Zac Pasmanick - The Zac Team


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Short Sales: 7 Ways to Find a Great Deal on Your Next Home

by the zac team at Ponce Realty

Hello neighbors,

With short sales being pretty prominent today in the real estate market, many buyers are cashing in on some great deals. With more and more homeowners finding themselves in the market to sale, short sales are significantly rising and seems to be the way to go. Take a look at a few helpful hints on how you can find a great short sale deal of your own.

Finding a Short Sale Property:

Short sale listings are typically listed by real estate agents and can be found on local sites as well as MLS feeds. In addition, key phrases such as: subject to bank approval, preapproved by bank, and headed for auction are clues that a property may be listed as a short sale.

Choosing a Real Estate Professional:

When choosing an agent, make sure to select someone with short sale experience. Because the short sale process is more tedious, having a real estate professional that is trained and knowledgeable about short sales will prove to be very beneficial.

Assess the Property's Mortgage and Liens:

A knowledgeable agent will be very beneficial in determining how much the property's mortgage is worth. You will need to find out how much has been paid by the current owners and when it was paid. In addition, you will need to determine the amount of liens on the property. Last but not least you will need to find out which lender is the primary lien holder and check out other sales in the area.

Get a Home Inspection:

Because short sales are normally sold as is, it will be very beneficial to have a complete home inspection before signing the dotted line. If you purchase a home through a short sale but later find out about major/expensive repairs then you're not really saving any money.

Write a Complete Offer:

The lender will actually determine whether or not your offer is accepted, not the owner. With that being said, take it upon yourself to write a short sale offer and be sure to include the following: cover letter, signed owner/borrower short sale purchase agreement, seller hardship letter, seller payroll stubs, two years of seller tax returns, market comparables, HUD-1 closing net sheet, repair cost estimate, and pictures of the property.


Like with any deal, always be open to negotiations. If your first written offer is rejected, you will need to come back with an even higher offer. You should be mentally prepared to make higher offers or walk away if the price doesn't agree with your finances.

Patience is a Virtue:

Like the old saying goes, patience is definitely a virtue. Because short sales are in high demand these days, lenders are swamped. Therefore, you will need to be prepared to wait for not just a few weeks but possibly months.

Anticipated Drop in Pending Home Sales Come True

by the zac team at Ponce Realty

Hello neighbors,

According to the National Association of Realtors, pending home sales took an anticipated dive after the expiration of the home buyer tax credit.

The Pending Home Sales Index experienced a 30% drop to 77.6 based on contracts signed in May 2010 in comparison to April's number of 110.9. In addition, this number is 15.9% below May 2009's average of 92.3.

This data from the NAR is actually based on contracts and not closings. However, many closings have been delayed due to factors such as a rush of buyers due to the tax credit and the dragging process of short sales. Approximately 180,000 buyers who signed contracts by April 30th may have missed the tax credit deadline's closing date of June 30th, however a recent extension from Congress will expand the closing deadline for delayed contracts.

Some industry experts feel there's a good chance for prices to start accelerating in the upcoming years if the already existing low levels of new home construction continue for the next year or two.


The PHSI in the Northeast fell 31.6% to 67.0 in May and is 14.8% lower than May 2009. In the Midwest the index dropped 32.1% to 70.8 and is 20.2% below a year ago. Pending home sales in the South fell 33.3% to an index of 82.5, and are 14.4% lower than May 2009. In the West the index declined 20.9% to 85.3 and is 15.1% below a year ago.

Your Credit and Foreclosure, What You Should Probably Know

by the zac team @ RE/MAX Greater Atlanta

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,

As mentioned in yesterday's post "Thinking About A Short Sale? Here Are Common Mistakes........During the Process" we mentioned three common mistakes made by both agents and distressed homeowners during the short sale process. Here are four more common mistakes to be on the lookout for.

1) Not Enough Time

It is essential that your agent comprehends the foreclosure laws in your local area. You should expect your agent to provide you with an approximate timeline from start to closing. They should also understand the importance of communication with the lender. Specific information can be provided to postpone your foreclosure to negotiate a sale.

Solution: Provide Accurate and Useful Information

You will need to be certain to provide your agent with accurate payment information in reference to your home such as missed payments and any correspondence from your lender.  This will enable your agent to have a complete understanding of your situation.

2) Your Deal Is Not Submitted Properly

If you do not follow the submission directions properly you are basically placing the fate of your deal in an already stressed, overworked, and under staffed department which is not in your best interest.

Solution: Carefully Follow Instructions

Double check everything and make sure to follow through. If you're instructed to fax over information, send the fax plus go the extra mile and mail the information as well. In addition, if you're asked to mail two copies do exactly that, mail two copies. You don't want to have your deal fall apart do to your information not being received.

3) The Buyer's Offer is Too Low

Most of the time, agents will advise you to submit any offer your receive. However, you must keep in mind that the lender is looking for an offer that's better than a foreclosure.

Solution: Proper Negotiation

If you have the right agent, he or she will work with you to negotiate any offer received to help you get the highest and the best from potential buyers. 

4) The Buyer's Contract Is Not Strong Enough

Especially in today's economy, just because a buyer make an offer doesn't mean they're qualified to purchase. Buyers who make offers still need to be pre approved for financing, closing funds must be verified, and the buyer's ability to buy needs to confirmed.

Solution: An Agent Familiar With Qualifying Buyers

Your agent needs to be fully educated on the short sale process as well as familiar with the verification needed to determine a qualified buyer to submit an offer.  If not, these offers have a great chance of falling through.

Looking for a CDPE? Contact the zac team RE/MAX Greater Atlanta. Address: 1057 Ponce De Leon Avenue Northeast
Atlanta, GA 30306
Phone: (404) 564-7200

Thinking About A Short Sale? Here Are Common Mistakes Among Agents and Homeowners During the Process

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Despite what some may think, deciding to do a short sale on your distressed home is not such a bad idea. However, when deciding on a short sale, it's imperative for the home owner to understand the short sale process. In addition, it is also important for the agent handling your short sale to fully understand the process. The following are common mistakes prevalent among both agents and homeowners during a short sale.

1: Your Property Is Priced Incorrectly

     One of the most common mistakes during the short sale process which

     leads to a property not selling.

     Solution: Agent Providing Understanding and Transparency

     A detailed pricing list strategy will be explained to you by your agent

     which will show you the precise price your home should be listed as

     based on its current condition, your local area sales, and how much time

     you have to sell your home.

2: Your Short Sale Proposal Is Incomplete

     Due to most agents who are not certified distressed property experts not

     fully knowing the short sale process and exactly what the lender is look

     for, this is one of the most common cause of a short sale proposal being

     being rejected.

     Solution: Understand Every Aspect of the Short Sale Process

     The agent you are working with should have a detailed understanding of

     the short sale process and should be able to give you a full explanation.

     In addition, the agent should have the ability to easily communicate with

     you and other lenders and produce a strong and completed proposal.

3:  There Has Been Inadequate Follow - Up And Communication

     Your short sale can easily be jeopardized if your agent doesn't

     adequately communicate with all parties involved in the process.

      In some instances, you may not be aware of your file being

     delayed and that you may run out of time.


      Thinking about a short sale and need more information? Contact us,

       the zac team RE/MAX Greater Atlanta.

The Top 10 Real Estate Events of 2009

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

When a new year approaches us, we have a tendency to go back and take a look at what the previous year brought. In last week's post, Farewell to 2009, and Welcome 2010, we listed 7 memorable events and deaths of 2009.

Well today, we bring you a list of the top 10 most memorable events pertaining to the real estate market in 2009 from

#10 Houston Becomes #1 REALTOR® Association

In August 2009, the Houston Association of Realtors® (HAR) officially became the largest local Realtor® board in the United States following a recent rise in membership and a decline in membership at the Long Island (New York) Board of Realtors® (LIBOR). HAR, with a membership of 23,354 surpassed its long standing rival for the top slot by 118.These two have long been the largest local associations by far, with the Greater Las Vegas Association of Realtors® holding the third spot with nearly 10,000 fewer members. Congratulations to Bob Hale and his team.

#9 Metro Brokers Switches Franchise Brands

With 2,000 sales associates the brand switch Metro Brokers made in December 2009 from GMAC to Better Homes & Gardens recorded the largest move of one brokerage company from one franchise brand to another. The departure away from the #1 GMAC franchise in the world to become the #1 BH&G franchise in the world was a major move and strongly refutes the high value many franchises have attached to their brands. Many observe this move as the beginning of more swaps to come as franchisees increasingly look for more than just a name. They want visionary leadership, quality training, technology, internet and social media savvy solutions and, above all, a dependable partner.

#8 RE BarCamp Sets Event Benchmark

RE BarCamp is an ad-hoc gathering of people (real estate professionals from different facets of the business) that share and learn in an open environment. It is widely referred to as an “unconvention” with no pre-determined programs or invited guest speakers delivering PowerPoint presentations from a stage. Rather the structure follows a round table of open discussion concerning topics sourced from the registrants and as a result of interaction between attendees. It may only have started in August 2008 but in 2009 it exploded to over 20 major cities across the country and is currently one of “the happening” events in real estate.

#7 RVM’s & AVM’s Become Strategic

AVM (Automated Valuation Model) is the term widely used to describe providing property valuation by using a mathematical algorithm based on the data. In real estate, AVMs calculate the value of a specific property by analyzing the value of comparable properties sold and registered. The newly announced RVM (Realtor® Valuation Model) follows the same mathematical analysis but hopes to aggregate the information available from 700+ MLS' (Multiple Listing Service) across the country. The NAR, the driver behind the RVM, hopes that this model will become the default valuation method for all financial institutions nationwide. If achieved, this will be a major industry game changer.

#6 Realtor® Credit Union Celebrates First Year of Operation

Exactly one year ago at the 2008 Realtors® Conference & Expo in Orlando the NAR announced that it had received regulatory approval and a charter for Realtors® Federal Credit Union (RFCU). The Rockville, Maryland-based Credit Union works in partnership with the NAR as a Realtor® Benefits Program Partner, but it operates totally separate from the NAR with its own board of directors and management team.  Now, one year later, RFCU has 3,000 members, $25 million in assets, $16 million in deposits and $8 million in loans, making it larger than 60% of all credit unions today; impressive. With a stated goal of being in the top 5% of all credit unions within 5 years the RFCU is definitely a sleeping giant.

#5 Keller Williams Climbs to Third Largest Real Estate Franchise

In March, Keller Williams Realty Inc. announced at its 2009 annual convention that it had moved ahead of RE/MAX International to now claim the third-largest real estate franchise in the U.S with 72,794 associates at the end of 2008. This was according to a study by Steve Murray of REAL Trends. According to Keller Williams the growth gained momentum during the last three years of the down turn where it outpaced most other real estate franchises that had lost agents. During the period from 2006 to 2008 KW increased its associate count by an astonishing 52%. Watch out Century 21 and Coldwell Banker. You have someone coming up fast in your rear view mirror.

#4 Short Sales & Foreclosures Maintain High Visibility

After increasing more than 30% per year for the last four years, some estimate that foreclosures will drop to about 1.75 million in 2010/11. The Treasury Department continues to place pressure on mortgage lenders to make trial loan modifications permanent. Furthermore in December the Treasury set long-awaited guidelines designed to simplify and speed up the short sale process through its Home Affordable Foreclosure Alternatives Program. Until now the short sale process has been cumbersome for all involved; taking as long as eight to ten months to get a transaction to close. The program goes into effect April 5, 2010.

#3 Brookfield RPS Acquires a Great Solution

Announcing their second largest acquisition in November 2009 Brookfield RPS became the owner of Real Living Network Services. Combining all the residential real estate brokerage companies Brookfield now owns in Canada and the U.S., they are one of North America’s Top 10 leading residential real estate franchises with more than $20 billion in annual home sales and an estimated 30,000 agents. The reason the Ohio-based Real Living acquisition is such a great solution for Brookfield is that the GMAC franchise they acquired last year was lacking momentum, a CEO and contractually had to replace the name. This acquisition provided them a solution for all three challenges with very little duplication.

#2 RPR Becomes the NAR Convention Buzz

Squeezing in a botched (who was invited and who wasn’t) and a confusing (intermingling a B2B and B2C initiative) talking head video press announcement a week before the NAR convention was surprising. However, the timing was great as the buzz propelled the Realtors® Property Resource (RPR) into the most discussed and debated topic at the convention. Billed as the largest single source of real estate information in the world and the “ultimate” member benefit it is also ridiculed as a threat to MLS' across the country.  One thing is certain, it is the most significant project undertaken by the NAR in years.

#1 Extended Tax Credit Helps Boost Housing Market

In the hopes of sustaining the real estate market's recent momentum, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 in November, extending the FTHBC until April 2010. The legislation includes language that significantly expands the popular first-time homebuyer tax credit to more than two-thirds of current homeowners and nearly all first-time buyers. This, in its own, will not save the housing market but it sparked a rush to buy homes before the extension was approved in November. This resulted in an increase of 7.4% over October for a record 545,000 housing units sold. With rising unemployment and a sluggish economic recovery, let's hope that the incentive created by the Tax Credit carries the housing market through to the summer of 2010.

Alex Charfen Describes New HAFA Guidelines as Great

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Alex Charfen, co-founder of the Distressed Property Institute, briefly discusses new HAFA guidelines while at the Ritz Carlton in Henderson, Nevada, which he describes as a ghost town due to the recent recession.

Charfen describes the new guidelines on short sales and processing as great. He also goes on to say the government has gotten involved and have realized some people will have to move due to the current unemployment situation. Therefore, the new guidelines will focus on short sales opposed to mortgage modifications, foreclosure alternatives, and etc.


Going Through A Short Sale? New Gov't Rules May Help

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Are you or someone you know going through the motions of a short sale? Well, new government rules regarding short sales may be of some much needed assistance.

The nation's Treasury Department recently announced rules that have been set forth to assist residents that are in financial peril or those who have to sell their home through a short sale.

The new government rules were implemented to assist homeowners who lack the required income or debt levels to qualify for a loan modification through the Making Home Affordable program (Obama Administration). The new plan will create timelines, a standard process, and documents. In addition, participation in the new plan will also warrant cash incentives such as $1500 for moving expenses.

One chief reason in the establishment of these new rules was to speed up the process of a short sale. In order to qualify for the new plan the property must be the primary place of residence of the homeowner, the homeowner's mortgage must be in delinquent status or likely going into default, the loan was made before January 1st of 2009 and less than 729,750, and the borrower's total monthly mortgage payment exceeds 31 percent of their income before tax.

Some down falls of the new program include but are not limited to, mortgage companies not having to launch the new program until April 5, 2010, which does nothing for people who are facing problems now.

Experiencing Negative Equity? Check out These 3 Options

by the zac team @ RE/MAX Greater Atlanta

Hi neighbors,

As discussed in yesterdays post Negative Equity Runs Rampant, many Americans are finding themselves facing negative equity or owning more on their homes than what they are really worth.

If you have found yourself in this position you may ask, what now? There are a few options available for those who are struggling to make payments due to uncontrollable circumstances and without a loan modification. Those options are:

Walk out - It has been found that 26% of people have decided to stop paying on their mortgage. Their equity shortfall determines whether or not they're going to leave or not. Data shows most owners owe approximately 20 percent more than what their home is actually worth. In addition, it has been found that abandonment is more acceptable among the younger generation (people under 30).

Become a Landlord - For those who view walking away from a mortgage as wrong or unethical, they may end up renting out their home hoping for the worse to pass.

Short Sales - There's always the option of selling your home less than what's owed on the mortgage.

Selling your home? Contact Zac!


Short Sales, a Likely Alternative and the 6 Most Dangerous Short Sale Myths

by the zac team @ RE/MAX Greater Atlanta


Do you know of anyone who may be facing financial trouble or foreclosure in today's economy? According to Jobstat, an estimated 92,000 jobs will be lost in Atlanta before this year is out. With these staggering numbers, we feel it's important to equip our readers with useful information and solutions.

Those of us who are home owners know that it would be a nightmare if we or a loved one were to face foreclosing on a home and would prefer to find another alternative.One alternative for foreclosure is short sales. Short sales is selling your property for an amount that's lower than what is actually owed. However, there are many myths surrounding the act of short sales that may detour a home owner.

For example, Myth #1: Short Sales are Impossible and Never Get Approved: This myth couldn't be further from the truth. Although short sales are more difficult they are not impossible. New processes are required for short sales therefore you would need to speak with a CDPE or Certified Distressed Property Expert who has adequate training in short sales.

Myth #2: Banks are Not Accepting Short Sales; They are Waiting on a Bailout: This is another misconception, banks as well as the U.S. government would actually prefer to avoid property foreclosure. In actuality banks are pursuing Short Sales and the agents who comprehend the process.

Myth #3: You Must Be Behind on your Mortgage in Order to Negotiate a Short Sale: Although initially lenders wanted a home owner to be behind in payments before considering a short sale, this trend has slowly faded causing today's lenders to look for verifiable hardship, insolvency, or a shortage of monthly cash flow.

Myth #4: Buyers are Not Interested in Short Sales and Avoid Them: Again this has proven to be untrue in today economy. Short sales are considered GOOD DEALS by buyers. Many agents today are getting calls asking for short sales or foreclosures.

Myth #5: Listing my Home as a Short Sale is an Embarrassment: With 1 out of 5 home owners facing foreclosure today it is actually commendable and definitely not an embarrassment for someone to admit they need help and want to keep their home/property from going into foreclosure.

Myth #6: There is not Enough Time to Negotiate a Short Sale Before My Foreclosure: This is one of the biggest misconceptions out there. What many home owners fail to realize is that foreclosure doesn't happen over night, it is a process. With just a simple phone call from the home owner, a lender can stall a foreclosure with a legitimate contract. You have until the foreclosure process is actually complete; so there is plenty of time my friend.

For more information, please feel free to check out our short sale website or give Zac a call directly at 404.564.7272.


Displaying blog entries 1-10 of 10




Contact Information

Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272


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