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!

Advertisements

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.

January 6, 2011

192+/- Atlanta Homes MUST BE SOLD! The REDC HOME AUCTION COMES TO ATLANTA JANUARY 23, 2011

Posted in Uncategorized tagged , , , , , , , , , , , , , , , , , , , , at 5:36 pm by winterbaserva

192+/- Atlanta Homes MUST BE SOLD!!! The REDC (Real Estate Disposition Corporation) HOME AUCTION COMES TO ATLANTA JANUARY 23, 2011!!! (edit/delete)

  That’s right! The REDC Home Auction in Atlanta is coming back on Sunday, January 23, 2011.

Many will flock to this event in the hopes that they will strike it rich with their “deal of a lifetime“!! As an owner of FOUR properties bought at the REDC auction, can I please give you one, tiny, little piece of advice??? Go, BUT DON’T EXPECT TO FIND YOUR DEAL OF A LIFETIME!! If you haven’t already done so, YOU MUST read my blog about the 10 Biggest Mistakes Buyers Make in Today’s Market, of which Mistake Number 7 is trying to find your bargain at an auction.

Don’t get me wrong, I got a fairly decent price on the four properties I bought at the REDC Home Auction. But, by the time you add the auction fees, lender fees, closing costs, repairs (of which all of my homes needed between $10,000-30,000 worth of work), I realized that if I just would have been better off buying the home down the street directly from Mr. & Mrs. Seller……and FOR LESS. Of course, this was early off in my investing portfolio and just a little mistake I made that I have the privilege of sharing with you, so you don’t make the same mistake. I see it too many times; people getting caught up in the labels of “auctions, foreclosures and short sales” and miss unbelievable buying opportunities that are staring us in the face.

 Now you HAVE to read my blog about auctions…….

 Here are a Few Other Recommendations if you Plan to Buy at an Auction:

  • Do Your DUE DILIGENCE-no inspection contingencies here, you get what you get and sometimes that can be substantial. Do your research BEFORE you bid.
  • DON’T let your emotions take control-decide your highest and best bid BEFORE you go and don’t go over it under ANY circumstances. 
  • Practice PATIENCE throughout the entire process-from the winning bid, to the paper work to closing, you will need patience. Imagine how busy the closing attorney’s are with the amount of Atlanta homes being sold.
  • Don’t be surprised about the disorganization-these events move fast and they are not always well orchestrated.
  • Keep Your Eye on the Prize and WAIT-if the auction property you want ends up going to another bidder, WAIT, 40% of the homes come back around and you can get it on the second go round and maybe for LESS!!!
  • Despite everything if you still want to buy at an auction, GET A QUALIFIED REALTOR to represent you. It’s great to have a non-biased, non-emotional third party representative there to help you with the bidding, interpret the price point, explain the risks, as well as walk you through the process and paperwork. Your job is JUST starting once you leave the auction. There is a mountain of items that have to be handled and an agents fee is paid for by the auction house, so this service is completely FREE to you!

One thing is certain DEALS OF A LIFETIME are out there…..lots of them… And, if you REALLY want a good deal, call me and let me show you how to offer in on the property NO ONE’S offering on, instead of putting you in a room with hundreds of other buyers all going after the same one.

If you are looking for a Nationally-Recognized, top producing real estate agent that understands the Atlanta home auction process, then CALL ME immediately. I’ll be happy to represent you FREE.

 BUT, don’t wait!! I will need to make sure that you are registered properly!

 The REDC (Real Estate Disposition Corporation) HOME AUCTION

 When: Sunday Jan. 23, 2011

Where: Georgia International Convention Center – Exhibit Hall D  2000 Convention Center Concourse, College Park, GA 30337

Time: Registration Starts Promptly at  8:00 a.m. Auction starts promptly at 9:30 a.m.

What to bring: Last 2 yrs W-2 , $2,500 Cashier’s Check ($5,000 for each subsequent) , Checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent)

Properties open for inspection from 11AM to 4PM on 1/8/11, 1/15/11 & 1/16/11.  Please check individual property for specific open house information.

P.S. Did you know you can buy properties “auction-style” ONLINE from auction houses that are not as popular and have many less people bidding on them??? I can help you with that as well!

 

December 8, 2010

How to SELL During the Holidays! Top 10 Reasons to Sell Your Atlanta Home Now!

Posted in Uncategorized tagged , , , , , , , , , , , , , at 8:24 pm by winterbaserva

How to SELL During the Holidays! The Top 10 Reasons to Sell Your Atlanta Home Now!

Many sellers have a misconception that the “Winter” months equals a NO SALE season. Allow me to debunk this common myth out there. While showings can be distressing during a time when there is family over or on a Sunday while you’re putting up a tree, there are substantial reasons why end of the year is one of the BEST times for sellers to sell their Atlanta Home. 

•1)      Low, Low Inventory-During the holidays, many sellers take their homes off the market, which means there are LESS homes available to prospective buyers. Low inventory increases the chance a seller can sell quickly and for more money.

•2)      More Serious Buyer Pool-If you are having showings on Christmas Day, or any of the weeks leading up to it, you can rest assured that these are not the “looky lous”. These are serious buyers who NEED to buy, so having your home on the market during this time means we are dealing with a SERIOUS buyer pool.

•3)      Relocation, Relocation, Relocation-Did you know Atlanta is home to the TOP 50 Global Corporations like Coca-Cola Company, NCR, Delta, Equifax, UPS and more?? These companies tend to staff their corporations right before the end of the year to get in their “calendar budgets” for the next year. Keeping your home on the market during this time means that you have a better chance of snagging up a high-powered executive.

•4)      Many agents take time off during the holidays-so hire one who you know will be in town and can help filter all the calls and continue to market the home.

•5)      Tax Season-Some buyers NEED to buy before the end of the year due to the tax benefits. Don’t deny them the right to capitalize on this pivotal time.

•6)      Buyers Have the TIME-And, time is money. Buyers have more time to look during the holidays outside of work hours, so keep your home on the market to ensure every possible buyer is able to see your home.

•7)    Interest Rates-Interest rates are still at an all time low, so even more incentives for buyers to buy.

•8)      Competition-Today, your home is based on the valuation of your current competition, which is less due to low inventories. When the market picks back up in the Spring, sellers will be “competing” with each other to get theirs sold quicker. While we don’t have a crystal ball, we do know what we are working with RIGHT NOW.

•9)      Because I Said So-In my six years as a real estate agent, November and December marked my BEST months of the year. My proven track record confirms all my previous reasons.

•10)   Don’t Fail-You only FAIL if you fail to try. Test my theory and see the results for yourself.

 According to the National Association of Realtors, the average agent sells 8 homes a year. YES, 8 HOMES A YEAR. In a time of anxiety and hardship for many agents, I have sold 58 homes of which 8 were sold in the month of November 2010 alone.

 If you’re looking for an Atlanta real estate agent who WILL be in town for the holidays and has a proven track record of producing MASSIVE results and getting sellers TOP DOLLAR for their homes, call Winter Baserva at 678-463-3173. But, don’t take my word for it, just see LIVE testimonials here.

November 18, 2010

ATLANTA HOME AUCTIONS-Commonly Asked Questions Answered!

Posted in Uncategorized tagged , , , , , , , , , , at 3:20 am by winterbaserva

ATLANTA HOME AUCTIONS-Commonly Asked Questions Answered!

 

 

Atlanta Home Auctions…still something that is so talked about and yet still so misunderstood. There are many forms of auctions. An absolute auction is one that the final bidder price, no matter what it is, MUST be sold. We sure need a lot more of those here. Instead, Atlanta has been plagued with the online and live auctions like those from REDC, Hudson & Marshall and Roswell Auctions.

Atlanta home auctions have many pluses and minuses, but for those who have bought from an auction you’ll see that Atlanta’s BEST deals are far from any auction house offered.

If you want to know anything about auctions, just check out some of my earlier blogs, but this article is based on some of the common questions asked by auction attendees or potential buyers:

•1)      Can anyone attend an auction?
yes. All auctions are open to the public.

•2)      What do I need to register?
Typically, you will need a cashiers check for at least $2500-5000 made payable to yourself and additional ones if you plan on purchasing multiple properties. You will also need a driver’s license or other form of photo ID.

•3)      Can I do an inspection after the property closes? What is my due diligence period?
NOTE: ALL INSPECTIONS MUST BE DONE PRIOR TO PURCHASING THE PROPERTY. Auctions are “as is, where is” sales, so don’t be caught in an “emotional” purchase without seeing the property first.

•4)      Can I still use my agent?
Yes. Your agent will need to register as your client and be present with you during the auction to receive credit.

•5)      Can I purchase the property in a company name?
Yes, but be sure to bring articles of incorporation, etc. with you during the auction day to provide proof when signing.

•6)      What happens if I decide I don’t want the home?
You can pretty much consider your earnest money and deposit gone. Do your HOMEWORK first and don’t “think” later.

As the owner of four properties I bought at an auction, I can tell you there are SOME good deals out there, but by the time you add the auction fees, lender fees, closing costs, repairs (of which all of my homes needed between $10,000-30,000 worth of work), I realized that if I just would have been better off buying the home down the street directly from Mr. & Mrs. Seller……and FOR LESS. Just a little mistake I made that I have the privilege of sharing with you, so you don’t make the same mistake. See too many times we get caught up in the labels of “auctions, foreclosures and short sales” and  miss unbelievable buying opportunities that are staring us in the face.

Here are a Few Other Recommendations if you Plan to Buy at an Auction:

  • Do Your DUE DILIGENCE-no inspection contingencies here, you get what you get and sometimes that can be substantial. Do your research BEFORE you bid.
  • DON’T let your emotions take control-decide your highest and best bid BEFORE you go and don’t go over it under ANY circumstances. 
  • Practice PATIENCE throughout the entire process-from the winning bid, to the paperwork to closing, you will need patience. Imagine how busy the closing attorney’s are with over 1,400 Atlanta homes being sold.
  • Despite everything if you still want to buy at an auction, GET A QUALIFIED REALTOR to represent you. It’s great to have a non-biased, non-emotional third party representative there to help you, as well as walk you through the process and paperwork.

 

One thing is certain DEALS OF A LIFETIME are out there…..TONS OF THEM… And, if you REALLY want a good deal, call me and let me show you how to offer in on the property NO ONE’S offering on, instead of putting you in a room with hundreds of other buyers all going after the same one.

If you are looking for a qualified realtor that understands the Atlanta home auction process, then CALL ME immediately. I’ll be happy to represent you FREE. BUT, don’t wait!! I will need to make sure that you are registered properly!

Upcoming Atlanta Home Auctions:

  • Hudson & Marshall
    Atlanta Mariott Northwest
    200 Interstate North Parkway
    Atlanta, GA 30339
    November 20, 2010
  • Over 100 Total homes being auctioned

 

P.S. Did you know you can buy properties “auction-style” ONLINE from auction houses that are not as popular and have many less people bidding on them??? I can help you with that as well!

January 16, 2009

The REDC Comes to Atlanta and Breaks Hearts, Yet Again….

Posted in Uncategorized tagged , , , , , , , , , , , at 5:38 pm by winterbaserva

shattereddreams

The REDC Comes to Atlanta and Destroys Dreams, Yet Again….

We’ll the REDC did it again! They destroyed another one of my clients dreams……

Mr. A, my client, decided he wanted to purchase properties from the REDC Atlanta Home Auction, despite my recommendation not to. I diligently explained that good deals come in all forms-not just in Atlanta Foreclosures or Atlanta Short Sales or Atlanta Home Auctions, but all over.

I sent him my report about auctions and encouraged him to read my auction blogs.

Nevertheless, his mind was made up, so I did what any good agent would do, I supported my client. We did our part…I took him to the properties, he inspected them, registered for the auction, went there and bid on them and guess what, he got BOTH of the properties he wanted. CASH ONLY deals of which both of the houses needed $75k-$200k worth of work just to make them livable again.

We left happy and I was pleased Mr. A got what he wanted. Then the REDC did it AGAIN. They started playing the “…we’re still waiting on the seller to respond game…” The REDC started saying “…contact the closing attorney for more info…”, and the closing attorney said “…contact the REDC, we don’t know what’s going on….”

I played the “follow up game” for over a month until FINALLY we find out that the banks did not accept EITHER property. The REDC and closing attorney had in fact found this information out over three weeks ago, but did not redc-broken-dreamsinform us.

In the meantime, my buyer had gotten estimates, did inspections, started organizing the crews to get the homes in order and needless to say, got very emotionally attached to what he was going to turn these homes into.

THIS IS THE 7TH PROPERTY I HAVE BEEN INVOLVED WITH THAT HAS BEEN HANDLED LIKE THIS WITH THE REDC AUCTION!!!!

Since I started blogging about the REDC, I’ve had SEVERAL people reach out to me and tell me their stories of broken dreams, marriages ending and heartache that trying to buy from an auction cost them.

The REDC touts themselves as the “Atlanta Foreclosures and Atlanta Bank Owned” Inventory Specialists. They pay high dollars on marketing (which by the way, you end up paying for on the 5% mark up fee) to promise people the opportunity of owning a home for 50 cents or less on the dollar.

The fact of the matter is that the REDC are BRILLIANT marketers. I encourage ANYONE looking for a good deal to find them elsewhere than in auction houses. I have seen my buyers’ hearts broken one too many times and its a shame that my client got their heart broken by the REDC!!!!