Another pre-approved short sale listing

220 Jeremy Drive
Colbert, GA 

1.53 acre lot plus many upgrades!

large kitchen with lots of storage, black appliances

family room with rock fireplace

This home has been pre-approved for short sale at a price of $107,000.  Currently, a price of $103,000 may be accepted as adjustments are allowed during 2nd and 3rd month of marketing.  The home is on 1.53 acres and sold in 2008 for $134,000.  The accessed value with the tax commissioners office is $139,000.

Our current short sale listings

Pre-approved short sales
401 Gladiola Drive
Auburn, GA 30033

4 bedrooms, game room and office!

Kitchen w/tile floor and plenty of cabinets

Great room w/ hardwood floors

This list price of this home is pre-approved through the pre-foreclosure short sale program offered on FHA loans.  The lender has set the price at $108,000, but we are currently in the time frame to accept an offer of $102,000!  This is an unbelievable deal... the only catch? -- they will only pay 1% of the amount financed if buyer obtains FHA financing.  Not bad, especially if you consider that you can get a loan for $105,000 and have the additional $3,000 go toward your closing costs! 

The home has 4 bedrooms, 3 baths, office, game room and great room, formal dining room, large kitchen, and breakfast room.  The current owner paid $163,300 for this home in 2007.   The current owner finished the game room, office, additional bedroom and bathroom downstairs.  Pergo and tile floors were added in the great room, formal dining room, kitchen and breakfast area.

Avoid Foreclosure

Looking at these statistics helps to understand the current housing market in our country. If you are behind on your mortage payments, or just know that you soon will be, call me. I have the experience to help you determine the best options available. It may be a loan modification, deed in lieu or short sale. I can help you make an informed decision. 706-296-4395


INDUSTRY STATISTICS
Mortgage Deliquencies - National Numbers
Distressed Property Institute, LLC ©2009

Quarter 3 - 2009
All Mortgages:
4.38% in Foreclosure 9.94% in Default (30+ days late) 14.32% Total
Prime Mortgages:
3.20% in Foreclosure 6.94% in Default (30+ days late) 10.14% Total
Subprime Mortgages:
15.35% in Foreclosure 26.66% in Default (30+ days late) 42.01% Total
FHA Mortgages:
3.32% in Foreclosure 15.04% in Default (30+ days late) 18.36% in Default
VA Mortgages:
2.29% in Foreclosure 8.47% in Default (30+ days late) 10.76% Total in Default
Mortgage Bankers Association
National Deliquency Survey
http://www.mbaa.org/NewsandMedia/PressCenter/71112.htm
Based on 44,000,000 mortgages - Non -Seasonally Adjusted
Underemployment Rate
According to the U.S. Bureau of Labor Statistics, the seasonally adjusted underemployment rate,
(comprised of the total unemployed plus all marginally attached workers, plus total employed parttime
for economic reasons) for October 2009 was 17.5%.
Unemployment Rate
According to the U.S. Bureau of Labor Statistics, the seasonally adjusted unemployment rate for
October 2009 was 10.2%. The highest rate ever recorded by the Bureau was 10.8% in Nov/Dec 1982.
CDPE Member Survey:
• Since becoming a CDPE, the average time for agents to complete a short sale transaction
decreased by 49%.
• On average, CDPEs are able to keep homeowners in their homes more than twice as often
as losing properties to foreclosure.

Short Sale

The current economy has cause many people to have loans that they can't afford to repay. The banks are not usually willing to continue with the loan if they are not getting the monthly payments.

I have been working with a company for about a year now that sends me on assignments to visit with homeowners that are behind on their payments. This has given me some excellent experience in dealing with mortgage companies. The process is like this--

Most people are hesitant to talk with me at first but when they realize I really am there to help, they seem to appreciate the help I am offering. We discuss their situation and what caused them to get behind on the mortgage. I get a financial form filled out showing their income and expenses. Together, we call the mortgage company to see if we can get a loan modification based on their financial situation. Sometimes this takes a few days and other times, the company will let us know right away. If I need to follow up with the mortgage company, I ask the owner to sign an authorization form to give me permission to discuss their account.

If the owner has no income to make the payments, we can put the house on the market at a price that will cause the house to sell. I do extensive research to determine an appropriate list price then start the marketing process. Once we get an offer, I submit several documents to the mortgage company, including the financial statement, proof of income, a hardship letter from the owner (borrower), the purchase offer, comparable listings and sales for the area and an estimate of funds that the lender will receive.

After everything is submitted, it can take up to 4 months to get approval for the sale to go through. If the foreclosure notice goes in the newspaper, we can have foreclosure postponed to allow for the short sale approval.

This is an excellent option for owners that can't make the payment. The bank elimiates the time and expense of foreclosure, the buyer gets a good deal on a house that is usually in better shape than a foreclosed home, and the owner typically has a negative impact on his credit score for 18-24 months -- much better than a foreclosure.

Homeowner Afordability

The new stimulus package addresses homeowners that owe more on their mortgage than the home is worth. Also, changes in income that have affected a homeowners ability to stay current on their mortgage payments have been addressed. According to the article by the National Association of Realtors 3-4 million homeowners will be helped. The $75 Billion Homeowner Stability Initiative will reach up to 3 to 4 Million at-risk homeowners and would require lenders to lower interest rates and possibly reduce principal loan balances. The federal government will subsidize the lenders and offer incentives to lenders and homeowners for paying the modified loan payments on time. Here is a chart from the New York Times showing conditions that will be changed to allow more homeowners to get assistance.