Alabama

Below you will find a table that contains the Market Activity report for 11-20-09 activity in the Mobile AL Real Estate market according to the Mobile Association of Realtors MLS system.

This information is derived daily directly from the local MLS System. For more free Mobile AL real estate information, reports, and statistics, please visit http://www.GulfRegionProperties.com or http://www.AlabamaBestHomes.com. Please e-mail me or call 251-215-9382 if you would like additional information on any of the listings shown.

Mobile AL Real Estate Market Snapshot 11/20/2009

Single Family Homes and Condominiums

New Listings	30
Price Reductions	31
Price Increases	7
Back on Market	12
Pending Transactions	15
Sold Transactions	9
Withdrawn from the Market	15
Expired Transactions	6
NET LOSS (LISTINGS)	3

Looking for a new home? Below you will find a link to search for homes.

Search Mobile Alabama and Nationwide Homes for Sale.

Well if you would have came to me about 2 years ago with that question. I would not have hesitated to tell you sue lets find you the house you want and get a offer written. We would have sat down at the office and followed a buyer process that delt with various steps toward home ownership.

After a initial consultation and a few questions on what you were looking for. We would then search the MLS and look around the city for properties that would fit your preferences. Maybe lining up anywhere from 20 to 30 house and then narrowing them down to about 10 and then actually looking at about 5 of them.

After picking what you want we would write a offer on the property and begin to negotiate on price with the listing agent to reach a meeting f the minds to close the deal.
Not even a thought about financing in this scenario. Just going right along with the confidence that that we can get financing because then it would not have been a problem. Credit score at 580 no problem. Debt to income ration marginal, no problem, low income not quite enough to make the mortgage payment , no problem, no down payment and just enough for closing cost, no problem. Then a person could have all those particulars or a few of them and get down payment assistance and contribution form the seller and get 100% financing and get a loan.

That type of lending is what caused the damage to the housing market. Years of sub-prime lending caught up with us all. Went to the well a fe to many times and now the water has run dry. The cupboard is bare and the funds are locked up tight as a drum.
So you want to buy a house? Can you buy a house? Sure you can. You can still become a home owner and still get down payment assistance and also 100% financing. However you now must be fully qualified and meet the requirements for the risk of lending. Now you have to be and show that you are sound financially. You have to be able to show you have what it takes to be a home owner. You have to show you have paid your bills on time the majority of the time for a period of years. In other words you must have a middle score of 620 or better. You have to show you know how to manage your money. You have to have a debt to income ratio that allows plenty of income to comfortably pay your mortgage. You have to show that you have the ability to save money by having money in the bank even after you have put up the money for a down payment, anywhere from 6% to 20% of the sales price of the property. Those fly by night days of lending are orve and done. Yep you can buy a home but now you must show you got what it takes. Actually the landscape has gone back to the way things used to be. Now the traditional way of purchasing a home having a long term job, paying your bills on time, saving money toward a down payment, then finding a home to purchase.

It was a nice idea trying to make it possible for everyone to have a home. But the result ended in disaster and damaged the market. Not everyone is supposed to have a home because to many people cannot manage their finances as they should. Too many live above their means. This is a drawback of living in a material world. Wanting more than what you can afford.
As a Real Estate Professional I have not given up on the market. If you cross my path and ask for help in buying a home be ready. My first question is what is your middle score? Then how much do you have on have in cash for a down payment closing cost and pre- paids. Then how long have you been on your job and what is your gross income. If you can't answer with good answers well..... it's a no go. I will however help you prepare to purchase if you have the discipline to get it done. Home buying is no picnic anymore.

Article from "BROKER AGENT NEWS".

Top 7 Tips When Buying a HUD Home

by Eric Bramlett

HUD homes offer many buyers the chance to purchase their home with built in equity, and allows investors some fantastic deals, as well.

When the foreclosure rate is particularly high, as it is now , HUD's inventory swells, and there are deals to be made. HUD deals are very different from traditional purchases, however, so make sure and follow sound advice before purchasing your first HUD home. Follow these tips, and you will be on your way.

1. All HUD Homes Aren't Great Deals

Many buyers mistakenly assume that, if the US Department of HUD is selling, it must be a great deal. This couldn't be further from the truth! Many Realtors relentlessly market HUD homes to drum up business, and this can create a glut of HUD buyers. When the HUD inventory is particularly low, oftentimes buyers will bid the property up to, or above the fair market value. Look at every HUD deal on its own merit, and make your decision based on that.

2. Understand the Bidding Process

HUD purchases are very different than conventional deals because they follow a "blind" bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD retains the right to refuse all offers.

3. Know the Difference Between "Owner-Occupant" & "Investor"

One of HUD's goals is to increase the number of US citizens who own homes. Because of this, they give preferential treatment to owner-occupants over investors. Owner-occupants have the first 10 days to bid on any home before it is released to investors. A buyer may bid as an owner-occupant once every two years. Make sure and bid honestly-otherwise it is illegal, and can result in hefty fines.

4. Anticipate Repairs

You are allowed the opportunity a third party inspection before closing, but buyers cannot negotiate repairs based on the results. Backing out of HUD deals & retaining your earnest money is trickier than conventional purchases, too, so you may run the risk of losing your earnest money. Make sure and go through the home thoroughly before bidding on it.

5. Continuously Monitor the Inventory

As foreclosure rates rise and fall, so does HUD's inventory. The laws of supply & demand definitely apply here-when the inventory is high, your chances of getting a great deal are higher than when they are low. Follow the asking price & sales price of HUD homes-if they are selling far over asking, it might not be the time to buy.

6. Make Sure Your Realtor & Lender Know the Process

After your bid is accepted, the paperwork begins! In Texas , HUD requires that you submit original signed (in blue ink) paperwork to the HUD agent's office within 48 hours of the bid's acceptance. If the paperwork is incorrect, you are allowed one revision-which must be received within 48 hours. They are just as strict with a lender's closing documents-so make sure both your Realtor & lender are very familiar with the HUD process. Oftentimes, the HUD agent's office will be located in a different city-and often, the escrow agent will be located in yet another city-this can put a very interesting twist on the process, and time constraints.

7. Act Quickly & Decisively

Because HUD places very strict time constraints on bidding, and due to the bidding process, you must act quickly & decisively. You will typically have 1-2 weeks from the date HUD places the property on the market until the bidding period begins-and more often than not, the property will be purchased on the first day of bidding. Make sure & exercise your due diligence, and make your decision quickly-you often won't get a second chance.

It's easy to search for distressed properties at Huntsville MLS and you can request an Automated Huntsville MLS property search at www.Huntsville-Homes.com

HUD homes can be fantastic opportunities for a buyer or investor to get a great deal on a property. However, because the purchase process is quite different, make sure & do your research before attempting to find your first buy. Follow these tips, & you will be on your way to a successful transaction!

Beautiful Orange Beach and Gulf Shores are hot destinations for vacationers - and investors who developed desirable rental condos along the beach. The area is also a popular place to buy a second home as well as a primary residence. With the mortgage problems of the last few years, some owners, both investors and homeowners, found themselves at risk of foreclosure. To avoid this, some have looked to short sale as a way to prevent foreclosure, but the short sale process is long and tedious.

Recently, a major national lender has partnered with California-based Equator (formerly known as REOTrans) to begin the very first module for short sales designed to speed up the process. Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America (BofA) is the lender that Equator is in partnership with for this program.

The purpose of the Equator system is to allow everyone to work together in real time during the short sale process. This greatly improves communication and approval timelines for clients, borrowers, vendors, and real estate agents.

A short sale is when a lender and borrower reach an agreement to sell a property threatened by foreclosure at a price that is less than the amount owed on the mortgage. This method has become very popular when attempting to dispose of distressed properties but tends to be a prolonged process.

According to Equator, accessibility, responsiveness, communication, and fulfillment are the keys to achieve success with a short sale. By utilizing the Equator short sale platform, a large lender can provide troubled borrowers 24/7 access so they can provide the information necessary to process a short sale. All of this will streamline the current process of a typical short sale.

Equator's system also completes a faster turnaround for loan approval, guarantees quick fulfillment and stays in full compliance with government programs.

If you are or someone you know is considering a short sale of their home, please contact Lance Steffek at (251) 981-2225 for the help you deserve. Lance is an expert in working with distressed properties. Short sales and foreclosures can offer attractive opportunities for buyers. Lance can also help you finds great property to buy in the Gulf Shores-Orange Beach area.

The article below si provided at the Radon in Alabama Web site, www.aces.edu/radon .

WHY RADON SHOULD NOT BE A DEAL BREAKER

IN REAL ESTATE SALES

While radon is among the most important and troublesome of indoor pollutants, in terms

of the numbers of people affected, it should not be a deal breaker. Among all other

environmental pollutants, radon has many unique features that set it apart, making it more

manageable than other environmental problems such as contaminated well water, termite

infestation, or deteriorating lead paint or asbestos.

♦ Radon problems can be fixed. Standard remediation measures are well known

and well tested. While this does not mean that every house will always be fixed

right the first time, it does mean that all houses can always be fixed. It is common

industry practice to guarantee that, for a fixed cost, remediation work will reduce

radon to concentrations below the EPA "action level."

♦ Remediation costs are reasonable. While not exactly inexpensive, the costs to fix

a radon problem are relatively small compared to the overall value of the home.

Moreover, with a properly written contract with the remediation contractor, costs

should not be open-ended, but will be close to the local "average" cost, even if the

radon levels are exceptionally high. While costs will vary in different regions of

the country, average radon remediation costs in Alabama may run $2,500 (+ $500)

for a typical home (one suction point), with price depending on the type of home

construction and size.

♦ Radon is easy to test for. For about the cost of a smoke detector, the occupants

can conduct their own radon test.* This can show whether a problem exists.

After remediation, it can show whether the work was effective. Later, it can verify

that the system is still functioning properly.

♦ Buyers learn that radon is a problem that can be managed. In one county in

the northeastern U.S., real estate sales dropped off in the late 1980s, following news

stories concerning the high percentage of homes with very high radon levels. Sales

recovered in about six months as people learned that radon is a manageable

problem. Radon inspections (and, when needed, mitigation) are now a routine part

of real estate transactions in some sections of the country.

♦ Radon-resistant construction benefits new homebuyers and builders.

Incorporating EPA radon recommendations in new construction adds only a

minimal cost of approximately $500 to the price of the home for one vent pipe

installed. Besides blocking radon entry, these measures also slow the entry of

moisture (and pollutants sometimes found in soil) into the building. These features

should add value to existing homes and facilitate resale.

More infomation available at Huntsville Radon

* Short-term and Long-term test kits are available at the county offices for $5.00 and $15.00

(plus shipping) respectively and on the Radon in Alabama Web site, www.aces.edu/radon.

Your Experts for Life

Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation

with the U.S. Department of Agriculture, by the Alabama Cooperative Extension System (Alabama A&M

University and Auburn University).

Program County Extension Offices

Clay - (256) 354-5976

Cleburne & Calhoun - (256) 463-2620

Colbert - (256) 386-8572

Lauderdale - (256) 766-4846

Franklin - (256) 332-8880

Jackson - (256) 574-2143

Jefferson - (205) 325-5342

Lawrence - (256) 974-2464

Limestone - (256) 232-5510

Madison - (256) 532-1578

Morgan - (256) 773-2549

Shelby - (205) 669-6763

Talladega - (256) 362-6187

Does Alabama Have a Radon Problem?

Alabama has 15 counties that have

been identified as having among

the highest levels of radon in the

country. Madison and Colbert

counties have the greatest

problems. Other counties

identified with problems include

Calhoun, Clay, Cleburne, Coosa,

Franklin, Jackson, Jefferson,

Lauderdale, Lawrence, Limestone,

Morgan, Shelby and Talladega.

Marshall County is included in the

Radon Program even though it is a

Zone 2 county. County agents

located at the County Extension

System offices listed below have

more information.

Radon Risk in Alabama

Zone 1 - highest potential

Zone 2 - moderate potential

Zone 3 - lowest potential

All other Alabama counties -

Alabama Department of Public Health 1-800-582-1866

Susan Roberts, Auburn University (334) 844-3686

Your Experts for Life

Issued in furtherance of Cooperative Extension work in agriculture and home economics, Acts of

May 8 and June 30, 1914, and other related acts, in cooperation with the U.S. Department of

Agriculture. The Alabama Cooperative Extension System (Alabama A&M University and Auburn

University) offers educational programs, materials, and equal opportunity employment to all people

without regard to race, color, national origin, religion, sex, age, veteran status, or disability