newnan short sale agents: New Fannie Mae Short Sale Procedures....AGAIN!!!! - 11/24/14 11:46 PM
Well...another nights sleep springs forth another email from Bank of America's Agent Resource Center about one of my favorite subjects....SHORT SALES!!! More specifically, facilitating Fannie Mae short sales. It appears that we now have yet another process to store in our memory banks and add to our plethora of questions that we ask at the Seller's kitchen table.
Fannie Mae has issued another directive mandating that their short sales are processed through their Homepath for Short Sales system. One major benefit (and possibly the only benefit) that I've noticed is that they have a "Request A List Price Guidance" feature which … (2 comments)

newnan short sale agents: More Changes to HUD's FHA Pre-Foreclosure Sales Program!!! - 10/29/14 12:17 AM
Ahhh.....another Tuesday and another email from Bank of America announcing yet another change with their short sale processing guidelines. HUD has just announced that now, their Servicers will NOT review any offers presented within the first 15 days of MLS exposure.

Sounds reasonable, right???? Well...here's the "Gotcha"....
It appears that this 15 day MLS exposure time clock begins ticking when the property is listed within the appropriate price as valuated by the FHA "As-is" appraisal.
What does this mean????
It's quite simple, it means that if you're lucky enough to contract the property at a price that's reflective of the … (0 comments)

newnan short sale agents: ***OPEN HOUSE*** October 12, 2014 2:00 - 5:00 p.m. - 10/06/14 02:31 AM

$249,900, 4Bd/2.5Ba Single Family House, 2234 sqft.  
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newnan short sale agents: An ounce of prevention is ALWAYS worth a pound of cure!! - 09/30/14 04:20 AM
It's no secret that our current real estate market in Newnan is fast and furious....even now, during the "slow" months, properly priced homes are selling at record pace. Now...given this information, it's important that Buyer agents are diligent in representing their client's interest to the fullest.
 
Here's the scenario....
 
I have an absolutely HAUTE short sale listing in a VERY fast paced market that recently came back on the market. As expected, we've had a FLURRY of activity and it wasn't long before a full-priced offer was submitted. Prior to sending the offer, I emailed the buyer's agent with … (2 comments)

newnan short sale agents: Either Love It Or Leave It....Just Don't Lowball It!! - 09/22/14 01:06 AM
The concept seems pretty simple.....in theory. You're in the market for a home, find one that you ABSOLUTELY fall in love with, and make every attempt in the world to try to get it for as little as humanly possible by submitting an offer considerably less than the list price and its market value.
 
Here's the reality...
1) Unless you're dealing with an Institutional Seller (Banks, Credit Unions, Investors, Etc) and the person on the other end is just some number cruncher whose simply waiting to go home at 5:00, then you're most likely going to completely upset the Seller, … (2 comments)

newnan short sale agents: Without Knowledge...."Passing The Buck" Can Be Fatal For Your Client!! - 03/04/13 11:03 PM
First of all, please allow me to preface this blog post with the following statement...."I am NOT against the use of third party negotiators handling short sale transactions. There are many effective third party negotiators and some that I would even use....after a lengthy interview, of course. The actions of some third party negotiators DO NOT reflect the actions of ALL third party negotiators".
....No that I've gotten that out of the way, it's time for me to speak my mind.
We all know that the FHA PFS program (the best thing since sliced bread in my book) is first and … (0 comments)

newnan short sale agents: Beautiful Ranch On 5+ Acres In Pastoral Setting For Only $109,300!!! - 01/30/13 01:18 AM
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newnan short sale agents: ...Ripped from the claws of foreclosure - 04/01/11 03:34 AM
                   
This beautiful mid-century ranch styled home features a brick exterior, gleaming hardwood floors in all common areas ~ tile flooring in kitchen and baths ~ granite countertops and exposed brick in the kitchen ~ covered rear patio area ~ sitting area in master bedroom ~ bonus room ~ and a single car garage. It was originally purchased in 2007 for $90,000 as investment property. My client borrowed an additional $50,000 for repairs and upgrades, which brought the total mortgaged amount on the property to $140,000. My client experienced a financial hardship, which led to eventual foreclosures of several investment properties. She made several attempts to sell this property for … (0 comments)

newnan short sale agents: ...Another Short Sale Success Story!!! - 02/07/11 05:52 AM
 

 
This lovely 3 bedroom/ 2.5 bathroom townhome features a single car garage, open family room, spacious floorplan, and easy interstate access! MOVE-IN READY!!!! The owner originally financed the purchase of this home for $111,600 in 2005 and re-financed in 2007 for $116,500. The seller owed $114,000 on the existing mortgage. We sold the property on 2/7/2011 for $39,000 and the seller walked away from this dreadful mortgage owing the mortgage company NOTHING! Yep, the seller received a full waiver of liability!!!
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newnan short sale agents: Would You Prepare A HUD-1 Settlement Statement To Present To Your Short Seller's Lender?? - 11/17/10 01:32 AM
Recently, I attended another short sale class (because we can NEVER learn enough about these lovely suckers) and was totally floored when the instructor handed out blank HUD-1 Settlement Statements, and began to "instruct" the class on how to complete them. I watched as a class full of Realtors who were fairly new to the world of short sales intently listened and filled out the form as instructed. I quietly listened to her (while making an attempt to not show the disguest and horror on my face) and allowed her to finish her "instruction". Afterwards, I asked, "why wouldn't you allow … (2 comments)

newnan short sale agents: Contemplating Buying A Short Sale?? What's in it for you?? - 07/28/10 03:19 PM
For years, the term "short sale" has been the antithesis of the real estate market....from holding your breath for seemingly an eternity waiting for a loss negotiator to let you know whether or not you've reached their "golden figure" to wondering whether or not the listing agent is acting as an automatic offer vessel funneling as many offers to the lender as humanly possible. Let's face it, for so long it was the "Wild, Wild West" of the real estate industry.
 
Then, all of a sudden, lenders (and Realtors) began to actually conceptualize the idea that the notion of selling … (2 comments)

newnan short sale agents: Gorgeous 4 bdrm/ 3 bth Split Level Family Home On Full Basement For Only $115,000.00 - 07/24/10 08:24 AM
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newnan short sale agents: Beautiful 4 Bdrm/ 2.5 Bth Traditional Home On Full Basement For Less than $150,000!!! - 07/14/10 06:54 AM
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newnan short sale agents: Does Your Value Proposition Align With Your Business Practices??? - 06/07/10 03:36 AM
As mere children, we learned to the Golden Rule to always do unto others as we would have them do unto us....or something to that affect. However, recently all that we hear about is corporations running rampant with questionable business practices that have almost annihilated the American middle class, governmental back room deals that further diminish our capacity to live the American Dream, and banking practices that are just plain, downright abhorrent (to say the least). Even over the past few weeks, I've been reading real estate blogs that have blasted other agents for business practices that are downright malignant (and … (2 comments)

newnan short sale agents: Picturesque Ranch Styled Home W/ Rocking Chair Front Porch & Private Backyard! - 06/05/10 10:33 AM
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newnan short sale agents: What's The Strategy Behind A Strategic Default????? - 06/03/10 11:12 AM
I read a blog post today by Teresa Boardman on the Inman Daily News (PM Edition) titled, " Would You Walk Away". In a nutshell, Ms. Boardman spoke about a young man who purchased a home with his fiancee who eventually walked out on him....and her mortgage obligations. This young man struggled to make the mortgage payments and contacted his mortgage company repeatedly attempting to get a loan modification, but to no avail. He was told that since his payments were current, he didn't qualify for a modification. He found a roommate who refused to uphold his end of the bargain … (4 comments)

newnan short sale agents: ...But My Buyer Has Cash........ - 05/17/10 12:21 PM
Maybe it's just me....BUT...Whenever a buyer's agent calls me on the phone to let me know that they're submitting an offer on one of my listings AND they tell me (normally with every other sentence) that their buyer is paying cash and is not obtaining financing, I already know what's coming next....a supa-dupa low ball offer!
To all of the buyer's agent who're guilty of this practice....let me tell you a little secret (shh...don't tell anyone else), but...whenever we sit down to the closing table, IT'S ALWAYS A CASH DEAL!!! I have yet to close a deal in which the seller … (3 comments)

newnan short sale agents: Price Approved FHA/HUD Short Sale!!!! - 05/17/10 11:42 AM
 
PRICE APPROVED FHA/HUD SHORT SALE!!!
                                                               
 APPROVED PRICE: $49,900
# DAYS FOR APPROVAL:  53 DAYS
 
This beautiful brick split level home sits on partially finished basement AND has a fenced yard!!! Seller will concede up 1% of sales price in closing costs!! Must close with Seller's attorney.
 
This is another FHA/HUD Short Sale Success Story. My distressed sellers had a verifiable hardship stemming from a salary reduction and an illness causing decreased work hours. Sellers will receive $1000 back at closing to assist in relocation expenses. 

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Vanessa Calhoun, Your Greater Atlanta Marketing Guru!! (PalmerHouse Properties & Associates, LLC) Rainmaker large

Vanessa Calhoun

Your Greater Atlanta Marketing Guru!!

Atlanta, GA

More about me…

PalmerHouse Properties & Associates, LLC

Address: 2911 Piedmont Rd, Ste B, Atlanta, GA, 30305

Office: 404-876-4901

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