What Is A Short Sale?

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.

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.

New contruction in Braselton Georgia

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.

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.

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.

Beat the Heat in Gwinnett | Cool Things To Do

You know what they say about the weather in Georgia, "If you don't like it, just wait a few minutes" Oh wait, maybe that's Florida. Well unless you live in a cave you know it's been a very hot summer already. No sign of the heat breaking soon so why not find something cool to do?

The Gwinnett area has plenty of indoor or wet activities. If you're new or moving to the area and have no idea what to do, here are a few of my favorites....

Lanier World This one is not officially in Gwinnett county but close enough. Located on Lake Lanier in Gainesville this place has it all. A waterpark with a wave pool and several other waterslides, a beach and restaurants. My family has season passes and we use them regularly. Find out more at http://www.lanierworld.com/

Gwinnett County Parks There are several parks around that have indoor and outdoor pools. Some include waterslides, lazy rivers and playgrounds in the pool. The entry fee is minimal and you can stay as long as you like. Find out more at http://www.gwinnettcounty.com/ and click on the Parks and Recreation link.

Mall of Georgia Regal Theaters You know it's always cold in the movie theater no matter what time of year it is? BINGO! Perfect for a hot summer day. There's also an IMAX theater at this location so check it out. Of course, it's at the mall so you shouldn't have any problems getting the wife and kids to go.

Suwanee Town Center Fountains My daughter loves to run in the fountains at this very hip and cool park in the middle of Suwanee. What's really cool about it is there's always something going on there, and there's several great restaurants surround the park too.

If you're moving to the Gwinnett County area and need help finding a home, I'd be happy to help. Contact me at 404-663-7063 and I'll share a few more of my favorite things to do in Gwinnett!

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.

Why Wasn’t My Offer Accepted? | Realistic Buyers Always Win

I hear this all the time....."I don't want to deal, I want to steal"! Don't get me wrong, I want the best price for everything I purchase too. But when it comes to purchasing a home, there are some things you can do to insure you get the best deal without all the hassle. Most likely the home you make an offer on will be distressed, meaning bank owned or short sale. These are two different kinds of situations but the goal is the same, get this property sold in the least amount of time and for the most the market will allow. 

First, make sure you work with a Realtor. Realtors are bound by a code of ethics and will fight to get you the best deal possible. Not all agents are Realtors so look for the "R".

Second, be realistic! Your Realtor® should do the homework for you but make sure the price and condition of the home you like is in line with the sold comps in the neighborhood. The market is over 50% bank owned or short sale properties currently. In some areas more and some less, but overall these are deeply discounted prices to begin with.

Third, listen to your Realtor and make an offer that will get noticed. Again, I want the best price possible too but making an offer of $50k on a $150k house is not smart! It's a huge waste of your time and will most likely not even draw a counteroffer. Working with asset managers on a daily basis I can tell you their thought process is this.....will this offer get this file off my desk with minimal effort? If you submit an offer $100k less than list the answer to that question is no, it will not get that file off their desk. It will create more work for them by having to draft many counteroffers and probably never work out. That is if they even answer it. 99% of the time those offers are met with a counteroffer of list price or not even answered.

Lastly, make the cleanest offer possible. Don't clutter it up with requests for appliances and new carpet and paint. If you're looking at a home missing these items or one that needs lots of work and you don't have the capital, move on! There are plenty of homes on the market that are move-in ready.

If you want to take on the task of renovating a home there are options for renovation financing. 203k is the most popular now and can be used to make repairs and/or updates to $35k. Just be prepared for an extended period to close as these loans are very complex and take time to put together.

There are many other tips I can share with you to make your home buying experience less stressful and successful. If you want to learn more, email at steverider1@gmail.com or call my cell 404 663 7063.

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.

My Addiction to Frozen Yogurt | Dacula Gets New Froyolo

I'm addicted.......not to something illicit or illegal. I'm addicted to.......wait for it.......frozen yogurt. This is a recent finding and probably one that has helped me from becoming a bowling ball again. Some would argue that frozen yogurt is just as bad as ice cream when it comes to nutrional value but I would beg to differ. First just look at the nutrition charts. Secondly, there's no way I could have consumed the same amount of ice cream in the last two months and still fit into my shorts.

Recently a new outlet for my addiction opened in Dacula. Froyolo is the place where I get my fix. Located in the Publix shopping Center on Dacula Rd, this new location is the typical self serve, topping crazy, glass tiles and plastic chairs. But, it's only 3 miles from my house!!!

It's a buffet of frozen yumminess. Grab a cup (I like the medium size because you can fill it to the rim and still have some dignity because it doesn't look like a tub), fill it up with up to 13 flavor choices, get your toppings and pay by weight. That's right, pay by weight. You would think this would keep patrons from overfilling the cup but not me.



If you live in Dacula, like frozen treats, and you don't care if you get addicted, you should try it. There are plenty of frozen yogurt brands out there but this, in my opinion, is the best!

If you're looking to move to Dacula or the Northeast Gwinnett area, go to http://www.stevesellsgwinnett.com/ and click on search properties.



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.