This recently happened to a friend of mine in the Atlanta area.
A large lending institution advertised that they would be in Atlanta to assist people in modifying, or refinancing, their existing mortgages. Part of this program was a result of the new initiatives passed at the White House.
My friend went online to make an appointment to meet with the lender. No appointments were available. My friend then went to downtown Atlanta on the day of the event to wait in line for three hours! After a long wait my friend finally met with a lender representative. This was one of approximately 7000 such meetings that would take place in one day! As my friend met with the representative, the representative said that they had only approved 3 modification/refinance request all day! A TOTAL OF 3!
Needless to say that my friend was not approved for any help even with a large decrease in home value plus a loss of employment!
After 7 total hours of wasted time my friend received a $10 dollar gift card and had their parking ticket validated!
Based on these results I do not feel very optimistic about this housing market and the chance that the foreclosure mess can be cleaned up!
Showing posts with label real estate foreclosures. Show all posts
Showing posts with label real estate foreclosures. Show all posts
Monday, November 7, 2011
Tuesday, August 30, 2011
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.
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.
Monday, February 14, 2011
The Foreclosures Are Killing My Neighborhood!
I have to admit that The Wells Team has benefited from the sale of foreclosure properties in the North Atlanta area!
At the same time my level of disappointment is increasing with respect to my own neighborhood.
I purchased my home in 2001. This was well before I entered the real estate industry, before the real estate boom and the real estate bubble.
The results: My home is worth less today based on the same model that sold down the street. It was a foreclosure!
We have 342 homes in our neighborhood. At this time there is only 1 active foreclosure but there are two being advertised for foreclosure, and another 3 or 4 personal situations that I know will result in the same.
Yes I admit I feel bad when I see the homes being advertised for sale. It is the result of a failed business, personal issues, or the loss of a job.
However I looked up 5 or 6 homes that I know are in, or will be in foreclosure soon. The numbers killed me! The average loan amount (usually multiple loans) was 122% of the sales price!
This is my personal opinion not the opinion of a real estate professional: My parents both grew up poor. They worked hard and ended up successful. They also saved their money and were cautious when it came to buying unwanted items. They lived within their means! They pushed work and most of all saving my money. What they emphasized to me was this: IF YOU CANNOT AFFORD DO NOT BUY IT! HAVE EMERGENCY MONEY SAVED JUST IN CASE!
As a country we keep trying to point fingers at who caused this housing mess. Again my opinion was bad financial choices and a certain amount of greed.
It will be a while before I will sell my home. Guess I will enjoy instead!
Subscribe to:
Posts (Atom)
