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.

What is a Short Sale?

For many facing foreclosure, a short sale can be a great option.  A short sale is when a mortgage lender agrees to receive a payoff on the home for less that what is owed on the property.  There are several financial requirements that must be met in order to qualify for a short sale.  As a Certified Distressed Property Expert, I can help you determine if a short sale is the option for you.

One major advantage of a short sale over a foreclosure is the impact on your credit.  If you foreclose on your home, your credit will be affected by at least 250 points up to a possible 300 points and affect your credit score for 3 years.  With a short sale, your credit will be affected by approximately 50-100 points and affect your score for 12-18 months.  In addition, a short sale will be reported as “paid in full” or “satisfied” on your credit but a foreclosure will be reported as “not paid” and stay on your credit history for up to 10 years.

Additionally, any future loans you take out will be affected by whether you foreclose or utilize a short sale.  With a short sale, your credit will not be questioned but unfortunately with a foreclosure your future loan rate may be affected for 7 years after the foreclosure.

Finally, your employment status can be affected with a foreclosure.  Many employers view employees credit history and make their decision to hire based on their credit.  Since a foreclosure stays on your record for so long, it can affect whether or not you are hired for certain positions. 

If you are facing foreclosure, please think about some of these ramifications and contact me to see if a short sale is right for you.  You can email me at bonnie@mullinaxteam.com anytime!

The Market Value of Your Home

With the economic twists and turns over the last couple of years, more people than ever are wondering “What is the value of my home?”  Many factors contribute to the value of your home, including the cost of homes recently sold near you, what comparable homes are selling for in the area, if there are any foreclosures in your neighborhood and the condition of your home. 

Homes that have recently sold in your neighborhood are a huge indicator of what your home may be worth.  Additionally, if there have been any foreclosures in your neighborhood, that can alter to price of your home as well.  If you are wondering what a home in your neighborhood sold for we can tell you what that home sold for for free when you fill out the info in the link.  

If you are wondering what the fair market value of your home is, we can run a free “Comparitive Market Analysis” to give you the fair market price.  Remember, if you are looking to sell your home, properly pricing it in the beginning greatly reduces the amount of time it will take your home to sell.

Let us help you determine what your greatest investment is currently worth.

Adairsville, GA Real Estate

What an opportunity to buy an adorable 3 beroom, 2 1/2 bath cottage!  The George Street Cottages in Adairsville, GA are currently listed as short sales which means they could be a great deal for you.  These homes were built in 2006 and feature 1 car garages.  The master bedroom is on the main and the homes include gas heat, fireplace, formal dining room, and breakfast bar.  These homes reside in the city limits of Adairsville which make them easy acces to I-75 and the city schools.  They have an Old English cottage feel with all of the craftsman style amenities. 

2 Georgian Circle, 3 Georgian Circle, 5 Georgian Circle, 7 Georgian Circle, 13 Georgian Circle, and 16 Georgian Circle are being offered for $94,850.  Don’t miss out on this great opportunity!

For more information or for directions, call our office at (770) 606-0054 or visit our listings at www.mullinaxteam.com/properties