So where do you start? One of the most important things to know when considering and entering into the HUD buying process is that you MUST FIRST BE EDUCATED & PREPARED. As we all know, good deals don’t last, and this goes for HUD properties as well. You should speak with a mortgage lender early in your planning process, not just any lender who is HUD approved, but a Lender that has considerable experience in working through numerous & successful HUD transactions. You should then get pre-qualified, or even better, pre-approved, so you’ll know going in what you qualify for as you begin your new home search, plus you’ll also need the pre-qualification letter from your Lender to be submitted along with your bid-offer submittal.  Buying HUD properties is done through a bidding process, where the contracts must be submitted by a HUD-registered Broker /Agent. Therefore, you should align yourself with a proven and experienced REALTOR who also has many HUD transactions under his or her belt. The bidding process can be very confusing to an inexperienced agent or lender, and many crucial dead-lines and detailed criteria must be ‘followed to the letter’… remember you’re dealing with a government agency here!

All HUD properties are sold AS-IS, WHERE-IS, with NO warranties or guaranties, although thorough inspections are allowed and certainly highly recommended. Although there are loan programs that can incorporate certain repairs, and some properties will have funds escrowed for particular repairs. These conditions should be discussed in detail with your Lender and REALTOR to be sure that you’re fully aware of all requirements for these special scenarios.

Now, how does a $100 Down-Payment sound to you? Yes, that’s right; you can buy a HUD home for $100 down, IF it’s to be your primary residence as Owner-Occupant for a minimum of 1-year, and you must purchase the HUD home with FHA financing. HUD homes are first made available for First-Look to Owner-Occupant purchasers for bid-offer submittals. There is also a special HUD program, called the “Lottery Round” with special incentives offered under the “Good Neighbor Next Door” program. This program is designed to enhance urban renewal, and offers significant discounts on these select HUD properties. These are made available to full-time police officers, full-time fire-fighters, teachers and EMTs. These select properties are also available to HUD-approved Non-Profit Government agencies, who may also bid during the Lottery Round. Be sure to visit www.HUD.gov for additional details & requirements. Then, if winning bids are not awarded to owner-occupants, or to bidding participants during the Lottery Round, the properties are then made available for bidding to the general public, and to investors to purchase as investment properties, but without the $100 down-payment option, as the financing criteria is much more stringent for non owner-occupants.

You can find considerable information in finding HUD homes by going to www.HUDhomestore.com. There, you can begin your search by selecting your State of choice, then by selecting a city, possible zip code, price range, or number of bedrooms or baths. Once you’ve narrowed your search to the homes of interest, you can see whether the approaching bidding dead-line is for “exclusive” (owner-occupants, good-neighbors, etc) or “open” (all bidders). Before you submit a bid you must have your Lender’s Pre-Qual letter in-hand, and your Earnest Money deposit, which MUST be certified funds (Cashier’s Check from your local bank is preferred) and it MUST be made payable to HUD. The required Earnest Money amounts will be $500 for bids of $50,000 or less, and $1000 for bids over $50,000. Cash bidders must provide “verification of available funds” by a letter directly from their bank, or copy of a bank statement, or other type of account which shows the bidders name, account #, and balance available. Discuss with your REALTOR your bidding strategy on what amounts you want to submit. In regard to requested closing costs, HUD will pay up to 3% closing costs, but the winning bid will be based on the highest “NET proceeds amount” to HUD, this will be the winning bid, not necessarily the highest bid amount. As we all know, when it’s all said and done it’s what they put in their pocket that counts!

As the bid submittal process is a very detailed and time-sensitive process, you should have “all your ducks in a row” BEFORE you find the HUD home that you want to bid on, have your professional team informed, armed with all of the necessary information, and READY to go to work for you, as this could be the difference between you being awarded the winning bid… or not! There are great deals to be found in today’s Real Estate market, but as mentioned in the beginning, remember the Boy Scout motto…. “Be Prepared”, and your chances of being awarded the winning bid will be greatly increased.

                Christine Topham is a REALTOR with RE/MAX Unlimited North. She can be reached for more information at 770-386-0076, or at www.TeamChristine.com.

But to be technical, here's a more official definition:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. Understanding your options now could mean all the difference in the world.

Qualifications for Short Sale

This real estate market has caused unbearable stress and heartache for many local families. A distressed family often makes decisions based on emotion rather than logic and knowledge of the situation they are in.

Did you know that 1 in 4 homeowners will experience delinquency in making their home loan payment? Of these homeowners, 70%  will default on their mortgage. Most are a result of one of these life-altering challenges:

•         Relocation

•         Divorce

•         Payment Increase of mortgage.

•         Loss of employment

•         Death in the family

•         Addition to the family

•         Purchase of another home

•         Multiple mortgage payments

•         Credit problems

•         Major illness

•         Military Service 

Did you also know that the above items are considered by most banks legitimate reasons to qualify for a short sale?

Because foreclosure often results in major consequences to your credit, home and other assets; time could be your worst enemy when you are behind on monthly payments. Here are some other reasons to prevent foreclosure:

•      The homeowner will always have to disclose they have had a foreclosure on any mortgage application.

•      Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.

•      A foreclosure is the one credit report item that is almost impossible to be "repaired"

•      Military and government security clearance could be at risk with foreclosure.

•      Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy

• The Bank does not want your home!

The Benefits of Short Sale (versus Forclosure)

What the bank really wants is the mortgage to be paid in full. So the question is how do you pay off the bank when you owe more on the mortgage then the house is worth? Now more than ever lender's are working with sellers and Realtors in negotiations for a short sale. A Short Sale is when a borrower owes an amount on his property, that when combined with closing costs and commission is higher than the current market value. Lenders will actually negotiate with the seller to consider a short sale, if the seller has experienced a hardship, like the ones previously mentioned. In actuality it is often times more cost-effective for a lender to negotiate a short sale then take a home into foreclosure. The average foreclosure on a $200,000 home will cost the lender approximately $50-$70,000 in carrying costs!

What are the benefits to the seller in negotiating a short sale compared to a foreclosure?

•      A homeowner who loses a home to foreclosure is in-eligible for Fannie Mae back mortgage for a period of five years.

•      A homeowner who successfully negotiates and closes a short sale will be eligible for Fannie Mae back mortgage after only two years

•      On a foreclosure your credit score can be lowered anywhere from 250/300 points. That typically will affect your score for over three years.

•      Only late payments on your mortgage will show, and after sale, the mortgage will be reported as paid or negotiated. Your credit score on a short sale will typically be lowered only about 50 points, if all other payments are made. A short sales affect on credit can be as brief as 12 to 18 months.

•      A foreclosure will remain as a public record on a person's credit history for 10 years or more.

•      A short sale is not reported on a credit history. There is no specific reporting item for a short sale. The loan is typically reported 'paid in full settled'.

•      In 100% of foreclosures (except in those states where there is no deficiency judgment) the bank has the right to pursue a deficiency judgment.

•      In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.

As you can see negotiating a short sale with your bank is always a better option than foreclosure. Our team has been instrumental in providing guidance, advice and solutions to our clients facing foreclosure. We have been successful in stopping foreclosure by working directly with the banks and mortgage companies on short sales to work out a win - win solution for all involved.

Before you sell your home to an investor or lose it to the mortgage company, call Team Christine! Our advice is absolutely free and we can usually offer solutions to these difficult situations. 

Remember there Is a Huge Difference between Life after Foreclosure and Life without Foreclosure!

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, call Christine. Christine is a Certified Distressed Property Expert, a Short Sale Specialist, and Foreclosure REO (Real Estate Owned) Specialist and she will be in touch for a private, personal consultation with helpful information.

At Team Christine we believe in providing solutions to our clients, even in the worst of circumstances. We have been trained in the specialty of working with your lender to avoid a foreclosure. By earning the CDPE(Certified Distressed Property Expert) designation we are uniquely qualified to help families avoid foreclosure and to relieve this unfortunate situation.

                Christine Topham is a REALTOR with RE/MAX Unlimited North. She can be reached for more information at 770-386-0076, or at www.TeamChristine.com.

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Charming 3 bed / 2 bath, all brick ranch - IN THE CITY! Level lot - private yard with rear patio. Spacious vaulted great room with built in shelving to display your collectibles. Country kitchen with breakfast bar, which is open to the great room. Convenient garage entry to kitchen, and an additional outbuilding for extra storage. NEW water heater, HVAC, metal roof and more! Located in the West End Historic District: An easy walk to downtown for shopping and dining! A short bike ride to the park! Don't miss out - it'll be gone quick at this price!

Reinstatement
A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.

• Benefit: Does not require the mortgage company or lender's approval.
• Drawback: Requires that a homeowner be able to pay all back payments, fines and fees.

Forbearance or Repayment Plan
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

• Benefit: Allows the homeowner to make back payments over time.
• Drawback: Requires that a homeowner be in a financial position to pay not only their current mortgage, but also a portion of the back payments owed. Some mortgage companies will require a homeowner to 'qualify' for forbearance.

Mortgage Modification
A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

• Benefit: Reduces the payment a homeowner is required to make on a monthly basis and may reduce the principal balance of the loan
• Drawback: Requires that a homeowner 'qualify' for the new payment and will often require full documentation. Lender has to be actively pursuing modifications.

Rent the Property
A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, is able to convert their property to a rental and use the rental income to pay the mortgage.

• Benefit: Allows homeowner to keep property indefinitely.
• Drawback: The issues that can arise with a rental property are many, and rent often does not cover the full cost of property ownership and maintenance.

Deed in Lieu of Foreclosure
Also known as a 'friendly foreclosure', a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

• Benefit: Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgment.
• Drawback: Requires that a homeowner vacate the property, and a deed in lieu may be reported to credit bureaus as a foreclosure.

Bankruptcy
Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

• Benefit: Does not require lender approval.
• Drawback: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall—not stop—the foreclosure process. Bankruptcy can be costly, is damaging to credit scores, and can only be declared once every seven years.

Refinance
If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.

• Benefit: In some cases, this will lower payments.
• Drawback: In today's market, a refinance will almost always raise mortgage payments, and is an expensive process.

Servicemembers Civil Relief Act (military personnel only)
If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.

• Benefit: If qualified, this will lower payments on all consumer debt in addition to mortgage payments.
• Drawback: Must be active military to qualify.

Sell the Property
Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.

• Benefit: Allows homeowner to avoid foreclosure and harvest some of their equity.
• Drawback: In many cases today, homeowners do not have sufficient equity to sell their property without negotiating a short sale (see next solution).

Short Sale
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

• Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual's public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
• Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. Please call me today for a free confidential evaluation of your individual situation, property value, and possible options.

Christine Topham is a REALTOR with RE/MAX Unlimited North. She can be reached for more information at 770-386-0076, or at www.TeamChristine.com.

It was predicted two years ago that the banks would be much more amiable to working with customers on a short sale, rather than having their home go under foreclosure. These figures are indeed evidence of that changing trend in the market place. This will help stabilize the market at a slow and steady pace – no dramatic swings or market up and downs each time a glut of foreclosures is released onto the market. Banks seem a little more willing to work with customers and are also now offering financial incentives to sellers for a successful short sale closing.

As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you. Call me at (770) 386-0076 or email me at christine@teamchristine.com.

Short Sales Surpass Foreclosures as Banks Agree to Deals

By John Gittelsohn - Apr 17, 2012

Source: www.bloomberg.com

To see full article: http://www.bloomberg.com/news/2012-04-17/short-sales-surpass-foreclosures-as-banks-agree-to-deals.html#fadetoblack

The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS)

Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared with 19.7 percent for sales of foreclosed homes, data compiled by the Jacksonville, Florida-based company show. A year earlier, 16.3 percent of transactions were short sales and 24.9 percent involved foreclosures.

 “It’s a fairly recent phenomenon that short sales have been increasing,” Jonathon Weiner, a vice president in the applied analytics division of Lender Processing Services, said in a telephone interview. “Short sales should be the dominant way of disposing of assets” in distress, he said.

Lenders are catching up to short sales after being slow to provide the staffing and incentives necessary to complete the deals, Weiner said. The transactions typically fetch a higher price for banks than sales of homes that have gone through foreclosure. In January, foreclosed homes sold for an average of 29 percent less than comparable non-distressed properties, compared with a 23 percent discount for short sales, according to Lender Processing Services. The gap has narrowed as short sales become more common, Weiner said.

Distressed-Property Inventory 

The growing percentage of short sales, which don’t require going through the drawn-out foreclosure process, is a sign that the U.S. is making progress in working through its inventory of distressed properties, Weiner said. The increase in short sales also may help values find a floor quicker.

“Our baseline scenario is that home prices will hit a bottom at the end of this year,” he said.

The Federal Housing Finance Agency ordered loan servicers to respond to all short-sale offers within 30 days, and approve or reject them within 60 days, in an effort to expedite a process that can take months longer than conventional home sales, the agency said in a statement today.

The FHFA, which oversees mortgage companies Fannie Mae and Freddie Mac, wants to improve the short-sale process “to prevent foreclosure, keep homes occupied and help maintain stable communities,” Edward J. DeMarco, the agency’s acting director, said in the statement. Freddie Mac and Fannie Mae completed 125,456 short sales last year, the most recent period for which figures are available.

Cash Incentives

Banks including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) last year began giving cash inducements as high as $35,000 to selected homeowners who agreed to a short sale as a way of speeding up the process.

Bank of America Corp. paid $19.9 million in the first two months of this year for 22,534 homeowners to relocate after short sales and deeds in lieu of foreclosure, when borrowers agree to return the property deed in exchange for debt forgiveness, the Charlotte, North Carolina-based company said March 16. Its short sales rose 31 percent in January and February from a year earlier.

Banks have struggled to reduce losses from delinquent mortgages. Almost 4.4 percent of homes with loans had received a notice of foreclosure sale at the end of 2011, the 11th consecutive quarter the rate has been higher than 4 percent, according to the Mortgage Bankers Association.

Falling Foreclosures

Foreclosure filings, including notices of defaults and bank repossessions, fell 16 percent in the first quarter from a year earlier after lenders under legal scrutiny slowed actions against delinquent homeowners, RealtyTrac Inc. reported April 12.

Lender Processing Services, a 2008 spinoff from title- insurance company Fidelity National Financial Inc. (FNF), counts short sales by tallying mortgage and property transfer documents filed with county recorders, Weiner said.

Other reports haven’t shown the same magnitude of short- sale growth. The National Association of Realtors reported that 13 percent of transactions were short sales and 22 percent were foreclosures in January. In February, short sales increased to 14 percent and foreclosure-related transactions declined to 20 percent, the group said March 21.

Showing an ‘Uptick’

The Realtors collect their data from transactions on the Multiple Listing Service, a database of homes on the market, and a survey of about 3,000 members, said Walter Molony, a spokesman for the association.

“The February data is showing a bit of an uptick,” he said in an e-mail from Washington. “We’re hearing the process is going a bit more smoothly now, so that comes as no surprise.”

The U.S. Department of Housing and Urban Development reported a preliminary 19,600 short sales in January, compared with the Lender Processing Services tally of 48,721. An April 6 HUD report showed that the number of short sales rose 4.3 percent from a year earlier as the number of real estate owned, or REO, sales -- another name for foreclosure sales -- fell 39 percent. 

Before agreeing to accept a loss on a short sale, lenders usually require homeowners to show evidence of hardship, such as inability to afford their mortgage payments or the need to relocate for a job, said Weiner of Lender Processing Services.

California, Arizona 

Short sales outnumbered foreclosures in states with some of the largest shares of homes facing foreclosure, such as Arizona, California, Florida, Nevada and New Jersey, Lender Processing Services reported. 

In New Jersey, short sales have exceeded REO deals every month since June 2010. In January, short sales accounted for more than 15 percent of the 3,033 New Jersey homes sold, compared with 3.9 percent for foreclosures. It took 966 days for banks to repossess a home in New Jersey, second only to New York, according to RealtyTrac. Both states require judicial hearings for foreclosure approval. 

In New York, where it takes 1,056 days to repossess a home, 7.9 percent of purchases in January were short sales while 2.3 percent involved bank-owned properties. 

“In general, markets where larger incentives are provided usually have extended foreclosure timelines, such as Florida,” Tom Goyda, a spokesman for Wells Fargo, said in an e-mail from Ellisville, Missouri. Wells Fargo, which doesn’t disclose its short-sale totals, offers homeowners as much as $20,000 to relocate, he said. 

Florida Short Sales

In Florida, the number of short sales has exceeded foreclosures since July, according to Lender Processing Services. That’s about nine months after banks imposed a moratorium on home seizures amid allegations they used improper documentation and forged paperwork to claim title to properties with delinquent mortgages. The five largest loan servicers, including Wells Fargo, Bank of America and JPMorgan, agreed in February to a $25 billion settlement of the allegations.

In California, which has the largest number of homes facing foreclosure, short sales have outnumbered sales of bank-owned homes since August. In January, 37.2 percent of homes sold in the state were short sales compared with 25.8 percent for foreclosures, according to Lender Processing Services. 

Banks have sped up the short-sale approval process, requiring less paperwork to prove hardship, especially for homeowners who haven’t made a mortgage payment for months on their primary residence, said Ethan Gregory, a broker with First Coast Realty Associates in Jacksonville, Florida. Banks have offered his clients as much as $13,000 to relocate, an incentive that gets the homeowners engaged in selling the home, he said. 

Banks “embraced it before the settlement, but the settlement pushed them to do more streamlining,” said Gregory, whose firm handles about 50 short sales a year. “They understand it’s really the best exit for them.” 

Christine Topham, is a REALTOR, CDPE, SFR with RE/MAX Unlimited North. She can be reached at www.TeamChristine.com , or 770.386.0076.

Source: www.bloomberg.com

Bloomberg connects influential decision makers to a dynamic network of information, people and ideas. Our strength - quickly and accurately delivering data, news and analytics through innovative technology - is at the core of everything we do. With over 15,000 employees in 192 locations, we deliver business and financial information, news and insight around the world.

Many buyers who contact an agent want to see the property as soon as possible, or have us meet them at the house they called in on. Here is where the experienced agent has an opportunity to determine if the buyer's desire to see a property is aligned with what they are really looking for, and if the buyer is truly able to purchase.  When a seller agrees to list their property with an agent, in the listing agreement is a clause stating the "Broker use their best efforts to procure a buyer, ready, willing and able to purchase".   So here is where it gets a little tricky. To be "able" to purchase means, the buyers have talked to a lender, and the lender has determined that based on the information provided by the buyer, they should be able to get a loan. It does not mean that they are actually approved with the lender, which is what every seller wants, and every buyer should strive for before they look at homes. 

Qualified to purchase also means to an agent, that the buyer does not have a home to sell first, before they can be approved for another loan. Another qualification is for the buyer to be sufficiently motivated to purchase, be willing to meet the agent at the office, and make a conscientious effort to work with their lender to be approved for a loan. Meeting the buyer at the office prior to  showing a property, is in everyone's best interest. First and foremost, for the agent's safety. Many times a potential buyer will call in, and ask the agent to meet with them at the property for a showing. When an agent does that, they are putting themselves at risk, as well as the property and homeowner. By meeting at the office, everyone involved is able to find out more about each other, and see if there is a good match for a working relationship. So when a buyer calls in and wonders why the agent won't pop out and  meet them at the property, or when the seller wonders why the agent is not showing the property to every possible lead, it's because there is a method to showing and selling real estate. By following a course of action to home buying, "everyone wins” as needs are determined, expectations are discussed up front, and all parties are agreeable to a game plan.  

Christine Topham, is a REALTOR, CDPE, SFR with RE/MAX Unlimited North. She can be reached at www.TeamChristine.com , or 770.386.0076.

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Just what you are looking for! Attractive all brick ranch, 3 bedroom / 2 bathroom home in town, 2-car side entry garage, level fenced yard & outbuilding too! Large great room, separate dining room, kitchen with breakfast area, mud-room at garage door entry, and adjoining laundry room too! Lovingly maintained and ready for new owners to enjoy.

Remember just a few years ago if you wanted a cupcake you could get vanilla or chocolate and maybe just a few other flavors in between. Now all you see are elaborately flavored and decorated cupcakes. Today, it’s almost that way with buyers. Instead of a reasonably priced and relatively plain home in a nice area, many buyers have eaten one too many fancy cupcakes and want it all. Homes with sprinkles or a sparkler or two are the ones that sell. 

The buyers we are talking about are young families and adults between the ages of 31 to 45. These buyers are in full course with their careers and are busy with their growing  families and don’t have the time or money to update a house. Watchers of HGTV, they also have strong opinions about design features their new home will include. Take a look at some of these items and ask yourself how your home stacks up if you decide to sell. 

1)    Buyers want a deal! We are in a very price sensitive market and buyers want to know that they are getting the most value for their money. Saying that, Buyers are willing to pay more for homes that are in model home condition but either won’t buy or will discount significantly a home that needs work. 

2)    Kitchens and Baths Sell Homes!  We know many Sellers do not like granite counters and stainless steel appliances but at this moment Buyers do! Bathrooms with dated tile should be updated and older vanities, sinks, medicine cabinets, hardware and light fixtures should be replaced. 

3)    Paint is an Easy Crowd Pleaser! Buyers want a house with a neutral palette to help them imagine their own decorating plans. Plain white, however, is mostly out and “Pottery Barn” colors are in. Wallpaper no matter how expensive and dear to a Seller must go as well as dated carpet. And, if you have carpet over hardwood floors, show the hardwoods. They are in and most desirable. 

4)    Let there be Light! Your brass or crystal Dining Room light fixture is no longer fashionable. Brush nickel and antique bronze are in. And, the overhead light fixtures that you have in your bedrooms and halls for the last 20 years must go. Good news, however, they are relatively cheap to replace. 

5)    Energy Efficiency! While most buyers won’t pay substantially more for  green” and “energy efficient” improvements, they do want to know what it will cost to heat and cool the house and they do question whether windows, doors, the furnace, air conditioner, and hot water heater have been replaced.

 6)    It’s Clean Up Time!  Buyers want a clean house. Not just a house where the beds are made and toys are put away but a house with clean windows, baseboards, siding, and refrigerators. Clean carpets, bathrooms, kitchens and flooring are essential as well. 

 7)    Smelly Houses Don’t Sell!  Any pet odors need to be eliminated, cooking food with strong odors (unless it’s bread or cookies) needs to be avoided, and if you are a smoker, your home will need to be de-odorized and you need to smoke outside-no kidding! If you do plan to sell, do light scented candles or install plug-ins with the clean light and fresh aromas.

 8)    Oh Give Me Land!  Buyers want a home with a connection between indoor and outdoor spaces. So even if your lot is relatively small, landscape it, deck it, fence it or do whatever is necessary to create a perception of another wonderful living area, even if that area is used only part of the year.

 9)    Size Matters! Buyers want more storage space as well as flexibility in the garage. If you have a storage room or area, make it look big by straightening it up and getting rid of anything that you haven’t touched in years or that you don’t plan to take with you. If you have a garage, clear it out so that cars can easily fit in. And if you have a carport, the only thing visible should be your car.

 10)  Beauty Counts! Today’s buyers start their search on the Internet and if they are not impressed by the pictures they see, they are not coming in.  You simply don’t get a 2^nd chance to make a 1^st impression. To help you make your first impression GREAT, call Christine with Team Christine….770-386-0076

Some clients are concerned that home prices may fall further than they already have. They are assuming that the best course of action is to wait for the market to hit bottom and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Rates are near historic lows with a 30 year fixed rate currently around 4%. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home when the rates were lower! The fact of the matter is that we do not know how low the market will go or even if it will go any lower, but we also do not know when rates will go back up either.

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

 For your free report and more information go to Christine Helps Homeowners

All of the best….

Christine

Aside from the intangible benefits of home-ownership there are plenty of reasons to consider home-ownership now. Home affordability, low interest rates, and a surplus of inventory offers up a great selection of homes, and the ability to buy more home for less than during the booming years. Let’s look at the buying power in the market today. An 1800 square foot, home purchased in 2004 cost about $200,000, and was typically financed 30 years at interest rates around 6%. The monthly mortgage payment was about $1200.00, not including taxes and insurance.  That same house today can be purchase for around $140,000, at an interest rate of 5%, with payments of $751.00 per month… a savings of $449 dollars! But the savings is much greater than just the monthly payment; let’s look at the life of the loan.  If you bought that same home today, your purchase price would be $60,000 less than in 2004, and if you stayed in that home for 30 years with a 5% fixed rate you would be saving $101,080 on interest alone! How does a savings $161,080 dollars sound to you? It sure makes great economic sense to me!  But we are not finished yet… let’s not forget the mortgage interest deduction. That same 30 year, fixed rate 5% loan, with a combined state and federal tax bracket of 33.04% equals an annual tax savings of $1437.00 a year and $43,110 dollars over 30 years. So let’s see $161,080 plus $43,110 equals $204,190 in savings! Please don’t tell me that home-ownership doesn’t make economic sense… what economic savings or benefits will your receive by renting? Home-ownership lives on, and will always be the American dream. The path to owning a home today may have a few more obstacles along the way, but like anything worthwhile in life, it’s a dream worth persevering and working for to achieve.

One more thing… you can calculate the financial benefit of homeownership at bankrate.com, the other intrinsic values are all yours.

Christine Topham, is a REALTOR,GRI,CRS,ePRO, CREO, CDPE, SFR with RE/MAX Highland Realty. She can be reached at christine@teamchristine.com, or 770.386.0076.

Inspecting the physical condition of a house is an important part of the home-buying process. Within the GAR (GA Association of REALTORS) Purchase and Sale Agreement, there is an option for a ‘due diligence’ timeframe. The due diligence clause is the time period which allow the buyer to perform any type of inspections they prefer for the property (home inspection, termite), review the neighborhood, and to secure their financing in order to close the loan. During that time frame a buyer will typically hire an independent home inspector to inspect all major house systems from top to bottom; including the roof, plumbing, electrical & heating systems, appliances, foundation, and drainage. This may take anywhere between 2 - 4 hours and cost from $200 to $500, depending on the location, size, age, and type of home. A buyer can accompany the inspector during the examination, so that they can learn more about the maintenance and preservation of the house, ask questions, and get a real sense of which problems are serious, and which are relatively minor. Most comprehensive reports include numerous detailed photos of the property, with additional details about any existing or potential defects found, and recommendations for repair.

The State of Georgia currently has no educational or licensing requirements for inspectors, so when choosing an inspector it's important to determine their area and level of expertise, years of experience, and their current certifications held, such as; ICC – International Code Council (building code certified), and a member of ASHI – American Society of Home Inspectors, and are they insured and covered for Liability, and Errors & Omissions. Many inspectors are also certified for and offer Radon & Mold testing, and can provide Georgia Wood Infestation Inspection Reports - termite letters. You can also ask to see a sample inspection report, which will give you a better idea of type of report that your inspector will prepare for you.

Some home-buyers will say that they will do their own inspection, or they may want Uncle BubbaLouie to do their inspection for them because all it’s gonna cost is a maybe a 12-pack! Well, don’t count on it! Remember the old saying… “You get what you pay for”, well sometimes you may even get more than you pay for, and not in a good way! Now, no offense to anyone, buyers or sellers, who choose to do their own inspection, but there are many good reasons to hire the professional home inspector. Such as, if you or a friend or relative do your own inspection and something significant is missed or not addressed properly, then you inherit the problem and have no recourse, other than maybe taking you-know-who out behind the woodshed for a little discussion! With a reputable and experienced professional, the chances of something being over-looked are greatly reduced, and in the event there is a mistake (we are all human) then you may have an opportunity for some assistance in rectifying the issue at hand. Even for those with considerable construction knowledge and experience, a professional home inspector can often share new and valuable information about the condition of a property that the “construction guy or gal” hadn’t experienced before or wasn’t aware of.

Many a home-buyer has declined to have an inspection when they originally purchased, only to find out when now, when they are selling their home, that they there were unaware of these existing problems when they originally bought their home. These problems could have possibly been found with a buyer’s professional home inspection, and corrected by the previous sellers. But now these deficiencies have been passed down and inherited, and will most likely be addressed by the new buyer during their home inspection period, and will be asking the seller to correct them.

Christine Topham, is a REALTOR, CDPE, GRI, CRS, ePRO, SFR.

RE/MAX Highlands Realty. She can be reached at www.TeamChristine.com , or 770.386.0076.