foreclosure: Luck takes preparation…to capture Lightning in a Bottle - 08/10/11 09:51 AM


Over the years I’ve conducted hundreds of consultations for buyers & sellers.  Once in a long while you have those “lightning in a bottle” situations where you’re so excited for your clients (and maybe a little envious because you’d love to trade places).  I’ve worked with roughly 10 families in the last 3 years from the same church group (and I’m not even a member of their church) & thankfully, yet again they were referring me to another young couple looking to purchase their 1st home.
We discussed the unique circumstance, challenges, and procedures for how we’d approach finding … (0 comments)

foreclosure: Living Well Below Your Means - Minimizing Monthly Expenses - 03/28/11 12:13 PM

So, I had a client who was a little savvier than some & who had a desire to reduce his monthly expenditures significantly.  He’s a single guy who has been spending just under $1,000 a month on rent.  We’ll call him Joe for the purposes of this blog entry.  Joe is a regular guy who doesn’t need or desire anything fancy.  He just wanted a place he can lay his head, that’s centrally located in the heart of Atlanta (only 5 minutes to his office), close to the nightlife of Buckhead & Midtown, preferably a gated-community, with reasonable HOA fees.
… (3 comments)

foreclosure: 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)

foreclosure: 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)

foreclosure: Going Strong & Clean to win the Prize - 12/15/09 09:30 AM
So not all condo's are the same, nor the circumstances of a foreclosure, nor the agents that have the ability to represent you in negotiations.
Sometimes, you win a multiple offer situation with a foreclosure when you're not even the highest offer -- but you've presented the "strongest & cleanest" offer.  Banks aren't in the clean-up and coddle business, they're looking for swift & no-fuss transactions, even if that means it may not be the highest possible contract price.  Because the fact is not all contracts become closed sales - so if there's a shaky buyer asking for a lot of "little stuff" when it … (0 comments)

foreclosure: Another East Atlanta Home Sold -- Flippers Delight - 10/27/09 01:59 PM

 
As the demand for East Atlanta continues to grow the need for more quality homes at an affordable price expands.  This has many who may not be able to afford purchasing within walking distance of East Atlanta Village looking just a little farther down the road (Flat Shoals Rd. to be exact). People may not be able to spend $250,000 for a nicely updated 3/2 but they can come 2 miles down the road and afford $150,000 on an almost identical home.  Well, as you leave "City of Atlanta" taxes while still being coded Atlanta on your mailing address … (1 comments)

foreclosure: 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)

foreclosure: Builder Close Out - Unofficial short sale - great deal for my Buyers! - 08/05/09 11:09 AM

 
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)

foreclosure: 4 Multiple Offer Situations in One Day - the Market is Picking Up! - 05/14/09 08:38 AM
Yesterday, I ran around Atlanta delivering certified checks, writing contracts, & gathering signatures on addendums in order to meet "Highest & Best" Deadlines in multiple-offer situations on Bank Foreclosures. The properties ranged from Cash Investors looking in Bouldercrest Acres, East Atlanta, and Kirkwood, to first time home-buyers making offers in Grant Park to Alpharetta. 
It was INSANE! 12 pm deadlines, 5 pm deadlines, 12 midnight deadlines, WOW -- the blood was pumping & buyers were nervous "Would they get it?" "Did they offer enough?" "Did they offer too much?" - Consulting, providing market analysis's, double-checking conditions & terms. 
Heck, there were … (0 comments)

foreclosure: I don't need a realtor! I can get it off a website! - 05/14/09 07:55 AM
 
How many realtors have heard "Why do I need you, I've got the internet? I know the market."  They either think they can buy a house on their own or sell their house for an astronomically higher number than anyone else because "their house is different", heck "I did the renovations myself". All I can think is "Wow, good luck with that."  There's no doubt, people have, can and will continue to buy/sell real estate without professional help -- but is it a wise decision?
 
(This is what they think they're getting)... when in actuality it's more like
When … (0 comments)

foreclosure: $14,000 to assist in buying Georgia Foreclosures + $8,000 Fed Tax Credit + $3,600 Ga Tax Credit = $25,600 for some very smart homebuyers - 04/04/09 07:23 AM
 
Georgia DCA Neighborhood Stabilization Program
If you are considering being an owner occupant buyer on a foreclosure in the Atlanta, GA area – there is special program for you that allows you to obtain $14,000 Georgia Dream NSP loan for a down payment or repairs in the form of a lien which is released over a five year period. Basically, as long as you own the home for 5 years – it’s FREE MONEY!
This program is designed to eliminate the number of foreclosures in our market, stabilize/improve neighborhoods, and stimulate the economy.
Now if you think about the … (0 comments)

foreclosure: 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)

foreclosure: Buy a House Cheaper than a Car in Atlanta, GA! - 03/07/09 03:45 AM
This week I wrote a contract for $10,500 for a 2 bedroom 1 bath home.  Of course it needed work, the investor had bids of roughly 15K to make the home livable.  THINK ABOUT IT. For less than $30,000 - someone is going to be living in a 2 bedroom/1 bath home. 
Yes, that's an incredible rental property that will have a positive cash flow of a few hundred dollars NET every month from day 1, never mind the land appreciation in the coming years. (The home is less than 1 mile from the Georgia Dome, CNN Center, Philips Arena, the … (1 comments)

foreclosure: 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)

foreclosure: 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)

foreclosure: 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)

foreclosure: 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)

foreclosure: How Good of a Deal is this Foreclosure - Tips for Buyers - Especially in the Atlanta Market - 12/01/08 09:20 AM
So, the buzz words are everywhere that lead the general public to believe that Foreclosures are automatically an incredible deal "Instant Equity" "$.50 on the dollar" "Bank Owned" and the list goes on and on, but how good of a deal are they? 
Well, like people, each foreclosure is unique - while some are similar and tend to be grouped together, no property or transaction is identical. 
Over the last year I've had friends, clients, & complete strangers ask me about the amazing world of foreclosures and how they can get the instant equity they keep hearing about.  There's no doubt … (0 comments)