Melissa Morgan

Kelli,
The buyer assistance program referred to is called Nehemiah. There are no clear credit restrictions and it's grant money, so truly, "gift" money to assist you in buying a home. You can go to their website at http://www.getdownpayment.com and read about how to move forward on something like this. There are rumors (as stated previously) about this funding going away, so it would be best to act sooner, rather than later.

Let me know if you could use some help navigating the waters. - Mon Jul 28 2008, 13:57

Unless you're making the same money as Bill Gates, do NOT splurge! You should buy in a community with a good resale track record, take good care of it, and make improvements. I'm sure you want to live like a king after all the hard work is put behind you, but the reality is that you probably don't want to end up 'house poor." Just because a mortgage lender says you can afford something, doesn't mean you really can afford something. Whatever you buy, be prepared to hold onto it for atleast 5-7 years so that it can appreciate beyond what you paid for it, then take the equity and splurge a little on the next home.

Oh . . . and I wish I didn't wait so long to buy. When I think about all the money I gave away to some rotten landlord! Argh!

Melissa Morgan
Keller Williams Premier Atlanta
Atlanta, GA - Tue Jul 15 2008, 17:47

Gilbert,
The first mortgage holder is first in line for any money. That bank will foreclose on the property and begin the process of recouping any funds they can by selling it. They get everything while the second mortgage holder is basically eliminated after the first mortgage holder forecloses. The bank second in line loses their collateral (your house) and their money all at once . . . hence one of the reasons that the mortgage mess got so bad in the first place.

I wish you all the best while going through a possible foreclosure. Do everything you can to speak with the bank about renegotiating the terms of your loan in order to hold onto your house.

Melissa Morgan
Keller Williams Premier Atlanta
Atlanta, GA - Tue Jul 15 2008, 17:39

Patricia,
I just sold a house in the Windward Community and I get an email from my client almost every day sharing another thing she just loves about her new home and new neighborhood. Based on what you're saying, I think you may like it there. The community has about 3500+ homes so you can imagine you would have a wide selection. And, from what I understand, this is the kind of community people move into to raise their kids.
If you'd like to call or email my client or any of her neighbors, just let me know.
Best wishes to you.

Melissa Morgan
Keller Williams Premier Atlanta - Tue Jul 15 2008, 17:30

Nicole,

I just negotiated a foreclosure, and by no means am I an expert. The best part of the deal (beyond the steal I got away with) was the fact the other agent was quick in her response time due to the fact the bank was quick on their response time.

Interview an agent you hope to work with and find out how they think a foreclosure deal is different than a private party sale. Ask them how many foreclosures they've done, and ask them if they also list foreclosures. (That shows understanding on both sides of the fence.) I hesitate to work with someone that "specializes" in foreclosures, but would rather seek out someone who works their foreclosure deals with diligence and attention to detail. (Volume doesn't always translate to superior results.) Also, get references from the agent. Ask to contact the buyers they've represented in foreclosures. This will give you a lot of information, such as responsiveness and follow through before, during and after the deal.

My one caution to you is this: Beware. Ask a lot of questions of any agent you are going to work with, especially foreclosures. With the increasing number of foreclosures going to the market place, almost anyone will tell you they're an expert in the field in order to gain your business.

As Lee said, Rick Hale lists a lot of foreclosures . . . maybe he would be a good place to start?

Good luck. - Mon Jul 14 2008, 06:43