Real Estate Information Archive

Greetings neighbors,

Wondering how the real estate market is looking these days after the expiration of the First Time Home Buyers Tax Credit? According to recent articles, the market is actually being called bipolar. Many experts feel today's market is being pulled in different directions and are unable to predict which way it will end up.

With that being said, there have been implications of an improving market with the rise of sales and prices. However, there has also been a significant increase in the rise of interest rates and home repossessions. In addition, the market is also facing millions of foreclosures that need to be sold but have not been listed. This shadow inventory could potentially cause a rift in a recovering market if they hit the market all at once.

Taking these points into consideration, many experts are predicting somewhat of a negative impact for the short term but a positive impact by the end of this year.

Greetings neighbors,

Thinking about investing in a foreclosure? Well here are a few tips you will need to know to purchase a foreclosed home.

First off, decide on what stage of foreclosure you want to purchase in, such as: pre-foreclosure, sheriff's option, or repossession which is also called REO (real estate owned by the bank) which is the best stage to purchase a foreclosure according to many real estate professionals.

Not familiar with the different stages?

Pre-foreclosure:

Homeowners with homes in this stage usually owe more money than what the home is actually worth. Due to the home being "underwater" potential buyers will have to negotiate with both the lender and the owner. This act can produce a slow and difficult process. One good aspect of this stage is the fact that potential buyers actually have the opportunity to inspect the home before purchasing which is not the case in other types of foreclosure sales.

Sheriff's Option:

Sales in this stage are normally consumed with difficulties however these sales usually contain the lowest prices. In addition, these homes are usually unavailable for inspection therefore those consumers who decide to purchase in these stage can be left with hefty expenses for repairs. This stage is not necessarily the best for consumers and should actually be left to the professionals because of these reasons.

Repossession:

Homes usually make it to this stage when they fail to sell in a sheriff's option and the bank gains possession. This stage is not always the best for bargains but homeowners have a good chance to perform inspections before closing, cutting down the chances of surprise repair cost.

Once you've decided on what stage to purchase, make sure to avoid these common mistakes often made by those purchasing a foreclosure such as:

Getting Caught Up in a Bidding Frenzy

Because banks have a tendency to under-price repossessions to attract more bids and to sell more quickly consumers may become too anxious and pay too much.

Understanding Repair Cost

Make sure you take full advantage of home inspections. In addition, make sure you have someone with you who can give you a fairly good estimate of repair costs.

Not Knowing What Comparable Properties Cost

Make sure to do your research on houses in the area and keep your bid around that price or lower.

Purchasing In a Neighborhood that Contains High Foreclosures

Because these neighborhoods contain high foreclosures, the prices of the homes will probably continue to decrease. Therefore, if you're looking for a short term commitment, purchasing in this type of neighborhood could lead to selling at a loss. It would actually be better to purchase a foreclosure in a more stable community.

Not Having Financing In Place

Make sure you have already been pre-approved because banks are interested in consumers who have financing already in place. Banks are more likely to move on the highest bid with the best financing.

Greetings neighbors,

For those who may keep up with the real estate market, you are well aware that foreclosures and short sales are becoming pretty prevalent in today's market. However, there are signs that the economy is improving and some economist say the economy's rise is happening a little faster than expected. With some distressed home owners going through the process of foreclosure, many are understandably concerned with the impact a foreclosure will have on their credit.

Recent estimates from Fair Issac, the corporation who developed FICO scores, revealed how your credit could possibly be affected after mortgage delinquency problems. Estimates on the average hit your credit will take are as follows:

Hit of 40-110 points for being 30 days late

Hit of 70-135 points for being 90 days late

Hit of 85-160 points for Foreclosure, Short Sale, or deed-in-lieu

Hit of 130-240 for Bankruptcy

Looking for agents with experience in working with distressed properties? Contact the zac team, RE/MAX Greater Atlanta. Address: 1057 Ponce De Leon Avenue Northeast Atlanta, GA 30306 Phone: (404) 564-7200

Greetings Neighbors,

We are pleased to announce that Zac had the opportunity to attend Reomac's 2009 Fall Conference last week. The annual conference took place at the Westin Diplomat on October 14th - 17th in Hollywood, FL. The focal point of the fall conference was to discuss the default servicing industry and how to better service foreclosure and short sale clients, which are very important factors within the real estate industry in today's economy. This year's keynote speakers included Economist Don Reynolds who gave an economic update which explored worldly trends and their impact on corporations, associations, and individuals; and Associate Publisher Richard Bitner who shared the complexity of the mortgage crisis.

Some of the key points targeted during Reomac's conference included but were not limited to: Gaining career-advancing industry knowledge within the real estate industry, networking with others in the industry such as top real estate professionals, and keeping up with the latest default industry trends within the real estate market.

While attending this year's conference, Zac took advantage of the certification courses that were offered and obtained a REOTrans Certification which explored the difficulties facing Asset Managers and REO Listing Agents as well as a certification in RES.NET Agent Training which provided Zac with the knowledge on how to successfully utilize and incorporate the RES.NET process with the ZAC TEAM.

Stay tuned for upcoming events.

This real estate market has caused unbearable stress and heartache.

We can help you avoid foreclosure.

Homeowners who are experiencing financial problems need to act quickly. There may be options other than foreclosure or bankruptcy. Foreclosures negatively impact a homeowner’s credit, future livelihood, and disrupt families and their loved ones.

A short sale may be the answer. As Certified Distressed Property Experts, we can give you the expertise necessary to save your credit, relieve the uncertainty and, most of all, help your family! Zac just returned from Denver where he spent a few days immersed in the world of short sales. In the past few weeks, he has spent 28 hours learning the ins and outs of short sales. You want an expert on your side determined to help you and your family avoid foreclosure!

For more information, please visit www.ShortSalesInAtlanta.com

Or email Zac at sold@zac.biz for a confidential evaluation.

You can also read more about short sales and foreclosure in our blogs here:

1. Click here for: "Foreclosure and bank-owned property vocabulary explained and defined!"

2. Click here for: "Facing foreclosure in Atlanta? Explore the possibility of a short sale, avoiding foreclosure, and potentially saving your credit."

3. Click here for: "What is a short sale in real estate? And how can it help sell a home in Atlanta?"