by Paul Cook | No Comments | Contact Paul Cook w/ Questions
I think it is time to start tracking the local distressed sales separately from our usual new listings discussion each morning. I have decided to create a new tab titled “Short Sales/Foreclosures” at the top of the page.
Each morning I will post the latest distressed properties available on the market. I am not sure about the format for this but I will probably have a running list of the past 10 days worth of new home listings.
In addition, I encourage anyone interested in these homes to set up their own email update. With your own individual update you can track the new foreclosures and short sales anywhere in Atlanta- not just Roswell and North Fulton. Just let me know the areas you are interested in searching.
Be on the lookout for this new link at the top of the page on the banner. Each morning I will update this “Foreclosure/Short Sale” page with any new distressed properties from that day. What do you think? Is this something you would like to see here?
June 30, 2010 | Filed Under: Foreclosures/Short Sales
by Paul Cook | No Comments | Contact Paul Cook w/ Questions
New listings in Roswell, Alpharetta, Johns Creek & Milton May 1st, 2010
There are 31 new listings on the market this morning and all are available for viewing using the link above. One of my favorites has the kitchen pictured to the right out of the Mayfair Subdivision in Alpharetta. The listing profile says “Mayfield” subdivision but I don’t think that is correct. Mayfield is in Milton. 3131 Arborwoods Drive, Alpharetta GA 30022 was listed at $359,900 with five bedrooms and three full baths and a possible short sale.
A recent 5/3 in better condition with a pool sold for $358,000. There should be some nice wiggle room here… Read the rest of this entry »
May 1, 2010 | Filed Under: Foreclosures/Short Sales, New Homes for Sale
Tagged: alpharetta ga homes for sale
by Paul Cook | No Comments | Contact Paul Cook w/ Questions
If you live in Atlanta, chances are that your neighborhood has seen some foreclosed homes in the last few years. Since foreclosures can sit on the market for some time and frequently sell for less than market value, they can bring down the value of neighboring homes. A “short sale” is a way for homeowners who are in a situation where they cannot continue to make their house payments to avoid foreclosure. It involves selling the home for less than the amount owed on the loan, with approval of the lender. This benefits both the homeowner, who avoids foreclosure, and the lender. Even though they take a loss on the loan, they avoid the costs of foreclosure and selling the home, and the strong chance that it will sell for even less down the road.
Short sales can be a challenge for both the buyer and seller. Banks typically take weeks and sometimes months to respond with an answer on whether they will accept an offer.
However, a new rule issued by the Treasury will require that lenders respond to short sale offers within 10 business days. Effective April 5th, 2010, the rule only applies to 83 loan servicers participating in the president’s Home Affordable Modification Program. these include Bank of America, Wells Fargo and Chase. The hope is that the entire lending industry including Fannie Mae and Freddie Mac will adopt the 10-day rule for all short sale offers.
The rule also makes up to $1,500 available to the seller for moving expenses and appears to release the borrower from further liability.
The Treasury initiated a change that goes into effect this spring which will now require many lenders to respond within 10 days to short sale offers, which makes short sales a great option for both buyers and sellers.
February 9, 2010 | Filed Under: Foreclosures/Short Sales
