Someone asked me yesterday "what is a short sale and how does it work"? At first I was a little shocked by the question I guess because 1 out of every 5 homes on the market is a short sale, I thought everyone knew by now. But the reality is, the people that don't know what a short sale is are the ones that need to know!
So as I'm explaining this to the potential client, her eyes light up like she's had an epiphany of some sort. She couldn't believe that the bank would accept less than what's owed on the house. It was as if the financial gods had answered her prayers......that was until I started explaining the ramifications of it.
Consult a tax attorney for a more difinitive answer, but most short sale deficiencies are not forgiven. This doesn't mean it's not the best solution for you. It just means that there will be some tax liabilities for the borrower involved in the bank's acceptance of the deal. In fact, in most cases except for HAFA, the lender will usually ask for a promissary note at closing. This means they want the borrower to pay back some or all of the deficiency usually at little or no interest over a set time period.
How do you know if a short sale is right for your situation? There are several questions that need to be answered and an experienced short sale agent, preferably a CDPE can help you with this.
If you're behind on your mortgage payments, don't wait around for the foreclosure notice! Call me and I'll be happy to assess your situation and help you as much as I can.
You can learn more about the process and find out if you qualify for short sale assistance by visiting http://www.gwinnettforeclosurealternative.com/.
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
Gwinnett Real Estate Reverb | Keeping you informed of the real estate trends in Gwinnett County Georgia
Tuesday, August 30, 2011
Wednesday, August 10, 2011
Ahhhh the Smell of Lumber in the Morning!
Until just recently, not a hammer was heard in Gwinnett and Barrow counties. Now I'm seeing new construction all over the place. Seems like builders are finally coming out of the woodwork....no pun intended.
Although the permit numbers were not available at the time of this post, driving around the area you can see new homes going up in subdivisions that were quiet this time last year. I think part of this recent activity is interest rates have stayed very low and continue to get lower with the latest downgrade of the US's credit rating.
Now is the time to buy a new home in Gwinnett County! Low rates, new construction and home prices never seen before. If you're in a position to buy DO IT NOW. Just this week I put a buyer under contract on a new construction home in Dacula originally priced over $220k for $160k! Not all deals are this good but many are.
If you need help finding and securing your dream deal in Gwinnett or Barrow County, call me at 404 663 7063 or email steverider1@gmail.com.
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
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| New contruction in Braselton Georgia |
Now is the time to buy a new home in Gwinnett County! Low rates, new construction and home prices never seen before. If you're in a position to buy DO IT NOW. Just this week I put a buyer under contract on a new construction home in Dacula originally priced over $220k for $160k! Not all deals are this good but many are.
If you need help finding and securing your dream deal in Gwinnett or Barrow County, call me at 404 663 7063 or email steverider1@gmail.com.
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
Wednesday, August 3, 2011
Gwinnett Schools Start August 8th | A Sad Day for Me
The first day of school was always a sad time for me but this time I'm sad for a different reason. My little girl starts kindergarten Monday at Dyer Elementary. Actually I have mixed feelings about it. On one hand, she's growing up too fast. On the other, she's starting a long journey that will increase her learning skills. She's a smart little cookie already, sometimes too smart for her own good!
When I was still in school we didn't start until after Labor Day which made the summer longer. These days, most districts in this area start in early August and I think for some parents, August couldn't come soon enough! You know how kids can get when they're bored! Other counties in the area like Barrow, Hall, Jackson and Walton all start within a few weeks of each other.
Gwinnett schools are rated as some of the best in the state. You can find ratings for all schools in the area by going to www.stevesellsgwinnett.com and clicking on the "market insider" link at the top of the page. Then just enter the zip code and you'll see the ratings for each school. If you're moving to the area and need help finding a home in one of these districts, contact me at 404 663 7063 and I'll be happy to help!
Soon they'll be homework and report cards and lunchboxes! Where has the time gone?!!
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
When I was still in school we didn't start until after Labor Day which made the summer longer. These days, most districts in this area start in early August and I think for some parents, August couldn't come soon enough! You know how kids can get when they're bored! Other counties in the area like Barrow, Hall, Jackson and Walton all start within a few weeks of each other.
Gwinnett schools are rated as some of the best in the state. You can find ratings for all schools in the area by going to www.stevesellsgwinnett.com and clicking on the "market insider" link at the top of the page. Then just enter the zip code and you'll see the ratings for each school. If you're moving to the area and need help finding a home in one of these districts, contact me at 404 663 7063 and I'll be happy to help!
Soon they'll be homework and report cards and lunchboxes! Where has the time gone?!!
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
Tuesday, August 2, 2011
Homeowners Associations in Gwinnett Area Get Greedy
Note to Gwinnett area homeowners associations......your greediness is hurting your neighborhoods! Recently I've seen some outrageous "initiation fees" and "move in fees" for buyers purchasing a home in a subdivision with mandatory HOAs. Some as much as $2500!
I'm not sure if they are thinking long term but charging these fees are killing sales in their neighborhoods. It's obvious this is an attempt to recover fees not paid by defaulting homeowners and/or vacant homes. Even further, they also realize the banks that own these properties will pay these fees just to sell the property and get it off their books. Plain and simple, this is robbery and the big lenders are well aware of it.
First time homebuyers don't have an extra $2500 laying around! So when around 30% of the market are first time buyers, and you handcuff them with this outrageous fee, they are forced to move on to another property. This in turn, hurts sales in the neighborhood which obviously hurts your association.....and your current homeowners as well.
As I mentioned before, the big lenders are aware this is a problem. Freddie Mac has addressed this as recent as yesterday in an annual meeting with local listing agents and brokers according to my broker who attended this meeting. Among other issues, this is one that is costing the tax payers money.
In the case of Freddie Mac, they are run by the Federal Housing Finance Agency. A federal, yes federal agency.....which means tax money is somehow factored into what they do. I'm not an expert on this agency but I can tell you anytime you ask Freddie Mac to pay an HOA initiation fee, in the end this is coming out of YOUR POCKET! So the buyer has to ask the government to pay a fee that the HOA has dreamed up to make up for a shortfall and they pay it.....at least right now they pay it.
This is extortion folks! By these HOAs that know the banks and government run agencies will pay these fees to move the property. I wouldn't look for these agencies and companies to continue this too much longer. Hopefully they will implement a plan to prevent it but in the meantime, hire a strong negotiator/Realtor to work for you.
If you need a stong negotiator to help you purchase your next home, please contact me! I'd be happy to help!
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
I'm not sure if they are thinking long term but charging these fees are killing sales in their neighborhoods. It's obvious this is an attempt to recover fees not paid by defaulting homeowners and/or vacant homes. Even further, they also realize the banks that own these properties will pay these fees just to sell the property and get it off their books. Plain and simple, this is robbery and the big lenders are well aware of it.
First time homebuyers don't have an extra $2500 laying around! So when around 30% of the market are first time buyers, and you handcuff them with this outrageous fee, they are forced to move on to another property. This in turn, hurts sales in the neighborhood which obviously hurts your association.....and your current homeowners as well.
As I mentioned before, the big lenders are aware this is a problem. Freddie Mac has addressed this as recent as yesterday in an annual meeting with local listing agents and brokers according to my broker who attended this meeting. Among other issues, this is one that is costing the tax payers money.
In the case of Freddie Mac, they are run by the Federal Housing Finance Agency. A federal, yes federal agency.....which means tax money is somehow factored into what they do. I'm not an expert on this agency but I can tell you anytime you ask Freddie Mac to pay an HOA initiation fee, in the end this is coming out of YOUR POCKET! So the buyer has to ask the government to pay a fee that the HOA has dreamed up to make up for a shortfall and they pay it.....at least right now they pay it.
This is extortion folks! By these HOAs that know the banks and government run agencies will pay these fees to move the property. I wouldn't look for these agencies and companies to continue this too much longer. Hopefully they will implement a plan to prevent it but in the meantime, hire a strong negotiator/Realtor to work for you.
If you need a stong negotiator to help you purchase your next home, please contact me! I'd be happy to help!
www.SteveSellsGwinnett.com Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking to purchase or sell a home in this area please contact me at 404 663 7063 or steverider1@gmail.com.
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