As a proud owner of a schnoodle (part poodle, part schnauzer) rescued from an illegal puppy mill, I was very happy when I read this article on REALTOR.org about No Paws Left Behind. According to their web site, No Paws Left Behind "is a focus driven not for profit organization, designed to bring awareness to all communities the silent victims of foreclosure who have no voice or rights to implement change."
With the rise in foreclosures across the country and here in Cherokee and Cobb county, it is good to see people thinking about the impact that this can have on our pets. If you know of any animals that have been displaced by a recent foreclosure, please give me a call or visit the No Paws Left Behind web site for more information about how you can help.
Michael Bradford
Southern Prime Realty
770-862-8002
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Thursday, June 12, 2008
Monday, December 10, 2007
Avoid Foreclosure!
Over the past year, Georgia (as well as many other states) have seen a record number of foreclosures. The reasons vary, but are mostly due to the cheap money that was available when the market was peaking. A lot of people got loans for homes that they could not afford at a low introductory (but adjustable) rate. When the rates were raised after the first year or two, they skyrocketed and most buyers could no longer afford the payments.
I saw this interesting article in the Atlanta Journal & Constitution about how owners can avoid foreclosure. Georgia, along with Texas, are the states with the shortest window from the time of default until the time of sale at the courthouse steps. That window is 37 days. It is not much time at all for owners to find help.
Help is available but time is of the essence!
Because I buy investment properties, I often encounter owners who are behind on their payments and facing foreclosure. One thing that never fails to shock me is how few of them have a plan or are even open to finding a solution. They just bury their heads in the sand and wait until the day before auction to remove their belongings from the property.
If you are facing this problem, there are several things you can do to try to stop foreclosure. I can help you make a plan to either get yourself back on track with your mortgage company or find a buyer to take the house off of your hands so that you can have a fresh start.
If you need some help, please give me a call today. Together, we'll explore all of your options to find a solution that works for you. 770-862-8002.
Michael Bradford
Southern Prime Realthy
I saw this interesting article in the Atlanta Journal & Constitution about how owners can avoid foreclosure. Georgia, along with Texas, are the states with the shortest window from the time of default until the time of sale at the courthouse steps. That window is 37 days. It is not much time at all for owners to find help.
Help is available but time is of the essence!
Because I buy investment properties, I often encounter owners who are behind on their payments and facing foreclosure. One thing that never fails to shock me is how few of them have a plan or are even open to finding a solution. They just bury their heads in the sand and wait until the day before auction to remove their belongings from the property.
If you are facing this problem, there are several things you can do to try to stop foreclosure. I can help you make a plan to either get yourself back on track with your mortgage company or find a buyer to take the house off of your hands so that you can have a fresh start.
If you need some help, please give me a call today. Together, we'll explore all of your options to find a solution that works for you. 770-862-8002.
Michael Bradford
Southern Prime Realthy
Monday, October 22, 2007
Buying Foreclosures, Part II
Buying a house at the courthouse steps is not for the faint of heart. It is filled with many pitfalls that can trip up even the most experienced purchaser. A good friend of mine who regularly buys at the steps told me about a problem he had with a purchase. I won't bore you with the details but to only say he still has $60,000 tied up in a property that he doesn't own.
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Real estate broker and writer John Adams was quoted in the AJC article on Sunday as saying: "The auction is a much more advanced technique, and quite frankly, it is almost impossible to fully protect yourself against some of the threats that are out there." So how can the average person pick up a good deal from all the foreclosures on the market now?
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Post foreclosure is where you want to look first. They are easy to find and the risks can be determined with a little effort in advance. These are properties that the lender has already gone through the legal process of taking the house back by purchasing it at the court house steps and have listed it with an agent. Great deals can be found here if you are willing to overlook some flaws in the property.
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Real estate broker and writer John Adams was quoted in the AJC article on Sunday as saying: "The auction is a much more advanced technique, and quite frankly, it is almost impossible to fully protect yourself against some of the threats that are out there." So how can the average person pick up a good deal from all the foreclosures on the market now?
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Post foreclosure is where you want to look first. They are easy to find and the risks can be determined with a little effort in advance. These are properties that the lender has already gone through the legal process of taking the house back by purchasing it at the court house steps and have listed it with an agent. Great deals can be found here if you are willing to overlook some flaws in the property.
Because the lender has never lived in the house, no sellers disclosure or termite letter will be provided. Not that you can't find this information out on your own but the lender will tell you WYSIWYG (What You See Is What You Get). AS IS really means AS IS! No Warranties really means No Warranties! You are on your own to find out any and all problems the house has.
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Next, you will have access to the house. You can hire your own inspector and termite company. You can inspect and test every system in the house, but it will be at your own expense and you will have no recourse to the lender if you miss something. If you find something that needs repairs, the lender won't care. They will not repair anything so you have to know what the house needs and the cost to fix whatever is broken.
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So what is the upside?
So what is the upside?
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You get a great price. How much of a great price are we talking? I would caution anyone buying a house this way to get at least a 30% price reduction from retail price.
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"Come on Michael, the lender won't go that far!" I'm sure someone is saying right now.
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Yes, they will - and even farther if needed. Right now is such a great time to buy one of these that I am personally about to enter negotiations on one myself.
What makes now such a good time? It is close to year end and the banks want the bad loans off the books before the new year. For every $1 in non-performing (bad) loans that lenders have on the books, they are required to keep a certain amount in reserves to cover that bad debt which means there is less money they can lend.
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The other way to buy these type of properties is to find the seller before the sale at the courthouse steps and make a deal directly with them. This is time consuming and often impossible because they often abandon the house and leave the area. There is also only about 30 days fromo the time that the public is notified until the bank forcloses. You must be able to close very, very quickly if you can even find the owner to sell the house to you. Many of these owners owe more than the property is currently worth so a deal is not even possible.
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Please call me if you have any other questions or would like to pursue purchasing a great deal from a lender who wants out. I have seen several excellent deals in Cherokee County and would consider it a privilege to help you meet your goals.
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The other way to buy these type of properties is to find the seller before the sale at the courthouse steps and make a deal directly with them. This is time consuming and often impossible because they often abandon the house and leave the area. There is also only about 30 days fromo the time that the public is notified until the bank forcloses. You must be able to close very, very quickly if you can even find the owner to sell the house to you. Many of these owners owe more than the property is currently worth so a deal is not even possible.
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Please call me if you have any other questions or would like to pursue purchasing a great deal from a lender who wants out. I have seen several excellent deals in Cherokee County and would consider it a privilege to help you meet your goals.
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How can I serve you today?
Michael Bradford
770-862-8002
Michael Bradford
770-862-8002
Buying Foreclosures
Last week I touched on buying foreclosures and said it was a tricky business. The AJC had a great article in the Homefinder section of Sundays paper which was dedicated to buying foreclosures. This has become such a big issue I wanted to address it in more detail today.
Cherokee County had around 200 advertised foreclosures in the Cherokee Tribune this month that are scheduled for the court house steps on the first Tuesday of the month (November 6th). Just because a house is advertised does not mean it will ultimately get sold on the steps. There are a couple of reasons why.
1. The homeowner "redeems" the property. This can happen by several methods but most likely the homeowner was able to work out a payment plan with the lender. This is sometimes called a "forbearance agreement" (for more info click here) and the lender has agreed to postpone or stop the current foreclosure process.
2. The homeowner sold the property. Up until the day before the sale at the court house is scheduled, the homeowner can sell the property on his own. The closer to the sale date, the harder it is and the more likely the sale will not be able to be completed. It will also need to be approved by the lender. Here is where a "short sale" can take place (for more info click here) which is where the lender agrees to accept less than what is owed on the property to keep them from getting the property back. I have done a couple of "short sales" and lenders are becoming more open to them lately just because of the shear numbers of properties on the market and the number of properties the lender currently has in it's REO (Real Estate Owned) portfolio.
The bottom line is that lenders don't want the house back. What they want is a loan that is performing (payments are current and on time). Tomorrow I will talk about how to buy a foreclosure house with the least amount of risk for the greatest amount of reward.
Until then, if you have questions that can't wait, please call me @ 770-862-8002. If you know anyone who needs to buy or sell real estate in Cherokee or Cobb County, Georgia, thank you for considering giving them my name and number.
Michael Bradford
Associate Broker
Southern Prime Realty
770-862-8002
Cherokee County had around 200 advertised foreclosures in the Cherokee Tribune this month that are scheduled for the court house steps on the first Tuesday of the month (November 6th). Just because a house is advertised does not mean it will ultimately get sold on the steps. There are a couple of reasons why.
1. The homeowner "redeems" the property. This can happen by several methods but most likely the homeowner was able to work out a payment plan with the lender. This is sometimes called a "forbearance agreement" (for more info click here) and the lender has agreed to postpone or stop the current foreclosure process.
2. The homeowner sold the property. Up until the day before the sale at the court house is scheduled, the homeowner can sell the property on his own. The closer to the sale date, the harder it is and the more likely the sale will not be able to be completed. It will also need to be approved by the lender. Here is where a "short sale" can take place (for more info click here) which is where the lender agrees to accept less than what is owed on the property to keep them from getting the property back. I have done a couple of "short sales" and lenders are becoming more open to them lately just because of the shear numbers of properties on the market and the number of properties the lender currently has in it's REO (Real Estate Owned) portfolio.
The bottom line is that lenders don't want the house back. What they want is a loan that is performing (payments are current and on time). Tomorrow I will talk about how to buy a foreclosure house with the least amount of risk for the greatest amount of reward.
Until then, if you have questions that can't wait, please call me @ 770-862-8002. If you know anyone who needs to buy or sell real estate in Cherokee or Cobb County, Georgia, thank you for considering giving them my name and number.
Michael Bradford
Associate Broker
Southern Prime Realty
770-862-8002
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