New Listing: 121 McCormick Rd. Cartersville, GA 30120 *Foreclosure*

This 3 bedroom 2 bath home is stunning and like new with a vaulted family room, formal dining room and a large eat-in breakfast room.  It features a pantry, wood floors, stained cabinets, a new microwave and gas stove.  There is a privacy fence, covered back porch, large master suite with an enormous walk-in closet, new carpet, and fresh paint inside and out.  This looks like a new construction! 

This stunning steepless ranch is a Fannie Mae HomePath property.  Purchase this property for as little as 3% down.  This property is approved for HomePath Renovation Mortgage Financing.

Call us today at 770-606-0054 for more details!

New Listing: 32 Bluebird Circle White, GA 30184 *Foreclosure*

This adorable 3 bedroom 2 bath home is on the lake with it’s own private dock.  It features 2 screen porches-one on the main and one on the basement level.  There are 2 living areas and a large laundry area.  This home is turn key ready! 

32 Bluebird is priced at $275,000.  This is a Fannie Mae Home path property.  You can purchase this property for as little as 3% down.  This property is approved for Home path mortgage financing and home path renovation mortgage financing.

Call us today for more details at 770-606-0054.

New Listing: 3 Dove Trail Cartersville, GA 30120 *Foreclosure*

This is the perfect city starter home.  It features an all ceramic tile kitchen, a private back yard, a 2 car garage and it’s all close to downtown Cartersville, Hwy 41, I-75, shopping and the hospital.

 3 Dove Trail is listed at $63,500.  This is a Fannie Mae Home Path Property.  Purchase this property for as little as 3% down.  Approved for Home Path Mortgage Financing and Home Path Renovation Mortgage Financing. 

Call us today at 770-606-0054 for more details or visit us at www.mullinaxteam.com

New Listing: 108 Marshall Lane Rome, GA 30165

This is a great 3 bedroom, 1 bath home with hardwood floors throughout, a huge backyard deck, and rocking chair porch.

 This is a Fannie Mae Home Path property.  You can purchase this property for as little as 3% down.  This property is approved for Home Path Renovation Mortgage financing.

 108 Marshall Lane is listed for sale at $50,000.  Call us today for more details at 770-606-0054!

New Listing: 614 Graham Street Rome, GA 30165

This is a 3 bedroom, 1 bath ranch close to everything.  Rocking chair front porch, separate dining room, living room on a quiet street great for first time buyers or investors.

 This is a Fannie Mae Homepath property.  Purchase this property for as little as 3% down.  This property is approved for Home Path Renovation Mortgage Financing.

 This home is listed for sale at $22,000.  Call us today for more details at 770-606-0054.

New Guidelines for Short Sales-Northwest Georgia Real Estate

On April 5, 2010, a new program will go into effect to make it easier for a homeowner going through the process of a short sale.  The Treasury Department is urging participating servicers to follow through with short sales for homeowners that are facing foreclosure because they don’t qualify for a reworked mortgage.

To help this program along, the government is offering an incentive payment of $1000 per completed short sale.  Servicers will also get $1000 for each deed-in-lieu of foreclosure.    Subordinate lien holders will be paid to release their claims on defaulted properties, up to $3000 of the short sale proceeds as long as the primary investor agrees to share the earning, and for this concession, the investor will also receive up to $1000 from the Treasury.

For those second lien holders who want more than the $3000 cap to relinquish their stakes, the Treasury said they could pursue a short sale outside of the federal program.  Homeowners who agree to a short sale or deed-in-lieu of foreclosure will get up to $1500 to help with relocation, and must be “fully released” from any future liability, according to the guidelines.  In addition to solidifying incentive payments, the newly published procedures bar servicers from forcing short sale facilitating agents and brokerages to reduce their commssions as a prerequisite for approving the transaction.

So, in a nutshell, the treasury is now stepping in and putting money towards the negotiating of the first and second mortgages and providing incentives for the investors to accept and close on short sales in a more timely manner.  This will help prevent foreclosures and provide homeowners with some cash as closing.

As you can see short sales are a complicated process and we are here to help.  We have experienc in doing them and see how they are a viable solution to avoid foreclosure.  Call us if we can help answer any questions about the process.  Also, you can check out http://avoidbankforeclosurenow.com to read more about this process.

Bonnie Donaldson expresses her appreciation to Bonnie Mullinax and the Mullinax team for their work on the short sale of her home.

“I cannot begin to express my appreciation for all of your time spent selling my house in my time of need. I could not believe how determined you were to sell the house after the sale fell through mulitiple times and you never gave up. You have lifted such a huge burden off of me and I cannot thank you enough.

Your [team of agents and negotiators] is such a dedicated and determined group and you accomplished a unique and very stressful situation that I had truly given up on. Your talent and experience really amazed me.

After the house was vandalized, I could not go back to the house because it was too painful. I had assumed that the house had already foreclosed. How you got the bank to extend the foreclosure date was amazing. It was such a blessing.

You are truly gifted at what you do. I would recommend you to anyone if you ever need a reference. Thank you again and may God bless you and your family.”

Sincerely,

Bonnie Donaldson

Bartow County Home Sale Trends

As you can see in the chart below, the number of homes for sale has dropped 27% from 1528 in November, 2007 to 1106 in November, 2009.  Although this is a significant decrease due to the current economy, it is also noteworthy that there are still over 1,000 homes for sale in Bartow County today.