/PRNewswire/ -- HomeFinder.com (http://www.homefinder.com/), a popular home search site, today announced the upcoming HomeFinder.com Race for the Home event inviting Atlanta home buyers and sellers to participate in a one day, challenge-filled, location-based game on Saturday, September 25. HomeFinder.com, together with Prudential Georgia Realty and Google Ventures backed gaming company, SCVNGR, will offer a grand prize of $20,000 during a real estate-inspired version of "The Amazing Race." The home buyers who score the most points by successfully completing challenges in Atlanta open houses will win the $20,000 grand prize. The HomeFinder.com Race for the Home will also help to raise funds for breast cancer awareness through the Susan G. Komen For the Cure Greater Atlanta Foundation.
Atlanta homebuyers and sellers are all welcome to sign up! Any couple or team of two can participate and all ages 18 or over are welcome. Participants can register today at www.raceforthehome.com and tell their story why they should be chosen to play for the chance to WIN the $20,000 cash grand prize sponsored by Prudential Georgia Realty, SunTrust Mortgage and Weissman, Norwack, Curry & Wilco P.C. The spots are limited and registration will end on Friday, September 24th.
The HomeFinder.com Race for the Home will involve special challenges at featured listings from top Atlanta real estate broker Prudential Georgia Realty. Players will be tasked with individual challenges around each listing to accumulate points throughout the game. The team with the most points will earn bragging rights as well as $20,000, which can be used for a down payment for their dream home.
"Real estate is one of the most customer-driven industries," said Tim Fagan, president and CEO of HomeFinder.com. "We're thrilled to host this unique opportunity to not only serve our home buying audience by helping them find their dream homes, but also to connect them with one of our top local Atlanta partners, Prudential Georgia Realty, in a dynamic new way. The current housing market poses its challenges, but finding and buying your home is still a fun, fulfilling experience, and we're excited to bring that spirit to this action-packed event."
"In the last three years, our company has made significant investments to build a powerful marketing and technology infrastructure. While others have cut costs to survive the real estate downturn, these innovations have served our agents and clients well. During this period, we have grown market share more than any large brokerage. Today, our company is #1 in units sales, #1 in buyers and #1 in listing inventory for the Metro Atlanta and North Georgia markets," said Prudential Georgia Realty President and CEO Dan Forsman. "We're excited to team up with HomeFinder.com and SCVNGR to bring the Race for the Home event to Atlanta. SCVNGR brings a cool and fun mobile technology solution. More importantly, it will showcase our open houses and produce more results for our clients. Our company has also made a strategic commitment to position our listings as Featured Properties on HomeFinder.com. This exposure on such a high profile national Web site is an important part of this event and will drive substantial traffic to our listings."
Thanks to SCVNGR's cutting-edge mobile social technology, playing is easy and free in this high tech house hunt. All of the challenges will be delivered via text message right to a player's cell phone. SCVNGR's mobile platform is compatible with any cell phone, model and carrier.
Mark your calendars. The HomeFinder.com Race for the Home in Atlanta kicks off September 25 at Piedmont Park (Oak Hill) at 9 a.m. with an after party immediately following at Max Lager's at 2 p.m. For more info and to register for your chance to play, visit www.raceforthehome.com.
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Monday, August 30, 2010
Couples Race to Atlanta Open Houses to Win Hidden $20,000 Down Payment Prize
Thursday, August 19, 2010
Homeowner Confidence in Real Estate Market Dips; 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom
/PRNewswire/ -- Homeowners(i) are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey(ii). One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.
More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.
Despite the increasing pessimism, a large number of homeowners anxiously await the opportunity to sell. Five percent of U.S. homeowners say they are very likely to put their home on the market in the next six months if they see signs of a real estate market turnaround. This translates into 3.8 million homes with the potential to come into the market(iii). By comparison, 5.2 million existing homes were sold in all of 2009(iv).
Looking backward, homeowners also became slightly more pessimistic about the performance of their own homes' values in the past year. Less than a quarter (24 percent) of homeowners said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, according to the Zillow Q2 Real Estate Market Reports.
"As homeowners have been so inundated recently with news of declining home sales post-tax credit, it's no surprise that they would become more pessimistic about the future of home values," said Dr. Stan Humphries, chief economist at Zillow.com®. "Homeowners have become much more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial.
"Given this sentiment, we're surprised so many homeowners believe their market has already bottomed. Although our Q2 reports indicated signs of stabilization in 30 percent of markets we cover, we're concerned that this was at least partly due to the homebuyer tax credits. We're already seeing payback for the credits in the form of declining home sales, and this trend will push up inventory levels and exert downward pressure on home values. Add in the inventory from the millions of sidelined sellers and we'll take more steps back. Our forecast remains largely unchanged: We're in for an L-shaped recovery that will likely keep annualized home value appreciation very low for the next three to five years."
Homeowner Perception by Region ------------------------------ Homeowner Perception of Home Value US Q2 Change in Past Year by Region 2010 Northeast Midwest ---------------------------------- ------ --------- ------- My Home's Value Has Decreased 49% 40% 50% ---------------------------------- --- --- --- My Home's Value Has Stayed the Same 27% 37% 30% ----------------------------------- --- --- --- My Home's Value Has Increased 24% 23% 20% ----------------------------- --- --- --- Market Reality: Homes Reporting Year- over-Year Value Changes in Q2, according to Zillow ------------------------------------- Actual Percent of Homes that Decreased 61% 53% 70% -------------------------------------- --- --- --- Actual Percent of Homes that Stayed the Same (+/-1%) 7% 9% 7% --------------------------------------- --- --- --- Actual Percent of Homes that Increased 32% 38% 23% -------------------------------------- --- --- --- Q2 2010 Home Value Misperception Index(v) -2 -5 4 -------------------------------- --- --- --- Q1 2010 Home Value Misperception Index 5 -2 4 -------------------------------------- --- --- --- Q2 2009 Home Value Misperception Index 13 10 10 -------------------------------------- --- --- --- Homeowner Perception of Local Market Value in Next Six Months ------------------------------------ Home Values In Local Market Will Decrease 28% 24% 32% -------------------------------- --- --- --- Home Values In Local Market Will Stay the Same 42% 45% 46% ------------------------------------- --- --- --- Home Values In Local Market Will Increase 30% 31% 22% -------------------------------- --- --- --- Homeowner Appreciation Expectations over the Next 12 Months ----------------------------------- How Much Own Home's Value will Increase 6% 10% 10% (Median number based on homeowners who expect their home to increase in value in next 12 months) --- --- --- --------------------------------------- How Much Own Home's Value will Decrease 10% 10% 20% (Median number based on homeowners who expect their home to decrease in value in next 12 months) --- --- --- --------------------------------------- Homeowner Perception of the Timing of the Real Estate Market Bottom ------------------------------------- The Housing Market Has Already Hit Bottom 38% 39% 36% ---------------------------------- --- --- --- The Housing Market Has Not Yet Reached Bottom 33% 35% 32% -------------------------------------- --- --- --- I Don't Know When the Housing Market Will Reach Bottom 29% 26% 32% ------------------------------------ --- --- --- Homeowner Perception of Home Value Change in Past Year by Region South West -------------------------------------------- ----- ---- My Home's Value Has Decreased 47% 65% ----------------------------- --- --- My Home's Value Has Stayed the Same 25% 15% ----------------------------------- --- --- My Home's Value Has Increased 28% 20% ----------------------------- --- --- Market Reality: Homes Reporting Year-over- Year Value Changes in Q2, according to Zillow ------------------------------------------ Actual Percent of Homes that Decreased 65% 58% -------------------------------------- --- --- Actual Percent of Homes that Stayed the Same (+/-1%) 7% 7% -------------------------------------------- --- --- Actual Percent of Homes that Increased 28% 35% -------------------------------------- --- --- Q2 2010 Home Value Misperception Index(v) 8 -15 ----------------------------------------- --- --- Q1 2010 Home Value Misperception Index 14 -12 -------------------------------------- --- --- Q2 2009 Home Value Misperception Index 18 7 -------------------------------------- --- --- Homeowner Perception of Local Market Value in Next Six Months --------------------------------------------- Home Values In Local Market Will Decrease 28% 26% ----------------------------------------- --- --- Home Values In Local Market Will Stay the Same 41% 36% ----------------------------------------- --- --- Home Values In Local Market Will Increase 31% 38% ----------------------------------------- --- --- Homeowner Appreciation Expectations over the Next 12 Months -------------------------------------------- How Much Own Home's Value will Increase 5% 10% (Median number based on homeowners who expect their home to increase in value in next 12 months) --- --- --------------------------------------------- How Much Own Home's Value will Decrease 10% 10% (Median number based on homeowners who expect their home to decrease in value in next 12 months) --- --- --------------------------------------------- Homeowner Perception of the Timing of the Real Estate Market Bottom ----------------------------------------- The Housing Market Has Already Hit Bottom 37% 40% ----------------------------------------- --- --- The Housing Market Has Not Yet Reached Bottom 33% 32% --------------------------------------------- --- --- I Don't Know When the Housing Market Will Reach Bottom 30% 29% ----------------------------------------- --- --- (NOTE: Column percentages may not total 100 percent due to rounding)Long-term home value expectations vary by region
Looking further into the future, the majority of homeowners believe their own homes' values will either increase (27 percent) or stay the same (35 percent) in the next 12 months, while 12 percent expect a decrease and 26 percent don't know.
Of those who expect their home's value to increase, the median expectation is a rise of 6 percent, although that varies by geography. Northeastern and Western homeowners who expect an increase anticipate a median rise of 10 percent, while Southern and Midwestern homeowners expect a median increase of 5 percent. Those who expect their home's value to decrease in the next year anticipate a median decrease of 10 percent.
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Friday, January 1, 2010
US Department of Housing and Urban Development Releases Latest Version of Shopping For Your Home Loan
/PRNewswire/ -- In its first revision in over 10 years, the US Department of Housing and Urban Development (HUD) advises home buyers that it is their responsibility to search for a real estate agent that will represent their interests. In Shopping for Your Home Loan - HUD's Settlement Cost Booklet, HUD states: "If you want someone to represent only your interests, consider hiring an 'exclusive buyer's agent,' who will be working for you."
The National Association of Exclusive Buyers Agents (NAEBA) views this as an important element of the new era of home buying.
"'We are pleased to see that the wisdom of having someone in your corner and on your side is being conveyed to Buyers by HUD. Because most real estate agents represent Sellers, HUD emphasizes, and the National Association of Exclusive Buyers Agents stresses, that it is a Buyer's responsibility to find an agent who will represent their best interests in their real estate transaction," said Benjamin Clark, 2010 President of NAEBA.
Exclusive Buyer Agents (EBA) represent buyers and their interests in real estate transactions. They not only work to get the best price and terms for their buyer clients, they also serve as diligent home buying guides, consultants, and often coaches to ensure that clients achieve their desired outcomes in an efficient way. They offer full buyer representation without the potential for the conflicts of interest that occur when the company representing the buyer also represents the seller. The concept of a buyer's agent arose in the mid-1990s as real estate buyers sought to have agents that would represent only their interests and level a playing field that previously favored sellers.
Working with an EBA offers more than a dedicated representative. Data validates that buyers actually get better results. An EBA promises to work toward a better price and terms for buyers. A study conducted by Chandler & Chandler confirms that property purchased through an alliance with an EBA shows a 67% greater appreciation in value. Additionally, a survey conducted by the National Association of Exclusive Buyers Agents (NAEBA) found that among survey respondents, there were only 15 foreclosures out of 1,849 closings. That represents a foreclosure rate of just 0.8%, compared to the nationwide rate of 1.84% in 2008.
NAEBA views HUD's advice to consider an exclusive buyer agent as very timely given current market conditions. Clark agrees, "We are encouraged by an increased movement among consumers to seek out Exclusive Buyer Agents. Working on behalf of buyers is extremely rewarding. Consumers who hire an Exclusive Buyer Agent find that the whole process is more enjoyable because of the incredible trust between the buyer and their agent that doesn't always exist in the traditional buyer/agent relationship."
You can download a free copy of the new HUD booklet at: http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20 December%2015%20REVISED.pdf
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Wednesday, May 27, 2009
Redistricting Places Several Bowen Family Homes Communities in New School Districts for Fall 2009
When looking for a new home in Atlanta, an important aspect of the home buying process is school districts. Whether the purchaser has children or not, a community’s school district says a lot about the neighborhood’s surrounding area. Bowen Family Homes’ communities are located in the best school districts in Georgia and as a result of redistricting and the addition of new schools, children at a few of Bowen Family Homes’ Atlanta communities will attend new school districts come fall 2009.
Located in Gwinnett County, Kensington Creek Manor and Willoughby Cove offer home buyers affordable single-family homes. With spacious home designs to choose from, homes at these communities provide the ideal space for everyday life and entertaining. This fall children at both communities will attend the brand new Twin Rivers Middle and Mountain View High schools. Elementary-age children at Kensington Creek Manor will attend Dyer Elementary while children at Willoughby Cove will attend Freeman’s Mill Elementary.
Located in Forsyth County, Stonehaven Pointe and Stonehaven Terrace offer beautiful townhomes and single-family homes. In addition to spacious homes, the communities’ amenity package gives children the opportunity to fully enjoy their summer break with six lighted tennis courts, a Junior Olympic-size pool, multi-purpose athletic field, playground, clubhouse and more. When school starts again, children at Stonehaven Pointe and Stonehaven Terrace will attend a new school district which includes the new Whitlow Elementary school and existing Otwell Middle and Central Forsyth High schools.
Also located in Gwinnett County, McGinnis Reserve is a beautiful single-family home community that is ideal for Atlanta new home buyers. Residents of all ages enjoy an active lifestyle with an outdoor amenity package that includes a 20-acre lake, walking trails, pool and tennis courts as well as easy access to the Suwanee Greenway Trail System. Come August children at McGinnis Reserve will attend Level Creek Elementary, the new North Gwinnett Middle and North Gwinnett High schools.
Avington Glen features ranch-style and two-story single-family homes perfect for the Atlanta family looking to live in sought-after Gwinnett County. The great location along with an amazing amenity package makes Avington Glen the perfect community for those looking to live an active lifestyle. Next school year children at Avington Glen will attend brand new Lovin Elementary and Archer High schools as well as McConnell Middle.
For more information on any of these communities as well as the rest of Bowen Family Homes’ Atlanta communities, visit www.bowenfamilyhomes.com.
Since 1969 the Bowen name has stood for excellence in new home construction and community development. Recognized as the 39th largest privately owned builder in the country by Builder Magazine for 2008, Bowen Family Homes is a dynamic homebuilder with operations in Georgia, Florida and Texas. The Atlanta Business Chronicle ranked Bowen Family Homes 5th among metro Atlanta builders in 2007 and 40th among Atlanta’s Top 100 Private Companies for 2007. Additionally, Bowen Family Homes was named the Georgia Family Business of the Year for medium sized companies by Georgia Trend and the Cox Family Enterprise Center at Kennesaw State University in 2006. Bowen Family Homes was ranked 66th on the 2008 Professional Builder Housing Giants list. These successes have been achieved by simply offering the best new home value in all price ranges. Earlier this year Bowen Family Homes launched their social media marketing plan with a new company blog, www.bowenfamilyhomesblog.com and presence on several social media outlets such as Twitter, Facebook and YouTube. For more information about Bowen Family Homes, please call their Atlanta region headquarters at 678-325-4554 or 1-877- MY BOWEN or visit online at www.bowenfamilyhomes.com.
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Tuesday, January 13, 2009
Fannie Mae Announces National REO Rental Policy
/PRNewswire-FirstCall/ -- Fannie Mae (NYSE:FNM) today announced the establishment of a new National Real Estate Owned (REO) Rental Policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The company currently has an eviction suspension in place through the end of January which will allow for the new policy to be fully operationalized prior to the suspension concluding.
"Renters in foreclosed properties have often been a casualty of the foreclosure crisis the country is facing," said Michael Williams, chief operating officer of Fannie Mae. "This policy will allow qualified renters to remain in Fannie Mae-owned properties should they choose to do so, mitigate the disruption of personal lives that foreclosures can cause, and help bring a measure of stability to communities impacted by high foreclosure rates."
The new policy applies to renters occupying foreclosed properties at the time Fannie Mae acquires the property. Renters occupying any type of single-family property will be eligible including residents of two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property.
While the company markets the properties for sale, Fannie Mae will manage the properties through a real estate broker or a property management company. The company will not require security deposits to be posted in connection with this program.
Renters in the foreclosed properties will be asked to pay market rate rent under the new leases. Rates may be determined by reviewing local comparable rents, conducting a neighborhood survey, or through other relevant indicators. Rates will also be subject to any legal rent control restrictions. The company will review each instance where the market rate may require a tenant to pay additional rent and will work to reach an equitable resolution.
On behalf of the company, property managers are contacting renters in Fannie Mae-owned foreclosed properties to notify them of their options.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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Friday, November 21, 2008
HGTV’s FrontDoor.com Offers the Top 10 Tips for Selling Your Home During the Holidays
(BUSINESS WIRE)--The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious, and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.com. (http://www.frontdoor.com/top10)
1. Deck the halls, but don't go overboard. Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
2. Hire a reliable real estate agent. That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
3. Seek out motivated buyers. Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
4. Price to sell. No matter what time of year, a home that's priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
5. Make curb appeal a top priority. When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers' safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.
6. Take top-notch real estate photos. When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.
7. Create a video tour for the Web. You'll get less foot traffic during the holidays, thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically visit your home or would rather not drive in a snowstorm.
8. Give house hunters a place to escape from the cold. Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats like cookies and eggnog. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.
9. Offer holiday cheer in the form of financing. Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.
10. Relax -- the new year is just around the corner. Thanksgiving and Christmas are stressful enough, with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which luckily is only a few days away.
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Saturday, November 1, 2008
Sold! Homes Are Selling in the Current Real Estate Market
(BUSINESS WIRE)--Navigating the complexities of today’s housing market is as challenging for consumers as it is for real estate agents. Citing the many obstacles those in the market are facing, The Real Estate Book is launching a new program, JUST SOLD 2008, designed to help those looking to buy or sell a home find a leading agent, and at the same time, help real estate professionals market their listings affordably and effectively, as well as share their successes.
“No question, the real estate market is choppy, but today more than ever, it’s important to stay focused and remain upbeat,” says Scott Dixon, President of The Real Estate Book. “It’s also vitally important to spread the news about who is transacting. We’ve got an active and powerful channel of millions of consumers and thousands of real estate agents who are surviving and thriving, and we can help anyone in this market – consumers and agents alike – connect with each other. In fact, those that advertise with us, are selling homes right now.”
The JUST SOLD 2008 program works like this: The Real Estate Book will contribute (at no cost to advertisers or consumers) 20% of its print book pages to its advertisers to promote the homes they sold in 2008.
Todd Walker, Senior Vice President of Sales and Operations at The Real Estate Book adds, “we want to do our part to help hard-working real estate professionals achieve continued success, and provide a way for those who are struggling by providing them with an affordable media solution that works in any market, even on a tight budget. We also want to let consumers looking to buy or sell know that agents who advertise in The Real Estate Book are the top in the business and sell more homes, quicker.”
Simply put, The Real Estate Book, available in print and online, generates more advertising exposure than anyone else in the industry, and the company plans to use the power of its 8 million magazines along with its network of nearly 30 online partners delivering millions of unique users, and its direct mail channel to provide massive reach to more than 50 million consumers, as well as spread the good news in this market.
In fact, The Real Estate Book has been helping real estate professionals connect with buyers and sellers for over 30 years, delivering credible, proven results in over 500 markets across the U.S., Canada, Mexico and the Caribbean.
Dixon adds, “in this business it’s important to work with a media partner you trust, one who knows how to reach your best prospects – locally, nationally, and globally. It’s hard to muster up the confidence and know where to steer the boat when the market is in a downturn. But for our customers, we do all the legwork for them, and they benefit from getting the best leads. And for consumers, they can rest easy knowing that they are going to find an agent who is experienced and actively engaged in helping them find or sell a home faster and better than anyone else.”
That’s the magic of The Real Estate Book, and it is the one thing you can turn to and trust despite the shifts of the market.
For more information on how The Real Estate Book can help you “survive and thrive” in today’s housing market, go to: www.RealEstateBookMediaKit.com/confidence.
To request a book or search online for a property to buy in your market, go to www.RealEstateBook.com or call 1-800-643-1174.
The Real Estate Book is published by Network Communications, Inc.
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Thursday, September 4, 2008
How To Save Your Home From Foreclosure
(StatePoint) America's foreclosure crisis continues to hit home among families nationwide.
Approximately one million properties now are in some stage of foreclosure and a million more are in danger of joining them, say industry experts.
To put things in perspective, one in every 464 U.S. households received a foreclosure notice during a recent month, according to RealtyTrac Inc., a national database of foreclosure properties. And if conditions don't improve dramatically, that number will rise to one in every 33 households over the next two years, according to a report by The Pew Charitable Trust.
"What it all comes down to is if families are going to save their homes, they'll have to do it themselves," says Lloyd Segal, author of the new book, "Stop Foreclosure Now: The Complete Guide to Saving Your Home and Your Credit" (AMACOM).
There are several keys to save your home from foreclosure, according to Segal.
Move Fast To Deal With Your Lender:
Many wait until days before a foreclosure sale by their lender, at which point there's not much to be done.
"The most important thing when you fall behind on mortgage payments and you know you can't keep up, is to contact your lender," stresses Segal.
Call your lender and speak with the loan modification or foreclosure department. Speak with somebody in a position of authority.
Ask about modifying your loan. There are different types of modifications, including moving debt to the end of the loan's life or lowering your interest rate and payments temporarily until you can get back on track.
"You've already broken your promise, so be honest about your predicament: Did you lose your job, get divorced or have an illness? If you say it's only going to take a short period to get back on track with payments and it'll take longer, you're only hurting yourself," he says.
Is Your Home Worth Saving?
Determine if you have any equity in your house or an overwhelming emotional attachment to it.
"Equity" refers to the market value of your property less the balance owed on liens against it and the costs of sale. If you have equity, it is economically worth saving. Be sure you correctly value your home, taking into account any declining local property values.
If you have no equity but an emotional commitment, you still may wish to save your home. If you have no equity or emotional attachment, consider selling as an alternative to foreclosure.
Refinance Before Foreclosure Hits:
Refinancing consists of obtaining a loan from a new lender to pay your existing lender. You can do this to pay off your foreclosure lender entirely or simply bring your loan current.
If your credit is good or you have equity in your property you should be able to refinance, even if foreclosure proceedings already have begun.
After foreclosure has begun, refinancing lenders will demand higher interest rates and charge fees for the loan.
Other Ways To Stop Foreclosure:
Active military personnel and their families (and anyone who co-signed a loan with them) are protected from foreclosure, allowing for temporary suspension of collection actions. You can even get a property back if it was sold or reduce your current loan rate.
For its part, bankruptcy will put an immediate halt on foreclosure, but usually only for a temporary period. Moreover, bankruptcy will harm your credit for the future.
If the foreclosure itself is defective, you might be able to get it halted. In most cases, you will have to consult an attorney to see if the loan violated any laws or if the lender made a mistake in the foreclosure process - such as filing papers incorrectly or not giving you the required time before next steps.
For more tips, read Segal's new book, "Stop Foreclosure Now."
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Wednesday, August 13, 2008
HGTV’s FrontDoor.com Real Estate Offers the Top 10 Unique Selling Tactics to Lure Potential Buyers
BUSINESS WIRE --Say goodbye to the days when baking a batch of cookies and putting out fresh flowers before an open house would be enough to sell your home. In today's market, it takes more than that to attract buyers, and frustrated home sellers are resorting to some unusual methods to get their homes noticed. From clever to downright bizarre, FrontDoor.com – HGTV’s new award-winning real estate site – shares its top ten favorite unusual home selling tactics. (http://www.frontdoor.com/top10)
1. Hold an open house party. Open houses are the norm when selling a home, but some sellers are upping the ante on the open house by offering wine, catered food, live music and prizes. A fancy shindig could start a buzz on your property and make your home memorable.
2. Take home staging to the extreme. It's well known that staging your home can help it sell faster, but some sellers are taking staging a step further with an ancient Chinese philosophy. Feng shui stagers rearrange the elements of a home to improve its chi, or energy. Good chi makes potential buyers feel more welcome.
3. Help serious buyers with financing. Many people who want to buy a home can't qualify for a standard mortgage right now, so sellers are offering a helping hand. Sellers have a few options when it comes to assisting buyers with financing, including offering lease-to-own deals, offering financing themselves, paying for closing costs or paying for points to lower the interest rate.
4. Have a little faith. Burying statues or medals of St. Joseph in the earth is a tradition that dates back hundreds of years. Most recently, home sellers have been burying the patron saint of family and household needs in their yards to help their homes sell faster. Thousands of sellers swear that a little divine intervention helped them get a sale.
5. Throw in some extravagant extras. In the past, a free big-screen TV was enough of an incentive to get your home noticed. Times have changed, and incentives are becoming more and more substantial. Sellers are throwing in all kinds of goodies, like free cars, vacations, pricey home upgrades and monetary incentives like a year's mortgage or a furniture stipend. One woman in Florida is even offering herself as an incentive – she hopes to marry the man who buys her home.
6. Make your home a grand prize. After conventional methods fall short, some sellers are holding raffles and essay contests and giving their homes to the winners. This method is sure to draw attention, but beware: home lotteries are illegal in many states, so find out your state's regulations.
7. Get Web savvy. If the traditional method of selling your home through a real estate agent doesn't appeal to you, you may find an alternative process on the Web. Some sellers are auctioning off their homes on eBay, while others are swapping properties through sites like Pad4Pad.com and DomuSwap.com.
8. Let your house do the talking. After taking the traditional route of putting a For Sale sign in your front yard and placing an ad in the newspaper, try some hi-tech advertising. Some sellers and agents are using the Talking House radio transmitter, which allows you to record a customized message about the features of your home. Buyers can tune into a radio station to hear this message as they drive by your house.
9. Put your house on the auction block. Auctions are no longer just for homes that have been foreclosed on. Sellers looking to sell their homes quickly are choosing the auction route. Keep in mind that the total costs of auctioning off a home are often the same or more than the costs of selling a home through an agent.
10. Let buyers sleep on it. For serious potential buyers who are on the fence about buying your home, let them sleep on it, literally. By letting buyers spend the night in your home, you're allowing them to get the full experience of living there. A trial run could be just what they need to sign on the dotted line. Be sure to consult with your real estate agent or attorney first.
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Georgia Front Page
www.georgiafrontpage.com
Wednesday, July 9, 2008
I’ll Buy Yours and You’ll Buy Mine - New Trend Sparks Win-Win Situations
RISMEDIA -Today’s market has made the prospect of buying a home a difficult task for most people. Whether you are in the market for a first home, a retirement home or something in between, a home trade may be your best option to get what you are looking for in a timely manner.
Home trading is not a new concept, but one that is often overlooked “as people don’t take the time to understand the process, one that is quite simple,” says Scott Warren, an agent with Villa Sotheby’s International Realty.
Warren, who has been in the industry for over 30 years and completed his first trade in 1979, recently orchestrated a real estate trade that resulted in the highest sales price ever recorded in The Bridges community in California. A $7.75 million custom home was successfully traded for a $2.5 million English Tudor-style home in La Costa in a process that took just 40 days.
A real estate trade is a simple process in which a seller with good equity, good employment and good credit who wishes to “move up” is matched with a seller who has good equity, employment and credit who wishes to “move down.”
“One motivating factor behind a real estate trade is for the financial benefit,” says Warren. “One buyer sees the ability to trade up in a market in order to gain equity and the other buyer who may not want to make the payment on their home-or can’t afford to-has the opportunity to get out of the situation before it is too late.”
The trading process is as simple as “I’ll buy yours and you’ll buy mine.”
“Once the match is made, the procedure turns into two purchase agreements that occur simultaneously,” says Warren.
Home buyers need to understand that trades are not limited to trading a home for a home.
“A successful trade can occur when someone has something of value such as a car, a boat or even diamonds,” says Warren.
One of the most unusual trades that Warren has been involved in was when a client traded a load of gravel for the down payment on a property.
“This goes to show that ‘non-traditional’ trades are just as successful,” concludes Warren. It all depends on how the deal is packaged and what motivates each party.
For more information, visit http://www.villasir.com.
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Fayette Front Page
Community News You Can Use
Fayetteville, Peachtree City, Tyrone
Saturday, May 31, 2008
America Supports You: Troop-Support Group Added to 'Top-Rated' Charities
After stringent review by one of the country's premier charity watchdogs, a Massachusetts-based troop-support group has been added to a list of top-rated charities.
The American Institute of Philanthropy has reviewed Homes for Our Troops' finances and included the group in their "Top-Rated Veterans & Military Charities" listing.
Homes for Our Troops is a supporter of America Supports You, a Defense Department program connecting citizens and companies with servicemembers and their families serving at home and abroad.
"Homes for Our Troops is proud to be included in [American Institute of Philanthropy's] list of top rated veterans and military charities," said Tom Benoit, vice president and chief financial officer of Homes for Our Troops. "Our dedicated staff has worked tirelessly to efficiently raise the funds needed to build homes across the country for severely injured veterans.
"The support we receive from our corporate partners and from individuals and companies across the country made it possible for Homes for Our Troops to spend only 7 percent on administration and fundraising in our fiscal year [ending] Sept. 30, 2007, and to complete 11 homes in 2007," he added. "Our goal is to complete 30 homes in 2008."
Founded in 2004, Homes for Our Troops is a nonprofit organization dedicated to providing specially adapted homes to servicemembers severely injured while fighting in the global war on terrorism. The organization has provided 25 veterans and their families with homes suited to meet the each veteran's individual challenges. Over the next few years, Homes for Our Troops is committed to providing at least 100 additional homes for injured troops, organization officials said.
Only five of the 32 veterans charities listed in the American Institute of Philanthropy's most recent report are included in the top-rated category, according to institute officials.
The watchdog's review process focuses on the percent of costs spent on "program service costs" and the efficiency of organizations in raising funds.
Rather than just using figures reported by charities in financial disclosure forms, the institute adjusts for direct mail, telemarketing and solicitation costs that are sometimes allocated to program service costs. It also excludes the value of donated goods and services, which can be difficult to measure.
Because of their thorough review process, the institute was described as "the pit bull of watchdogs" by the New York Times. Newsweek said, "It's the toughest of the bunch. Because it disregards certain, potentially suspect, expenses and donations, it fails some nonprofits that the other raters approve."
Friday, May 9, 2008
Five Tips to Help You Gear Up for the Homebuying Season
(ARA) - It’s time to gear up for the busy spring and summer homebuying season. Buyers and sellers alike have come to expect that there are greater options available during this time of year as more people tend to be in the market for a new home. So what is behind this trend and how can you make the most of the buying and selling season?
Why Now?
The Kids. Many homeowners, especially those with school-aged children, prefer to plan their move around the summer. By starting the homebuying process in spring, most children can finish the year at their current school and start fresh at their new school in the fall.
The IRS.
Tax refund checks start hitting mailboxes in spring. For people in the market for a new home, a tax refund is an added bonus that they can put towards the down payment.
The Weather.
For people living in northern climates, the thought of moving during winter holds little to no appeal. As the weather turns milder, the idea of making a move becomes more realistic for many.
How do I Make the Most of the Season?
If you’re one of the many millions of Americans buying or selling a home this year, you’d probably prefer to make the move as smooth as possible. Start early.
“From searching and touring houses to the negotiation, home inspection and closing, buying the home that perfectly fits your needs can take a lot of time, especially if you don’t know the process,” says Frank Destra, managing director and senior vice president of national sales for Ditech, one of the nation’s leading online mortgage lenders. “By learning and understanding the steps in buying a home, you will be ready to go through the process and complete it efficiently so you can soon begin enjoying your new home.”
Here are some tips from Ditech that will help make your spring or summer move stress-free.
1) Review You Credit Report. Whether this is your first time buying a home or your 10th time, it is always in your best interest to keep an eye on your credit report to make sure your credit history is accurately reported. Your credit history has an impact on what loans you can qualify for as well as the interest rate you will be offered. Report any errors to the credit reporting agencies right away, so that your credit report is accurate when you’re ready to apply for home financing.
2) Get pre-approved. Getting pre-approved is one of the first steps in the home buying process. By getting pre-approved, you will receive a loan commitment for up to a certain amount from your lender before you find a home, based on a review of your credit and finances. Pre-approval makes your home search more efficient by allowing you to focus only on the homes you know you can afford. It also is beneficial to have a pre-approval letter in your possession when you submit an offer on a home, so the seller knows you are serious about buying the home.
3) Know what you want. Sitting down and figuring out what kind of home and neighborhood you would prefer in the beginning of your home search will save you a lot of time. Make a list of the features that are most important to you. Start with determining the number of bedrooms and bathrooms as well as other personal requirements you might have such as an office versus a den, one or two stories, etc. Also, think resale before you ever set foot in a home. The neighborhood, schools, parks, shopping, transportation accessibility, and proximity to key points in the city are all characteristics that will remain important when you decide to sell your home at some point in the future.
4) Review financing solutions. There are a variety of financing options available to homebuyers, and your particular situation will play a factor in figuring out what financing solution might work best for you. An experienced loan officer will take the time to review the home financing process, define terms, and listen to your concerns to get you a loan that fits your needs. In addition, home lenders such as Ditech (www.ditech.com) offer a number of online resources, such as payment calculators, glossaries, etc. to help homebuyers better understand which financing options might be right for them.
5) Negotiate. Once you find the home of your dreams, work with a real estate agent to negotiate the price and present your offer. Motivated sellers may be willing to reduce their price, or even pay part of the closing costs. Also, if you are looking at new construction, make sure any incentives being offered are tied to the home. For example, if a builder offers a cruise or flat-screen TV, ask for the value of the item to be discounted from the purchase price of the home. You are purchasing a home and that should be your focus -- not the giveaways.
If you’re ready to contact a mortgage lender and begin the process of buying a new home, contact Ditech at (800) DITECH-3 or www.ditech.com.
Courtesy of ARAcontent
Sunday, February 10, 2008
Baby Boomers Dominate New Housing Trends
Executive Officer,
Home Builders Association of Midwest Georgia
The largest American generation is either retired or quickly nearing retirement age. Baby boomers, the generation born between 1946 and 1964 and who count more than 76 million, may be getting older, but they are definitely not ready to head to the retirement home!
The boomer generation is more active than generations past, has a more sophisticated style and wants options and choices in their homes. Whether they are selling the homes where they raised their children and heading to sunnier pastures, or staying put and redesigning to accommodate their retired lifestyle, boomers are making an impact on new housing trends. Some features that home builders and remodelers are seeing as they begin to cater to the boomers include:
Home Offices – Some boomers are choosing to work past the age of 65. As they transition from a traditional 9-to-5 job, however, they want home offices for flexibility. A second career or part-time employment often eliminates the hassle of commuting while keeping them active and bringing in supplementary income.
Tech/Media Centers – The tech-savvy boomer generation wants top-of-the-line amenities for their homes such as a media room with surround sound and central control systems, which manage all media sources in one location. The house may include a wireless home network (Wi-Fi), remote control lighting and security features.
Wider Doors and Hallways – As a person ages, there is likelihood that use of a wheelchair might become a necessity. Designing a home that is livable now but can transition and be functional as the occupant ages is important in ensuring that the home will be a good long-term investment. Wider doors and hallways are useful for moving larger furniture today, and will also be wheelchair accessible tomorrow.
Better Lighting/Bigger Windows – The need for more lighting usually increases as we grow older. To accommodate this, builders are adding more windows and making them larger to let in more natural light. They are also adding more light fixtures in areas including under cabinets and in stairwells. Multiple switches to reduce the number of trips and dimmer controls to eliminate glare are other options.
First-Floor Bedrooms and Bathrooms – More than 40 percent of new homes have master suites downstairs, a 15 percent increase over a decade ago. Boomers not wishing to go up and down stairs with bad knees and aching backs have helped fuel this trend. The bedrooms are also bigger, with larger walk-in closets and bathrooms that have a separate tub and shower and dual sinks.
Easy to Maintain Exteriors/Landscaping – Yard work, painting and other landscaping chores may no longer be enjoyable to aging homeowners. People who move to a new home when they retire may opt for a maintenance-free community. Those that choose to stay in their homes might make improvements to exterior surfaces such as installing stucco, brick or low-maintenance siding. Lawns are being replaced with living patios, decorative landscaping, or flowerbeds, which can be a hobby for gardening enthusiasts.
Flex Space – “Flex space” has become more prevalent in both new homes and remodeling. Flex spaces are rooms that take on the purpose of the present homeowner’s needs but can adjust with changes as they occur. What may have once started out as a guest bedroom can be redecorated to serve as a hobby room or library. This allows homeowners to stay in their homes longer as it continues to serve their needs throughout life’s stages.
To find a designated Certified Active Adult Specialist in House (CAASH) or Certified Aging-In-Place Specialist (CAPS) builder or remodeler in your area, contact The Home Builders Association of Midwest Georgia at (770) 716-7109. The HBA of Midwest Georgia serves over 700 businesses in the building industry in Fayette, Coweta, Spalding, Meriwether, Heard, Pike, Upson, Lamar, Butts and Jasper Counties.
Speed Up the Sale of Your Home in a Slow Market
By Bill Daprano
President,
Home Builders Association of Midwest Georgia
Trying to sell a house during the winter months in a down market can be difficult, but there are several things you can do to improve its marketability. By expending a bit of effort before it goes on the market, you can ensure that your home presents well, stands out from the crowd and doesn’t turn off potential buyers so that you can sell quickly…and at the best price.
Tone Down Personality
Your bookshelves may be filled with Pulitzer-Prize winners and your collection of Americana figurines may reflect your personal interests, but to home buyers, it looks busy and cluttered, and may distract them from truly seeing your home’s unique architectural features and spacious rooms. Also consider whether family pictures help or hinder a sale; future homeowners may not be able to look past your kids’ smiling faces plastered all over the walls and see themselves building their own future in your home.
Since you hope to move soon anyway, go ahead and box them up and put them in storage in advance of the open house or showing.
While that red accent wall opposite the lime green fireplace perfectly ties in with your ultra modern furniture, a potential buyer at your open house may be turned off immediately and decide that the entire house doesn’t reflect their style. Consider painting walls a neutral color such as beige or taupe.
Don’t Burden the Buyer with Repairs
If there are problem areas in your home, get them fixed before the showing. When prospective buyers tour the house and see leak stains on the ceiling or peeling paint, they will also see future work and assume that bigger maintenance and repair issues are lurking behind those small problems.
This is particularly true in kitchens and bathrooms, which are often the two rooms that make or break a sale. The expenses you incur on the front end sprucing up your home will be cheaper than the profits you could lose by having to lower the price to meet buyer demand.
Maximize Exposure
Lastly, take advantage of new technology to find unique ways to market your house. Use YouTube.com, a video sharing Web site, to introduce yourself and your house for free. Take home shoppers on a virtual tour and tell them about its uniqueness and strengths from a first-person point of view.
Use Internet social networking sites such as Facebook or MySpace to create a Web link with a profile of your home. Include pictures and a description of your home’s features. E-mail the link to your friends and ask them to forward it on to their network of contacts.
Be sure that you are using traditional marketing techniques to your best advantage. When photographing your home for promotional purposes, invest in a wide-angel lens for your camera so that rooms appear bigger and in proportion when they are displayed on Internet home listing sites or in marketing flyers. If you decide to create a virtual tour, look for professionals who will be able to film and upload your video using the best techniques and technology.
For more helpful hints, contact The Home Builders Association of Midwest Georgia at (770) 716-7109. The HBA of Midwest Georgia serves over 700 businesses in the building industry in Fayette, Coweta, Spalding, Meriwether, Heard, Pike, Upson, Lamar, Butts and Jasper Counties.
Tuesday, January 22, 2008
Home Building Brings Millions into the Local Economy
Dr. Elliot F. Eisenberg, senior economist for the National Association of Home Builders, spoke at Fayetteville First Baptist Church last Thursday night at an event on the economic impact home building has on our local economy.
Organized by the Home Builders’ Association of Midwest Georgia and the Fayette County Board of Realtors, Eisenberg’s presentation covered two areas: how monies generated from building new homes flow in the local economy and the costs to the local area to support that growth.
Eisenberg analyzed the impact of new home construction in three phases: the construction phase, the ripple effect and the occupancy phase, and then compared it to the cost of public services like roads, education, fire, police, hospitals and, of special concern, water. Using data supplied by the federal census, the numbers show that new homes in our local region actually pay for themselves in just 7 years.
Eisenberg reports the first year’s impact during the construction phase of 100 new homes generated over $9.2 million in local income, $818,000 in local taxes and created 140 local jobs. But the effect doesn’t stop there. Eisenberg explains that an ongoing economic ripple is created as those who profit from the home building industry spend that money in the local economy.
“The ripple effect lasts for a year following the completion of the home and is approximately 50% of the construction phase,” states Eisenburg. “The occupation phase lasts as long as the house is occupied.”
Eisenburg reports that the first year impact of the ripple phase generates an additional $4.4 million in local income, $499,000 in local taxes and 70 jobs. The occupancy phase produces $3 million in local income, $727,000 in local taxes and creates 52 local jobs.
“These numbers are impressive,” said Lynne Bride of Harry Norman Realtors. “We want people to know that this area is a great place to be and that new growth doesn’t have to cause problems.”
New homes do require fire, police, garbage collection, new parks, roads, schools and they also create new demand for water and other utilities. But findings show that by the end of the 7th year, the cost to support every 100 new homes is fully paid for with an ongoing surplus of $166,946 thereafter. This is the equivalent of municipalities paying off entire sewer systems, schools and more in only 7 years.
Eisenberg asks to contrast that kind of pay off with “car loans lasting 5 years” and asking the question “How fast did you pay off your student loans?”
Eisenburg further explains that without the economic stimulus from new home construction, local economies start to decline pointing to other areas of the country where home construction is stagnant.
“This is an exciting area,” said Eisenberg. “Home ownership is still affordable here and has the ability to pay for itself in seven years.”
Monday, January 21, 2008
Coldwell Banker Bullard Welcomes Tracy Willis
Willis, who has been in real estate for two years, joined the Bullard organization as a result of its recent merger with Coldwell Banker Fulton Realty Associates. Previously from New Jersey, she has a degree in nursing from Bloomfield College in Bloomfield, N. J., and she worked in nursing prior to entering real estate.
She is married to Steve Willis, and they have three children, Cory, 20, Ryan, 19, and Justin, 9. The two older boys are graduates of Starr’s Mill High School and now attend Jacksonville State University and Auburn University, and the youngest attends Kedron Elementary School.
Willis is a member of the Fayette County Board of Realty, Cultural Diversity, and Alpha Kappa Alpha sorority.
