RE/MAX Georgia Top Agents

Jerri Stracener
 #20 in RE/MAX Georgia Top 25 Individuals
Year to Date - July 2012

Cooper the Reggae Dog

Musician Joe Maniscalco visited our friend (and RE/MAX broker), Faye Kemp this week.  We were invited for dinner and "Joe Jam" and had a great time.   The music was wonderful and we especially enjoyed hearing and watching Joe play the steel drum... fascinating!  We all had an unexpected surprise when Faye's dog, Cooper, decided to dance!  Hilarious!

Bank of America offers relocation assistance for short sales

Bank of America is offering relocation assistance to sellers who successfully complete a short sale.  Bank of America will set a pre-approved short sale price prior to submitting an sales contract.  That should eliminate the risk of losing a buyer when the lender takes too long to get approval.  Call JERRI STRACENER WITH RE/MAXASSOCIATES ATHENS for help in getting this application submitted.

9/16/12 Bank of America Corporation | Newsroom | Press ReleaseBank of America Increases Relocation Assi...

Press Release
Bank of America Increases Relocation Assistance Payments to Customers Completing Preapproved Price Short Sales

Short Sales Provide Alternative to Foreclosure for Delinquent Borrowers Who Have Exhausted or Declined Home Retention Solutions
CALABASAS, Calif. – Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 -‐‑ at the completion of a qualifying short sale.
“Bank of America is committed to providing alternatives to foreclosure whenever possible,” said Bob Hora, home transition services executive for Bank of America. “This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home.”
The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.
Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.
While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit by the economic downturn and falling property values.
Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialists at 877.459.2852.
To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
For more Bank of America news, visit the Bank of America newsroom. www.bankofamerica.com

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.

Foreclosure Relief

It seems that everyday we are hearing more and more news about the economy and the uncertainty of the housing market. If you are behind on your mortgage payments, this is an excellent time to negotiate with your lender. The banks don't want your house. They will try to work out a repayment plan but you must be able to show that you can pay the monthly payment. Unfortunately, many times, the circumstances that caused homeowners to fall behind on the payment is a loss of job, medical conditions, divorce, or other problems that can't be resolved immediately.

If you are in this position and don't see a way out, call us. We have helped many homeowners to negotiate payment plans or modify their current mortgage. The solution depends on your current situation.

We have heard that as much as 50% of the homeowners that get foreclosed have never contacted their mortgage company to work out a solution. It is distressing to feel that you can't overcome the problem, so many people just try to ignore it.

A foreclosure will take about 5 years to come off your credit report, but a short sale only affects your credit for about 2 years. Either way, you'll have to move. If you can start to work toward the future, planning a new start in a couple of years, that is certainly a better option than foreclosure.

Don't give up without at least knowing the options. Call me at 706-296-4395. I have experience in negotiating with the lenders and have all the forms that need to be completed to process a short sale.

The banks can be very difficult to deal with, especially when you're in a desperate situation. I am willing to help negotiation your current loan at no charge. If we decide that a short sale is your best option, there is still no charge to you. The real estate commission is negotiated with the bank after we get an offer on your home. A short sale means that the bank agrees to accept less than is owed on the mortgage.

Short Sale vs. Foreclosure

If you are behind on your mortgage payments, you may be able to work out a new payment plan with your mortgage company. If you no longer have income to support the mortgage payment, you may be getting close to foreclosure... There are other options to consider. A short sale is when the lender agrees to accept less than the amount owed on the loan as payoff for the loan. This will still hurt your credit but not nearly as severely as a foreclosure.

Each short sale is reviewed individually. The amount a bank is willing to accept is based on many factors, including the appraised value of the home, real estate conditions in the area, the amount of the loan, and the homeowners current financial situation.

Once an offer is submitted, along with several other documents, it can take as long as 60 days for approval. With the signed purchase contract, the lender will require a hardship letter from the homeowner, bank statements or check stubs to document income, and a preliminary HUD-1 (settlement statement showing net amount to the lender). Each lender is different so other information may be required.

After receiving the completed package, the lender will order an appraisal. That will be reviewed within a couple of weeks along with the offer. At this point, a counter offer may be made by the lender. Other terms may be negotiated with the homeowner at this time. Once an agreement has been made, including additional lienholders, the lender and/or its investors/insurers will give a decision within a week.

This process can be slow but may be well worth it to avoid foreclosure. Call if you have any questions - Jerri 706-296-4395

Mortgage Fraud

Check out this video regarding mortgage fraud. Take the advise and don't ever do anything to give up control of your property. If you are not able to make the payments, contact your mortgage company to work out a plan. Anyone telling you that they can eliminate your deliquency is not telling you the truth. Others may help you but the final control is with your lender.





We work with homeowners to negotiate new payment schedules and or loan terms... however, we have no authority to make that commitment to you, it is a decision that must be made by your mortgage company.

Tips to Avoid Foreclosure

If you are unable to make your mortgage payment, you may have 2 or 3 months before the bank starts the foreclosure process. They will contact you by phone and mail to try to collect the past due balance. If they are not able to contact you, this tends to speed up their process.

If you will talk with the bank, many times you can work out a new payment plan. These days, banks are more willing to add the past due amounts on to the loan balance, reduce the interest rate, extend the length of the loan or consider other ways to help you keep your home. The good news is that banks do not want to take back houses. This creates more work and expenses for the bank to maintain the house.

1 - communicate with the bank as soon as you realize you won't be able to stay current on your mortgage payments.

2 - do what you say you'll do. If you ask them to consider a loan modification, make sure you will be able to make the payments if they accept your offer.

3 - if you see that you can't afford the house, see if the bank is willing to consider a short sale. This will keep you from going in to foreclosure and usually banks are willing to accept less sice it is very expensive for banks to foreclose.

4 - don't pay anyone for help to avoid foreclosure. You can negotiate with the bank on your own or contact a Realtor who is familiar with short sales and loan modification negotiations.

5 - the negotiators at banks have many files they are working on. Make sure you have all the required forms to them at one time. Otherwise, you may get put on the bottom of the stack since other files are complete and waiting for their approval.

RE/MAX Associates Athens - Sold On A Cure

Jennifer Westmoreland, Evie Brassie, Carol Bitner and Jerri Stracener -- Sold On A Cure - RE/MAX Associates Athens

We will walk 60 miles at the Breast Cancer 3-Day over the weekend of October 24-26. Each of us must raise a minimum of $2,200 in order to walk. As a team, we've raised over $10,000 so far -- and have a goal to raise $12,000 by October 24.

The walk starts in Alpharetta and ends at the World Congress Center in downtown Atlanta. I've been told that we will spend 2 nights somewhere around Duluth, but that's not official yet.

The training has been hard. I walk 4 days a week - Tuesday and Thursdays are short days (only 5 and 6 miles each day) but the weekends are the long days. The longest distance I've walked was 18 on Saturday and 15 on Sunday. That was a couple of weeks ago. I'll be walking 18 again this Saturday but only 8 on Sunday.

Annabell has walked every day with me. We met a new friend, Kim Knotts, who will be walking in the Breast Cancer 3-Day in San Diego in November. We walk together on the weekends.

If you would like to make a donation on my behalf, please click here. Any amount is greatly appreciated.

Athens GA - How to avoid foreclosure

If you're past due on your mortgage payments and won't be able to catch up, here are some options that may help. Typically, you need to be 3 payments past due before you can start the process to get help from the lender.

1. Call the lender and see if they are willing to work out a new payment plan. Many times they will forgive the past due amount completely or add it to the existing balance of the loan. Either way, it reduces the amount you have to pay now. Sometimes, the lender will reduce your interest rate, extend your finance period or reduce the balance on the loan.

2. If you can't get a solution that you can work with, you may need to sell the house. Unfortunately, with the recent housing situation, many homeowners are finding that they owe more than the house will sell for. If that's your situation, the lender may be willing to accept less than the balance on the loan as full payment. This is called a short sale. The bad news is -- they won't tell you that they will accept a short sale until you have a contract to present showing that a buyer is willing to buy the house.

3. If you need to get a short sale approved, the lender will require information from you, including 2 years tax returns, current pay stub, a financial statement showing your current debts and income and a letter explaining why you are not able to continue to pay your monthly payments.

It can be very difficult to get answers from the large mortgage companies. They have so many employees and each time you call, you get a different person. Even when you are assigned to a specialist to handle the "work out", you can't call them. And it can take several weeks to get any answers.

We have been working with several mortgage companies over the past few months as well as a company that is retained by the mortgage companies to work out past due loans. As a result, we have the experience to help you get the best solution for your situation. There is no charge to you for this service. If we do list your home for sale, the real estate commission will be included in offer to the bank. A short sale will allow you to avoid a foreclosure on your credit.

If you have any questions about the process, please contact us. We will help figure out the best options for you. Jerri 706-296-4395 or e-mail: jerri@movingtoathens.com

Countdown to Kickoff

The third annual Countdown to Kickoff! charity event is in two weeks at the UGA practice fields.

Former UGA players Matt and Jon Stinchcomb and David Greene are hosting the event. Fans will be able to get pictures, autographs and run drills with current and former UGA and NFL players.

This fundraiser will be held on July 18 and 19th and is to benefit the following:

Georgia Transplant Foundation, Children’s Healthcare of Atlanta, The Children’s Tumor Foundation, and UGA’s Pediatric Exercise Motor Development Clinic

For more information, click here

AthFest

What is AthFest?AthFest is a non-profit annual music and arts festival in downtown Athens, Georgia that largely showcases the Athens area musical and artistic community. Much of AthFest is free while wristbands or cover charges are required for certain events. AthFest's mission is to educate citizens and visitors about music and arts in general, and about Athens music and arts in particular.

General 2008 Schedule Wed., June 18
R.E.M.-signed Gretsch guitar auction begins on eBay
RockDocs Films (4:15 / 7 / 10:30 p.m.)

Fri., June 20
Athens Music History Bus Tour (11 a.m.)
RockDocs Films (4:30 / 7:30 / 9:45 p.m.)
Artisan Market (5-10 p.m.)
Outdoor Stages (5-10 p.m.)
Club Crawl (8 p.m. - 2:30 a.m.)
The Fantasticks (8 p.m.)
TeenScreen FilmFest (8:30 p.m.) & Concert (10 p.m.)

Sat., June 21
Athens Music History Bus Tour (11 a.m.)
Artisan Market (Noon-10 p.m.)
KidsFest (10:30 a.m. - 5 p.m.) - change!
Outdoor Stages (10:30 a.m. - 10 p.m.)
Wired Dance Music Festival (2:30 p.m. - 2:00 a.m.)
RockDocs Films (4:30 / 7:30 / 9:45 p.m.)
Club Crawl (8 p.m. - 2:30 a.m.)
The Fantasticks (8 p.m.)

Sun., June 22
Athens Music History Bus Tour (11 a.m.)
Outdoor Stages (Noon - 8 p.m.)
Artist Market (Noon-8 p.m.)
KidsFest (11 a.m. - 5 p.m.) - change!
The Fantasticks (2 p.m.)
RockDocs Films (4:30 / 7:30 / 9:45 p.m.)

New method for searching the Athens GA MLS

In the next few days, we will have a new MLS search tool on our website. I will set up different searches, such as "Athens GA condos", "Oconee County homes from $150,000-$250,000","East Athens $80,000-$150,000", and more. I will probably do a breakdown by neighborhoods in Clarke and Oconee counties. After I learn to use the new system, I can provide you with lots of information without you having to spend a lot of time customizing searches. I believe the search I do will have addresses. If not, just e-mail the MLS#, and I'll send you the address.

I'll probably add a few links on the blog too. Let me know if you have suggestions for improving the MLS search when it is added. Thanks.

3-day Walk Benefiting Susan G. Komen For The Cure

I am a 3 -Day Walker!

It's a 60 mile walk (over 3 days) to benefit the Susan G. Komen Foundation for Breast Cancer Research.

It started on Saturday night -- at a party, an agent in our office mentioned that she has always wanted to do this walk. Another agent said, "so, let's do it". Well, it seemed like a good idea at the time, but the next morning, I got nervous about raising the money to qualify. I have to raise $2,200 in order to be able to walk... I sent e-mails out last night to family and past client/friends and have already received almost half the required amount! So, now I'm excited and will probably raise my goal.

So then the reality of walking 60 miles started to come over me. Our broker said "that's like walking to Atlanta!" Wow! I sure didn't think of it like that. But, I'll start training next week and I know I'll be ready by October. Three other agents in our office have said they'll sign up, but I'm not sure how many we'll have in the end. Whatever happens, I know I'm in.

To find out more about the walk of if you want to make a donation, here's the link . To keep up with my successes, just check back on this blog.

Ashford Manor Saturday Sounds of Summer

Ashford Manor is a beautiful Bed & Breakfast in downtown Watkinsville. The grounds are fabulous and the rooms are individually decorated with very unique themes.

Onn Monday nights during the summer, they have music on the grounds. You can bring food and your own chairs -- or rent a table and order dinner from Donderos' Kitchen.

Today, I received an e-mail with this new schedule of once a month Saturday music events. It's a fun way to spend an evening. Click here to get the Monday night music schedule and information on staying overnight at Ashford Manor.

Southworks 2008

SOUTHWORKS 2008 ARTS FESTIVAL
MAY 24th & 25th
10 AM to 5 PM each day

Southworks 2008 is this weekend in Watkinsville. There will be over 60 artists and live music by various bands. It's always lots of fun and a good time to help support our local artists.