Do you really want a foreclosure?

We have been busy the last week with multiple buyers looking for the "deal"!

This group of buyers are looking in two upper end neighborhoods that include golf and boating.

We took these potential buyers into foreclosures, short sales, and traditional resales.

Here is what we found:

•Some clients want a home because it says foreclosure or short sale regardless
•Some of our clients looked at foreclosure homes with "resale criteria". They did not like the floor plan, color of paint, carpet, or overall condition
•Some of our clients looked at the foreclosures differently once they actually enter the home. The home looked a lot different than it did on the Internet


Here are some questions that we ask our clients:

•Are you ready to tackle a foreclosure in terms of time, sweat equity, and cash?
•Does it make more sense to pay a higher price for the "move in quality" resale or pay cash later for repairs and remodeling that you want to do on a foreclosure?
I bring up these points because we have some move in ready resales that are within $40,000 of some foreclosure property.

Last week we saw 30 year fixed rate mortgages at 4%. $40,000 more in the price of a home equates to approximately $190.96 per month.

Foreclosure or resale, a question worth pondering.

Barb and I have sold approximately 20 foreclosures and short sales. If we can help you please let us know.

FHA Lowers Loan Limits

I just received some information about FHA loans. This will have an effect on some of my clients. Overall this is still a great program with 3% required downpayment. 3% down in combination with low interest rates (3.75% last week) makes this is a great product.

Here is the breakdown for the North Atlanta Metro area effective September 1st

FHA has lowered the maximum loan amount from $346,250 to $320,850 in Metro Atlanta counties (includes Forsyth and Dawson)

HallCounty remains at $271,050 max loan amount

The Wells Team has a list of lenders that we have worked with in the past. If you would like a name please let us know.

QR Codes The New Technology

Another new technology! At least for me it is new!

The QR (Quick Response) code resembles a bar code. It was created by Denso Wave, of Japan, in 1994 and has been a popular item in Asia.

The company that does all of our virtual tours, Obeo, has introduced these QR codes on all of our virtual tours. All we have to do is save the QR code as a jpeg file and then paste on our flyers. It is that sample. When a buyer pulls a flyer they scan the QR code with their mobile phone and they are immediately connected the internet and that particular website. Another great source of inquiries!

As for the software: I did not think I could download any software on my cell phone because I have an older model. No problem. Go to the following website: http://www.mobile-barcodes.com/qr-code-software/ On this website I was able to find the correct software and download it on my phone (remember you have to have internet access on your phone to use this product).

Now just open the software on your phone point to the QR code using your camera. The software will scan the QR code and open up that site on the internet.

Love them or hate them QR codes are new wave of technology that is here to stay

At The Wells Team we are constantly trying to provide our clients with the best technology

Invest in America- A Campaign from The Norton Agency

We are at an interesting and somewhat frightening era in America. The stock market and world markets change daily and we watch our 401K’s and investments vacillate. With all this in mind, The Norton Agency has launched its new mantra – INVEST IN AMERICA – BUY REAL ESTATE. Despite the down turn in the real estate market over the past four years, it is still one of the best ways to invest your money. Interest rates are at an all time low – 3.75% for FHA and VA and as low as 3.5% for a 15 year Conventional.

We are seeing prices stabilize although there are still many short sales and foreclosures occurring. We are also hearing about more owner financing since many buyers cannot qualify for more traditional loans and seller’s receive a lot more interest than they would with CD’s or money market accounts.

The Wells Team is prepared to help both buyers and sellers make the most of the ever changing real estate market. We keep up with the latest trends, watch the daily interest rates, and change our business to reflect the most up to date real estate marketing strategies’.

Real estate is the truly buying American. Unlike automobiles, appliances and clothing, real estate is American timber, American insulation, American concrete, and American dry wall. We can make the American dream a reality. INVEST IN AMERICA - BUY REAL ESTATE!