Saturday, June 23, 2012

Your Client Wants How Much For The Down Payment???

This blog post is inspired by some of the lease purchase and owner finance listings that I've called on recently for some of my home buyer clients and prospects.

First of all I'm glad to see that some of the Sellers or their Agents took my advice and started offering more financing choices to sell their homes, because the listings that offer creative financing doubled after I began blogging about it.


But some of the Sellers or their Agents are clearly not getting the picture, so I'm going to break it down for you.


Having successfully closed several transactions as a Buyer's Agent over the past few months I know what the typical home Buyer is looking for.


The Buyer who would need to utilize lease purchase or owner financing is looking for something relatively simple to get into with a down payment of about 3-5% of the offer price and a fair monthly payment amount with no hassle about bad credit. These terms are negotiable.


We're supposed to negotiate terms between the Buyer's Agent and the Seller's Agent so I've been shocked when I call on a $39,900 older 3 bedroom 1 bathroom home that's listed as a fixer upper and the Seller wants $15,000 down payment firm. Really, are you serious?????????? 


The Seller's Agent says the Seller is going to renovate it and raise the price to $100,000, then how much will he want for the down payment $60,000??? Clearly this Seller and/or their Listing Agent have no clue as to who they're marketing the home to. 


That particular home has already been on the market 6+ months at the current price and that price is a little higher than fair market value.


The home buyers who are looking at homes in the $39,000 price range are not likely to have $15,000 saved up and if they do, there's a better deal out there for them.


Another owner finance listing I came across mentioned a 2 year balloon payment with $15,000 down but the home needs lots of repairs (per the listing). Lots of repairs and you want $15,000 up front and a balloon payment in 2 years, what money would the Buyer have left for the repairs??


These are just a couple of samples from homes that I've come across and they've been sitting on the market for a long time, it's no wonder why. I've successfully negotiated lease purchases and rent to own homes for less- $300k home for $5700 down; a $200k home for $4800 down; $168k home for $3900 down; etc.


The problem stems from an unrealistic Seller, greed on the Seller or their Agent's side or an Agent who's afraid to be honest with the Seller for fear of not getting the listing. 


Regardless of the reason, the house will sit vacant not making any money for anyone.


If you need to sell your home in Georgia, I'd like to schedule a meeting with you to discuss your options and the pros and cons of each option so you can make a decision according to what's best for you and my plan to get your home sold in a timely manner.


If you want to buy a home in Georgia, I'd like to schedule a meeting with you to discuss your options and what's available on the market for you.


Call text or email me



Priscilla Hammond
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
404.503.6562 Mobile
"With FAITH you can move mountains,
with DOUBT you can create them."

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Tuesday, June 12, 2012

Douglas County Georgia Real Estate Market Stats & Trends Report 2011-2012

This blog post is provided to give you updated housing market statistics and trends information for single family detached homes in Douglas County Georgia.

The blue circle on the chart represents pending home sales for January 2011 98 January 2012 144 which is a 46.9% increase this year over last year; February 2011 111 and February 2012 149 which is a 34.2% increase this year over last year; March 2011 153 March 2012 186 which is a 21.6% increase this year over last year; April 2011 136 April 2012 165 which is a 21.3% increase this year over last year;  May 2011 153 May 2012 196 which is a 28.1% increase from last year. As you can see the amount of homes "under contract or pending sale"  is higher this year compared to last year so that means there are more buyers this year which is an excellent sign for the housing market.

The burgundy circle on the chart represents closed home sales for January 2011 77 January 2012 128 66.2% increase; February 2011 104 February 2012 115 10.6% increase; March 2011 120 March 2012 155 29.2% increase; April 2011 117 April 2012 142 21.4% increase;  May 2011 135 May 2012 154 14.1% increase. Similar to the pending home sales this year over last year, the closed home sales are also higher for 2012.

The green cone on the chart shows the closed sales dollar amount this year compared to last year and each month this year has shown a higher dollar amount than last year for completed home sales.

The purple circle in the back of the chart shows the new foreclosures this year compared to last year. This year shows fewer foreclosure numbers in Douglas County Georgia except for March which was 6.1% higher this year and May which had an equal amount to last year.

Click on the chart for a larger view.


What does all this mean? Well there are fewer homes listed in 2012 but more closed sales and a higher dollar amount of sales so it clearly shows the housing market is more active in 2012 than in 2011 and is showing upward trends for Douglas County GA.

The reason for the lower amount of foreclosures is because when borrowers are headed for foreclosure, more & more lenders are urging them to do short sales as opposed to allowing their homes to get foreclosed on. This is also the reason there are more short sales in the housing market now.

If you need help selling your home in Douglas County, preventing your home from being foreclosed on or an excellent Buyer's Agent to negotiate your sales contract call our team:

1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
Priscilla Hammond
Mobile 404.503.6562
Message 678.632.2012
Website www.bestgeorgiaagent.com
Email 2012atl@gmail.com

Tuesday, June 5, 2012

I Did It In The Parking Lot At Lockheed

Yep that's right, it's not a typo.

 My home buyer clients could not take anymore time off work due to the closing being rescheduled by their loan officer and luckily for us, it was more convenient for the closing attorney to schedule it at lunchtime than after my buyer clients workday ended so we conducted the closing on their new home purchase at the picnic table in the parking lot at Lockheed. 

Thanks Mr. Florence for helping to make it happen!!

Find out what I can do for you to help you have a smooth & successful closing on your home purchase, give me a call.

My main service areas are Cobb, Fulton, Douglas & Paulding Counties, but I will branch out if you need me to.

Priscilla Hammond
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
404.503.6562 Mobile
678.757.5885 Message
2012atl@gmail.com 
www.bestgeorgiaagent.com

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