One of my clients is under contract on a short sale, but thinking about placing an offer on another property. There are two things that my client needs to know if they decide to do this. 1. they could be under contract on two properties, but they would be violating a clause in contract #1, and before they get a preapproval for contract #2, their lender would want to see a termination of contract #1, unless they didn't tell their lender about contract #1, so that means that they do indeed need to be working with two lenders who don't know about one another - they could do this if they want to put two earnest money checks in play, and as long as they understand the other legal risks. They might lose their earnest money(ies), and/or they might get sued if they don't protect themselves. 2. they can obtain enough cash to buy both and move forward without consequences … [Read more...]
9.5 ways to protect yourself when buying a home in Georgia
1. read and keep a copy of any signed contract 2. inspect your property, and better yet hire a professional home inspector 3. inspect the neighborhood 4. inspect for wood destroying organisms 5. investigate, test and verify everything about the property and it's improvements 6. get a survey and verify zoning if you have development plans 7. buy an owner's title insurance policy 8. consider obtaining a home warranty 9. establish a fiduciary relationship with a Realtor 9.5 never buy a house in a hole Got that? … [Read more...]
Hot’Lanta is rekindling
Curbed.com’s regional real estate reporting is superb. Their site is interesting and they are really on point with the style of their site. Recently, they reported on a grim forecast that surfaced for Atlanta’s metro economy, bringing up the bad and the ugly that “planners” statewide need to consider. The article cites ““Atlanta's persistent unemployment, traffic congestion, a 29% loss in average per-square-foot housing prices between 2000-2010, and the fact that the city is increasingly offering a lifestyle opposite of that desired by the most desirable workers and companies. The opportunities he sees are also legion, though, and many of them simply involve re-embracing our transit roots: i.e. investments in commuter rail, continuing to capitalize on the power of our airport, making The BeltLine everything it can be and getting T-SPLOST passed.” The AJC reported on the same Brookings Institution report that brought up these findings, stating the following about … [Read more...]
A not so rosy forecast from the Mortgage Bankers Association
The Mortgage Bankers Association (MBA) expects to see mortgage originations fall from an estimated $1.2 trillion in 2011 to $900 billion in 2012. I went to google images to find something “rosy.” I found this - a photo of a “Rosy lipped batfish.” The Rosy lipped batfish is a rather apt spokesfish for this 2012 forecast… Here are some choice excerpts from their always thorough review of the year ahead. ‘The drop will be driven by a significant decline in refinance originations, while purchase originations will increase only slightly. The economy will see another year of anemic growth in 2012, and then will grow somewhat faster in 2013. Refinance originations are expected to fall despite low mortgage rates as economic uncertainty lingers and fewer eligible borrowers remain” “However, the uncertainty is not one-sided. We also see a path for the economy that could lead to above-trend growth in 2012. Housing inventory and shadow inventory is declining … [Read more...]
Tech trends in real estate agency
I regularly read the Trulia Pro blog for real estate professionals. Emily from Trulia is a terrific marketer, and she makes the Trulia Pro world a better place. On January 17, she published a quick read on technology trends in the business, and featured some cool photos and stories on 4 Tech trends to watch in 2012 that she gleaned from the CES earlier this month. I decided to repackage her findings a little and add some local color. 1. intuitive combination devices – I am going to kill my Dell laptop after I turn it in for it’s second keyboard in 15 months, and just go Ipad or with a super thin ultrabook or something. I already rely so much on my Iphone, and with apps like GAMLS, Kurio and Trulia’s mobile apps, plus a killer app like Dropbox, field level functionality for agents has never been better Add KW’s eEdge paperless real estate and client service platform, and a guy like me is highly dangerous. The .25 calibre ACP that I carry sometimes really isn’t … [Read more...]
This week’s Georgia mortgage news you can use
My friend Jeff at Fairfield Mortgage provides his weekly update… Mortgage Minute and the monthly video review HARP is an acronym for the government sponsored Home Affordable Refinance Program. In this month's Mortgage Minute, Shelter Mortgage President Jill Belconis talks about the latest changes to HARP and how "upside-down" homeowners nation wide will have a better chance of refinancing Fannie Mae and Freddie Mac loans starting this spring. Who is Fannie Mae anyway? We also asked people on the street if they knew who Fannie Mae was and their answers might surprise you. Click here to watch this month's short video: http://www.shelter-mortgage.com/Mortgage_Videos.aspx FHA Contemplating Reduced Seller Paid Concessions On Friday, FHA released a letter proposing that the maximum allowable seller concessions be reduced from the current 6% limit to something less. FHA is contemplating this change to "better manage risk" as they feel the current level … [Read more...]