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Foreclosure in Atlanta : Real Estate Advice

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Activity 157
Wed Aug 25, 2010
Paul Renton answered:
I have had listrings in there for investors prior to them beeing foreclosed on. There was a push to renovate the immediate area. After speaking with the local housing authority they said there were too many foreclosures hence they pulled the section 8 product from the neighborhood. This finally took away any chance of cas flow for investors.
even buying the homkes at $5- $10k after renovation and cost of sale there is not enough marging to make profit.
That been said if the greenbelt is built close to there giving MARTA traain not just bus things may happen. There are too many other opputunities in the market right now. One to watch???
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0 votes 1 answer Share Flag
Mon May 11, 2015
Robert Tourial answered:
Cash will certainly make you more appealing to the bank. Many of my clients who make an offer like this for cash will go ahead & get a loan anyway. Just make sure you are able to close by the date in the contract. Ultimately the bank doesn't care as long as the money is there on closing day. Banks charge penalties at closing if you are late because of your loan. good luck ... more
0 votes 18 answers Share Flag
Mon May 30, 2011
Fred Glick answered:
I have no skin in the game as far as knowing the neighborhood because I don't live there but you have to make your own decision.

Yes, there is "Realtor Jive" (I like that and will "steal" it), but you should make your own decision.

Talk to people that live and work in the area. Go visit local stores. Ask the banks in the neighborhood if they are lending to people.

If you decide to live or invest there, then take the step of talking to an agent that you like, can relate to, won't do dual agency and get the stats and go see houses.

Best of luck!

Fred
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0 votes 8 answers Share Flag
Thu Jul 15, 2010
Michael Hammond answered:
You are probably referring to a short sale, Freckles. That is where your lender agrees to let you sell the home for less than you owe them. Each one is different. If I can help, please email or call. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
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0 votes 14 answers Share Flag
Wed Aug 4, 2010
Scott Godzyk answered:
The lien holder will assess if you have the abilit to pay it back or if you wown anything else they can attach. If you have no ability to pay or do not own anything they can just wrote it off or will sell it to a collector who will then try and collect from you. If you want to negotiate with them, it should be in writing, do not accept anything over the phone and do not pay without a written agreenment that states this settles your account with them.

You should still try for a short sale, a short sale is much better on your credit than a foreclosure, you should contact your bank, ask for home retention, tell them you problems and ask what they can do to assist you, after hearing their options decide if you can stay or you need to sell, ask them to complete a short sale. You then need to hire a listing agent who is expereinced in short sales, they can guide you through the process.


Please check out my blog

http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a_short_sale_approved

TIPS ON GETTING A SHORT SALE APPROVED
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0 votes 5 answers Share Flag
Thu Jul 1, 2010
davidwbrower answered:
Meg,

That is a fairly subjective question. Every bank is quite different in their approach to selling real estate and every agent has different approaches as well. Some banks respond within 24 hours and some can take up to 5 business days. Also, I've seen sales at 55% of list price and 100% of list price. It all depends on the listing price strategy from the beginning. As a rule of thumb, I would say on average that a bank will not take less than 85%-95% of current list price. Hope that helps. If you need help in locating, making offers or other issues regarding foreclosures, please give me a call. I have much experience in that area.


Sincerely,
David Brower, Managing Broker
Crye-Leike Realtors
678-982-9600
david@davidwbrower.com
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0 votes 9 answers Share Flag
Fri Jun 18, 2010
Megan Broom answered:
Hi Richa,

I would love to help you! Do you have a phone number I can reach you on?

My email address is meganbroom@kw.com
0 votes 1 answer Share Flag
Fri May 28, 2010
Julie Brittain answered:
Mercedes,
Pack your stuff. You should receive an eviction notice any day now. JB
0 votes 0 Answers Share Flag
Mon Aug 27, 2012
Scott Godzyk answered:
The PMI only pays up to 80% of what the mortgage was. The other 20% is on the mortgage company. The whole key in a shgort sale is for the person negotiating on the buyers behalf, to include in the negotiations, what happens to teh shorted balance and having this balance be forgiven by the bank and the seller issued a 1099 for the write off. In addition the negotiator should negotiate how the sale is reported to the credit reporting agency. Now if this was not done. The seller needs to check with an attorney or their state as new federal laws and certain states have laws regrding short sale balances and what can be collected and what can not. good luck working things out ... more
0 votes 4 answers Share Flag
Sat Jan 1, 2011
Stacey Wyatt answered:
Arealdude,

I am a big fan of developing and leveraging long-term relationship with Service Providers. In this case, I would start with the same company you use to insure your Home or Automobile. Tell them that you are starting a company and need a quote for Insurance. I would ask them for $1M General Liability and probably $1M Umbrella. In the State of Georgia, the statuatory for Workers' Compention is $500k; however, you will most likely not need it until you have Employees. I am not an Attorney, Accountant or Insurance Agent, so you should always run this by them to make sure your "ass"ets are covered. I have run many businesses though and the above should take care of you. Good luck my friend on your new endeavor! ... more
0 votes 7 answers Share Flag
Wed Jun 2, 2010
Dan Tabit answered:
Themisteriou,
State law varies, so you will have to double check with a local expert, but in my state leases would be valid if signed and the tenants would be entitled to stay throughout the term of the lease. Recovering any deposit may be difficult if your property is foreclosed upon, and you may be sued in attempt by a tenant to recover.
Your credit will suffer a tremendous hit, preventing you from obtaining additional loans at reasonable rates, if at all, for quite a while.
Talk to a local Realtor with meaningful experience dealing with distressed property about a short sale. This is less impactful on your credit.
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0 votes 12 answers Share Flag
Wed Jun 2, 2010
Mary answered:
Wed Aug 17, 2011
davidwbrower answered:
I sell bank owned property so I don't want to say it's probably not going to happen. But, it's probably not going to happen. There is always that exception that someone has a story about, but generally, banks price there homes aggressively. We do a lot of research in establishing asking price. Banks also have a percentage of list price they are wanting to get and it's way more than 55% of list price. Otherwise, they would list them lower. Depending upon the specific home and how long it's been on market, I would say not to get your hopes up. Either way, you should use an experienced REO agent to negotiate on your behalf. If I can help you further please contact me. ... more
0 votes 63 answers Share Flag
Mon Aug 9, 2010
Don Tepper answered:
Do these calculations:

1) Determine how many person-hours it will take to do the cleanup and services. 15? 25? Whatever the number is, start with that. Then add 20% as a safety margin.

2) Determine what your time is worth. $15 an hour? $25 an hour? And, if you plan on using anyone else, what will you pay them? $10 an hour? $15 an hour?

3) Take the results of 1)--the number of hours it'll take--and multiply it by 2)--the cost per hour. That'll give you the direct labor costs.

4) Take 3) and add 35% to it. That's to allow for taxes on your income, and for expenses related to hiring anyone else. Now you've got your labor costs.

5) Add in your material costs--cleaning supplies, depreciation on equipment, etc.

6) Add in your overhead costs. Costs for phones, marketing material, etc. By now, you should be covering all your costs.

6) Now factor in your desired profit margin. 15%? 20%? Higher? That's up to you. So increase the figure in 5) by your desired profit margin.

And there's your number. That's how much you should charge.

You'll probably get some responses along the lines of "$0.75 per square foot" or a flat number like "up to $2,500." Forget those. Notice how the calculation works, above. It looks at the actual time you'll spend doing the work. Not all 3,000 square foot homes are the same. It also looks at the actual employment/payroll costs. It's a lot more expensive to do the same job in San Franciso than it is in Sedalia, Missouri. And make sure you include your desired profit margin. You have no idea what the profit margin might be at $x per foot.

The number you come up with using that formula is the number you should charge. You can adjust it slightly if you're willing to drop your profit margin. Or if you figure out a way to cut the necessary hours of work. But the number's the number. And it's your number.

If someone bids less, fine. Maybe they don't know what they're doing. Or maybe they're content to work for $5 an hour and you aren't. Or maybe they're not factoring in overhead and material costs. That's their mistake. Individuals and companies who charge less than what it costs them will go out of business.

But please: Ignore all advice that just quotes a cost per square foot or, worse, a flat rate.

If you're interested in some good bidding and estimating information, check the books at Building Service Contractors Association International--http://www.bscai.org.

Hope that helps.
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0 votes 3 answers Share Flag
Thu Mar 18, 2010
John Sabic answered:
Bgraham,
I work with investors and I am ex investor myself, I do agree about atlantic station and Buckhead condos
Please let me know if I can help.
Thanks, Johnny
0 votes 11 answers Share Flag
Sat Feb 6, 2010
dave answered:
to answer your question I would say yes..... I know in North Carolina you are requeired to submit all offers to the bank/seller regardless until you are under contract. The question is are you in a multiple bid offer situation? or where you the only other bidder? if you are the only other bidder you can probably negotiate with fannie mae.... I have doen quite a few deals with Fannie Mae on both being the only bidder and having multiple offers. My experince is if a buyer backs out; they look at the oother offers and see fi the parties are still interested in the property.

Good luck
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0 votes 2 answers Share Flag
Thu Aug 28, 2014
Lisa Allen, Buyers and Sellers answered:
Hi,

Have you thought of doing a Short Sale? That may be a better strategy rather than having the bank take it through foreclosure. You can call me or read some of my past posts about Short Sales and see if it might be something you would be interested in. I can answer any of your questions should you have some. I am currently working on several Bank of America Short Sales with pretty good success!

If you do need an attorney call Morris, Hardwick and Schneider at 678-298-2100. They are one of the largest Foreclosure attorneys.

Good Luck,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@att.net

http://www.LisasHomeListings.com
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0 votes 11 answers Share Flag
Sun Jan 24, 2010
Michael Hammond answered:
That is a great home, Sonia. If you would like to get an e-flyer from FMLS, please forward me your email addy and I will send one over ASAP. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499
... more
0 votes 10 answers Share Flag
Thu Dec 31, 2009
Sherrell Anderson answered:
Hi there, one thing you can do is hire a Property Mgr to get it rented fast....email me at sherrellanderson.realtor@gmail.com to get information on that.... dont add anything expensive until its rented... ... more
0 votes 7 answers Share Flag
Sun Nov 29, 2009
Michael Hammond answered:
Typical score versus point spread of an NFL football game, GF. Some of the FDIC homes we have shown and offered were pulled off the market and you, the taxpayers, are footing the bill for the daily interest charge. Since February. Please give me some more information as far as address or neighborhood and I will share an opinion on this one. ... more
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