Saturday, December 29, 2012
Tips To Surviving Your First Sale, Guide For Home Sellers
This very helpful guide is provided to you by Trulia.com
For assistance with selling your home give me a call, Priscilla Hammond Maximum One Realty Greater Atlanta 404.503.6562 2012atl@gmail.com
Friday, November 2, 2012
Want To Buy A House In Metro Atlanta? Go Hard Or Go Home!
My inspiration for this blog post is my excitement over my most recent contract that I'm negotiating for one of my home buyer clients.
For the 1st time in a year and a half I've been able to counter with the seller. This is not due to my negotiating skills because I'm an awesome negotiator, ask any of my previous clients.
The reason for the lack of being able to counter offer on my other recent home sales is because of multiple offers from other buyers.
That's right, don't believe what you hear on the news because it doesn't apply to every housing market. Metro Atlanta is rapidly turning into a seller's market and if you want to buy a home you have to be willing to compete with other buyers, particularly in the $200,000 and under price range.
If your Agent tells you the seller has received multiple offers on the home, don't ask if you can win with an offer price below list price because most likely you can't. You're also going to have to consider asking for less from the seller because you have competition and they'll most likely choose the buyer who gives them the highest net purchase price. For example my most recent listing 5302 Autumn Run Dr Powder Springs GA was listed at $85k, we received multiple offers and the highest offer was $115k, it's a short sale and a great bargain.
If you're considering selling your home and you'd like to go over all the options available to you, give me a call or send me an email, I get them sold fast.
If you're a serious home buyer and ready to utilize my services to help you find a great home, call me now and I can get you closed before Christmas.
Priscilla Hammond
Maximum One Realty Greater Atlanta
404.503.6562
For the 1st time in a year and a half I've been able to counter with the seller. This is not due to my negotiating skills because I'm an awesome negotiator, ask any of my previous clients.
- Melkeya Mcduffie Client, SellerPriscilla is a gem! Extremely attentive and professional. She epitomizes what excellent customer service should look like. Priscilla made us feel as if we were her #1 priority. If you are looking for an agent in Georgia, Priscilla is the one to call!
- norman915 Client, SellerPriscilla was a great to me in dealing with selling of my home. She was very professional and showed a rare penchant for caring about her clients. Priscilla is very professional. and will everything in her power to bring her clients the best possible outcome to their buying or selling experience.
- Tonyfannin30 Client, BuyerShe is a great agent to work with she wouldn't let me quit when I had my heart set on a house I really wanted. So she had find me a diamond in the rough it actually was better than the house I tried to get so thank you Ms. Hammond anybody looking for a house I will send them your way. Because I know you going to take care of them.
- Devaughn Woods Real Estate ProLooking for Real Estate in the ATL? Priscilla gets is done! Look her up!
- Lisa Carlton FriendPriscilla has been one of my closest friends for 28 years. Honest, diligent and intelligent! Such a loyal friend and a true gift to anyone she comes in contact with!
The reason for the lack of being able to counter offer on my other recent home sales is because of multiple offers from other buyers.
That's right, don't believe what you hear on the news because it doesn't apply to every housing market. Metro Atlanta is rapidly turning into a seller's market and if you want to buy a home you have to be willing to compete with other buyers, particularly in the $200,000 and under price range.
If your Agent tells you the seller has received multiple offers on the home, don't ask if you can win with an offer price below list price because most likely you can't. You're also going to have to consider asking for less from the seller because you have competition and they'll most likely choose the buyer who gives them the highest net purchase price. For example my most recent listing 5302 Autumn Run Dr Powder Springs GA was listed at $85k, we received multiple offers and the highest offer was $115k, it's a short sale and a great bargain.
If you're considering selling your home and you'd like to go over all the options available to you, give me a call or send me an email, I get them sold fast.
If you're a serious home buyer and ready to utilize my services to help you find a great home, call me now and I can get you closed before Christmas.
Priscilla Hammond
Maximum One Realty Greater Atlanta
404.503.6562
Wednesday, September 5, 2012
30 Helm DR Covington, GA 30014 - Priscilla Hammond
30 Helm DR Covington, GA 30014 - Priscilla Hammond
A great home for buyers searching for a home in Covington GA, don't let this one get away!! Call to schedule a showing today.
Priscilla Hammond
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
404.503.6562
2012atl@gmail.com
A great home for buyers searching for a home in Covington GA, don't let this one get away!! Call to schedule a showing today.
Priscilla Hammond
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
404.503.6562
2012atl@gmail.com
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
Fix Your Credit
Buy A House
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."
"With FAITH you can move mountains,
with DOUBT you can create them."
Buy A House
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
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
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
Friday, May 25, 2012
Atlanta Georgia Housing Market Stats & Trends Charts
This market stats and trends info is compiled with data from May 25, 2011 through May 25, 2012. It's for single family detached residences in the city of Atlanta GA, it does not include the surrounding metro area, just the city of Atlanta.
The charts below represent the real estate sales data priced from $0-$2 million + and they're broken down individually into charts for easy viewing of each price range.
Solds= actual closed home sales
Available or active= currently listed for sale on the market
DOM= days on the market
SP/LP%= the price the home sold for compared to the price the home was listed at
Click on each chart to view a larger size
To contact us for assistance or questions with any real estate endeavor
Priscilla Hammond
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The charts below represent the real estate sales data priced from $0-$2 million + and they're broken down individually into charts for easy viewing of each price range.
Solds= actual closed home sales
Available or active= currently listed for sale on the market
DOM= days on the market
SP/LP%= the price the home sold for compared to the price the home was listed at
Click on each chart to view a larger size
To contact us for assistance or questions with any real estate endeavor
Priscilla Hammond
1st Choice Premier Realty Group
Mobile (404)503-6562
Fax (678)666-1383
Fix Your Credit Buy A House
Maximum One Realty Greater Atlanta
"With faith you can move mountains,
with doubt you will create them."
Mobile (404)503-6562
Fax (678)666-1383
Fix Your Credit Buy A House
Maximum One Realty Greater Atlanta
"With faith you can move mountains,
with doubt you will create them."
.jpg)
Saturday, May 19, 2012
Wednesday, May 9, 2012
Want To Buy A Townhouse In Metro Atlanta?
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Tuesday, April 17, 2012
How To Save To Buy A House
If you're thinking about buying a home and you'd like to start saving for your home buying expenses early I'm going to give you a general rule of thumb. This will not apply to everyone because there are several significant factors that will come into play when purchasing a home that can change these figures.
Example: Your household's gross monthly income is $3,000, your credit score is 640 and you have little to no other debt.
Let's say your purchase price is $100,000 and you're using an FHA 3.5% down loan with no repair escrows (203b) (203k) and no down payment assistance (Georgia Dream, Neighborhood Lift, NSP, etc) or other grant programs.
With $100,000 for your purchase price you'd pay $3,500 for a down payment (NOT the same as earnest money deposit) making your loan amount $96,500 for 30 years at 4.5% interest; $1,500 a year for property taxes $500 a year for HOA fees & $1,000 a year for homeowner's insurance. Your PMI (NOT the same as homeowner's insurance) is 1.25% giving you a monthly mortgage payment of $839.47 until your PMI drops off (in 2021) then your payment will go down to $738.95.
The first item you'll pay for is the lender's credit report about $75 for a married couple.
The next thing you'll pay is the earnest money deposit which is typically 1% of your purchase price if it's a regular seller and $500-$2,000 if it's a foreclosure seller dependent upon the purchase price and their individual requirements. So we'll say $1,000 for this example. It's deducted from the closing costs at closing.
Then you have your home inspection $350 (estimate) termite inspection $45 (estimate if the seller doesn't provide it) appraisal $600 (estimate)-if you'll want any other tests/inspections (lead, soil, survey, etc.) you'll have to add those on too.
The house checked out wonderfully and about 1-2 months later you're ready to close, your total closing costs including the lender's fees, hoa fees, property taxes, title insurance, recording fees, $3,500 down payment, title check & closing attorney fees came to a total of $6,000 (6% of your purchase price) from that we'll subtract the -$1,000 earnest money deposit that you've already paid & 2% that the seller is paying towards your closing costs -$2,000= $3,000 that you'd need to bring on closing day.
We don't want you to go broke at closing so the lender may require you to have 3-6 months of your mortgage payment in an account(s) (reserves) on the day of closing, so for this example we'll say 3 months of mortgage payments=$2,518.41
Your total savings to purchase this $100,000 home should be about $7,588.41 which is a little on the high side but it will keep you from being surprised and caught off guard, the sample is a different amount but you should get the general idea.
Let's say you need to work on raising your credit score (click here for help with that) and want to move in the next 6 months, so if you have no money already saved up you would need to save $1,264.74 monthly for the next 6 months. If your move is in a year you need to save $632.37 monthly.
If you like to be prepared in advance and want to pre-plan your move or you're a big spender and need a little prodding to save for your home purchase, call me and I'll remind you every payday how much you need to put in your savings account before you go shopping!
Example: Your household's gross monthly income is $3,000, your credit score is 640 and you have little to no other debt.
Let's say your purchase price is $100,000 and you're using an FHA 3.5% down loan with no repair escrows (203b) (203k) and no down payment assistance (Georgia Dream, Neighborhood Lift, NSP, etc) or other grant programs.
The first item you'll pay for is the lender's credit report about $75 for a married couple.
The next thing you'll pay is the earnest money deposit which is typically 1% of your purchase price if it's a regular seller and $500-$2,000 if it's a foreclosure seller dependent upon the purchase price and their individual requirements. So we'll say $1,000 for this example. It's deducted from the closing costs at closing.
Then you have your home inspection $350 (estimate) termite inspection $45 (estimate if the seller doesn't provide it) appraisal $600 (estimate)-if you'll want any other tests/inspections (lead, soil, survey, etc.) you'll have to add those on too.
The house checked out wonderfully and about 1-2 months later you're ready to close, your total closing costs including the lender's fees, hoa fees, property taxes, title insurance, recording fees, $3,500 down payment, title check & closing attorney fees came to a total of $6,000 (6% of your purchase price) from that we'll subtract the -$1,000 earnest money deposit that you've already paid & 2% that the seller is paying towards your closing costs -$2,000= $3,000 that you'd need to bring on closing day.
We don't want you to go broke at closing so the lender may require you to have 3-6 months of your mortgage payment in an account(s) (reserves) on the day of closing, so for this example we'll say 3 months of mortgage payments=$2,518.41
Your total savings to purchase this $100,000 home should be about $7,588.41 which is a little on the high side but it will keep you from being surprised and caught off guard, the sample is a different amount but you should get the general idea.
Let's say you need to work on raising your credit score (click here for help with that) and want to move in the next 6 months, so if you have no money already saved up you would need to save $1,264.74 monthly for the next 6 months. If your move is in a year you need to save $632.37 monthly.
If you like to be prepared in advance and want to pre-plan your move or you're a big spender and need a little prodding to save for your home purchase, call me and I'll remind you every payday how much you need to put in your savings account before you go shopping!
Priscilla Hammond
Licensed Real Estate Agent
1st Choice Premier Realty Group "If we're not your 1st choice, we should be!"
Maximum One Realty Greater Atlanta
1st Choice Premier Realty Group "If we're not your 1st choice, we should be!"
Maximum One Realty Greater Atlanta
Independent Credit Consultant
FES
404.503.6562FES
Friday, March 30, 2012
Cobb County Georgia Market Stats 2011-2012
The market action index is moving toward favoring Sellers as the housing supply decreases and prices and sales increase. Check back often as I will update the stats for each month as they become available.This info is compiled with data from 2011 to 2012 for Cobb County Georgia housing market statistics for Residential Detached home sales. Last year's stats will be in red and this year's stats are in blue.
Watch with me as the housing market improves along with our economy. To view homes for sale in Georgia click here or here
New Listings
January 2011-932
January 2012-745
February 2011-1,009
February 2012-836
March 2011-1,211
March 2012- 1.001
April 2011-1,087
April 2012-962
May 2011-1,036
May 2012
June 2011-1,042
June 2012
July 2011-890
July 2012
August 2011-907
August 2012
September 2011-800
September 2012
October 2011-750
October 2012
November 2011-668
November 2012
December 2011-604
December 2012
Pending Sales
January 2011-329
January 2012-494
February 2011-456
February 2012-555
March 2011-563
March 2012- 640
April 2011-518
April 2012-618
May 2011-578
May 2012
June 2011-612
June 2012
July 2011-460
July 2012
August 2011-554
August 2012
September 2011-469
September 2012
October 2011-452
October 2012
November 2011-416
November 2012
December 2011-351
December 2012
Closed Sales
January 2011-254
January 2012-337
February 2011-325
February 2012- 413
March 2011- 460
March 2012- 476
April 2011- 479
April 2012-478
May 2011-518
May 2012
June 2011-647
June 2012
July 2011-538
July 2012
August 2011-568
August 2012
September 2011-510
September 2012
October 2011-465
October 2012
November 2011-417
November 2012
December 2011-420
December 2012
Closed Sales Dollar Amounts
January 2011-$45,510,595
January 2012-$56,523,383
February 2011-$55,904,842
February 2012-$65,359,173
March 2011-$89,939,086
March 2012- $84,505,512
April 2011-$85,206,606
April 2012-$93,630,075
May 2011-$94,068,187
May 2012
June 2011-$139,352,145
June 2012
July 2011-$109,311,896
July 2012
August 2011-$107,162,494
August 2012
September 2011-$90,276,446
September 2012
October 2011-$72,830,771
October 2012
November 2011-$76,039,178
November 2012
December 2011-$70,772,310
December 2012
Sunday, March 18, 2012
You're Going Through Underwriting Before We Go Through A Door
This post is inspired by the challenges some Agents face when trying to close a sale for their home buyer clients, particularly with distressed property sales. The tight timelines and high per diem fees and penalties that these foreclosure sellers are putting on home buyers is getting less favorable for the buyer.
I'll begin by noting that this post is not directed to cash buyers, only the home buyers who are seeking financing to purchase their home.
This situation has been a topic I've had with many fellow Real Estate Agents and read in blog posts, articles, Agents' websites, etc. and the majority of the Agents require their clients to speak with a loan officer or mortgage banker before they will begin showing them homes and writing up sales contracts..
The problem begins with our online marketing and the fact that home buyers are starting their home searches online.
We have to market ourselves online to get exposure to gain new clients, the problem with that marketing is the way that it's set up. The buyers see a house they like at a price they think they can afford and walla some Agent's names, photos & contact information is right there for them to click to contact us for what they think is a showing appointment with no advanced preparation on the buyer's end to secure payment for the purchase.
Don't get me wrong, I love the real estate websites marketing services, I use Zillow, Trulia & Movoto and half of my business is from online prospects while the other half is from referrals from past clients so it's a very important part of my business. The problem is when we inquire as to how the purchase will be paid for, the potential buyer puts a wall up or they get offended.
We would possibly be overseeing the transaction for most likely the largest purchase of your life, you should definitely feel comfortable discussing with us how it's going to be funded.
So home buyers if you don't listen to any other advice that comes from your Real Estate Agent, listen to this-there's nothing worse than to have paid $300-$500 for a home inspection; 1% of the purchase price for an earnest money deposit; money for surveys and whatever other fees you may have paid to purchase the home-then get down to just days before the closing and underwriting denies the loan.
It's just better with such a major purchase and so much time, money and emotions that are involved in the home buying process to be well prepared in advance, don't you think?
So potential home buyers in Georgia get your last 2-3 years tax returns; last 2-3 months of bank statements; last 2-3 months of check stubs and ID copies together, then call, text or email me so I can guide you in the most rewarding home buying experience ever, beginning with full underwriting approval, not just a pre-qual letter. We can see some homes, but no contracts will be written without a pre-approval letter first and this is in your best interest. The scenarios below will show you why:
1, You begin your home search in May; You find a home you love in June and you want to submit an offer on it; the seller is a bank and they will only give you 30 days to close and charge $100 daily per diem fee to you for every day that you go past the agreed upon closing date; you feel secure with the terms because you have a pre-qual letter; 2 weeks later the loan officer asks for updated bank statements, you turn those in; 3 days after that the loan officer tells you your debt to income ratio is too high so you pay off $3,000 of your debt; a week later the loan officer tells you your job won't verify the full amount of income that you gave to get the pre-qual letter so they can't approve you for the purchase price of the home that you're under contract to buy; 4 days later the income issue gets resolved but the HOA hasn't given the closing letter yet; 10 days later the HOA sends the letter; 2 days before your new closing date underwriting discovers a new major purchase on your credit report, denies the loan and you can't buy the home. At this point you've spent $3000 EM deposit+$500 inspections+$500 appraisal+$50 homeowner's insurance+$3000 debt paydown+$1000 per diem fees=$8050 and still no house.These scenarios really do happen with the strict underwriting regulations that are imposed today and I read and hear horror stories from other Agents about it daily. Which is why I'll require my buyers get full underwriting approval before we go "under contract"
Agents and home buyers who have stories to share regarding their home buying or selling experience, I'd love to hear them, please post a comment.
I'll begin by noting that this post is not directed to cash buyers, only the home buyers who are seeking financing to purchase their home.
This situation has been a topic I've had with many fellow Real Estate Agents and read in blog posts, articles, Agents' websites, etc. and the majority of the Agents require their clients to speak with a loan officer or mortgage banker before they will begin showing them homes and writing up sales contracts..
The problem begins with our online marketing and the fact that home buyers are starting their home searches online.
We have to market ourselves online to get exposure to gain new clients, the problem with that marketing is the way that it's set up. The buyers see a house they like at a price they think they can afford and walla some Agent's names, photos & contact information is right there for them to click to contact us for what they think is a showing appointment with no advanced preparation on the buyer's end to secure payment for the purchase.
Don't get me wrong, I love the real estate websites marketing services, I use Zillow, Trulia & Movoto and half of my business is from online prospects while the other half is from referrals from past clients so it's a very important part of my business. The problem is when we inquire as to how the purchase will be paid for, the potential buyer puts a wall up or they get offended.
We would possibly be overseeing the transaction for most likely the largest purchase of your life, you should definitely feel comfortable discussing with us how it's going to be funded.
So home buyers if you don't listen to any other advice that comes from your Real Estate Agent, listen to this-there's nothing worse than to have paid $300-$500 for a home inspection; 1% of the purchase price for an earnest money deposit; money for surveys and whatever other fees you may have paid to purchase the home-then get down to just days before the closing and underwriting denies the loan.
It's just better with such a major purchase and so much time, money and emotions that are involved in the home buying process to be well prepared in advance, don't you think?
So potential home buyers in Georgia get your last 2-3 years tax returns; last 2-3 months of bank statements; last 2-3 months of check stubs and ID copies together, then call, text or email me so I can guide you in the most rewarding home buying experience ever, beginning with full underwriting approval, not just a pre-qual letter. We can see some homes, but no contracts will be written without a pre-approval letter first and this is in your best interest. The scenarios below will show you why:
1, You begin your home search in May; You find a home you love in June and you want to submit an offer on it; the seller is a bank and they will only give you 30 days to close and charge $100 daily per diem fee to you for every day that you go past the agreed upon closing date; you feel secure with the terms because you have a pre-qual letter; 2 weeks later the loan officer asks for updated bank statements, you turn those in; 3 days after that the loan officer tells you your debt to income ratio is too high so you pay off $3,000 of your debt; a week later the loan officer tells you your job won't verify the full amount of income that you gave to get the pre-qual letter so they can't approve you for the purchase price of the home that you're under contract to buy; 4 days later the income issue gets resolved but the HOA hasn't given the closing letter yet; 10 days later the HOA sends the letter; 2 days before your new closing date underwriting discovers a new major purchase on your credit report, denies the loan and you can't buy the home. At this point you've spent $3000 EM deposit+$500 inspections+$500 appraisal+$50 homeowner's insurance+$3000 debt paydown+$1000 per diem fees=$8050 and still no house.These scenarios really do happen with the strict underwriting regulations that are imposed today and I read and hear horror stories from other Agents about it daily. Which is why I'll require my buyers get full underwriting approval before we go "under contract"
Agents and home buyers who have stories to share regarding their home buying or selling experience, I'd love to hear them, please post a comment.
Get credit restoration here
Search homes for sale in Georgia here
Priscilla Hammond
1st Choice Premier Realty Group
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
Mobile 770.568.8932
Mobile 404.503.6562
Office 770.919.8825 press 1 for the dial by name directory then enter ham for my last name
2012ATL@gmail.comThursday, March 8, 2012
Mortgage Insurance to Increase 04/01/2012 and other HUD changes
There are changes from HUD coming up soon that will affect the home buyers who are utilizing FHA loans.
In this blog post I will outline what the changes are and what they mean for you.
You can get the full details and read the new mortgagee letter at the HUD website.
The subject of the letter is titled "Miscellaneous Underwriting Issues"
The 1st item is regarding income verification for those of us who are self-employed-Self employed borrowers must show a y-t-d profit & loss (P&L) and balance sheet if more than 1 calendar quarter has passed since filing the most recent tax return.
If the income used to qualify the borrower exceeds the last 2 years tax returns, an audited P&L or a signed quarterly tax return from the IRS must be provided.
The 2nd item is regarding disputed accounts on the borrower's credit report-Disputed accounts will no longer trigger a manual underwriting review if
1. The outstanding balance of all disputed accounts are less than $1,000 and
2. It has been 2 years or longer since the date of the last activity listed on the credit report for all disputed accounts.
If the borrower has 1 or more disputed credit accounts or collections with singular or cumulative balances $1,000 or higher, the accounts must be resolved or paid in full prior to or at the time of closing.
Items resulting from identity theft, fraud or unauthorized use of credit cards can be excluded if proper documentation is provided.
Judgements will still have to be paid off before the loan is eligible for FHA insurance.
The 3rd item is regarding Identity of Interest transactions-Brother, Stepbrother, Sister, Stepsister, Uncle & Aunt have now been added to the definition of a family member.
Identity of Interest transactions may result in a reduced maximum LTV limitation.
The final item is the increase of the FHA MIP rate-The upfront FHA MIP will increase from 1.00% to 1.75% regardless of the loan term.
The annual premium will increase by .10% for all loans.
For terms longer than 15 years with LTV ratios greater than 95% the new rate will be 1.25%; with LTV ratios equal to or less than 95% the new rate will be 1.20%
For terms 15 years or less with LTV ratios greater than 90% the new rate will be 0.60%; with LTV ratios equal to or less than 90% the new rate will be 0.35%
Remember these changes and rate increases will apply to all FHA case #'s after April 1, 2012, so get your loan docs completed now. If you need assistance feel free to contact me.
View homes for sale with pictures and virtual tours in Georgia here, no registration required
To get help with financial or credit issues click here
Priscilla Hammond
404.920.4776 x21
404.503.6562
In this blog post I will outline what the changes are and what they mean for you.
You can get the full details and read the new mortgagee letter at the HUD website.
The subject of the letter is titled "Miscellaneous Underwriting Issues"
The 1st item is regarding income verification for those of us who are self-employed-Self employed borrowers must show a y-t-d profit & loss (P&L) and balance sheet if more than 1 calendar quarter has passed since filing the most recent tax return.
If the income used to qualify the borrower exceeds the last 2 years tax returns, an audited P&L or a signed quarterly tax return from the IRS must be provided.
The 2nd item is regarding disputed accounts on the borrower's credit report-Disputed accounts will no longer trigger a manual underwriting review if
1. The outstanding balance of all disputed accounts are less than $1,000 and
2. It has been 2 years or longer since the date of the last activity listed on the credit report for all disputed accounts.
If the borrower has 1 or more disputed credit accounts or collections with singular or cumulative balances $1,000 or higher, the accounts must be resolved or paid in full prior to or at the time of closing.
Items resulting from identity theft, fraud or unauthorized use of credit cards can be excluded if proper documentation is provided.
Judgements will still have to be paid off before the loan is eligible for FHA insurance.
The 3rd item is regarding Identity of Interest transactions-Brother, Stepbrother, Sister, Stepsister, Uncle & Aunt have now been added to the definition of a family member.
Identity of Interest transactions may result in a reduced maximum LTV limitation.
The final item is the increase of the FHA MIP rate-The upfront FHA MIP will increase from 1.00% to 1.75% regardless of the loan term.
The annual premium will increase by .10% for all loans.
For terms longer than 15 years with LTV ratios greater than 95% the new rate will be 1.25%; with LTV ratios equal to or less than 95% the new rate will be 1.20%
For terms 15 years or less with LTV ratios greater than 90% the new rate will be 0.60%; with LTV ratios equal to or less than 90% the new rate will be 0.35%
Remember these changes and rate increases will apply to all FHA case #'s after April 1, 2012, so get your loan docs completed now. If you need assistance feel free to contact me.
View homes for sale with pictures and virtual tours in Georgia here, no registration required
To get help with financial or credit issues click here
Priscilla Hammond
404.920.4776 x21
404.503.6562
Saturday, March 3, 2012
For Sale: 3BR/2BA Townhouse in Marietta, GA, $56,000
For Sale: 3BR/2BA Townhouse in Marietta, GA, $56,000
SOLD-----UNDER CONTRACT WITHIN 1 WEEK AND CLOSED WITHIN 2 MONTHS AND IT WAS A SHORT SALE-Let me help you sell your house.
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
New townhome listing in Marietta GA for sale. This Cobb County townhome is in a prime location close to Historic Marietta and convenient to shopping centers. It has 3 bedrooms and 2 full bathrooms with a huge bonus room that has a private entrance on the side of the home. It has been well cared for and maintained and it's in immaculate condition. Short Sale sold as-is, third party approval required.
I'm your metro Atlanta and Cobb County Real Estate Agent if you need to buy or sell a house. Call me.If you'd like to view any of my listings I'd be happy to show them to you.
SOLD-----UNDER CONTRACT WITHIN 1 WEEK AND CLOSED WITHIN 2 MONTHS AND IT WAS A SHORT SALE-Let me help you sell your house.
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
New townhome listing in Marietta GA for sale. This Cobb County townhome is in a prime location close to Historic Marietta and convenient to shopping centers. It has 3 bedrooms and 2 full bathrooms with a huge bonus room that has a private entrance on the side of the home. It has been well cared for and maintained and it's in immaculate condition. Short Sale sold as-is, third party approval required.
I'm your metro Atlanta and Cobb County Real Estate Agent if you need to buy or sell a house. Call me.If you'd like to view any of my listings I'd be happy to show them to you.
Tuesday, February 21, 2012
Fix Your Credit To Buy A House
Is your life being affected negatively by low credit or FICO scores?
Click here for details and an application to get help now
Would you like help from someone you can trust?
Then, you're at the right place!!
I've come in contact with so many people over the past year who have low credit scores and can't get a mortgage loan. So I came up with the perfect way to help them/you. I decided to join FES as an Independent Credit Restoration Agent so I could help the many people out there who have bad credit. I researched services that promised to help people with their credit scores but those companies turned out to only be scams or priced too high.
Our prices are affordable and FES was the one company that I could trust my reputation with. I'm a licensed Real Estate Agent and I wouldn't want to risk that by affiliating myself with a company that isn't legitimate.
We offer a wide range of financial, budgeting, credit restoration and consulting services.
Check it out by clicking on any of the hyperlinks and sign up to free yourself from bad credit or if you have additional questions regarding how the program works, feel free to contact me. .
To view mls listed homes, short sales and foreclosures for sale in Georgia click here
Click here for details and an application to get help now
Would you like help from someone you can trust?
Then, you're at the right place!!
I've come in contact with so many people over the past year who have low credit scores and can't get a mortgage loan. So I came up with the perfect way to help them/you. I decided to join FES as an Independent Credit Restoration Agent so I could help the many people out there who have bad credit. I researched services that promised to help people with their credit scores but those companies turned out to only be scams or priced too high.
Our prices are affordable and FES was the one company that I could trust my reputation with. I'm a licensed Real Estate Agent and I wouldn't want to risk that by affiliating myself with a company that isn't legitimate.
We offer a wide range of financial, budgeting, credit restoration and consulting services.
Check it out by clicking on any of the hyperlinks and sign up to free yourself from bad credit or if you have additional questions regarding how the program works, feel free to contact me. .
To view mls listed homes, short sales and foreclosures for sale in Georgia click here
Saturday, February 18, 2012
The Area With The Most Sales Closed In The Last Day
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