brokers well above $300K. This is … (0 comments)
short sale: Fully Approved Short Sale in East Atlanta Village!!! 4 bed/3 bath w/2 car drive under garage for only $264,900
- 08/10/09 07:12 AM
FULLY APPROVED SHORT SALE - Must Close by 9/25/2009!!! 4 bedroom / 3 bath with 2 car drive under garage - built in 2005 - virtually brand new in East Atlanta!!!! This is an incredible deal! It sold for $400,000 in 2008. Stainless Steel Appliance, Granite Countertops, Island, Hardwoods, Fireplace, Office, Walk-in Closets, etc. Instant equity & modern conveniences - an incredible value for some lucky homebuyer, who might also benefit from the Federal First Time Homebuyer $8,000 tax Credit & The $1,800 state tax credit b/c this property was previously listed by other brokers well above $300K. This is … (0 comments)
Last week my 1st Time Home-Buyer Clients closed on their "Dream Home". They wanted "shiny & new" with all of the modern conveniences at a rock bottom price. After months of discussions, data analysis, explanations, etc. about how big of a risk it is to buy new construction in Atlanta in 2009 from Builders with unfinished developments & massive standing inventory, they finally found the ideal situation in which I'd give my professional blessing for them to move forward & know that they were in the best financial situation within the development. We were looking for true Builder Closeouts. … (0 comments)
short sale: Buyer Beware - Auctions aren't really "a deal"
- 03/26/09 10:06 AM
If you're looking for a "GREAT DEAL" be careful you don't make one of these potentially painfall pitfalls. We've seen sales prices drop 12% in Metro Atlanta in the last year, 28% in the fourth quarter, and that's for the entire Atlanta real estate market, for the condo market it looks even more unsightly. While this sounds like an amazing opportunity for Buyers to seize the opportunity and gain instant equity positions - Buyer's Beware! We've seen two condominium auctions in the last few months, including the Element at Atlantic Station where 1 bedroom condo units started at $95,000 (previously listed in … (0 comments)
short sale: The tale of two Atlanta Markets
- 03/06/09 06:39 AM
We are two months into 2009 and I think perhaps an “update” is in order. There are two sides to every coin and the same is true for our current market. For this update I will touch on how our current market effects both Buyers and Sellers. Expert advice, insight, and objectivity are what we strive for at Michael Neville & Associates.
Buyers: 1. Lots of options. There are currently 45,648 ACTIVE single-family properties listed in the FMLS for Metro Atlanta. Nearly 30% of these are Short Sales or Bank Owned properties. 2. The FHA limit has recently … (0 comments)
short sale: 2009 - Year of the Bull! --- I'm thinking 2009 - Year of the Buyer!
- 02/05/09 08:00 AM
Mike’s Corner The last few weeks have been eventful and historic for our country as well as the Atlanta real estate market. The Bailout is being debated on Capitol Hill, including a bill proposed by Ga. Senator Johnny Isakson that includes a $15,000 tax break to anyone who buys a house in 2009, which was unanimously approved on Wednesday. Atlanta is experiencing a number of changes, as signs of the times, with a new development in the Heart of the City about to be part of a liquidation auction sale (The Element across from Atlantic Station- call me for more details … (3 comments)
short sale: Spring Market is Here! - or at least right around the corner :=)
- 02/04/09 08:37 AM
I know, it's 37 degrees outside & people are questioning if they are in Atlanta or Alaska, but I promise the Spring Market is here! - well, at least it's beginning to come out of the winter slumber. Atlanta basically has 1 month of "winter". Yes, it's "cold" by Southern standards from Thanksgiving to Valentine's Day, but you can tell Spring is here as we begin to see a dramatic increase in builders pushing to have their renovations ready, home owners calling to evaluate selling their home & asking for listing presentations, and of course an increase in inquiries from people … (0 comments)
short sale: Short Sales - assisting owners out of a tough situation
- 01/22/09 07:02 AM
Short Sales have become a necessary step for a number of homeowners who may be encountering a number of different circumstances and need a way to get out of their current property. Short sales can be the right option for people who have experienced a job transfer, job loss, change in family (divorce, death, or even birth), or even the "declining market" can serve as a "hardship" to allow a home owner to have their lender agree to a short sale. Short sales are not "short", they simply mean that the amount the property is sold for is "short/less" than the … (0 comments)
short sale: Workouts & Short Sales: A Brief Overview
- 12/23/08 12:50 AM
In the current market place additional opportunities are presenting themselves that require specific skills & knowledge in order to best serve your clients. People need us more now than ever in navigating the process of attempting workouts & short sales. The following is a bried overview compiled from a number of skilled agents & resources available to the KW family. Be very careful with short sales that involve different banks on the 1st & 2nd notes. The 1st is usually very cooperative, but the 2nd - while having no true power or likely chance of being repaid on the note considering … (3 comments)
short sale: Definition of a Short Sale - vocab, steps, advice
- 12/15/08 12:52 AM
So there are a number of people in the Metro Atlanta area that are confused as to what a short-sale is and how it works, both as a buyer & a seller. No neighborhood is immune to these. I've seen them in East Atlanta, Virginia Highland, Morningside, Camp Creek, Alpharetta, it doesn't matter - they're happening in all price ranges because they depend on the seller's financial challenges. Short sales aren't typically short in the time process compared to a traditional residential sale, they are "short" on cash for repaying the outstanding balance of a loan and where you are trying … (0 comments)
;)
;)
