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Home Buying in 30309 : Real Estate Advice

  • All29
  • Local Info1
  • Home Buying13
  • Home Selling1
  • Market Conditions1

Activity 13
Mon Oct 26, 2015
thinz answered:
If you have one loan, on average it will take 3-4 months. The equator process is actually not as slow as you think...the problem is that many agents do not know how to effectively manage their cases on Equator. If you complete tasks ahead of schedule, and follow-up with phone calls to the servicer's negotiator, things move quickly. Tom Hinz www.shortsaletosell.com ... more
0 votes 10 answers Share Flag
Mon Dec 15, 2014
Todd Schneider answered:
I agree with the others. The agent has no control over this process. All they can do is try to provide updates to you. Until the bank accepts the short sale you will have to keep waiting. If there is more than one bank involved it can definitely take longer. As a buyers agent I don't start the escrow until I have in my hands the signed short sale agreement. We have had some deals in California where the listing agent would say that they have full approval. The escrow would start, and then when it came time to close all of a sudden the bank says it was never approved. That is why I insist on a written approval from the bank. I never have trouble getting it as long as it has been approved. Good luck! ... more
0 votes 5 answers Share Flag
Thu Jul 31, 2014
Deb Stephens answered:
Hi Lee, I live in midtown and know the market very well and would love to talk. Give me a call at 678-596-4385. Deb
0 votes 17 answers Share Flag
Sat May 24, 2014
"Brenda Lee" Foster answered:
Happy Memorial Day, B3D Investors!

By now you probably have lots of experience! So just wanted to know if you are still interested in the Atlanta, GA market for multifamily homes! Please e-mail me at BrendaIsSellingProperty@yahoo.com
or feel free to text/call! I would need to know how much you wish to invest, are you interested in Single Family Detached homes also, do you need a property manager for your properties or will you manage yourself and are you willing to rehab. I would like to help us make your investing experience a win-win experience for everyone! By the way, we require an in-person meeting at our office before we start.
Thank you for your inquiry.

"Brenda Lee" Foster, 678.558.8098
RE/MAX Grand South
Atlanta(Buckhead), GA 30305
... more
0 votes 6 answers Share Flag
Fri Oct 18, 2013
LaShonda Solomon answered:
Hi Monica,

A seller does not have to be behind on mortgage payments in order to qualify for a short sale. In my experience facilitating short sales, Wells Fargo is one of the better lenders to work work with. As long as they are provided with all of the required documents within a reasonable time frame, we have received approvals within an 8 to 12 week time frame. However, each short sale is different. You have to consider all of the variables such as the type of short sale, the negotiator, the seller and even the listing agent/facilitator.

I have never seen a short sale with Wells Fargo take over a year. Are you the listing agent? If so have you been in touch with the negotiator or even had the file escalated? If I can answer any specific questions for you, please feel free to reach out to me.

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
LaShondaSolomon@kw.com
http://www.LaShondaSolomon.com
http://www.AtlantasPremierProperties.com
... more
0 votes 11 answers Share Flag
Thu Dec 20, 2012
Natalie Keller Williams answered:
Wow what a move.. that's awesome!! Welcome to ATL (in advance) :)
I remember when I moved from South America to here.. what an experience!!

Georgia is a great place to live. There are a lot of nice areas, neighborhoods in Fulton County.
I know of great restaurants, that you will never be bored.. lol :)

I'll tell you what.. you should contact Helen Archer at Keller Williams and I am sure she will be more than glad to assist you on your relocation. She knows the Peachtree area very, very well!!

Her contact information is:

Helen Archer
Keller Williams Realty First Atlanta
www.helenarcher.com

Best of luck and great success for 2013!!
... more
0 votes 14 answers Share Flag
Thu Dec 13, 2012
David Herren answered:
Ali,

As a Realtor I cannot give legal or financial advice. You should consult an attorney or accountant who is familiar with real estate investments by non-citizens. Once you are clear about the legal and business aspects of real estate ownership, call me and I will be glad to help find that property which meets your investment goals.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
... more
0 votes 5 answers Share Flag
Thu Dec 13, 2012
David Herren answered:
Tina,

Sounds like you are not getting very good information about the short sale process. For instance, you should not have done your inspections without a written acceptance of your offer and a proposed closing date. I know just enough about short sales to know I need a professional short sale negotiator in my corner, a very good one. Call me and I will give you their contact information.

Best of Luck,

Dave Herren
Best Atlanta Properties
404-425-4945
... more
0 votes 4 answers Share Flag
Thu Aug 16, 2012
Lisa Allen, Buyers and Sellers answered:
If the seller has an experienced Short Sale Specialist in place, the process should be very easy and relatively 'quick' as far as short sales go. The problem that you are facing is that someone made an offer before yours or another offer was accepted in a multiple offer situation. The seller can only sell their home to one person so once the first contract is signed, the next offer in line can only be held as a 'back up'. The banks are not allowing agents to send them multiple 'unsigned' offers...the seller must sign first then send to bank for approval.

Short Sales are a great way to get a good to great deal on a home. They do sell for less than fair market value and you will need to determine if this 'good deal' is worth the wait. Short Sales do have some advantages to foreclosures though...usually better condition (sellers currently live in home and seller's disclosure filled out), some seller's may opt to do some repairs and of course, below market list price.

I would continue looking at all types of properties when buying a home...short sales, foreclosures AND normal resales...everyone has a price so don't rule it out just because...

Good Luck and let me know if you have any further questions,

Lisa Allen, CDPE, CDRS, SFR
404-925-8261
Short Sale Specialist
LisaAllenRealtor@yahoo.com
http://www.LisasHomeListings.com
... more
0 votes 7 answers Share Flag
Sat Aug 4, 2012
Caroline York answered:
Should not have any problems. Have your agent put it in writing. Explain that after revewing your financial picture the verbal offer may not work so you are asking them to consider the attached writte offer.. Also ask your agent to present this in a way that keep communications open with the seller so they know that you are very interested in the property and trying to make it work for both parties. Often a party in the negotiations can miscommunicate and get emotions going. That never helps the bottom line for either the buyer or the seller. Put your offer in writing. Even if you were going to make the same offer as the one you made verbally should be in writing. You are making a major investment and I don't care if you are buying a property from your parents - put everything in writing. ... more
0 votes 11 answers Share Flag
Fri Mar 16, 2012
My NC Homes Team answered:
I think you received bad advice from an inexperienced agent. Your agent may have been trying to impress you with their aggressive posturing on your behalf, but as you've learned it went no where.

Your agents analysis was faulty because they were trying to predict what an appraiser might say. Even if they were correct in their assessment that the appraisal would not support the price, they should not hve been concerned about this, if the appraisal came in low the problem would have been the Sellers and not yours, you could have walked from the deal at that point, if the Seller refused to accept the fact that the property wasn't worth what they thought it was.

Given that the property was only on the market for four days and already had an offer the advice you received was extremely poor and in my mind shows a lack of undertanding and/or perspective. Not sure I'd continue to work with that agent were I you. You need someone with more experience in negotiating.
... more
0 votes 10 answers Share Flag
Wed Aug 18, 2010
J Craig Dodd answered:
HI CK:

All of these are good answers. However, Midtown varies a lot by street and sometimes block by block. I have lived on 9th St for twenty years and values are still improving. We have several homes over $1.5 million. Hard to believe for Midtown.

Of course, the closer you get to Ponce, the less desirable it gets, but also lower in price typically. Streets that are not thoroughfares from Ponce to the park are also much more desirable because this cuts down on vagrant traffic.

Unfortunately, most people that own these types of buildings milk the life out of them and don't keep them up, knowing that people will sacrifice to live in Midtown. If you can buy one and start to improve the units, you will have a great asset that will improve with time.

Every time a new building goes up on Peachtree, it makes the land that much more valuable. Please let me know if I can help you further.
... more
0 votes 9 answers Share Flag
Sat Jul 31, 2010
Lee Forbes answered:
Questions and Answers for Short Sale Buyers
1. Why would a Buyer consider a short sale?
Think of a short sale as a pre-foreclosure sale. You are purchasing from a very motivated seller and negotiating with a motivated lender. The seller want to sell to avoid foreclosure and the lender also wants to avoid foreclosing. Foreclosing on a property is very expensive to a lender. Thus, the Buyer of a short sale is very likely to get a very good deal on the property.
2.
How much can a Buyer save?
The savings can depend upon many factors like condition of the property, location of the property, the
motivation of the lender and seller. In my opinion a buyer normally can purchase the property about
10% below market value.
3.
But I have heard that Buyers can purchase short sales for 50 to 60 percent of value. Isn't that true?
There are rare occasions where such a deal is possible, but it is very rare. These deals are usually
discovered by savvy real estate investors and the properties are rarely exposed to the public. When
purchasing a short sale property that is listed expect a more modest, but very profitable savings.
4.
Are there any disadvantages to purchasing a short sale?
If you do not have a pressing deadline by which you must purchase, a short sale may very well be worth
the effort. There are two main issues of which the buyer should be aware: (1) The process of
accomplishing a short sale involves a lot of time. From beginning to end it can take 3-4 months on
average; (2) Even though the Seller accepts your offer, it must be approved by the Seller's lender, and it
could take 60-90 days to receive an answer on your offer.
5.
Why does a short sale take so long? What is the process?
Here is a brief overview of the process. First, the seller must list the property with a Realtor. This is
required by most lenders. Second, a buyer must be found and a contract executed between the Seller
and the Buyer. Third, the sale and purchase agreement along with the seller's financial information is
sent to the lender for review (this is called the short sale package.) Fourth, the lender orders a Broker's
Price Opinion on the property. Fifth, once conducted, received, and reviewed, the file is assigned to a
Loss Mitigation Specialist. Sixth, the LMS accepts, rejects, or counters the Buyer's offer on the property.
Seventh, the negotiation continues until it either all comes together or else falls apart. Eighth, if all
parties reach agreement the closing date is set, usually for about three weeks away.
6.
How long does the above process take?
Once a purchase and sale agreement is executed between the Seller and the Buyer the whole process
may take anywhere from 3-6 months. In today's market a Buyer can expect a response to their offer
from the lender anywhere from 2-3 months, maybe longer.
7.
How is the listing price of the property determined?
The list price is determined by the listing agent. As a Broker-associate who lists and sells a lot of short
sales I cannot emphasize enough the importance of the list price. Some listing agents will price a home too low, hoping to create a bidding war between buyers. Low offers simply are doomed to be rejected by the lender. Other agents may price the home too high and no offers are received before it is too late to save the owner from foreclosure. The key is to price the home competitively in order to attract excited buyers, and yet not so low as to fail to get the transaction approved. The listing agent must be very skillful in pricing.
8.
Does this mean that I could offer full price and still not get the property?
Exactly right. If the listing agent prices the home too Iowa buyer could easily waste three months
simply waiting for a rejection.
9.
Who exactly is the Seller, is it the owner or the lender?
The Seller is the owner of the property as in any other transaction. The lender is involved in the
transaction because the sale is subject to the lenders approval. The lender must approve the deal
because the lender must accept a "short pay" on the mortgage for the deal to work. Without the
lender's cooperation there is no deal.
10.
So, do I submit my offer to the Seller or the Lender?
Your offer is submitted to the Seller who in turn may accept it, reject it, or counter it. It is then
forwarded to the lender who also may in turn accept it, reject it, or counter it.
11.
Might I be up against other competing offers on the property?
It is possible that other offers could be accepted by the Seller as back-up contracts. Some lenders will
only deal with one offer at a time which is in your best interest. Other lenders will want to know about
all offers and will consider the merits of each offer. Being the first Buyer to have an executed offer with
the Seller does not guarantee that your offer is the one the lender will negotiate.
12.
Must a Buyer be Pre-Approved?
I recommend that Sellers only entertain offers from Buyers who are Pre-A
... more
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