Alice McCarthy's Blog

Getting loan approval for a foreclosure that needs repairs

Alice McCarthy, Atlanta Real Estate (Re-Source Realty Brokers) — Thu, 27 Mar 2008 08:30:03 -0500

I have a client under contract for a foreclosed property. He is getting a conventional loan. The client is buying the home for rental purposes. The home does need repairs. The AC condenser was vandalized and copper pipe stolen and my client factored in that issue in negotiating the purchase price. We are now outside of our due diligence period. I have just learned from the lender's appraiser that she does not think this deal with pass underwriting without repairs being made first. She told me that the AC will need to be repaired, there were a few loose wires sticking out of walls in the interior of the house and portions of the soffits need to be repaired. These are all things that my buyer was prepared to repair. However, the appraiser is telling me that due to stricter underwriting requirements, lender will no longer underwrite loans on homes unless the repairs are made PRIOR to closing. She stated that just a few months ago, it was easier to do "as is" appraisals without requiring repairs before closing.

I am interested in hearing other's experiences here. Thanks.

Alice McCarthy

Re-Source Realty Brokers

Awesome 2/2 Condo Minutes from Downtown and Midtown Atlanta

Alice McCarthy, Atlanta Real Estate (Re-Source Realty Brokers) — Wed, 26 Mar 2008 13:49:43 -0500

Alice McCarthy | RE-Source Realty Brokers | alice-mccarthy@comcast.net | 404.550.3431

821 Ralph McGill Blvd., Atlanta, GA

Awesome 2/2 Condo in heart of Poncey Highland close to Downtown Atlanta, Emory and Georgia Tech

2 Bdrm Condo

offered at $195,000

Year Built	2001
Sq Footage	Unspecified
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Covered spaces
Lot Size	Unspecified
HOA/Maint	$305 per month

DESCRIPTION

This fabulous 2/2 condo is located at Freedom Parkway in the Poncey Highlands neighborhood just one mile from Downtown Atlanta and a few short miles from Emory. It is conveniently located for easy commute as well as access to public transportation. Airport is an easy 15 minute drive.

This 3rd floor unit overlooks the pool with an infinity fountain and gets plenty of sunlight. It is the largest 2/2 unit in the complex. There is a separate dining room, along with a breakfast bar. Master bedroom has huge bath with double vanity and walk-in closet. Laundry closet with washer and dryer that stay with the sale. The complex has a 24/7 gym facility just two floors below unit and 2 reserved parking spaces in a gated parking garage. Complex is across the street from the Carter Center and Freedom Park with its miles of walking and biking trails.

For the busy professional, this home is ideally located in close proximity to all needed amenities. It’s just a few minutes from an array of grocery stores from Kroger to Whole Foods to Trader Joes. Also a stone’s throw away are Borders Book Store, Staples, Home Depot, the Atlanta Fulton County Library, the Martin Luther King Center, two movie art houses, art galleries, antique stores, coffee shops and too many good restaurants and night spots to name. Atlanta’s downtown sporting facilities and concert venues are literally in your backyard. The theatres and art centers of Midtown are an easy 5-10 minute drive. This is truly the place to live for convenient access to Atlanta intown living.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Washer
Dryer	Laundry area - inside

COMMUNITY FEATURES

Garage parking	Guest parking	Fitness center
Swimming pool(s)

OTHER SPECIAL FEATURES

Pool side view with infinity fountain

roomate floor plan

ADDITIONAL PHOTOS

Seller contact info:

Alice McCarthy

RE-Source Realty Brokers

alice-mccarthy@comcast.net

404.550.3431

For sale by agent/broker

Equal Opportunity Housing

Posted: Mar 26, 2008, 9:44am PDT

Status of Ameridream down payment assistance program

Alice McCarthy, Atlanta Real Estate (Re-Source Realty Brokers) — Fri, 15 Feb 2008 17:05:52 -0600

Does anyone have any information about the status of the litigation over the Ameridream and Nehimiah down payment assistance programs? I know that a federal court issued an injunction against the implementation of HUD's regulation barring these programs back in October. This ruling allowed Ameridream to continue business until February 29 and Nehimiah until March 31. I don't believe the court has issued a ruling yet and I don't think the injunction was extended. Any information anyone has on this issue would be greatly appreciated.

Alice McCarthy