Atlanta Foreclosures & Bank Owned Property
I was recently approved by Indymac Bank as an REO ("real estate owned") agent. Meaning I now work directly with one of the largest banks in the nation to help them market and sell their bank owned foreclosures here in the Metro Atlanta real estate market.
I'm excited about the opportunity to learn and master this new realm of the real estate business. And given the current state of the market, I'm sure it will prove useful skill.
If your currently in market to buy (or sell) Atlanta foreclosures please give me a call at 404 270 9374. I'd be happy to help....
I talk to Seller's every day who just can't seem to separate their feelings about the market from the reality of the market. A lot of folks feel their home is worth more than what a qualified Buyer in today's market is willing to pay for it. A lot of folks like to spend more time in Fantasy Land than in Reality.
The harsh reality is that the market just doesn't care about your feelings. Let me explain what I mean. Say you'd purchased IBM stock for $100 per share, and you wanted to sell it for $140 per share because you felt it was worth the money, but the market for IBM stock at that time was only $110 per share. Do you think someone would pay you $140 because you feel they should, or do you think they'd offer you the $110 that the market's offering?...
A real estate transaction can cause a lot of stress if you allow it to. I've learned over the years of buying and selling homes there is a simple, yet effective, way of killing real estate stress.
Closing dates are not written in stone. Repairs aren't always completed on time. And, as of late, the bank doesn't always have the money ready when you need it.
Allow for contingencies and have a back-up plan. If the Buyers or Sellers need a little more time to conclude the final arrangements, don’t let these delays upset you. These types of circumstances are not uncommon in a real estate transaction....
The formula for successfully getting into a comfortable mortgage payment is not complicated. In fact, you don't need a fancy amortization chart or even one of those online calculators that don't do a very good job of showing real world scenarios.
All you need to do is sit down with a competent real estate professional and honestly discuss your income level and living expenses.
During this conversation with an experienced professional...be sure to take into account future considerations like: children, add-ons, amenities or fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future....
We work with a lot of folks who are relocating from other areas of the country. And what we've found is one of the hardest concepts for people to grasp when relocating to Atlanta is this:
Atlanta real estate is different.
It's not that's it's different in any specific way. It's just that real estate is a highly localized phenomenon. What this means is that no two markets are alike.
So if you're coming in from the land of oranges and it's important to know your oranges are different than our apples. The first day you go out our apples are not going to look right. The second day we're going to be comparing apples to apples, and probably by the end of the day we'll pick the best apple out of the whole bunch for you.
A lot of folks get confused about what I do as a real estate agent...they have this misconception that I sell houses. It's not their fault. After all, there's a sign in the front yard with my number on it. Oh and there's a flyer with my picture on it with some details of the house too. I think anyone looking at the message being delivered has the potential to get confused about what I sell and what I don't.
Here's the truth...I sell a marketing service...NOT houses. Sure, the sale of a house is the end goal - but it's not what I sell.
Saying a real estate agent sells houses is a lot like saying a tax accountant sells a tax refund....
Most buyers think by saving $1,000 off the asking price, they're actually saving $1,000.
This isn't entirely true.
As a buyer you're most likely financing between 70% and 80% of the purchase price. At an 8% interest rate you only take $7.29 out of your pocket per month for every $1000 you add to your mortgage. That means it would take 137 months or 11.43 years for you to take $1,000 out of your pocket. Most people don't own their homes for 11.43 years.
Now, as a Seller, for every $1,000 you come down in price it's exactly $1,000 out of your pocket.
The difference between $1000 and $7.29 is the single most misunderstood concept of real estate negotiations....
In the last 30 days, I've received 5 offers that have resulted in a stalemate between the Buyer and Seller. On average, these 5 offers were nearly 20% below the Seller's asking price. And, on average, the Buyer and Seller were only 3% apart by the time the respective parties called it quits on the negotiations. Silly.
Now I understand it's a tough market and a Seller should be happy to even get an offer (let alone getting within 3% of their bottom line) - but it seems to me these Buyers simply don't know how to effectively negotiate.
Here's a helpful hint for Buyers negotiating in this market:
SELLERS LOVE CAKE.
Let me explain...
If someone offers you a piece of cake, most likely you'll refuse it, right? If, on the other hand, someone just sets a piece of cake down right in front of you, with a fork right there on the plate, you're going to take a bite.
When your a Buyer looking...
A lot of folks tell me they don't want to price their home at Market Value because they know the Buyer is going to low-ball them.
I would rather reject three offers than have none at all, wouldn't you?...
If you purchased your home 8 years ago, you'll be able to sell it for more than you paid.
If you bought it within the last 2 to 3 years, unfortunately the market has softened and you'll not be able to sell it for as much as you paid.
If you bought it 5 years ago, you'll be selling it for the same amount you paid....