Atlanta Condos For Sale

Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

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Short Sales May Get Some HelpVia Scoop.it – Other Atlanta News Events

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

I might differ with the comment in the article that Short Sales do NOT bring down the value as much as foreclosures. This might only be valid in that the sales price might be higher than if the bank lets the home go to foreclosure. I’ll need to discuss this with a few appraisers!
Via www.dsnews.com

Dear Wells Fargo… Congratulations! You Bought a House for $8,000 less than offered!

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Short Sale Stories Intown Atlanta Real EstateVia Scoop.it – Midtown Atlanta Condos

Dear Wells Fargo, Congratulations!  You’ve bought a house!  I know you are going to be very happy there.  The schools in the area have a great reputation.
Via activerain.com

Note: I share this story with you not to “scare you” from attempting a short sale on your home, but so that you, the Seller and the Buyer know that we know the frustrations everyone faces in these kinds of situations. Perhaps these kinds of things should be brought to the attention of lawmakers. It almost seems like a crime…..

“Do You Know How To Show My Condo?”

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Do You Know How To Show My Viewpoint Midtown CondoI was asked that very question when I was scheduling an appointment to show a condo in Viewpoint Midtown yesterday. Well, actually, I set the appointment (that was a bit of a challenge I’ll cover in a minute) and then about 5 minutes later I got a call back from the Seller.

“Do you know how to show my condo? My agent never wants me to be here, and I don’t think agents know how to show my  condo or the building.” Seriously? Ok, let’s talk this out for a minute from the eyes of this Seller.

If you are not accustomed to selling high-rise condominiums, it is completely different from a single family home. You have parking (possibly the need to pay for it as well), knowing HOW to get into the building, where are the lock boxes, sign-in/showing policies of the building, location of the amenities and what is covered in the monthly HOA fee. That’s some of the considerations when showing a condo, most of which don’t apply to a single family home.

So, first, we have a Seller who seems to have some issues. The home has been on the market for some 120 days, which means the price is not agreeable to the market. While the price was comparable to other homes we looked at, both in Viewpoint Midtown Atlanta and other buildings, it was the highest priced unit in terms of square footage at $297 per square foot. (Another home, on a lower floor, but with more space is $221 per sq. ft.

Then there was the tone of the Seller with me regarding the showing. First off, we HAD to come after 11am. Ok, no problem I’m capable of adjusting the showing schedule to accommodate this request. But there was the continual questions about amenities, do I know the building, etc, etc.  I assured this rather uneasy Seller that I had been selling Viewpoint Midtown Atlanta since pre-construction and was very familiar with ALL the floor plans in the building.  Finally, it seemed I had his “blessing” to show his home. Really? THANK YOU!!! You ARE the one selling, correct?

After viewing homes in another building, I arrived with my Buyers at approximately 10:40am. As I picked up keys for a total of 3 homes (including this one) as well as an access card for the building, I see a large note on the lockbox for the aforementioned Seller. It requires ANOTHER phone call before the key can be given out. And so it’s made by the Concierge. Who hands me the phone….

” I thought I made it clear to you that you were NOT to be here before 11am. This home is occupied, we have things to do in the morning and we have a life.” Yes….that is exactly what he said to me. I almost took the home off the list at that very moment, but my head prevailed. I assured Mr. Seller I remembered his request, and had two other homes plus two floors of amenities to show and would arrive in his home well after the 11am time frame.

Dude, I’m thankful my clients did not like your home (to small for them) as I can only imagine a contract negotiation with you.

Perhaps there is more reasons why your home has been on the market for so long than just the price.

Every Buyer or Seller I work with in Midtown Atlanta expresses their amazement at my knowledge of the area, the buildings and the amenities. The answer is  YES, I Do Know How To Show Your Condo.”

HOMEOWNERS INSURANCE – Do You Have The Right Policy?

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Homeowners InsuranceThere is probably one thing we all kinda sort of hate to pay for and that is insurance. Car Insurance, health insurance, and even homeowners insurance. But when we need it, it’s a pretty hand thing to have. But, PoliHomeowners Insurance – Do You Have The Right Policy?

A perfect example is when my clients don’t realize that they need a landlord policy when they rent their home out. If a tenant burns down their house and they don’t have a landlord policy, they’re out of luck! Or clients buy a house and don’t move because they plan to renovate. The house is vandalized, but the carrier never knew it was a vacant home… Again, they’re out of luck. Let me remind you now to call your insurance agent and get the information you need to have the right policy. 

You may pay more, but it will save you thousands if something goes wrong.

Make sure you have the right kind of hazard (homeowner’s) insurance for your property

It is very simple to set up your homeowner’s insurance when you are closing on a new house or condominium and moving in within a day or two, but there are many other situations in which you the buyer and/or seller should confirm that they are protected by insurance:

1. Buyers have sold property in another state and moving belongings here: Are their possessions covered in transport by either the old policy or the new one?

2. Buyers are closing now but not moving in for a few months (e.g. when school is out): Does their policy cover damages or vandalism to a vacant house?

3. Buyers are closing now but doing extensive remodeling work for 3-6 months before moving in: Does their policy cover injuries to contractors (or even nosy neighbors) in the house? Is the house covered while it is still vacant?

4. Sellers are closing but staying in the house for a few months: Does their previous homeowner’s policy protect them or the new owners? Should the buyers have a landlord policy until they actually move in?

5. Sellers allow the buyers to move in prior to closing: Should the sellers convert their policy to a landlord policy? Does it help for the buyers to start coverage on their policy?

These questions can only be answered by the insurance agent who is insuring the property. Make sure you have all questions and answers in writing in case it is necessary to file a claim. Once a claim is made for damage, theft, or injury, it is too late to correct the policy.

 Thom Abbott Midtown AtlantaFor More Information on how we can best serve your InTown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in InTown Atlanta Real Estate single family homes and condomiums. If you are planning to Buy InTown Atlanta real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

Please use the following links to Search for Homes by Intown Atlanta Neighborhoods or Zip codes!

 

Brookhaven/Ashford Park 30319 Buckhead 30305
Buckhead 30327 Buckhead 30342
Chamblee 30341 Decatur 30307
Doraville 30340 Downtown Atlanta 30303
Druid Hills 30329 Dunwoody 30338
East Atlanta/Ormewood Park 30316 East Lake/Kirkwood 30317
Grant Park 30312 Midtown Atlanta 30308
Midtown Atlanta 30309 Midtown West/Collier Hills 30318
Morningside 30306 Morningside 30324

Are you looking for a specific Intown Atlanta neighborhood to focus on? Contact Thomas Ramon Realty and we can set up a search for any specific neighborhood you are looking for!

 

How Do I Short Sale My InTown Atlanta Home or Condominium?

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InTown Atlanta Short SalesAs I meet with Sellers each week, we often determine that they are “upside down” in their Intown Atlanta home or condominium. What exactly does that mean? That they own more on their mortgage than the property is worth. We then discuss options and when we discuss short sales, I’m asked, How Do I Short Sale My Intown Atlanta Home or Condominium?

First and foremost, you must qualify for a short sale. You must have a financial hardship before most lenders will consider a short sale for your Intown Atlanta home or condominium. While some will say you do not need to be behind on your payments to do a short sale, you may find that some lenders will not consider your hardship until you are 90 days behind on payments. This can be determined once we know who your lender is and what their policies are.

The first three criteria you must meet are:

  1. Owe More than the house or condominium is worth
  2. Demonstrate that the house or condominium cannot be sold for the amount owed
  3. Suffer from a legitimate financial hardship that makes the mortgage unaffordable.

Your real estate agent can help you determine Number 1 and 2. Number 3 is determined by your current situation. If you have lost your job, have a medical issue, or have relocated to another city, you have a financial hardship to pay your mortgage.

Once we have determined these criteria, we then need to have you sit down with our short sale attorney to assemble your short sale package.  Some of the doucments maybe sent to your lender immediately, and others will go as a complete package to the lender once an actual Purchase and Sale Agreement has been received your home. These documents will include:

Checklist for Midtown Atlanta Short Sale Documents

  • 2 Years Most Recent Tax Returns
  • 2 Months Banks Statements
  • Last 2 Months Paycheck stubs
  • Last Mortgage Statement
  • Most Recent HOA Statement and Contact information for same (if you have an HOA)
  • Most Recent Property Tax Bill
  • A Hardship letter detailing and describing your situation
  • Listing Agreement from your real estate agent

As a real estate agent, we are not lawyers nor accountants. Part of this process should be to meet with either or both of these individuals so you understand all options and liabilities involved and the consequences for you , the Seller.

Ideally, the documents are sent into the lender and a Broker Price Opinion (BPO) will be ordered by your lender. This is a key factor in the negotiation process. If the attorney is able to obtain a BPO number, this better helps you know the likely success of your short sale. If the bank comes back with a higher value than your real estate agent initially determined in setting your sales price, adjustments may need to be made. These are some of the steps we take to Short Sale Your Intown Atlanta Home or Condominium.

In our next post, we’ll talk about getting an offer on your home, and what it should contain to protect both you and the Buyer.

What is an Atlanta Short Sale?

 

 Thom Abbott Midtown AtlantaFor More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in Condominium homes in Midtown Atlanta and other In Town areas of Atlanta. If you are planning to Buy or Sell real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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