August 18, 2011

The one call a Listing Agent NEVER wants to get!

Posted in Uncategorized tagged , , , , , , , at 3:58 pm by winterbaserva

As I flew out the door headed to my seller’s house I went over in my mind what the showing agent had said, “The basement carpeting is soaked, can’t tell where it’s coming from, better let the owner’s know!” Yeah, not so easy to do since my seller was out of the country, with no return in sight. As I opened the lockbox and headed for the basement I hoped for the best, but feared the worst. The carpet was wet in different places, and I couldn’t tell where the water was coming from. My mind immediately kicked into recovery mode and I called my assistant to get the number for a few of our plumbing vendors, and restoration clean up companies. Five phone calls later, including one to my trusty home inspector to find out where the water shut off valve might be, I had a moment to take a breath, and regain some vestige of composure. This might have been something I could wrap my brain around if my home owner was in the same HEMISPHERE as me and knew about his EMERGENCY home disaster! But being the ultimate professional Realtor that I am, who thinks on her feet, I realized I was on my own with this little misadventure.

According to my assistant, it was approximately 12:30 AM in the region that my home owner was visiting, and as he slept peacefully, with full confidence in my ability to protect his interests in his absence, I tried to convince myself not to run away, since I could think of a few countries I would rather be visiting myself at that exact moment. One more deep breath, and the plumber finally arrived. He found the culprit pipe leak within minutes and proceeded to ask who was paying for his services today. I looked around and didn’t see anyone else, so I reluctantly signed off on the $350 service fee, happy that the flood had subsided. Not long after, the restoration company showed up for what was going to turn into a much longer stay than the plumbers. As I threw the clothes that had gotten soaked in the washer, turned it on, and gathered up the remaining delicate items to drop off at the dry cleaners, I looked around at the damage to report to my home owner. It was obvious that it was going to turn into a home owner’s insurance claim, but I didn’t have his insurance information, deductible, etc and did I mention it was the middle of the night where he was? Oh well, story for another day. As the words ‘above and beyond the call of duty’ wafted through my mind, I smiled and thought to myself , “I’d hope that he would have done the same for me if he was in my place”, and either way, this is what being the best is all about.

It’s about protecting your client’s best interest, whatever it takes! If this sounds like the kind of ‘service with a smile’ you are looking for when you are ready to put your house on the market, give me a call at 678-463-3173, that’s Winter Baserva, real estate agent extraordinaire!

May 20, 2011

NAR says Buyers are Passing on ‘fixer-uppers’ in favor of ‘move-in ready’!

Posted in Uncategorized tagged , , , , , , , , , , , , , , at 4:31 pm by winterbaserva

NAR Says Buyers are Passing on ‘Fixer-Uppers’ in favor of ‘Move-in Ready’

I recently came across an article written by the National Association of Realtors reporting that most buyers today are bypassing Fixer-Uppers in favor of houses that are move-in ready. They further state that according to recent surveys ‘87% of first time buyers say they desire a move-in ready home.’

“This is absolutely the story of this market. It seems buyers will pay a premium, engage in a bidding war, and even overpay just to avoid buying a ‘project’ house,” says Beth Freed of Terrie O’Connor REALTORS in Ridgewood, NJ.

According to the NAR’s latest findings, homes that have been spruced up before being put on the market will sell quicker. For the seller this doesn’t mean they will be needing to take out a second mortgage to do major repairs or costly renovations, it simply means they need to put a fresh face on their home before putting up that ‘for sale’ sign in the front yard.

Here is a list of recommendations for homeowners getting ready to put their house on the market:

DO NOT SHOW A HOME BEFORE IT IS READY- ONLY ONE CHANCE FOR A FIRST IMPRESSION
DO UNDERSTAND THAT ‘LIVING IN’ AND ‘SELLING’ A HOME ARE DIFFERENT
DO NOT ALLOW ODORS TO KILL THE ‘SELL’ OF THE HOUSE
PAINT THE EXTERIOR, AND/OR ANY INTERIOR ROOMS THAT NEED IT
MAKE SURE THE ‘CURB APPEAL’ IS THERE- DOOR CLEAN & PAINTED, MAILBOX CLEAN, SHRUBS AND BUSHES TRIMMED, GARDEN AND YARD CLEAN
REMOVE ALL PERSONAL PICTURES, ETC FROM TABLES, REFRIGERATOR, AND BOOKSHELVES
DECLUTTER!
And finally, with buyers looking for move-in ready homes, it is a good idea for sellers to get their homes inspected before they put it on the market so that any major maintenance issues, leaky roofs, electrical or safety issues are discovered and taken care of BEFORE the house goes on the market.

March 17, 2011

TOP 7 FORECLOSURE MYTHS for ATLANTA HOME BUYERS & THEIR TRUTHS REVEALED

Posted in Uncategorized tagged , , , , , , , , , , , , at 3:23 pm by winterbaserva

 TOP 7 FORECLOSURE MYTHS for ATLANTA HOME BUYERS & THEIR TRUTHS REVEALED

I am often faced with the same questions and “myths” from home buyers in regards to Atlanta foreclosures. Its quite interesting how far these myths have spread over time and how inaccurate some of them are……I’m going to debunk a few of the common myths that seem to be circulating among consumers.

Myth #1: Foreclosed properties are always in bad neighborhoods.

THE TRUTH: In the current economic climate, every community and every part of town can contain foreclosed properties, with abodes ranging from modest town homes to extravagant vacation escapes appearing on the market. The economy has hit ALL areas and the result is a bunch of Atlanta Foreclosures and Atlanta Short Sales.

Myth #2: Foreclosed properties are usually in poor condition.

THE TRUTH: Though this isn’t always the case, there can be significant maintenance and structural issues hiding behind an attractive and seemingly well-tended façade. Most foreclosed homes show significant cosmetic work (dingy carpets, poor paint, lack of appliances, etc), but the more costly items will tend to be in your roofs, structure/foundation and mechanical systems.

Do your research and use a Atlanta Realtor before purchasing any foreclosed property. They will be able to connect you to the right contractors for proper estimates and be able to establish how much deferred maintenance will affect your bottom line!

Myth #3: A foreclosure sale takes advantage of the owners.

THE TRUTH: At the point of foreclosure, the owner has already defaulted on their loan. Its too late to take advantage of the owners, the property now belongs to the bank who is now the new owner. Had you purchased the property as a short sale (one of the hardest and most misunderstood items in real estate right now), you STILL would have been helping the owner get to a lesser degree of default and in the end helping them.

Don’t feel bad for the owner. While the situation is not ideal and it shouldn’t be wished on anyone. With the proper adjustments and credit repair, people who have gone into foreclosure can buy another home again in about 3-7 years depending on their situation.

Myth #4:Financial irresponsibility is always the source of foreclosure.

THE TRUTH: All it takes is the loss of a job, an unexpected health issue, or other life emergency to put a previously solid financial picture in jeopardy, and coverage of such major expenses as mortgage payments can easily be impacted. There may be some people taking advantage of the time, but that is not the case for everyone. Each Atlanta Foreclosed home has is own unique individual situation.

Myth #5: Foreclosure guarantees bargain pricing.

THE TRUTH: Banks sometimes have up to 15-20 offers on them just because they are labeled the Scarlett Letter “f”. Just because it says foreclosure, looks like a foreclosure doesn’t mean its priced like a foreclosure.

Before falling completely in love with what looks like a can’t-miss deal, be sure you know the property’s true market value so you’re not paying for more house than you’re getting. I have found that in today’s market, Mr. and Mrs. Seller tend to have the ABILITY to budge on their pricing versus the banks whose asset manager has a reserve they HAVE to meet and 15 offers on the table that they get to pick from.

Myth #6: A lower price equals higher equity.

THE TRUTH: This is one equation that won’t pan out if a property involves unpaid taxes, mechanics’ liens or an expensive string of repairs, all of which subtract from the equity and add to the cost. In any foreclosure purchase, BE SURE to get owners title insurance. This will protect you from any encumbrances on title prior to you owning the property. Its a one-time fee that could end up saving you a fortune.

Myth #7: AS-IS Means I have to buy it no matter what.

THE TRUTH: As is means, the property is sold “AS IS” with no repairs made by the seller. HOWEVER, this does NOT mean you are not entitled to an inspection. If you find something on the inspection report that scares the dickens out of you,  the seller will NOT make any repairs, but you are still entitled to back out of the contract during your due diligence window and/or inspection period without penalty. Making sure you have a qualified Atlanta realtor that knows the “ins and outs” of foreclosures is KEY to your success in this purchase.

While this is just a small sampling of some of the common Atlanta Buyer foreclosure myths, there are many others to be weary of…

For MANY other tips, tricks and tactics to WIN in today’s Atlanta Real Estate Market, call me at 678-463-3173 or visit www.SeasonsRealtyGroup.com!

March 1, 2011

MAJOR CALIFORNIA PRODUCTION COMPANY COMES TO ATLANTA TO FILM LOCAL REALTOR IN UPCOMING EPISODE OF HGTV’S ‘HOUSE HUNTERS’

Posted in Uncategorized tagged , , , , , , , , , , , , , , at 5:08 pm by winterbaserva

MAJOR CALIFORNIA PRODUCTION COMPANY COMES TO ATLANTA TO FILM LOCAL REALTOR IN UPCOMING EPISODE OF HGTV’S ‘HOUSE HUNTERS


PRESS RELEASE

Media Contact:

Brian Cowling

Director of Strategic Growth

bcowling@solidsource.net

770-757-2411

  Agent Contact

Winter Baserva, Realtor®

winter@seasonsrealtygroup.com

678-463-3173

For Immediate Release

MAJOR CALIFORNIA PRODUCTION COMPANY COMES TO ATLANTA TO FILM LOCAL REALTOR IN UPCOMING EPISODE OF HGTV’S HOUSE HUNTERS
March 5-8, 2011

Realtor®, Winter Baserva, Defies Odds in a Down Market &
The Networks Are Paying Attention!

ATLANTA, GA-February 28, 2011 – A major California production company will be in Atlanta March 5-8, to film local real estate agent and wave maker, Winter Baserva, of Seasons Realty Group team of Solid Source Realty, Inc. in her second episode on HGTV’s House Hunters. The popular show, which has an average of five million viewers per episode, takes viewers behind the scenes of the emotional experience of finding and purchasing a new home. Shot over four days, the episode will be release approximately 6-8 months following shooting.

“I was approached directly by the show in 2009 because of my out-of-the-box approach to buying and selling in today’s real estate market. My original episode, Pampered Pooch, featured me and my buyers “shopping” in the Brookhaven area. Since its launch date in January 2010, it continues to run on HGTV,” said Winter Baserva, Realtor®, Seasons Realty Group of Solid Source Realty, Inc. “I’m honored and humbled to be the only real estate agent in Atlanta featured on the show TWO times, in addition to being less than a handful of agents EVER featured on the show two times.”

In a time where most agents are struggling for business, Baserva is defying the odds and has set ground-breaking records within her brokerage. “Winter’s commitment to provide exceptional service, coupled with genuine care for others, is felt by clients and co-workers during every transaction.  She consistently delivers service beyond client expectations and extraordinary success continues to follow her hard work.  Winter ranks in the top 1% of over 2700 Solid Source Agents in one of the most challenging real estate markets in real estate history.  Achievement of this magnitude is a direct reflection of her commitment, attention to details, focus and drive.  It is an honor to have her representing Solid Source Realty,” said Michele Velcheck, owner, Solid Source Realty.

She has also set records for her own personal production. “More millionaires were made during the Great Depression than any other era in U.S. History,” said Baserva. “I specialize in good deals and selling homes for top dollar. There are tremendous opportunities for both buyers and sellers in today’s market for those willing to find them.”

While buyers still have the upper hand, Baserva says her sellers are benefitting from today’s market as well. “My sellers are also seeing the benefits a down market can bring, especially if they are looking to upgrade, downgrade or purchase a second home.”

“I’m so excited about where the real estate market is heading. Unfortunately, we don’t get to see enough ‘good news’ about the housing market and I can say that I’m thrilled that I am able to be a part of how Atlanta is getting positive exposure for being the wonderful, amazing, resourceful, business Mecca that it truly is,” concludes Baserva.

It’s this type of resourcefulness and mindset that has landed Baserva a spot on a national television show for her second time. For more information, please contact Winter Baserva at 678-463-3173, winter@seasonsrealtygroup.com 

                                                   

 ###

As an expert in all aspects of real estate from buying and selling to investing and REO properties, Baserva builds her business based on honesty, respect, and trust by empowering her clients with the education and tools needed to make an informed decision.  Raised in Roswell, GA, and a graduate from Chattahoochee High School in Alpharetta, she moved back to Atlanta in 2007, after working for a residential brokerage and commercial developer in Florida.

Her career originally started out in communications, marketing and public relations. Baserva has previously held positions with the Miami Art Museum, Miami Children’s Museum, Grove Garden Luxury Residences, and others helping them grow their businesses through publicity management and strategic marketing campaigns. Her skills have received attention from highly-accredited publications such as Interior Design, Time Magazine, The Chicago Tribune, Atlanta Journal Constitution, and many others. 

She is active in many community organizations and donates to several community causes including Center for Visually Impaired, and Smile Train, a company that gives children with clef lips a new chance at life, and Have a Heart. 

Originally from Atlanta, GA, Baserva graduated from The Florida State University with a Bachelor of Science in Communications with an emphasis in Public Relations. She currently resides in Sandy Springs.

February 24, 2011

Free Foreclosure and Short Sale Lists at 760 Spalding Dr. in Atlanta this Sun.,Feb.27th,2-5pm

Posted in Uncategorized tagged , , , , , , , , , , , , at 4:19 pm by winterbaserva

FREE FORECLOSURE & SHORT SALE LISTS at 760 Spalding Drive in Atanta THIS SUNDAY, Feb. 27, 2-5!!!

FREE FORECLOSURE & SHORT SALE LISTS at 760 Spalding Drive in Atanta THIS SUNDAY, Feb. 27, 2-5!!!

Got FORECLOSURE and SHORT SALES LISTS??? WE DO! And, We’re Giving them away for FREE THIS Sunday AT 760 Spalding Drive, Atlanta.

GOOD DEALS come in ALL forms INCLUDING regular sellers TOO. And, if you happen to be looking for the best deal in Sandy Springs come check us out!!!!

OPEN HOUSE SUNDAY 2/27: 2-5 PM! And, have the opportunity to capitalize on this ONE-OF-A-KIND GEM without dealing with ANY BANKS!!!!

IF …….

*You DON’T need an abundance of space.
*You want a “small home”
*You ONLY entertain two times a year.
*You want a “FIXER UPPER”.
*You DON’T want to impress your friends and family.
*You’re NOT looking for a GREAT value!
*You DON’T want Top-Notch Schools, Loads of Parks and Tons of Activities to do!
*You just DON’T enjoy the finer things in life.

You can KEEP ON DRIVING!

HOWEVER, if you’re looking for a Pottery Barn PERFECT, Traditional Brick Beauty that has the best of New-Age design while still maintaining the Old-World Intimate Community Feel, COME ON BY SUNDAY!.

From the moment you step in this lavish ENTERTAINER’S ESTATE, your breath is taken away by the architectural details and superb layout.

Complete with a TOTAL RENOVATION and LAVISH backyard, this home boasts the ULTIMATE in Luxury Living in the ULTIMATE LOCATION.

I COULD GO ON, BUT YOU’RE GOING TO HAVE TO COME BY ON SUNDAY TO SEE THIS HOME AND OTHER HOMES LIKE IT FOR YOURSELF!

February 21, 2011

Atlanta Relocation…..What to Look for in an Atlanta Relocation Home!!!

Posted in Uncategorized tagged , , , , , , , , at 4:20 pm by winterbaserva

Relocation…..What to Look for in an Atlanta Relocation Home!!!

Atlanta, the sixth-largest city in the Southeastern region and home to over 5.3 million residents, has undergone a transition from a city of regional commerce to a city of international influence. It has been among the fastest growing cities in the developed world for over a decade. And, fortunately for those of us who live here, we see no signs of this slowing down. As a matter of fact, by the year 2020 Atlanta is projected to house over 8 million residents!!! And, with all of the global technology companies and international corporate headquarters such as UPS, Delta, Coca-Cola, CNN, TBS, the Center for Disease Control, etc. there will continually be a steady flow of people relocating to the area.

So, when you are being relocated to the sweet tea capital of the world, keep in mind these simple tips when your company or you are looking for your perfect relocation home:

•1)    LOCATION-How many times have we heard this one?? We’ll, you will need to consider this EVEN MORE carefully in Atlanta, as some of the commutes can have you in your cars for days. Most people who are relocating to the area opt for a “suburban feel” with proximity to “the city” where most headquarters are located…..In comes the ideal town of Sandy Springs. Perfectly situated near I-285 and GA-400, this is one of the BEST areas in terms of family life, proximity, shopping, entertainment and more. The air is clean, people friendly and you have access to just about ANY restaurant, store, etc. that you may need.

As a real estate agent I spend 90% of my time in the car and doing ANYTHING to avoid the ATL grind, and I’m happy to say that Sandy Springs/Atlanta has been my home for the last three years. It’s just SO close to the city and SO safe and suburban. Remembering your location is the first tip to finding a good Atlanta home.

 •2)    FEATURES-Most people that are being relocated to the area tend to hold high power, high stress and highly time consuming jobs. Renovations and rehab are not items that most are able to do and even if they wanted to or could afford to, just don’t have the time. You will want to find a home that has the features you want, so you can move right in and get settled. Things that resell in Atlanta and hold significant value include BRICK homes, RENOVATED kitchen’s and bathrooms, and having basements either for storage or for additional play area. Yards go a long way here too, so in your search, be sure to find homes that have these things taken care of, so you can get on to the more important things in life!

 •3)    VALUE-Who doesn’t want a good deal in this market?? But, where does value exactly come from?? This point can be summed up by my previous points, having the right location, the right features and the right price….THIS EQUALS VALUE!! Be sure to find a home that exudes this quality!!!

 •4)    BASEMENTS-While this is really one of the “features” you are looking for, finding a home with square-footage and more importantly, a basement will be KEY to your resell value. Atlanta is BIG ON BASEMENTS. Its pretty hard to find homes “inside the perimeter” with basements that go beyond your typical crawl space, so have an open mind and seek homes “just outside the perimeter” that will bring you more square footage and better value.

While these are just some of the things to look for when relocating to Atlanta, other things such as low land taxes and schools will also need to be considered. Although, its hard to find all of the items above in a home, its not impossible.

Recently, this BREATHTAKING ASSET SALE that has been reduced $159,000.00 and had $80,000.00 worth of upgrades has recently come up for sale and is the PERFECT relocation home. It also represents EVERYTHING above which is all but impossible to find in one shot!

 

No expense has been spared and your tastes are ignited as you witness the designer features, like a choice of TWO MASTER SUITES (one upper and one on the main) with the SPA-LIKE master bath renovations. Or, maybe you prefer to have a cup of joe in the ADDITIONAL KEEPING ROOM with VAULTED CEILINGS or FORMAL DINING . Better yet, prepare a meal and IMPRESS YOUR FRIENDS in the RENOVATED kitchen that sparks the inner-chef in you!!!

This gem boasts so many well-appointed features; it’s hard to cover them all. What I can say for sure is that this home is NOT the home for you if…..

*You DON’T need an abundance of space.
*You want a “small home”
*You ONLY entertain two times a year.
*You want a “FIXER UPPER“.
*You DON’T want to impress your friends and family.
*You’re NOT looking for a GREAT value!
*You DON’T want Loads of Parks and Tons of Activities to do!
*You just DON’T enjoy the finer things in life.

With a complete renovation from the studs in, this resort-like home proves a luxury living experience with every modern convenience, yet still captures its authentic old world charm at a FRACTION of what you might expect to pay.

 Other Special Features Include:

•  Gorgeous CHEF’S Kitchen Renovated From the Studs In..Means NO REHAB!!!  

 NEWER Antiqued Cabinets, Striking GRANITE Counters, Tile Backsplash and STAINLESS APPLIANCES!!!

•  Enjoy a Cup of Joe in the FIRESIDE FAMILY KEEPING ROOM with VAULTED CEILINGS!!!   

•  Stunning FLOOR-TO-CEILING Dramatic Fireplace Keeps you COZY in the Winter!! 

•  True to Its Character, enjoy AUTHENTIC, Original Gleaming Oak Hardwood Floors!! 

•  NO Dated Marble Here…Enjoy the ULTIMATE in Luxury Living as You’re Greeted with a TRAVERTINE Foyer

•  WOW!! A Choice of TWO MASTER Suites each with SPA-LIKE Master Bath Retreats!!! 

•  Secondary Rooms are OVERSIZED, so BRING ON THE Big Family!! 

•  Designer Paint Throughout! Oh Yeah!

•  FULL Daylight, Walk-Out Basement to EXPAND, but You Probably Won’t Even Need To!!! 

•  LAVISH, PRIVATE Back Yard PERFECT for the Entertainer in You!

•  Custom Built-In Bookshelves to Store Your Family Memories!!! 

•  Friendly & SAFE Swim/Tennis-AVAILABLE Neighborhood w/ MOM’S Day Out Program!  

•  Located Near Church, so SLOW Traffic!

•  Close to PARISH/PRIVATE School, which GIVES YOU OPTIONS!! 

•  Perfectly Situated off GA-400 Exit 5 & Abernathy Near SHOPPING, RESTAURANTS, PARKS, ENTERTAINMENT!!

•  So CLOSE, You’ll Think Your ITP, but WITHOUT the ITP Taxes!   

•  Unique Architectural Details Give This Traditional Home a Modern Feel!

•  Loads of Natural Light Overlooking Rich, MATURE LANDSCAPING!

•  Lowest-Priced Luxury Home Featured in Atlanta’s TOP SCHOOL District  

•  NEW ARCHITECTURAL ROOF!!!

 But, don’t take my word for it, see this stunning beauty for yourself:
Atlanta

For more information or to schedule your own private tour, visit www.SeasonsRealtyGroup.com or call Winter Baserva at 678.463.3173

February 16, 2011

FHA Changes on the Horizon….

Posted in Uncategorized tagged , , , , , , , , at 8:07 pm by winterbaserva

FHA Changes on the Horizon….

FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans:

  • The annual mortgage insurance premiums will increase (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. 

 

  •  The upfront MIP will remain unchanged at 1.0 percent. 

 

  •  Fiscal year 2012 budget will impact new loans insured by FHA on or after April 18, 2011.

 

  •  FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes  and lower down payments.

 

  • FHA will continue providing affordable homeownership options to underserved American families and first-time homebuyers while helping to stabilize the housing market during these tough times. 

 

  • On average, new FHA borrowers will pay approximately $30 more per month. 
 

February 8, 2011

New Atlanta Distribution Center in the Works for Fed-Ex

Posted in Uncategorized tagged , , , , , , , , , at 7:15 pm by winterbaserva

In attempts to increase their market share in the Southeast, Fed-Ex has ramped up it’s efforts to compete with Atlanta based United Parcel Service, Inc by developing a 50 acre site in Norcross, GA. The plans include a nearly 215,000 square foot distribution center, aimed at expansion of it’s daily package volume capacity, and also to enhance it’s network service capabilities.

Fed-Ex Ground, based in the Pittsburgh area, is the business segment of Memphis based FedEx Corp. Plans are to develop this new site into a hub for Fed-Ex where they can employ several hundred with up to a million square foot of distribution warehouse space. In the last 10 years, they have added 10 similar distribution hubs.

 

‘Streets of Buckhead’ Project May yet see the Light of day!

Posted in Uncategorized tagged , , , , , , , at 6:10 pm by winterbaserva

The stalled ‘Streets of Buckhead’ project that represented a redevelopement of the former ‘Buckhead Village’ -a popular hotspot for Atlanta predicted to boost Buckhead market’s appeal, has been revived. San Diego firm OliverMcMillan has been brought aboard to restart the$1.5 billion project that was once dubbed as a ‘Slice of Rodeo Drive’ on Peachtree Rd.  The collapse of the luxury retail market in Atlanta and the weak economic recovery had been blamed for the halt of this adventurous project.

OliverMcMillan has been paramount in resurrecting stalled projects recently in California, and Hawaii. One project involved plans to spend $150 million to complete a 46 story condo in Honolulu. As of yet, no mention has been made of a projected start date for the Streets project to commence. The original plans, introduced by developer Ben Carter Properties LLC, touted the ‘Streets of Buckhead’ as one of the  hottest shopping meccas in the country, with exclusive luxury retailers, fine dining restaurants, two hotels, and a multi-million dollar condominium, as well as office space.

January 20, 2011

Fannie Mae First Look Initiatives

Posted in Uncategorized tagged , , , , , , , , , , , , , , , at 5:30 pm by winterbaserva

Fannie Mae has initiated a new program called the Fannie Mae First Look Initiative and many are confused about EXACTLY what this means to them. For end users (someone looking to live in the home), this is GOOD NEWS. This means that you have the right for 15 days to get “first dibbs” on the home before anyone else. This will limit the competition of investors coming in and getting the homes before you have a chance to bid on it.

HOWEVER, keep in mind, these are bank-owned properties, so if you are looking to pay with an FHA loan many of these homes will have over $5000.00 worth of damage to them and will not pass FHA guidelines, so you would not be able to qualify for a mortgage on the home. Even conventional guidelines are becoming very careful about loaning to homes in poor “condition”, so just be aware of that fact.

For investors, this means, owner occupants will have the first right of refusal on the home and you will have to wait 15 days before you can submit your offer. For investors that want to close quickly or buy in bulk, this will pose a problem. For those who maintain patience, and consistency, you will still be able to get these properties at a later date.

We don’t know how long this initiative will last, but with the diminishing supply of homes on the market, Fannie Mae wanted to give owner occupants the benefit to get into some of these homes. While I believe in the dream that everyone should have the opportunity to own a home, I don’t think Fannie Mae is taking into account how significant investors are to helping turn around the home market. Therefore, time will tell how much benefit this inititave has on our economy.

Should you have any questions about the Fannie Mae initiative or any other programs currently out right now, please feel free to call me at 678-463-3173.

Next page