Our network

Real Estate

HARP 2.0 Refinance Program can help Georgia residents save thousands

HARP 2.0 Refinance Program can help Georgia residents save thousands

ATLANTA – Just over a year ago the government rolled out a new refinance program for Georgia residents.  This program has been an overwhelming success.  The primary function of this program is to help Georgia homeowners that are currently underwater with their mortgages qualify for a new loan with an extremely low interest rate.  The guidelines from HARP 2.0 have continued to loosen as the program matures.  

​Eligibility for a HARP 2.0!​

Metro Atlanta foreclosure rate 16th highest in nation

Metro Atlanta foreclosure rate 16th highest in nation

ATLANTA -- Metro Atlanta's foreclosure rate slowed by the middle of 2011, but remains among the metros with the highest rates.

Atlanta had 44,1560 foreclosure filings from January through June, down about 16 percent from the first half of 2010. This gave Atlanta the 16th highest rate of foreclosures, according to RealtyTrac, which publishes the largest list of foreclosures in the country.

The company defines a foreclosure as default notices, scheduled auctions and bank repossessions. 

Real Estate has a Long Road to Recovery

 

The next years of real estate are not going to be positive for homeowners. In fact, it’s estimated that in 2012 over 60% of all home sales will be foreclosures or short sales. This means that the banks will control the pricing of more than half the real estate market and we can expect continued declining values. This idea may not sit well with many after the mortgage meltdown and moral hazard issues we had over the past five years.

Further, we at Sellect Realty believe that it will be another five to seven years before we see home values near their previous peaks and then we expect a plateau for several years to follow before growth. Currently our market is still declining. Despite month-over-month gains we have had another drastic decline in home values over the past 12 months. According to the recent statistics released by Realtor.com the average listing price decreased by 11.42% from June 2010 to $250,933.  

Things to Avoid When Holding an Open House

This weekend was national open house weekend. I had the opportunity to see an open house go wrong in a million dollar neighborhood, so I'm going to share some pointers to help your open house go smoothly.

1. Ensure that there are no malfunctions with the home. A defective air conditioner ruins the experience for everyone including the agent. You do not want the agent to be in a bad mood!

2. Have an agent who will not push prizes, giveaways, or follow prospective buyers as they look at the house. The idea is to make everyone comfortable and the way to do that is by making all information readilly available and be available to answer questions.

3. Have drinks and/or snacks on hand, especially on a hot afternoon. At a minimum, bottles icewater and soda is a must.

Loan Modification Could be Good, but Short Sale is Better says 1 Expert

Atlanta, GA--  As more and more Atlanta homeowners find themselves in financial distress and are forced to make tough decisions regarding their homes and specifically their dropping values and ballooning mortgage payments, we turned to a housing expert to help us navigate this complex situation.

Marian Anthony is a real estate finance expert and author of Short Sale RUSH- A How To Guide for Nonperforming Assets.  According to Marian, a Short Sale is more advantageous than a Loan Modification or a Foreclosure because "the reduced payoff in a short sale releases you from the debt obligation." He states that a foreclosure will ruin the homeowner's credit, and "a loan modification actually builds a debt trap around the borrower, milking them for every last nickel."

With so much information and marketing dollars being spent on homeowners getting into Loan Modification programs which may keep you bogged in debt for years, take Marian's su