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Here's a hypothetical for you:
You are representing the buyer in a transaction. The listing sheet clearly states, "Not a short sale," but you notice, while doing your due diligence and researching the property in the MLS, tax records, county courthouse records, etc. that the list price is significantly less than NOT ONLY what the seller paid for the home but also less than the amount of their loan. You ask the listing agent, "This definitely isn't a short sale?" He says, "No."
You write the offer, and following negotiations, your client (the Buyer) reaches an agreement with the Seller - they are under contract. The normal things happen from here: the inspection and subsequent repair negotiation; the appraisal; the loan package arrives at the closing attorney's office; the HUD-1 Settlement Statement is prepared and sent to all parties. You notice that the Seller needs to bring upwards of $51,000+ to closing in order to sell their home. "You're sure it's not a short sale?" you ask the listing agent. He says, "No."
And then...four days before closing, your phone rings. It's the listing agent, and he says, "I really need to talk to you."
Sure enough - the seller doesn't have the money to close. They are more than $10,000 short and have no way to come up with the money. Their bank has turned them down for a loan for the amount they need. They are a bad risk. They have asked family and friends, who have also turned them down. Suddenly, the closing that has been 45 days in the making (not to mention the time you spent showing properties to your clients) is falling apart. You feel helpless. Your buyer is confused and angry. The listing agent...well, you wonder where was he throughout this process?
The question is, what do you do when the listing agent doesn't fully do their job? As REALTORS®, our job is to counsel our clients. That includes preparing a "Net to Seller" sheet when an offer is received AND at the time of each subsequent counteroffer. It also includes talking them through the situation - do you know how much you owe on this home? Do you have the funds you will need to close? It includes requesting a preliminary HUD-1 from the closing attorney to show the seller, in black and white, what their financial obligation is at closing. It includes being brutally honest with your client about their financial obligations, as well as being diligent and DOING YOUR JOB. Our Georgia Association of REALTORS® contracts has a "Source of Buyer's Funds" exhibit and a "Financing Contingency" exhibit that sellers can use to insist on knowing the buyer's financing plan; however, there is no "Source of Seller's Funds" exhibit that we can use to protect our Buyers and be sure that the Seller has enough money to close in a situation like this one. After this week, I really think there should be.
Because this is not a hypothetical. It happened to me this week. Thankfully, we closed the loan, with some artful maneuvering on the part of the closing attorney, who was able to eek out some additional funds for the seller by netting their escrows and applying that amount to the deficit, among other things. The money was "found" and the closing happened right on schedule.
But the point it, it might not have closed. And the sad fact is that, in this market, doing due diligence on just one side of the deal is no longer good enough. We've entered a time in which we now have to worry about not only prequalifying OUR clients, but also prequalifying the clients on the other side of the table, in case that agent has not done his or her part.
Subscribe to The Gebhardt Group's Real Estate blog today!
Maura Neill, ABR, CRS, MA
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097
(770) 238-0595
email: Maura@GebhardtGroup.com
website: http://www.GebhardtGroup.com/
blog: http://www.GebhardtGroupBlog.com/
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Alpharetta real estate can be very expensive these days. With the average home price in Alpharetta well into the 300k range, it can be difficult for some to find affordable housing. I have put a list together of neighborhoods where the homes start at under 200k. Please visist my website for more details!
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Find Homes in |
| Devonshire 120k-130k |
| Liberty Square 130k-200k |
| Avensong 130k-230k |
| Quail Ridge Manor 140k-150k |
| Hembree Forest 150k-170k |
| Roswell Heights 160k-170k |
| Williamsburg Square 160k-170k |
| Cedar Creek 160k-190k |
| Mountain Park 160k-460k |
| Cameron Creek 170k-200k |
| Roswell Farms 170k-230k |
| Bainbridge 180k-200k |
| Creekside at Hembree 190k-200k |
| Greenway Hills 190k-200k |
| ML Thomas 190k-200k |
| Northfield 190k-200k |
| Stonebridge 190k-200k |
| Valley Woods 190k-200k |
| Warsaw Acres 190k-200k |
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Hedington Square is located off Rucker Road, in very close proximity to Alpharetta's area Wills Park, between Wills Road and Harris Road, in North Fulton County.
The community of Hedington Square is a pool, playground and tennis community with H.O.A. dues at $400.00 a year, at time of post.
These Traditional Style homes were built between 1999 and 2000 by D.H.Horton. Both Ranch and Traditional styles homes, sit on 1/4 to 1/2 acre with no basements, at least 1 fireplace, and 2 car garages.
Homes For Sale In Hedington Square
The average selling price for a 4 bedroom / 2 and 1 half bathroom home in Hedington Square is $266,238.00, at time of post.
Visit More Neighborhood Of Alpharetta
Streets In The Community Of Hedington Square Include Sydney Walk, Brisbane Drive, Melbourne Trail, Quay Circle, Paddington Court 
Directions: GA 400 North to exit 10 Old Milton Parkway (this becomes Rucker Road after crossing HighWay 9) go 1.5 miles to Hedington Square on the Left.
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12185 Brookmill Point - For Sale By OwnerProperty Details:
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Description:The sellers have truly loved this neighborhood of Selbridge Mill. It seems that neighbors feel the same because it is actually rare to find a “for sale” in the community. The neighborhood is quiet and safe with the occasional jogger in the AM. When I ask the sellers about what they love about the neighborhood, The Pool and Tennis Amenities were just a bonus to the location and great schools. The sellers recall great enjoyment in regards to the convenient location to Wills Park, especially during the 4th of July Holiday, where they can walk and enjoy all the festivities and walking trails. As far as the home, the sellers find the house to be a wonderful home for entertaining with family congregating in the kitchen and family room. This leads family naturally to the Oasis in the back with decks and privacy that anyone would enjoy at the end of a hard day or for entertaining. The covered porch seems to be the favorite. With a resident blue bird and the peaceful quiet, fenced in backyard, many times they have fallen asleep, even in the winter with a cozy blanket and a small fire. With a Master on the main, when they do have quest stay, they are accommodated up stairs with the 2 bedrooms each having their own full bathroom and walk in closets. Guest or Family enjoy the privacy and great views of the wooded, private deck/back yard. Lots of windows in this home and most go to the floor creating a fresh, happy home. Wait to you see the Dining Room in person. An unusual 2 story daylight filled room lets the sunshine in from floor to ceiling, just off the Foyer. French doors to the back of the house and room for a garden as well, this home is truly a charmer and will steal your heart away! |
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Over the years in real estate business we have to learn something. If not we are fools making hte same mistakes over and over again. We all must acknowldge that some homes will sell, and others will not! When you see and sell a lot of homes each year you cannot help but to start connecting the dots. Then, it all starts to make sense. It makes your next deal easier. Unreasonable demands, and not facing the facts at hand can create a tough life in the real estate business. It is smart to build on success, but it is also smart not to build on those things that don't work or will sap you of your time and talent.
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