Zac Pasmanick - The Zac Team

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Element condos at Atlantic Station slates for auction tomorrow, February 28th

by the zac team @ RE/MAX Greater Atlanta

This Saturday, the Element condos at Atlantic Station will share the same fate experienced by the Tribute Lofts not too long ago - a public auction. Forty units are slated to be auction off tomorrow, Saturday, February 28th 2009, at 1 p.m., so if you're looking for a deal, now could be the time! Click here for an article from the AJC.

Auctions have home buyers and agents concerned as to the possibility of other units being auctioned off and the devaluing surrounding condos. One of our agents, Chris Ludlam, is working with a buyer right now who is looking at purchasing a unit in the new White Provision development on the west side of the city near the Water Works. Chris asked questions yesterday about the security of the development and, as it turns out, the owner has quite a stake in the neighborhood and owns quite a bit of land and retail in the blocks surrounding the White Provision. So the risk of these condos being autioned off is unlikely due to the developer's financial stability.

So be sure to find out as many details as possible (this is just one example) before making a purchase so you know you're making a safe investment in one of the biggest purchases of your life!

Top Real Estate Questions Answered! #15: "Why don't you advertise in print?"

by the zac team @ RE/MAX Greater Atlanta

"Why don’t you advertise in print? Everyone else we talk to says they do the same things as you plus they advertise."

If an agent tells you that he or she does the things that we say we're going to do, which is actively prospect daily every single day to get your home sold, then he or she is more than likely stretching the truth a little. Agents that advertise a lot don’t want to work. So, what these individuals will tell you is that they actively prospect every day to impress you, but, if you could sell a home without spending 50% of your money, would you? All smart business people would, so either they are not smart, or they aren’t telling you the whole truth.

Print advertising no longer works. Why would a buyer look at the paper and see less than 5 percent of what's on the market when they can go online and see everything?

To see how the zac team would get your Atlanta, Decatur, or Buckhead home sold (and to see the list of the 53 websites we would list your home on!) please visit www.GotZac.com for our Plan of Action and Marketing Plan! Curious as to how much your home would sell for? Check out www.atlanta-homevalues.com for your estimated selling price!

This is part of an on-going question and answer series of the most frequently asked questions we get in real estate. From seller objections to buyer concerns, the zac team will help explain our rationale behind our philosophy in selling real estate here in Atlanta!

For questions 1-10, please click here!
#11: “If we have to sell that low, then why wouldn't we just sell it ourselves and pay 3% to the agent that sells it?”
#12: "Can't we come down in price later?"
#13: "What if we aren't quite ready yet? We need to finish a couple of projects around the house before we put it on the market."

#14: “Will you cut your commission? The other agents will.”

Zac Pasmanick Earns Prestigious Designation to Help Homeowners in Danger of Foreclosure

by the zac team @ RE/MAX Greater Atlanta

Hello Neighbors,
Zac just returned from Denver where he immersed himself in the ins and outs of shorts sales and earned the elite designation of Certified Distressed Property Expert. Please check out our press release below!  And please don't hesitate to contact us if you or someone you know is in danger of falling behind on your mortgage payments or of going into forclosure: 404.564.7200.

Zac Pasmanick of the zac team @ RE/MAX Greater Atlanta (www.ShortSalesInAtlanta.com) has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales.

FOR IMMEDIATE RELEASE

PRLog (Press Release)Feb 26, 2009 – Zac Pasmanick of the zac team @ RE/MAX Greater Atlanta (www.ShortSalesInAtlanta.com) has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Atlanta area, thousands of homes are in danger of foreclosing. Approximately 10% of homes are in default nationwide. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Pasmanick. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Pasmanick with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Zac Pasmanick has been in the Atlanta real estate business for 30 years and works with a team of agents knowledgeable in both selling and buying short sale homes and foreclosures. For more information on avoiding foreclosure, Pasmanick and the zac team can be reached at 404.564.7200 or www.ShortSalesinAtlanta.com for a confidential consultation. For more information about CDPE designation, please call 1-800-482-0335.

# # #

About the zac team: A full service real estate team with Sales Consultants, Listing Partners, and staff to serve all of your Atlanta, Decatur, Buckhead, Morningside & Virginia Highland home buying & selling needs! Serving over 3,500 happy families since 1979!

Avoid foreclosure on your Atlanta or Decatur home!

by the zac team @ RE/MAX Greater Atlanta

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?"

Quick reference for the new tax credit, Wells Fargo movie time, and the Crackberry

by the zac team @ RE/MAX Greater Atlanta

Hello Neighbors,
Following is my Wednesday Morning with Zac email that goes out to local real estate agents in the Atlanta area and, as usual, I would like to share it with you, too!
And this week marks the one year anniversary of Wednesday Morning with Zac!

As the debate rages as to the effectiveness of the new Homeowner Affordability and Stability Plan, we as real estate agents should continue to do all we can to stabilize the economy by helping homeowners stay in their houses and helping buyers take advantage of historically low rates. The AJC ran an article this Sunday titled "Home rescue builds up hope" which discussed both sides of the issues. Oh yes, and my opinion snuck its way in at the end of the article... Read it here.


Atlanta home prices continue to dip. A report released yesterday by Case-Shiller shows that Atlanta home prices are on line with June 2002 values. Read more here...


Success rides on what you know, who you know, and who trusts you. Now, more than ever, your best safety net is, well, YOU. Read more here about the "return on reputation." Your reputation and knowledge can make or break you, which is why you’ll find me at conferences and seminars across the nation. The next one that my team will be attending will cover working with buyers.

We know the top 14 objections that Buyers give when purchasing a home... Here are the first three:

1. "It’s not the right time to buy."
2. "The area is too new."
3. "The area is too old."

More importantly than just knowing these, we actually know how to respond to these objections, so that any Agent can still leave with a signed contract that day. Can you do the same? Now you can learn how!

It’s rare that I publicly endorse an event, however, I feel so strongly that our real estate community can take advantage of this great educational event that I am recommending it to everyone!

Mike Ferry, one of the nation’s most successful real estate coaches, is bringing his team to Atlanta for a one-day seminar titled, "How to Show & Close Buyers!" Topics include prospecting, pre-qualifying, handling objections, establishing standards, and showing property. The Mike Ferry system has been very rewarding and my whole team and I will be there. I hope to see you there, too!

Click here for the info sheet to learn more!
Click here for the registration form to fill out and fax back in!


If you have any questions, please call Lourdes at 800.448.0647, ext. 5304. And my team and I will see you there!

We are searching for two additional agents who, if given an abundant amount of leads, can close at least two additional transactions per month. If that’s you, then I have those leads. Seats in our office are filling up, so please call me directly at 404.564.7272.

Quick reference for the new first-time home buyer tax credit! Click here for the chart from the National Association of Realtors that gives you a side-by-side comparison of the previous $7,500 tax credit versus the $8,000 one just passed.

Certified Distressed Property Expert. I just returned from Denver where I spent a few days immersed in the world of short sales and, in the past few weeks, have spent 28 hours learning the ins and outs of short sales. I am more determined than ever to help homeowners avoid foreclosure! However, short sales can be an intensive process and I would love to help you with your short sale referrals if you find yourself without the time to handle them. Please call me directly at 404.564.7272 so we can effectively help sellers avoid foreclosure.

Upcoming seminars & investing classes. Whether seeking knowledge for your personal real estate investing or looking for continuing education classes, John Adams has it all. If you follow his articles in the AJC and are interested in his upcoming seminar schedule, you can check it out here!

Upcoming listings:
M West: 2BD / 2.5BA for $218,850
East Lake: 4BD / 2.5BA for $500,000

Wells Fargo + the movie theater = "Meeting the Market Challenge 2009." On March 12th, Wells Fargo is presenting a live broadcast to 50 theaters across the country featuring Brian Buffini, David Bach, & Andre Brooks as they discuss their outlook on the market and helping buyers make informed decisions. Popcorn and coke included! Click here to register before March 10th!

"I wish I had bought back then!" Of course, nobody can predict when the market will officially turn around, but we can sure talk about it! And talk about how this is the year to buy, the stars are aligning, and you don’t want to miss out on the fantastic opportunities going on now. Millions of Realtors can’t be wrong, right? Click here for more!

Take action to support a statewide Home Buyer Tax Credit! HB 261 is separate from the current housing rescue plan and creates a one year Georgia Homebuyer Tax Credit for the purchase of an eligible single-family residence with a purchase price between $40,000 and $300,000. Read more and express your support here in the Georgia Association of Realtors Action Center!

Supra eKey for Crackberry. So, you bought your Blackberry and you know it does all these amazing tricks, but do you know how to take full advantage of it? From using your smart phone as a Supra key to managing and marketing your listings, you can learn it all at the Georgia Real Estate School’s class! Click here for the registration form!

Do you have friends who are interested in joining the real estate business? We have a link on our careers page to real estate licensing, appraisal, and home inspection schools!

Plug up the money drain! Do you find yourself trying to figure what else you could cut out of your budget to make the tight fit these days? Try cutting the advertising, practicing your scripts, and bringing your own coffee to work. Click here for an article!

Top Ten Tips to be a Successful Seller. Here is a great article to help guide your sellers as they go through the process of going on the market and maintaining an active listing! Click here...


Best wishes for a successful week!
Zac

404.564.7272 | zac@zac.biz | www.zac.biz | http://blog.zac.biz

P.S. Good to know from last week...
Foreclosure Dictionary. This is an extremely comprehensive list of foreclosure and REO terms and definitions which can help you with contracts, clients, and perhaps your trivia game. Click here!

Top Real Estate Questions Answered! #14: “Will you cut your commission? The other agents will.”

by the zac team @ RE/MAX Greater Atlanta

Other agents may feel they are worthless. If they will reduce their price at the listing table, what will they do at the negotiating table? We will be tough and professional on both our fees and your price, particularly at the negotiating table. Commissions aren’t negotiable with agents that sell homes daily.

We also have a listing team that works 10-12 hours a day with assistants that work 8 hours a day to get your home sold. That’s very valuable!

To see how the zac team would get your home sold (and to see the list of the 53 websites we would list your home on!) please visit www.GotZac.com for our Plan of Action and Marketing Plan! Curious as to how much your home would sell for? Check out www.atlanta-homevalues.com for your estimated selling price!

This is part of an on-going question and answer series of the most frequently asked questions we get in real estate. From seller objections to buyer concerns, the zac team will help explain our rationale behind our philosophy in selling real estate here in Atlanta!

#1: “If I list my home with you and buy my next home from you, will you cut your commission?”
#2: “What should I do about keeping my promise to the agent from which I originally bought the home?”
#3: "I have seen this marketing plan from many different agents, what makes yours different?"
#4: “Why is your price so much lower than the other agents that we have talked to? I mean, they have comparisons that show higher prices than yours.”
#5: "Should I wait to sell my Atlanta home until home values go up?"

#6: “How much advertising will you do? Because I want a lot of advertising!”

#7: “Why should I hire such a busy agent? You have so many listings, we want someone that can give us the attention we deserve.”
#8: “Should I find a house before I put mine on the market?”
#9: “What do I do if I need to net a certain amount in order to move?"

#10: “If I have to sell at that price, then why shouldn't I just sell it myself?”
#11: “If we have to sell that low, then why wouldn't we just sell it ourselves and pay 3% to the agent that sells it?”
#12: "Can't we come down in price later?"
#13: "What if we aren't quite ready yet? We need to finish a couple of projects around the house before we put it on the market."

"What if we aren’t quite ready yet? We need to finish a couple of projects around the house before we put it on the market."

Making sure the house is up to par is important and you have a couple of options. We can complete the paperwork now and, while you are doing your projects, we’ll get the flyer done and paperwork processed so when you are ready we will be ready too!

The other option is getting your home listed for sale, getting some of the top agents in town to show the house to prospective buyers, and getting their feedback. The good news is, you’ll find that maybe only one or two of your projects actually need to get done, if any at all. It would be nice to not have to spend a dime.

To see how the zac team would get your home sold (and to see the list of the 53 websites we would list your home on!) please visit www.GotZac.com for our Plan of Action and Marketing Plan! Curious as to how much your home would sell for? Check out www.atlanta-homevalues.com for your estimated selling price!

This is part of an on-going question and answer series of the most frequently asked questions we get in real estate. From seller objections to buyer concerns, the zac team will help explain our rationale behind our philosophy in selling real estate here in Atlanta!

#1: “If I list my home with you and buy my next home from you, will you cut your commission?”
#2: “What should I do about keeping my promise to the agent from which I originally bought the home?”
#3: "I have seen this marketing plan from many different agents, what makes yours different?"
#4: “Why is your price so much lower than the other agents that we have talked to? I mean, they have comparisons that show higher prices than yours.”
#5: "Should I wait to sell my Atlanta home until home values go up?"

#6: “How much advertising will you do? Because I want a lot of advertising!”

#7: “Why should I hire such a busy agent? You have so many listings, we want someone that can give us the attention we deserve.”
#8: “Should I find a house before I put mine on the market?”
#9: “What do I do if I need to net a certain amount in order to move?"

#10: “If I have to sell at that price, then why shouldn't I just sell it myself?”
#11: “If we have to sell that low, then why wouldn't we just sell it ourselves and pay 3% to the agent that sells it?”
#12: "Can't we come down in price later?"

Stimulus news (of course) & foreclosure updates

by the zac team @ RE/MAX Greater Atlanta

Dear Neighbors,
Here is my weekly email, Wedneday Morning With Zac, that I send out to local agents in the Atlanta area. Enjoy!

Breakdown of the stimulus package. With 1,071 pages of the American Recovery and Reinvestment Act, it’s hard to know where to begin talking about it, but the Center for American Progress estimates that Georgia will receive $15.84 billion, or 3.99 percent of our state’s gross domestic product. Read more about this and more about how the package will be divided up here.

Foreclosure suspension extended. Fannie Mae and Freddie Mac have extended the suspension of their foreclosure sales from the original date of January 9 through a new date of March 6. Hopefully, this move will allow for more time for refinancing in an effort to keep homeowners in their residences. Read more here.

New prices! New listings! Open houses! All from the zac team @ REMAX Greater Atlanta
Swanepoel TRENDS report is released. Every year, Stefan Swanepoel releases a report of staggering depth with his observed trends and predictions of the real estate world. Stay ahead of the curve by checking out some of the leading edge technology and information here.

We are searching for two additional agents who, if given an abundant amount of leads, can close at least two additional transactions per month. If that’s you, then I have those leads. Call me directly at 404.564.7272.

Property taxes to stay intact. Due to the $465 million infusion for Medicare for Georgia, Perdue renewed the Homeowners Tax Relief Grant program for this fiscal year. Read more about it here...

No time to quit. Click here for a video that encourages you to fight through the pain of difficult times and work just a little harder to accomplish what you didn’t think was possible. (The video will be up on the right side of the home page through this week).

Three free hours of CE! Only a few seats left! We are offering THREE FREE HOURS of CE training here in our office on February 26th, 2009! Here are the details:

1:45 p.m. - 5:00 p.m.: Real Estate Manners (3 FREE hours of CE)
Sponsored by: RMGA INSTITUTE
Instructor: M. J. Stanton

You will learn:
>> What makes your clients tick and what ticks them off
>> How to develop a profitable business in changing times
>> How to polish your presentation skills so you shine like a pro each and every time you are in front of a prospect
>> How to avoid the down market syndrome
>> How to avoid time consuming real estate complaints that drain motivation and alter powerful mind set

Seating is limited! Make reservations not later than February 23, 2009 at 404.564.7268.

Foreclosure Dictionary. This is an extremely comprehensive list of foreclosure and REO terms and definitions which can help you with contracts, clients, and perhaps your trivia game. Click here!

"Common-Sense Solutions for Saving Homes & Communities." The Center for Responsible Lending and the PICO National Network have teamed up to produce a paper calling for a different approach to avoiding the predicted three million foreclosures over the next several years. One of the biggest calls to action is making drastic changes to the loan modification process and requiring banks that receive TARP money to adopt this aggressive loan modification model. Read more here...


Do you have friends who are interested in joining the real estate business? We have a link on our careers page to real estate licensing, appraisal, and home inspection schools!

The Six Rules to Active Listening. Do you find yourself thinking about what you are going to say while the other person is still talking? Or fiddling with a paperclip or pen unknowingly? Then it might be time to read this blog. In a sales environment, it’s always a good time to revisit the rules of active listening. Click here for more!

Turn off your car! Did you know that if you let your vehicle idle for more than 30 seconds, you use more gas than it takes to turn off the engine and start it back up? And that idling for 10 minutes a day wastes about 24.6 gallons of gas per year? Well, the Clean Air Campaign does and is now getting support from UPS for their "No-Idling Campaign." The campaign starts with encouraging parents to turn off their engines when picking up their children from school in order to cut down on harmful emissions released near schools. Read more here!


Cut the cord!
Have some listings that are limping by on life support? Don’t plan on keeping them alive much longer? Don’t worry about them anymore - give me a call and I will pay you a referral fee for them. Please call me directly at 404.564.7272.

Best wishes for a successful week!
Zac

404.564.7272 | zac@zac.biz | www.zac.biz | http://blog.zac.biz

Open houses this Sunday in Morningside and Virginia Highland from the zac team!

by the zac team @ RE/MAX Greater Atlanta

The zac team is proud to present two open houses this Sunday, February 22nd, 2009 from 3 p.m. - 5 p.m.! Please come on out and check out some of the homes most recently put on the market in Atlanta and Decatur!

For more information and the most current price of these homes, please call our 24-hour hotline for free, recorded information at 1.888.510.1884 and enter the code provided!

861 Arlington Place in Virginia Highland - open house!

4 bedroom / 2 baths in Virginia Highland! Enter code 2134.

1261 Reeder Circle in Morningside - open house!

2 bedroom / 2 baths in Morningside! Enter code 2244.

Foreclosure and bank-owned property vocabulary explained and defined!

by the zac team @ RE/MAX Greater Atlanta

Okay, so I realize this is a rather long laundry list of definitions, but with so many questions surrounding foreclosures and bank-owned properties, I wanted to do my best to clear up any speculation or questions you may have.* So, I present to you your "Foreclosure Dictionary."

To make it a little easier, the words are in alphabetical order and if there is a certain word you are looking for, you can hit the CTRL and F keys on your computer at the same time to bring up the "Find" feature and then type in the particular word you're looking for.

* These definitions are courtesy of Bob Corcoran of Corcoran Coaching. Thanks Bob!

Abandonment
The situation in which a homeowner leaves a house with no intention to return.

Accrued Items of Expense
Those incurred expenses that are not yet payable. The seller's accrued expenses are credited to the purchaser in the closing statement.

Apportionment
The adjustment of the income, expenses, or carrying charges of real estate that are usually computed to the date of closing of title so that the seller pays all expenses to that date. The buyer assumes all expenses from the data on which the deed is conveyed to the buyer.

Appraisal
An estimate of a property's value made by an appraiser who is usually presumed to be and expert in this work.

Appurtenance
Something which is outside the property itself but belongs to the land and adds to its greater enjoyment, such as a right-of-way or a barn or a dwelling.

Assessed Valuation
A valuation placed upon property by a public officer or a board as a basis for taxation.

Auction
The process of selling property at a public sale to the highest bidder. The person conducting the sale will call out the initial asking price and each price that anyone in the audience bids until no one will bid a higher price. The auctioneer then calls out "going once, going twice, sold to the highest bidder!"

Automatic Stay
A bankruptcy court order. When bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure, or even call or write the debtor demanding payment. Instead, they must all come to the bankruptcy court and seek the money they are owed together with the other creditors.

Balance Owed on the Loan
The part of the original loan that remains unpaid by the borrower at a given point in time.

Bankruptcy

Debts discharged through bankruptcy are not considered taxable income.

Bearer
Lender in whose hands the promissory note remains until it is paid in full.

Beneficiary
(1) One entitled to the benefit of a trust: (2) One who receives profit from an estate, the title of which is vested in a trustee: (3) The lender on a security of a note and deed of trust.

Beneficiary’s Statement
("Benny Statement") A written statement of the conditions and remaining balance of a loan secured by a deed of trust.

Broker Price Opinion
A real estate broker's estimate of the price for which property can reasonably be sold. The broker price opinion is often much cheaper than a professional appraisal, but often just as good, or even more useful because it tells the owner at what price the property can successfully be marketed.

Certificate of Sale
A document indicating that a property has been sold to a buyer at foreclosure, subject to a right of redemption for a set period after the foreclosure sale. In an IRS, the redemption period is 180 days. The redemption period is different in other types of foreclosure. Many foreclosures take place without any certificate sale. Instead, if the sale is final, or near final, the buyer gets a deed rather than a certificate of sale.

Certain farm debts

If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your canceled debt is generally not considered taxable income. The rules applicable to farmers are complex and the assistance of a tax professional is recommended if you believe you qualify for this exception.

Chain of Title
A history of the conveyances and encumbrances affecting a title from the time the original patent was granted, or as far back as records are available.

Chattel
Personal property, such as household goods or fixtures

Clear Title
Ownership rights to a piece of real estate that are not diminished by liens, leases or other types of encumbrances. No other ownership claims exist.

 Cloud on the Title
An outstanding claim or encumbrance that, if valid, would affect or impair the owner's title.

Conditional Sales Contract
A contract for the sale of property stating that, although delivery is to be made to the buyer, the title is to remain vested in the sell until the conditions of the contract have been fulfilled.

Conforming Loans
Loans that meet FNMA standards.

Conventional Lender
A lender that makes conventional loans.

Conveyance
The process of transferring title or some interest in real estate to a new owner.

Cram-down
A chapter 13 bankruptcy arrangement in which a plan to repay lenders and creditors, which was developed by the debtor's attorney, is ordered into effect by the bankruptcy court. It is crammed down on the sometimes unwilling creditors.

Cured Default
Correction of a borrower's failure to make payments or meet the terms of a loan to the lender's satisfaction.

Decree
The final order of a court in many states.

Deed
The legal document commonly used to transfer ownership of real estate from one owner to the next.

Deed in Lieu of Foreclosure
Instead of waiting until the lender forces the sale of the house in foreclosure, usually to the lender; the borrower just deeds the property to the lender.

Deed of Reconveyance
An instrument that releases and discharges a deed of trust.

Defeasance Clause
The clause in a mortgage that permits the mortgagor to redeem his or her property upon the payment of the obligations to the mortgagee.

Deficiency
Money a borrower who has lost real estate in foreclosure still owes to the lender because the foreclosure sale failed to generate enough to pay off the loan. Frequently, lenders acquire title to real estate at foreclosures, in which case they most often give credit only for the fair market value of the property against the balance due on the loan. Any unpaid balance on the loan after all just credits are applied is the usual amount of a deficiency. Many states limit or restrict deficiencies.

Deficiency Judgment
A court judgment that a defaulting borrower owes a deficiency.

Delinquency
The state of affairs when payments on a note or other loan obligation are past due.

Discharge of Indebtedness
A lender tells a borrower that a loan doesn't have to be paid back, also called discharge of debt.

Double Whammy
Some lenders refuse to permit assumptions, which is one blow, while at the same time insisting on a hefty prepayment penalty when the non assumable loan is paid off early, which is a second blow.

Easement
A right that may be exercised by the public or individuals on, over, or through the property of others.

Entry and Possession
A method of foreclosure used in some states in which the lender, who already owns the property, reenters it and takes possession away from the borrower, either peacefully or by court order.

Equity Skimmer
A scam artist who assumes a loan and collects money up front, and possibly rents, then refuses to pay the payments on the assumed loan while keeping the cash paid up front.

Eviction
The legal procedure to have a tenant forcibly removed from a dwelling

Extending the Loan Term
Giving the borrower more time to repay a loan.

Fair Credit Reporting Act
A federal law that regulates credit bureaus and credit reports and gives persons certain rights regarding both.

Fair Market Value
The value that a willing and knowledgeable buyer would pay, and a willing and knowledgeable seller would accept, in an arm's-length transaction for a property.

Fannie Mae
A government-chartered but privately owned corporation that buys mortgages from mortgage companies

FNMA
A government-chartered but privately owned corporation that buys mortgages from mortgage companies. Also called Fannie Mae

Forbearance
A lender voluntarily accepts payments that are lower than originally agreed in the loan documents for a limited period of time in order to allow the borrower to recover financially. The borrower must eventually repay the missing or reduced payments, as well as all the other remaining payments on the loan.

Foreclosure
The forced sale of a piece of real estate to repay a debt.

Freeze Order
A bankruptcy court order. When bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure, or even call or write the debtor demanding payment. Instead, they must all come to the bankruptcy court and seek the money they are owed together with the other creditors.

Grace Period
Additional time allowed to perform an act or make a payment before a default occurs.

Grant Deed
A deed of conveyance that implies that the grantor (seller) is granting an actual interest and has not previously granted such interest to anyone else.

Homestead
Special legal protection that many states give to a person's principal residence.

Housing and Urban Development
A department of the federal government that administers housing programs.

Impound Account
An account held by the lender that is used for him or her to advance payments of certain expenses or charges that are incidental to property ownership and that may protect the lender's security.

Insolvency.

If you are insolvent when the debt is canceled, some or all of the canceled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended if you believe you qualify for this exception.

 

Involuntary Lien
A lien imposed against property without consent of the owner, e.g., taxes, special assessments.

Judgment
The final decision of a court.

Judicial Foreclosure
A foreclosure action that is executed by the court.

Junior Lien holder
A holder of a right to force the sale of property that is inferior and subordinate to another lien holder’s right to do the same. A junior lien holder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lien holder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.

Liquidating Plan
A plan by which a borrower repays missed payments to the lender over time.

Liquidation Appraisal
An estimate of the value of property when it is sold quickly in a forced sale. Usually, this figure is lower than fair market value for a regularly conducted sale.

Loan Modification
A procedure in which a loan's terms, such as the interest rate, monthly payment or term, are altered.

Lot Book Report
A report made by a title company that identifies and encumbrances recorded against a particular property. A lot book report does not identify liens recorded in the name of the owner that may affect property

Mechanics Lien
A claim made to secure the price of labor done upon and materials furnished for uncompensated improvement.

Modification
A procedure in which a loan's terms, such as the interest rate, monthly payment or term, are altered.

Mortgage Reduction Certificate
An instrument executed by the mortgagee, setting forth the status of and the balance due on the mortgage as of the date of the execution of the instrument.

Motion to Lift Stay
A formal request to a bankruptcy court to dissolve an automatic stay that prevents a lender from foreclosing. Once the motion is granted, the lender may proceed to foreclose unless the borrower can keep up the payments

Negative Equity
A position in which a borrower owes more on property than the property is worth.

Non-judicial Foreclosure
Foreclosure on a mortgage without filing a lawsuit or obtaining a court order. Generally such sales occur because the borrower has signed a document, such as a deed of trust, giving a trustee pre-authorization to sell the real estate to pay off the debt.

Non-recourse loans

A non-recourse loan is a loan for which the lenders only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income

Notice Of Default
Letter sent to a defaulting party as a reminder of the default. It may state a grace period and the penalties for failing to cure the default.

Notice Of Rescission
A document that is used to cancel a notice of default and declare that the default has been corrected.

One Action Rule
A rule of law, used heavily in California, that forces a lender to bring only one court action or proceeding against a borrower in a foreclosure. The one action rule makes it difficult for a lender to obtain a deficiency judgment against a borrower.

Open Mortgage
A mortgage that has matured or is overdue and, therefore, is "open" to foreclosure at any time.

Out-Of-Court Foreclosure
Foreclosure on a mortgage without filing a lawsuit or obtaining a court order. Generally such sales occur because the borrower has signed a document, such as a deed of trust, giving a trustee pre-authorization to sell the real estate to pay off the debt.

PMI-Assisted Presale
An arrangement in which a private mortgage insurance company pay for part of the loss that occurs when a house with negative equity (one worth less than the balance on the existing mortgage loan) is sold by regular means prior to a foreclosure.

Quiet Title Suit
A suit in court to ascertain the legal rights of an owner to a certain parcel of real property.

Real Estate Owned
Property acquired by a lender through foreclosure and held in inventory; commonly referred to as REO.

Recasting
Restructuring a loan with a new interest rate and term. It may be the same loan from the same lender, but the terms change. FHA has a formal procedure to recast loans to assist home buyers to stay in their houses

Redemption
The right of a mortgagor to redeem property by paying a debt before sale at foreclosure; the right of an owner to reclaim his or her property after it has been sold to settle claims for unpaid taxes.

Redemption
The right of a mortgagor to redeem property by paying a debt before sale at foreclosure; the right of an owner to reclaim his or her property after it has been sold to settle claims for unpaid taxes.

Release Of Liability
The document that relieves a person who is obligated to pay a loan of any further obligations. It may be obtained when a buyer takes over the payments on the seller's old loan, provided the buyer meets the lender's standards for income and creditworthiness. If granted, the release of liability means the seller will not be responsible if the buyer fails to pay.

Repayment Plan
A plan for repaying missed payments over time

Request For Notice Of Default
A document that under statutory provisions, allows certain interested parties to request and be entitled to notification of a default.

Right Of Redemption
The right of a mortgagor to redeem property by paying a debt before sale at foreclosure; the right of an owner to reclaim his or her property after it has been sold to settle claims for unpaid taxes.

Scire Facias
A court command to a borrower to show up at a hearing and show cause why a foreclosure should not be authorized.

Short Payoff
A workout procedure in which the lender accepts less than the full balance due on the loan as part of a deal in which the borrower cooperates with the lender to obtain a quick sale. The lender skips foreclosure, which would take time, cost money and expose the house to vandalism, further declines in market value, and marketing costs for resale.

Strict Foreclosure
A legal premise followed by some states that the lender owns the property and may simply evict the borrower for nonpayment and gain full and complete title free of the borrower's claims by waiting a prescribed period of time until the borrower's right to redeem ends. The lender gains the value of the land above what is owned on the loan.

Summary Judgment
A legal procedure in which one side wins a lawsuit without a trial by showing that the case involves no material fact issues, but only legal issues that can be decided by the judge. If the judge agrees, then one side wins by Summary Judgment.

Veterans Administration
The arm of the federal government that guarantees loans and performs other services for veterans. This agency was formerly known as the Veterans Administration (VA).

Wrongful Foreclosure
A foreclosure that was legally improper and that caused a borrower to suffer damages.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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