Winter Baserva Realtor Atlanta, GA Homes For Sale

Ding Dong! Since, Nobody Else Will Do it...Allow Me!
The Atlanta Real Estate Market Has Bottomed Out.....

So, I just did it. That's right! I rang the bell that EVERYONE is waiting to hear. The bell that signifies the bottom of the market.

In my opinion, the bottom hit two months ago and everyone is JUST WAITING FOR SOMEONE TO RING THAT BELL, so they can feel comfortable about buying again, so allow me.....

Why do I say this even though the media is still hounding us with negative news and hopeless talk?? I say it because I live, eat and breathe real estate every single day. I cannot attest of other markets, but in the Atlanta real estate market, I can see a SIGNIFICANT shift in the way the game is being played.

Last week I wrote 50 offers. YES, 50 and only THREE of them got accepted. That is because someone else offered a better price, beat us to the punch or submitted their "highest and best" above full asking price. Why would someone do that in today's market??

The fact is--is that right now; a lot of sellers (including Atlanta Foreclosures and Atlanta Short Sales) are pricing these homes to move and move fast. The days of motivated sellers "playing" with the market are long gone. Unfortunately, for a buyer, they feel if they don't get $30-40k off asking price "they are not getting a good deal." Good deals don't stare you in the face, good deals are made--and this month, I have made over 10 good deals happen for my buyers. Most agents hope to close 10 deals all year!! Not to shabby for what is "labeled" as a down market.

A Few Other Facts to Support My Theory:

• I am currently working with over 30 Atlanta home buyers right now who are qualified (not just pre-approved), ready to close and actively looking to secure their new home or investment property in the next 30-60 days.
• I have not lost ONE home to a buyer NOT getting financed-money is not as hard to get as the media makes it out to be.
• Atlanta home prices dropped for 8 consecutive months and starting increasing (a small amount) the last two months. Hmmmm...this closely resembles the bell shaped curve of the lifecycle real estate has always followed.

• Atlanta is an END-USER town and as many people that have been laid off; companies have relocated and hired new people. There is SO MUCH opportunity and work in Atlanta. Atlanta will ALWAYS be a transitional professional mecca.
• Atlanta did NOT see the inflation other areas like Florida experienced, therefore rebound will be significantly less.
• Forbes states Atlanta is on the rebound as early as 2009.
• I could go on, but I think you see my point....

Since everyone is waiting for the bell to ring, I decided I would go ahead and do it! Ding Dong!!!

I've Been Saying it for Months......Now, the Media has FINALLY begun to pick up on it Too!

Atlanta's Housing Market is quickly getting a "new face".... As you can see in this report below, the days of "BUYERS TAKE ALL" are quickly diminishing and "GOOD DEALS" are not as easy to come by as they used to be....

I can say that I am responsible for a good portion of those "good deals" coming off the market and my buyers LOVE me for it!!

This Fox 5 News segment highlights a few points that I have been saying for months:

• Don't be surprised if you have to offer in on lots and lots of properties if you are seeking 25%++ off the asking price. So, do yourself a favor, and hire a FREE buyers agent to help with the process and who knows how to write offers, so they get noticed!!
  
• It's a GREAT time to sell your Atlanta home right now if you are planning to upgrade, as you will make up the difference on your loss of sale on the buy side of your new home. Ask me how I'm selling 90% of everything I list!
  
• The economy is not as bad off as the media is making it and Atlanta's housing market is expected to bounce back in 2009.
  
• That despite the amount of Atlanta Short Sales and Atlanta Foreclosures available, not all labels are "good deals."
  
• There is a tremendous opportunity for those willing to take advantage of this historic opportunistic time and those sitting on the fence will be kicking themselves very shortly when prices and interest rates go up and they can no longer get the "deals" they thought would never go away.
  
• Finally, you're never going to win this game sitting on the sidelines. There is a tremendous power by making offers in today's market place.

Despite that I have been preaching these lessons over the past four months, I guess that the public really won't start believing them until the media talks about it, so here you go......

http://www.myfoxatlanta.com/myfox/pages/InsideFox/Detail?contentId=7853500&version=1&locale=EN-US&layoutCode=VSTY&pageId=5.2.1

So, let me ask you....are you REALLY going to let the media dictate your decisions OR are you going to start listening to the professionals who eat, sleep and breathe it everyday???

Atlanta Short Sales: The Facts
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 an Atlanta home that is labeled a short sale at a good price is possible, but generally not without some challenges.

Typical issues you will encounter in negotiating an Atlanta short sale:

• Time for acceptance-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. In the meantime, all the other buyers are snagging up the good deals!!!
• Lack of firm pricing decisions- I 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 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.
• Sometimes the short sale hasn't even been approved it was just 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. A lot of time and effort goes into something that a good portion of the time will never be put together.

Be wary of something that looks too good to be true and make sure you deal with a realtor that understands the short sale process. Having representation doesn't cost you a thing, but it could end up saving you a fortune.

REDC Atlanta Home Auction Leaves Today!!! BUT, THE GOOD DEALS DON'T!!!!!

So, the last day of the REDC Atlanta Home Auction is today. Many thought the past few weekends were going to bring them their deals of a lifetime, but several people bought homes only to find out that they didn't get what they paid for and often OVERPAID in many cases (not to mention all the work that will have to go into them being livable again).

Actually, I had two people call me this weekend after they went to the auction and said that their bids were not accepted by the bank. Therefore, they spent all their time at the auction, and made sure they were pre-approved, followed all the auction guidelines only to find out they never had a chance of getting that home at the price they were willing to pay for it....kinda sounds similar to what's happening in Atlanta short sales too.

As an owner of 5 properties bought at the REDC auction, I know first hand the good, bad and UGLY about buying auction homes. I also know that on 4 out of 5 properties, I over paid!!!! Those mistakes cost me, but I will never make them again and have spent the last 5 months correcting those errors by seeking the ABSOLUTE BEST POSSIBLE WAY to buy houses for under market value....And, I have to admit, I've gotten VERY good at it. Just see what some of my past clients are experiencing.

BUT, DON'T DESPAIR, despite that the Atlanta Home Auction has left, the Atlanta Home Deals HAVE NOT.....for now!!!!

Atlanta real estate saw a 1.5% increase in home prices from last month to this month after a seven month decline. This is indicative that we are at or near the bottom of the Atlanta Housing Market.

There are still record number of Atlanta foreclosures and Atlanta Short Sales still on the market....Oh, yeah, and there's still record number of distressed properties just WAITING to get picked up by the savvy Atlanta home buyer.

There's still time to capatalize on the GREAT buying opportunity the Atlanta real estate market currently offers. So, GET EDUCATED and PROCRASTINATE LATER. You don't want to be a part of the "shoulda, woulda, coulda" group when these deals are no longer available!!!!!!

Atlanta Foreclosures & Atlanta Short Sales: The Facts

There seems to be a lot of misinformation about Atlanta foreclosures and Atlanta short sales....So, I thought it would be helpful to outline a few of the key differences and how they apply to today's savvy Atlanta home buyer. Today we'll focus on Atlanta Foreclosures, as I like to keep my blogs as short as possible.

Atlanta Foreclosures/Atlanta Bank REO's: The Facts
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.
• The transaction is one based on numbers, not emotion. Asset managers who handle these sales are not going to be emotionally attached to the dining room chandelier, so decisions are made quicker. Keeping in mind, it has to make FINANCIAL SENSE.
• Their main goal is to sell the property quickly at a price that that can be justified. Offering $100,000 on a $280,000 property is not justifiable.

Unfortunately, some lenders are still reluctant to face the reality of current market values and start out asking for more than they probably should. Or worse, because so many Atlanta home buyers are caught up in labels and only go after Atlanta foreclosures, banks are receiving multiple offers on the property and so the buyer now gets caught in a "bidding war" with other buyers.

Sometimes these homes end up selling for way above what they should (given the amount of work involved to make them livable) and buyers are left holding the bag. See one of my foreclosures that I bought and sold in THREE MONTHS for a NICE profit!!

I've said it before, BE VERY WEARY OF THE LABELS IN TODAY'S ATLANTA REAL ESTATE MARKET!!!

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 Atlanta real estate market is not as bad as the media makes it out to be.

There are good deals to be found in Atlanta foreclosures, but how and if you secure them GREATLY DEPEND on you having a qualified realtor who understands the foreclosure process to walk you through it, help write the most solid and strong offers to get the banks to notice you in the sea of offers they are getting and more importantly to protect your earnest money and interests in case the unexpected pops up along the way. Owning several foreclosures myself, I know first hand the challenges and what to expect. I will give you ALL the information you need, so you can be prepared for what to expect.

If you DO see a good deal, don't try to "push" your luck and think the bank is desperate. Offer fairly (as sometimes 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 buyers come in for the attack!

Learn more with my free report on How To Buy Foreclosures & Short Sales and the 10 Biggest Mistakes Buyers Make in Today's Market!

CHECK BACK TOMORROW--and get in THE KNOW with the FACTS about Atlanta Short Sales.