http://www.trulia.com/voices/profile/Real_Estate_Pro-Atlanta_GA-140201/The latest answers submitted by ATLHomeForSale.com to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Foreclosure/Looking_for_commercial_REO_s_in_Atlanta_Look-68200Answer by ATLHomeForSale.com: Hello David, One such REO subdivision are those owned by Forest Homes. About a year or so again, they went into foreclosure of all of their new developments with many of them being in the South Fulton area. There's Mallory Walk, Heritage Park, among a few of them. Phase 2 of the Union Crossing subdivision is also an upscale REO development. There's also a a new REO townhouse community in Riverdale. Fabiola Fleuranvil, MBA South Owens Realty info@ATLHomeForSale.comFri, 14 Nov 2008 10:45:39 PSThttp://www.trulia.com/voices/General_Area/I_am_thinking_of_buying_property_in_the_Lakewood_a-67618Answer by ATLHomeForSale.com: Hi Melissa, This is a very tricky neighborhood because forecasts predicted a couple of years ago that Lakewood would be the next Intown redevelopment boom, but it's been extremely slow to come. There's a serious amount of blight in the neighborhood and the city hasn't done a good enough job to address these concerns. Investors became very optimistic about Lakewood 2-4 years ago and started doing rehabs and new developments after the West End area went belly up for having the highest number of fraud, but I noticed that these same investors started pulling out of Lakewood because they couldn't move their properties. Just like any other Intown neighborhood, Lakewood does have a lot of potential, but it's pretty bleak right now. Of course, the redevelopment of that old GM plant would certainly help but it's been years in the making and still no signs of it. With the economy getting worse, I don't see it happening anytime soon. Another issue was that lenders were skeptical of financing property of Lakewood because it shared the same zip code as West End. I think that Lakewood can live up to its potential of there is a collaborative effort from investors & the city. I share these same feelings about the West End. It'll take investors rehabbing/building properties block by block at a time so that the new homeowners don't have to be concerned about their nice house being next door to an old shabby one. Investors also have to work with the city, neighbors, & neighborhood association to clean up the drug and traffic problems. Fabiola Fleuranvil, MBA South Owens Realty (404) 437-0078 info@ATLHomeForSale.comTue, 11 Nov 2008 14:59:29 PSThttp://www.trulia.com/voices/Foreclosure/I_just_purchased_a_rental_home_with_cash_and_am_lo-66888Answer by ATLHomeForSale.com: Hi Cheryl, Here's my advice since I've actually purchased and rehabbed investment properties and am also a Realtor. The fact that you've already purchased the home eliminates that option of obtaining an FHA 203k rehab loan which would offer you rates much lower than a hard money loan since it is an FHA loan. Also, since you've already purchased the home, many hard money lenders that I know of probably won't want to finance the rehab since they will not be holding the mortgage and have a security interest in the property. Those would have been your 2 most obvious options with the FHA 203k loan being the more cost effective choice since hard money loans are expensive and can charge anywhere from 10-18% interest and anywhere from 2-5 points. They would also require a nice down payment. Therefore, my best advice to you would be to refinance the home using the equity in the home. Many hard money lenders finance anywhere from 50-75% based on the after repair value. However, the challenges I predict you going into is a lender who won't want to finance the property because you own it outright. Also, from your perspective, if you refinanced it means that you would now owe some debt on it based on the amount of the equity you took out for the financing. That's why I also advice my investor clients to be as liquid as possible, keep your cash, and pursue the most cost-effective financing options. Hope this helps. Let me know if I could help you beyond this. Fabiola Fleuranvil, MBA South Owens Realty (formerly Re/Max Marketplace) info@ATLHomeForSale.com (404) 437-0078 Specializing in investor properties, first-time home buyers, foreclosures, relocation buyers, and resales.Fri, 7 Nov 2008 16:04:22 PSThttp://www.trulia.com/voices/Home_Selling/Just_had_our_offer_fall_apart_over_the_appraisal_-66225Answer by ATLHomeForSale.com: Hi Marty, To prevent losses for when these type of situations occur, I always negotiate a specific stipulation in my client's contracts. I specifically state that the property must appraise for at least the purchase price and if it doesn't, the seller has a specified amount of time to reduce the price to meet at least the appraised value. If the seller refuses, they agree to a full refund of the earnest money within 48 hours. As a lesson, it is extremely important to be very specific when negotiating an offer. Some selling agents have teased me about overdoing it with the special stipulations, but I simply say that I rather cover all of the essentials than to be sorry. The last thing I want is for a buyer to lose any money. Fabiola Fleuranvil, MBA South Owens Realty info@ATLHomeForSale.comFri, 7 Nov 2008 12:27:17 PSThttp://www.trulia.com/voices/Property_QandA/How_many_acres_does_is_this_house_on_-66803Answer by ATLHomeForSale.com: Hi Melody, Based on your question, are you looking for a home with a particular lot size and/or sitting on at least 1 acre? IF so, there are a lot of properties with huge lots in the South Fulton area. I've attached a link to my public real estate search site that you can use to search based on the specific characteristics you're looking for. Fabiola Fleuranvil, MBA South Owens Realty info@ATLHomeForSale.comFri, 7 Nov 2008 11:11:53 PSThttp://www.trulia.com/voices/Home_Buying/Is_there_such_thing_as_haggle_free_pricing_in_toda-55885Answer by ATLHomeForSale.com: Hi Penelope, Of course, a builder has a right to be firm on his price, but also know that everything is negotiable- even when they insist that it's not. This tough economy is not one for a seller to pass up on offers and not even consider offers received. Quite honestly, if a seller doesn't want to negotiate, there's so many homes on the market that you'll find another seller that's willing to negotiate. This soured housing market is a testament that buyers need to make wiser decisions on their investments and that means also getting the best deal. To hedge against any future market depreciation you want to make sure that your investment hold ups, and that's the main reason why foreclosures make some of the best deals these days. They're often selling below market value. Fabiola Fleuranvil South Owens RealtyTue, 2 Sep 2008 22:45:47 PDThttp://www.trulia.com/voices/Home_Buying/Greetings_all_My_credit_score_is_not_too_great_-51796Answer by ATLHomeForSale.com: Hello, Just to add to the other responses you've already received, there may still be opportunities for you to qualify for a mortgage. Keep in mind that credit scores is not all that a mortgage lender considers. Some people have bad credit but that's because there's so many old, charged-off tradelines. Others have bad credit and that's due to medical bills, which by the way lenders don't count against you when qualifying. Nevertheless, your best bet is to discuss your options with a lender, preferably with one who does manual underwriting since their lending guidelines tend to be more flexible. I can refer you to one if you need it. Also, you'll be surprised at the number of homes on the market within your $20-50k price range that won't require as much rehab as you think. I've actually shown & sold more than a few where all they needed was carpet & paint. So, before dishing out a huge chunk for renovations, I would encourage you to explore the vast amount of homes on the market in the price range. Also, keep in mind the FHA 203k loan that will finance the repair costs. Hope this helps, Fabiola Fleuranvil South Owens Realty (Re/Max Marketplace) (404) 437-0078 info@ATLHomeForSale.comSun, 17 Aug 2008 23:39:17 PDThttp://www.trulia.com/voices/Home_Buying/I_lost_my_home_november_of_last_year_is_it_possib-25377Answer by ATLHomeForSale.com: Hey Lee Taylor, This is Fabiola. No prob. Give me a call at (404) 494-3939 ext 325 and I'll be able to provide you with the contact info as well as the pre-qualifying details for the lender that will approve a buyer after 12 months of foreclosures. That's my specialty- working with renters turned homeowners & working with buyers with credit issues. I find that in today's market, many people have the same story- either credit issues, no credit, or prior foreclosures or bankruptcies. From my successful experience of dealing with all types of buyers, I find that the best type of lender for qualifying buyers falling in these categories is to go through an FHA lender. Not just any FHA lender, but a Full-Eagle FHA lender. All other lenders are probably classified as a Mini-Eagle FHA lender. Trust me, there is a big difference. A Full-Eagle FHA lender does their own underwriting & sets their own approvals. A quick search online would reveal a host of Full-Eagle FHA lender. I've been able to pre-approve and close on loans with buyers with scores barely over 500 and not much assets or downpayment. Hope this helps! Fabiola Fleuranvil, MBA Re/Max MarketplaceMon, 10 Mar 2008 07:37:26 PDThttp://www.trulia.com/voices/Home_Buying/I_lost_my_home_november_of_last_year_is_it_possib-25377Answer by ATLHomeForSale.com: Hey Jeffrey, I sympathize with the loss of your home. Unfortunately, this is becoming a common scenario for many of us. To answer your question, you can buy a home but you'll have to wait a little while. Depending on who you ask and which lender you go to, you'll have to wait anywhere from 1-4 years. I actually know of a lender than can pre-approve a buyer with a foreclosure on their record as long as it's been 12 months since the foreclosure. So that pretty much leaves you until November of this year and you'll be back in the game. Hope this helps! Fabiola Fleuranvil, MBA Re/Max MarketplaceSun, 9 Mar 2008 19:43:49 PDThttp://www.trulia.com/voices/Financing/Once_a_home_has_foreclosed_is_there_any_way_to_wor-21966Answer by ATLHomeForSale.com: Hi Ms. K, I've seen many homeowners in your situation & even in worse situations. Before you decide to do any further damage to your credit & file for bankruptcy, my best advise to you would be to speak with a mortgage lender in addition to a bankruptcy attorney. I presume that you're working on a rebound from your current situation and will be interested in purchasing a home again at some in the future. Therefore, you don't want to hurt your chances of buying a home by having an additional negative remark on your credit such as a bankruptcy. From my experience, I've found that a bankruptcy prolongs the amount of time it'll take for you to buy a home again while a foreclosure doesn't hurt your chances as much. Some lenders won't approve you for a mortgage unless you've been out of foreclosure for 2 years & bankruptcy for 4 years. I've even seen some lenders require your bankruptcy to be discharged for up to 7 years for a bankruptcy. On the other hand, some lenders can qualify as soon as a day out of Chapter 13. Foretunately, with the FHA lenders I work with & usually refer buyers to, they can still get you qualified for a mortgage as long as it's been more than 12 months since you've had the foreclosure and/or bankruptcy. Any more questions? Shoot them my way! Fabiola Fleuranvil, MBA Re/Max MarketplaceWed, 13 Feb 2008 10:59:47 PSThttp://www.trulia.com/voices/Home_Buying/Alright_Atlanta_here_s_what_the_Queen_is_looking_-20678Answer by ATLHomeForSale.com: Hey Queen, You can definitely find a home that meets your search criteria and at that price, but what are your location preferences? Have you already started to research a reliable buyer's agent that you would want to represent you? Fabiola Fleuranvil Re/Max MarketplaceWed, 30 Jan 2008 17:53:32 PSThttp://www.trulia.com/voices/Foreclosure/Speaking_of_Foreclosures_Fabiola_they_tend_to_r-20567Answer by ATLHomeForSale.com: Hey Queen, To address your concerns, I wouldn't say there's a "catch" in foreclosures. It's important to get a home inspection when you're purchasing any type of home (i.e. resale, foreclosure, & even a new home). A home inspection helps to reveal any problems with the home. Also, I truly believe it's a common myth that foreclosures are trashes with vandalism caused by the disgruntled previous owner. I disagree with this common notion because these homeowners have become emotionally attached to their home and are not as likely to trash it, even if they are losing it to foreclosure. A foreclosure is just a misfortune to someone's situation and isn't necesarily a reflection of the homeowner's character. As a matter of fact, I've viewed the interiors of many nice foreclosures that are in move in condition. I believe that the majority of "trashed" foreclosures are the work of vandals and/or squatters looking for a place to crash. You typically won't get much vandalism in nicer, family friendly neighborhoods. The majority of vandalism, in my opinion, tends to be in the intown neighborhoods. As far as there being a lot of foreclosures in Marietta, that's just a sign of the times. Unfortunately, some areas have impacted more severly than others in terms of foreclosures. A lot of times this is simply because people have gotten into buying homes with prices way over their heads. It's a fact that foreclosures are evident in all type of neighborhoods, including upscale, exclusive neighborhoods. I truly believe that in today's market, we have to be more wise in the way we purchase real estate. Not to take advantage of someone's misfortune, but today's buyer can benefit from foreclosures. Not only are you able to find nice foreclosed homes, you also have the potential at instant equity and you save money. I like to think of foreclosures as bargain shopping. Just like buying a car, a 2008 model is just as good as a 2005. It's the same body type just different year & more miles. I would love to help you find some foreclosures that meet your criteria. What type of home are you looking for? Fabiola Fleuranvil Re/Max MarketplaceTue, 29 Jan 2008 20:36:17 PSThttp://www.trulia.com/voices/Home_Buying/removed-20432Answer by ATLHomeForSale.com: Hey Queen, You're in luck. With this huge Atlanta foreclosure market there is a huge inventory of homes for less than $200,000. Not to mention that a lot of these are newer homes in nice subdivisions. It's truly a buyer's market and buying a foreclosure puts you in the position to have instant equity. Do you have an idea of what area you would want to live in? That helps to give you a better idea of what that particular market looks like for homes in that price range. Feel free to ask away with more questions. Fabiola Fleuranvil Re/Max MarketplaceTue, 29 Jan 2008 19:13:38 PSThttp://www.trulia.com/voices/Home_Buying/I_have_poor_credit_and_do_not_qualify_for_a_conven-20357Answer by ATLHomeForSale.com: Hey Dawn, For one, don't let bad credit discourage you from purchasing a home. As a realtor, I refer my clients with lower credit scores to an FHA lender that I know can get you approved with a 500 or better credit score. Other lenders typically require a 575 or better, but the FHA lender I refer my clients to is a full FHA lender & underwrites their own loans. That's how they're able to finance a 500 credit score. You're also headed in the right direction being interested in purchasing a foreclosure. You'll definitely benefit because it's probably priced under market value, so that means you'll get some instant equity. Hope this helps. Fabiola Fleuranvil Re/Max MarketplaceMon, 28 Jan 2008 11:44:43 PSThttp://www.trulia.com/voices/Home_Selling/I_am_interested_in_potentially_listing_my_house_bu-20326Answer by ATLHomeForSale.com: Hey Ike, To answer your question, you're never obligated to accept anything. As a realtor, our job is to represent your best interests and that means a price that's acceptable by you. Especially, since you're undecided about whether or not you're really ready to move, it seems as if price may or may not be the motivating factor in your final decision to remain in the home. Just to let you know, the minimum listing period for Georgia MLS is 3 months (although some agents like to have longer periods in their listing agreement). So at the least I would say that you should give it that time frame to see what type of interests your home generates. Of course, if you change your mind while you're still in your listing agreement, you could always remove the property off the market but you'll have to pay a fee of $50 to do so ($25 each pays to remove the listing from both the MLS & FMLS system). On another note, let me ask you. Is the downside of the market causing your indecisiveness in your decision to move or is it for some other reason? Hope this helps. Fabiola Fleuranvil Re/Max MarketplaceMon, 28 Jan 2008 08:25:33 PSThttp://www.trulia.com/voices/Foreclosure/How_long_does_it_usually_take_for_a_condo_to_go_fr-20207Answer by ATLHomeForSale.com: Hi Megan, I'm actually dealing with a short sale property right now. I agree, the time frame for the short sale depends on the lender, however lenders typically start the foreclosure process once the payments are 3-4 months late. With the current short sale I'm dealing with, the lender is Countrywide & they pretty much have extended the time frame from short sale to foreclosure once I presented them with an offer. The preforeclosure proceedings would've started in December, but because I presented them with an offer just in the nick of time, it's going on February and I'm still waiting on the bank to approve the 2nd offer I've presented to them since then. So basically, if & once they finally approve one of the offers I've presented and by the time we actually close (sometime late February early March), my seller would've had an extra 3-4 months of avoiding the foreclosure. As a side note, I should let you know that it's to your benefit to discuss with your lender about a deed in lieu of foreclosure. In this case, you're surrendering the property and avoiding the foreclosure process. You still lose the home and end up actually losing the home earlier, but the effect is a lot better on your credit. Short sale, deed in lieu- anything is better than a foreclosure. But don't be discouraged. There's still hope after a foreclosure. I've spoken to several lenders that have informed me that you can be a home again 12 months after a foreclosure. Good luck Megan. Hope my answer helps.Sun, 27 Jan 2008 10:05:59 PSThttp://www.trulia.com/voices/Foreclosure/Young_Professional_looking_for_townhome_or_Sing_Fa-16670Answer by ATLHomeForSale.com: Hey Michael, My answer is a little different from some of the other responses you've already gotten. I completely agree with their responses in regards to single family homes being the best choice in terms of being the best investment option. However, as a young professional myself, I can definitely relate to your choice for wanting to live intown & in those particular areas you've mentioned. Besides being convenient, it's also motivating and definitely more comfortable being surrounded by other like minded young professionals. As previously mentioned by the other responses, there's a massive amount of inventory in the intown Atlanta area, particularly with condos & townhomes, but I have a solution to that problem. You can still live around other young professionals, be in the center of the city, & still have some bang for your buck. In the market we're currently dealing with, I would suggest that you purchase a foreclosed condo or townhome, but don't let the common misconception fool you that foreclosures are trashes, because they're not. You can still get a foreclosure in these same condo/townhome communities, but spend considerably less than what you would've spent. That way, you've almost immediately taken care of the problem of negative appreciation and/or a stiff market. Think about it this way, why spend $450-600k in condos or townhomes and risk the future upside potential in your investment when you can possibly buy the same condo or townhome as a foreclosure, but for thousands less? Hopefully, we're seeing eye to eye on this one.Sat, 26 Jan 2008 23:34:42 PSThttp://www.trulia.com/voices/Home_Buying/My_wife_and_I_are_relocating_from_Manhattan_to_Atl-20166Answer by ATLHomeForSale.com: Welcome to Atlanta or "HOTLanta" as we say it down here. You're definitely considering moving to Buckhead at a really good time. Of course, it's known for being one of the most affluent, upscale neighborhoods in the south with a nice flair to the lifestyle, and it's especially becoming a the talk of town again because it's going through a multi million dollar revitalization with upscale condos popping up every where. Buckhead has always been a really nice area to live but they're transforming it to becoming more of the "Rodeo Dr" of the south, knocking down all of the clubs & nightlife attractions and transforming back into being an exclusive neighborhood again. Being from Manhattan you'll definitely find that the Buckhead area is the best comparison to Manhattan, although it'll never be a replacement for Manhattan, at least from your perspective. The one thing that's so amazing about Buckhead is that It's got a really nice live, work, play feel to it. Not to mention that you're considering the Chastain Park area, home of some of Atlanta's best adult contemporary concerts. Of course, with the good comes the bad. I've got to be honest with you & let you know about the horrible traffic in Atlanta (I guess not as bad as NYC), and it's even worse in Buckhead. The bright side is that being in the Chastain Park area takes you away from the center of the hustle & bustle of Buckhead so you won't have to deal with the traffic headaches as much. Nevertheless, you'll definitely love the mushy feeling you get once you're in the south. There's a certain comfort to it that makes things feel a lot easier. Sorry for being long winded, but your experience certainly brings to mind my first memories of when I moved to Atlanta. When are you planning your move to HOTlanta?Sat, 26 Jan 2008 23:18:09 PST