Winter Baserva Realtor Atlanta, GA Homes For Sale

The Difference Between Atlanta Short Sales and Atlanta Foreclosures!!!

Being an Atlanta short sale, foreclosure and GOOD DEAL specialist, I have written many blogs about the difference between the three. Lately, I have been asked several questions about the differences again and thought it would be a great time for a quick refresher course.

Atlanta Foreclosures vs. Atlanta Short Sales

Atlanta Short Sales
When a property is labeled as a "short sale" this means that the buyer is in default on their mortgage payments and has asked the lender to work with them in accepting less money than is owed on the current mortgage. Although the seller is still technically in possession of the property, it is the lender who will determine whether or not the home will sell. The lender will require the owner to submit a "hardship" application proving that the seller does not have the financial capacity to pay for the home or make up the difference in what the home might sell for versus what is owed. Once approved, the lender orders a BPO (broker price opinion) or an appraisal to determine what price would be fair for them to accept knowing they are going to take a loss.

Buying a home that is labeled a short sale at a good price is possible, but generally not without some challenges. Typical issues you will encounter are primarily time for acceptance and lack of firm pricing decisions. Quite often, lenders can take 30 days or more to respond to an offer due to the approval process they must go through once an offer is received. This approval process can very frequently result in even "full price" offers being rejected. Sellers and lenders are under no legal obligation to accept even a full price offer. They can change their mind at any time and they often do.

We have seen many homes listed at "incredible" prices and labeled short sales, only to find out that the price was never even in reason of being accepted by the bank. The seller/agent may have been trying to just create interest and get an offer to see if the lender would act on it. In the end, this creates frustration for everyone from the lender to the buyer, and the purchaser. Be wary of something that looks too good to be true.

Bank REO's / Foreclosures
When a seller is in default on their mortgage payments, the lender will file a Lis Pendens notice with the clerk of courts. This is the first step in the foreclosure process. The lender then files the necessary paper work to "foreclose" on the property to take possession of it for non-payment. When the courts rule in favor of the lender, the owner surrenders ownership to the lender. The lender is now the proud owner of a piece of real estate they really do not want to own.

By law, lenders are required to dispose of REO's (real estate owned) within certain time frames. This creates a motivated seller. Another benefit when dealing with a lender is the transaction becomes one based on numbers, not emotion. Asset managers who handle these sales are not going to be emotionally attached to the dining room chandelier. Their main goal is to sell the property quickly at a price that that can be justified.

Unfortunately, some lenders are still reluctant to face the reality of current market values and start out asking for more than they probably should. After all, they are trying to minimize their losses as much as possible while balancing that with selling as quickly as possible. Also, they have already taken a great loss on the "legal process" of foreclosing on the property. Many people think that just because it's bank-owned that the banks are desperate for the sale, so they offer huge chunks off the asking price. In all reality, the bank has already taken a massive hit from the foreclosure process, hiring of agents, etc. and fortunately, the market is not as bad as the media makes it out to be.

If you see a good deal, don't try to "push" your luck and think the bank is desperate. Offer fairly (as foreclosures can be priced-to-sell and working with an experienced agent will help you determine that), offer QUICKLY; offer with the proper documentation (such as a pre-approval letter) and stake your claim before the other vultures come in for the attack!

Click here to learn more information on How to Buy Atlanta Foreclosures and Atlanta Short Sales or to start receiving your FREE daily list of ATLANTA GOOD DEALS.

Who ELSE WOULD LIKE TO SELL THEIR ATLANTA HOME RIGHT NOW...GUARANTEED??

As time changes, people need to adjust their systems for success. I am really excited that with the recent changes in the real estate industry, my broker decided to open an ERA Franchise in Atlanta, GA.

For those of you that don't know ERA, they are a global real estate company whose parent company is Realogy (the same parent company of Century 21 and Southeby's). Besides the technology advantages, marketing advantages and resources available, one of the best things that I love about this company is its EXPOSURE and REACH to Atlanta buyers and Atlanta sellers!

We all know a house can't sell without an offer and offers don't come in without exposure...EIGHTY-SEVEN (87%) of buyers are shopping online, so what a better way to get your Atlanta house sold as its being marketed to a local, national and international level!!

If that wasn't enough, ERA went on a instituted the SELLERS SECURITY PLAN and WHAT a USEFUL resource in this day and time....The bottom line is that if I don't sell your home, ERA will buy it!!!!

No, I did not just stutter.....See the details below....

Guaranteed sale, guaranteed price.
When you accept an offer from ERA Franchise Systems LLC, the Sellers Security® Plan assures you that ERA Franchise Systems LLC will buy your current house if it doesn't sell within 180 days from the application date. ERA Franchise Systems LLC guarantees the purchase price offer, so you'll know in advance the minimum you can expect from the sale of your house. You'll also have plenty of time to see if any other buyer is willing to pay more.

You get the profit, ERA Franchise Systems LLC covers any loss.
Almost always, you will receive more than the price guaranteed by the agreement. If ERA Franchise Systems LLC ends up purchasing your house and then resells it for more than we have in it (including holding and closing expenses), the net profits are returned to you. But if ERA Franchise Systems LLC sells it for less, you don't take the loss, ERA Franchise Systems LLC does.

Increased Buying Power.
The ERA® offer eliminates the uncertainty of contingency offers giving you the flexibility to move when you want. You are in a better negotiating position than other buyers who may still have to sell a home.
Sellers Security Plan qualification.

Your house must be a single-family primary residence. Houses must have an average appraised value of at least $50,000 and not more than $750,000. Mobile homes, co-ops, or multi-family homes are not eligible for the plan. Properties that have an abandoned storage tank on site are also not eligible.

Certain conditions apply. Contact me for more information!!!

Who Said You Can't Have Waterfront in Georgia??
McDonough Homes For Sale Offer Lake Views, For a Fraction of the Cost!

McDonough, GA has become a very popular area in recent years. Many factors contribute to this phenomena including its ideal location between Macon and Atlanta, its great schools, new restaurants and shops, McDonough golf courses, safe environment for raising a family and it even offers homes with lake views for a fraction of what you might expect to pay.

Located off exit 216, just two miles from I-75 is a quaint community called Summerlake. With its swim/tennis amenities, central lake property and family-friendly neighborhood, its truly a one-of-a-kind community.

And, lucky for you, this one-of-a-kind property JUST came on the market. 

If you didn't see for yourself in the video, this home has ALL the trimmings including:
*CUSTOM paint throughout the home
*GREAT back porch
*4 Bed/2.5 Ba
*EXTENSIVE paneling and trim details throughout
*Formal LIVING & DINING areas
*Two-story foyer with 30FT CEILINGS
*View of the Lake from Your Front Door
*Highly-Desired Swim/Tennis Community
*COZY Marble FIREPLACE in Den
*VAULTED ceilings in ALL FOUR BEDROOMS
*OVERSIZED master bedroom with TREY ceilings
*STUNNING master bathroom with separate his/hers vanities, GARDEN TUB, shower and HUGE WALK-IN CLOSET!!

SHOP, COMPARE AND SAVE!!! Ohter homes in the area are selling for the low $200's and up! Capatalize on this HISTORIC BUYING TIME in the Atlanta Real Estate Market!!

This is the LOWEST-PRICED LUXURY Home in Summerlake and is absolutely PRICED-T0-SELL.

For more information or an EASY SHOWING, call or text Winter at 678-463-3173 or visit www.onewinter.biz under my featured properties.

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 inform 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 the REDC broke another one of my clients hearts!!!

The Atlanta Foreclosure Market Continues to Evolve and Sellers Rejoice!!

Wow! More and more great news keeps hitting the airwaves. We'll, I guess that depends on who you are in the process....

If you are an Atlanta Home BUYER, or looking for an Atlanta Foreclosure or Atlanta Short Sale, you can benefit from the low, low 4.8% rates, a decent amount of inventory, and one of the last pivotal moments in buying history. HOWEVER, these moments WILL NOT last.

I had a personal conversation with the TOP bank-owned and REO closing attorney in the nation this week who said that he has never seen the amount of foreclosures to hit the airwaves in 2008. BUT that we will see about 50% less foreclosures on the market in TWO MONTHS!!! Talk about a drastic change. I'm already started to see the effects. So, those sitting on the fence (if you haven't already been looking for a great deal) will be stuck in a highly-competitive situation because they waited until masses started buying again.

For Atlanta Home Sellers, the good news continues on....As properties continue to be absorbed and with the grants that were recently awarded to Fulton and Dekalb counties, supply will continue to diminish as buyers start buying again. Ask any mortgage broker you know, mortgage applications TRIPLED in the last two weeks. Furthermore, because of the low rates, buyers will be able to increase their purchase prices which will bring more buyers to your doorsteps.

For Atlanta Home Auctions, you will see less and less business as sellers' books start to clear, the need to auction a property will no longer stand. I am already seeing auctions feeling the squeeze as banks are now REJECTING offers that were negotiated at the auction house because they don't have such a high need to dump the product.

If you haven't already read my blog about Atlanta Home Auctions, please do so.

So, all around things are looking up, except for auction houses. But, don't take my word for it, listen to what the Cramer has to say!! It's 11 minutes, but its worth it!!!

http://www.cnbc.com/id/15840232?video=967866479

And, if you are ready to capitalize on the BEST buying time in a LONG time, call me and let me show "you the money."

THE END IS NEAR.....VERY, VERY NEAR!!!!!