Renaissance Realty Group’s Blog: Eric Reid (Renaissance Realty Group )

Renaissance Realty | 404-921-2067 

Buying Pre-Foreclosure / Short Sales Homes

Step 1 Finding and filing properties

Develop a system to keep track of properties that interest you. A good tracking system is important since most pre-foreclosure buyers pursue many properties over a period of several months.After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. It best to determine a School district, Neighborhood, FMLS / MSL Zone and watch only that area for new listing, sold, expired and withdrawn, a great way to do so is set up an auto notifaction system with a Realtor. Most agent will gladly put you on a auto notifaction sytem for properties if you agree to let them negotiate the deal for you when the time comes. It's a win - win, you get timely information quickly and the agent gets the oppurtunity to prove their value to you. As a Buyer you want to watch Active, Sold, Expired listings to build market knowledge in your chosen area, also often Pre-Forclouseres will list with a tradtional agent at full price in the hopes of selling at a price to cover all closing costs without having to negoate a "Short Sale" or the listing agent may not know how to do a "Short Sale" and will list the property in the tradtional manner.

Q.? How will I know if a property I like is in Pre-Foreclosure? Give me a call or tune in for Step 2

Eric Reid, Managing Broker Renaissance Realty Group Inc. Short Sale Certified Graduate Harris Real Estate University Office: 404-921-2067 x 102 Fax: 770-513-4443

Search All Georgia Homes for Sale at http://www.georgiaonlinehomes.com/  

Closing Costs The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom. Buyer closing costs When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include: The down payment Loan fees (points, application fee, credit report) Prepaid interest Inspection fees Appraisal Mortgage insurance (typically 1 years premium plus an escrow of 2 months) Hazard insurance (typically 1 years premium plus an escrow of 2 months) Title insurance Documentary stamps on the note Seller closing costs If the seller has not yet paid for the house in full, the seller's most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller's lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale. Other seller closing costs can include: Broker's commission Transfer taxes Documentary Stamps on the Deed Title insurance Property taxes (prorated) Negotiating Closing Costs In addition to the sales price, buyers and sellers frequently include closing costs in their negotiations. This can be for both major and minor fees. For example, if a buyer is particularly nervous about the condition of the plumbing, the seller may agree to pay for the house inspection. Likewise, a buyer may want to save on up-front expenditures, and so agree to pay the seller's full asking price in return for the seller paying all the allowable closing costs. There's no right or wrong way to negotiate closing costs; just be sure all the terms are written down on the purchase agreement. Prorations At the closing, certain costs are often prorated (or distributed) between buyer and seller. The most common prorations are for property taxes. This is because property taxes are typically paid at the end of the year for which they were assessed. Thus, if a house is sold in June, the sellers will have lived in the house for half the year, but the bill for the taxes won't come due until the following year! To make this situation more equitable, the taxes are prorated. In this example, the sellers will credit the buyers for half the taxes at closing.

HELP AVOIDING FORECLOSURE

MORTGAGE DEBT RELIEF

LATE PAYMENTS?  MISSED PAYMENTS?

ADJUSTABLE RATE MORTGAGE?  LOW OR NO EQUITY?

   Georgia has one of the highest foreclosure rates in the nation with nearly 3,000 homes entering foreclosure per month.  In February of this year that amounted to 1 in every 299 households in Georgia.  Many of these are the result of ARM rates soaring and making it difficult for many families to meet their monthly mortgage payment.  Others are the result of job loss, and changes in personal incomes.

     If you are facing foreclosure, or anticipate having difficulty meeting your mortgage, you may qualify for a Short Sale.  A Short Sale is where your lender permits you to sell your home for less than the payoff and forgives the balance.  This can help you avoid foreclosure, bankruptcy, and a deficiency judgment.

NO FEES are paid by the Homeowner.

AVOID FORECLOSURE SCAMS.

Never pay anyone an upfront fee to "stop foreclosure".  We are a professional Real Estate agency specifically trained and experienced in negotiating Short Sales directly with lenders.

Our fees are paid by the lender upon successful completion of the Short Sale.

Toll Free 24-hr Recorded Information:

1-800-214-4994  Code 2121

or, call now to speak directly and confidentially with a representative:

404-921-2067

LOCAL SHORT SALE CERTIFIED AGENT

Work with HomeTeam Advantage LLC

Here to help you today

follow this  A homeowner with 2.5 children buys a home moves into an new community the school board records the new enrollment and the state / federal government send the pre student tax dollar the school takes those dollars and hires a new teacher who goes out and buys a house to be closer to the her new students and class room al is happy and well until Mr. and Mrs. homeowner stops paying the mortgagee the family struggles to get things back on track but project lifeline does nothing to help them in a decline market so the family is forced to move taking the 2.5 children with them and oh those tax dollars with them.. does not seem like a big thing till you understand that in some new home communities 1 out of 8 homes are living this story in a community of 100 homes that's 12 homes or 36 few students (a classroom full) see the connection.... one less teacher and so it goes over and over again.

Short Sales offer some help because at least there is a buyer in place as Mr. Mrs. homeowner start to exit new Mr. and Mrs. Homeowner are moving in.

So lets focus on developing a more streamline Short Sale process for Homeowners, it's a win win win The homeowners credit is saved, the community gets a sense of balance , the lender starts to recover on the lose, and the teacher gets a new student and keeps her job

GA SCHOOLS HOW DOES YOU SCHOOL RANK ? Home values are link to school success rates 

The Governor's Office of Student Achievement (GOSA) was established July 1, 2000 by the state law known as the A Plus Education Reform Act. The mission of GOSA is to provide accountability for all of Georgia's education system from prekindergarten through postsecondary levels that will result in:

      Improving student achievement and
      Improving school completion.

As part of this mission, GOSA presents its seventh annual report on Georgia's public K-12 schools. With the 2005-2006 Report Card, GOSA presents the Single Statewide Accountability System (SSAS) for Georgia's K-12 schools. GOSA hopes that the information contained in this report and future reports will provide teachers, parents, and students with valuable information regarding schools and school districts and challenge communities to improve education for all of Georgia's children.

The Georgia Department of Education (GaDOE) is the state agency charged with the fiscal and administrative management of certain aspects of K-12 public education, including the implementation of federal and state mandates.  Such management is subject to supervision and oversight by the State Board of Education (SBOE). To learn more about GaDOE and SBOE, visit ww.doe.k12.ga.us.

isit ww.doe.k12.ga.us.

GA SCHOOLS HOW DOES YOU SCHOOL RANK ? Home values are link to school success rates 

The Governor's Office of Student Achievement (GOSA) was established July 1, 2000 by the state law known as the A Plus Education Reform Act. The mission of GOSA is to provide accountability for all of Georgia's education system from prekindergarten through postsecondary levels that will result in:

      Improving student achievement and
      Improving school completion.

As part of this mission, GOSA presents its seventh annual report on Georgia's public K-12 schools. With the 2005-2006 Report Card, GOSA presents the Single Statewide Accountability System (SSAS) for Georgia's K-12 schools. GOSA hopes that the information contained in this report and future reports will provide teachers, parents, and students with valuable information regarding schools and school districts and challenge communities to improve education for all of Georgia's children.

The Georgia Department of Education (GaDOE) is the state agency charged with the fiscal and administrative management of certain aspects of K-12 public education, including the implementation of federal and state mandates.  Such management is subject to supervision and oversight by the State Board of Education (SBOE). To learn more about GaDOE and SBOE, visit ww.doe.k12.ga.us.

HELP AVOIDING FORECLOSURE

MORTGAGE DEBT RELIEF

LATE PAYMENTS?  MISSED PAYMENTS?

ADJUSTABLE RATE MORTGAGE?  LOW OR NO EQUITY?

     Georgia has one of the highest foreclosure rates in the nation with nearly 3,000 homes entering foreclosure per month.  In November of this year that amounted to 1 in every 299 households in Georgia.  Many of these are the result of ARM rates soaring and making it difficult for many families to meet their monthly mortgage payment.  Others are the result of job loss, and changes in personal incomes.

     If you are facing foreclosure, or anticipate having difficulty meeting your mortgage, you may qualify for a Short Sale.  A Short Sale is where your lender permits you to sell your home for less than the payoff and forgives the balance.  This can help you avoid foreclosure, bankruptcy, and a deficiency judgment.

NO FEES are paid by the Homeowner.

AVOID FORECLOSURE SCAMS.

Never pay anyone an upfront fee to "stop foreclosure".  We are a professional Real Estate agency specifically trained and experienced in negotiating Short Sales directly with lenders.

Our fees are paid by the lender upon successful completion of the Short Sale.

Toll Free 24-hr Recorded Information:

1-800-214-4994  Code 2121

or, call now to speak directly and confidentially with a representative:

404-921-2067