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Adriana West

“This House Has Not Been Stigmatized As a Foreclosure” (Yet):

06-15-10
Adriana West

In the past 6 months, I have found more and more cases where the BPOs and Appraisals that Loss Mitigation Departments are receiving are higher than foreclosures in the same area - and even in the same subdivision.

I have a client who is working on a Short Sale with one of the Big Banks. The bank sent me an appraisal on the property, after I submitted the one and only offer I have received for this property in six months. The negotiator came back and countered the offer asking for $35,000 more than the buyer was willing to pay. Not surprisingly, the buyer dropped his offer and I was at square one again.

I contacted the negotiator and asked her how it was possible to have an appraisal $35,000 higher when her own company has a foreclosure property under contract in the same subdivision for $35,000 less than the appraisal claims this house is worth. She stated that the Appraisal showed a higher value because the house had not been "stigmatized" as a foreclosure yet, and the tax records show that the foreclosure is a few square feet larger than the Short Sale. The loss mitigator stated that they would not review any offer below the appraisal's number, and I needed to increase the listing price to match it.

Two months passed, and a new negotiator has been assigned to the file. I shared the same information adding that yet another house foreclosed by the same bank has already closed, and both the foreclosures are less than the $35,000 additional that the bank is asking any buyer I receive to offer for a short sale on my client's house.

In the Real Estate market we are enduring in Georgia, it is like pulling teeth trying to keep a buyer happy during a transaction that involves a short sale. It is even more frustrating when you are competing with foreclosures and a 6 month long process to close. I cannot count the number of times I get a call from a buyer's agent asking to see one of my properties now, and when they find out it is a Short Sale, they do not bring their buyers. They just skip those houses.

So where is the real stigma?

Cumming Charmer

04-24-10
Adriana West
2165 KEENLAND Court
CUMMING, GA 30040-7446
$ 109,000

Property Information:
Subdivision: LEXINGTON
Bedrooms: 3
Baths: 2
Hlf Bth: 1
Yr Built: 1999
FMLS#: 4049235

Schools
Elem: OTHER
Middle: OTHER
High: OTHER


Remarks
DON'T MISS OUT ON THIS INCREDIBLE VALUE,HRWD FLRS,BEAUTIFUL FENCED B/YARD!HOUSE IS IN GREAT CONDITION,MUST SEE TO APPRECIATE.OPEN TO A SHORT SALE,SOLD AS-IS NO DISCLOSURE.MUST BE PRE-APPROVED BY DIRECT LENDER.

Features
Bedroom: Other
Master Bath:: Garden Tub, Sep Tub/Shower
Kitchen:: Pantry, View To Fmly Rm, Other
Dining:: Separate Dng Rm
Const:: Stone, Vinyl
Parking:: 2 Car Garage, Auto Garage Door
Rooms:: Family Room, Separate Lvng Rm
Basement:: Slab/None
Lot Size:: Under 1/3 Acre

Solid Deal in Stone Mountain

04-24-10
Adriana West
1182 Beechwood Court
STONE MOUNTAIN, GA 30087-3021
$ 90,000

Property Information:
Subdivision: Beechwood Estates
Bedrooms: 3
Baths: 2
Hlf Bth: 0
Yr Built: 1973
FMLS#: 4048025

Schools
Elem: MOUNTAIN PARK
Middle: TRICKUM
High: PARKVIEW


Remarks
BEAUTTIFUL RANCH STYLE HOME. GREAT LOCATION, MUST SEE TO APPRECIATE, OPEN TO SHORT SALE, SOLD AS-IS, NO DISCLOSURE, MUST BE APPROVED BY DIRECT LENDER.

Features
Bedroom: Bdrm On Main Lev, Master On Main
Master Bath:: Tub/Shower Combo
Kitchen:: Breakfast Area, Cabinets Stain, Counter Top - Laminated, Country Kitchen, Pantry, View To Fmly Rm
Dining:: Dining/Great Rm
Const:: Brick 4 Sides
Parking:: 2 Car Garage, Attached
Rooms:: Family Room
Basement:: Slab/None
Lot Size:: 3/4 Up To 1 Acre

Villa Rica Charmer

04-24-10
Adriana West
9925 RIVERCLIFF Lane
VILLA RICA, GA 30180-3366
$ 86,000

Property Information:
Subdivision: SPRINGWELL AT WESTLAKE
Bedrooms: 3
Baths: 2
Hlf Bth: 1
Yr Built: 2000
FMLS#: 4051919

Schools
Elem: WINSTON
Middle: FAIRPLAY
High: ALEXANDER


Remarks
NICE HOUSE,GREAT NEIGHBORHOOD.MOVE-IN CONDITION.MUST SEE INSIDE, OPEN TO A SHORT SALE.SOLD AS-IS NO DISCLOSURE.MUST BE PRE-APPROVED BY DIRECT LENDER.

Features
Bedroom: Other
Master Bath:: Tub/Shower Combo
Kitchen:: Breakfast Area
Dining:: Separate Dng Rm
Const:: Concrete Siding - Not Stucco
Parking:: 2 Car Garage
Rooms:: Other
Basement:: Slab/None
Lot Size:: 1/3 to 1/2 Acre

Incredible Douglasville Deal

04-24-10
Adriana West

Picture

Residential Detached $ 85,000
#:4053218 Active Broker: KWFA01 Area: 91 Map: 880D5
3156 CEDARDALE Drive Media: 13 PPVT
City: DOUGLAS State: GEORGIA County: DOUGLAS Zip: 30135
Subdivision: JAMESTOWN FOREST Demographics Yr Built: 1985 Age Desc: Resale
Lvls Bdrms Baths Hlf Bth
Upper 3 2 0
Main 0 0 1
Lower 0 0 0
Total 3 2 1
Lake: NONE Waterfront: 0
Stories: 2 Stories Elem: ARBOR STATION
Style: Traditional Middle: CHAPEL HILL
High: DOUGLAS
Directions: I-20 WEST EXIT 36 SOUTH TOWARDS MALL,TURN RT ON STONE OAK DRIVE.LT ON FIVE LEAVES,RT ON NORTH WOOD,LEFT ON CEDARDALE DR.
Public Remarks
BRIGHT SPACIOUS HOME*FAMILY ORIENTED N'HOOD*LRGE BDRMS,LOTS OF UPGRADES,HRWD FLRS,MUST SEE INSIDE!APPROVED SHORT SALE,CAN CLOSE IN TIME FOR THE 1ST TIME HOMEBUYER TAX CREDIT.STRICTLY AS-IS, NO DISCLOSURE.
Private/Confidential Remarks
PRE-FORECLOSURE SOLD STRICTLY AS-IS.PLEASE CALL AGENT BEFORE SHOWING & FOR ADDIT PAPERWORK*1% SELLING BROKER COMM IF WE SHOW,IF BUYER IS GA LICENSED AGENT,NO COMMISSION SHALL BE DUE AT CLOSING.
Features
Bedroom: Sitting Room Master Bath: Tub/Shower Combo
Kitchen: Breakfast Area, Breakfast Bar, Cabinets Stain, View To Fmly Rm, Counter Top - Laminated Dining: Liv/Dine Rm Comb Setting: Other
Const: Brick & Frame, Frame House Faces: NE Tennis on Prop: No Pool: None
Parking: 2 Car Garage, Kitchen Level Road: Public Maintain # FP: 1
Rooms: Other
Basement: Slab/None Home Warranty: No
Lot Size: 1/2 To 3/4 Acres Lot Desc: Corner, Level, Level Driveway, Private Backyard Lot Dimensions: .5951
Green Building Certification: HERS Index: 0
Other Descriptive Information
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Nbrhd - None
Appl - Dishwasher
Appl - Elec Ovn/Rng/Ctop
Int - 9 ft + Ceil Main
Int - 9 ft+ Ceil Upper
Int - Hardwood Floors
Int - Perm Attic Stairs
Int - Walk-In Closet(s)
Ext - Deck
Ext - Fenced Yard
Ext - Front Porch
Hcap - None
Fplc - In Living Room
Heat - Forced Air
Heat - Gas
Cool - Central Electric
Enrgy - Clock Thermostat
Water - Public Water
Sewer - Septic Tank
Laundry - Laundry Room
Laundry - Upstairs