Cartersville, Acworth, Adairsville and Kennesaw Real Estate and Community News » Real Estate News

Important Changes to Mortgage Underwriting

mullinaxteam — Wed, 11 Aug 2010 12:36:41 +0000

Important Changes to Mortgage Underwriting

RisMedia just published this blog post regarding important mortgage underwriting changes that could affect many buyers. Mainly, buyers need to be aware that lenders will re-pull their credit scores, pay stubs, validate social security numbers and verify intent to occupy just before closing. It is imperitive that potential buyers be honest and up front with their information with the initial application and not make any major purchases or do anything that would affect their credit scores or job status before closing. If lenders find potential buyers have mis-represented their situation in any way they can potentially be charged with fraud. Read on for more details

New Listing: 38 Centerport Drive White, GA 30184 Short Sale

mullinaxteam — Tue, 10 Aug 2010 19:51:07 +0000

New Listing: 38 Centerport Drive White, GA 30184 *Short Sale*

This is a cupcake home! This stunning, traditional home is loaded with lovely upgrades on every level. Expansive open kitchen, vaulted dramatic family room and master on the main. The basement offers a huge den, 2 playrooms, office and so much storage. 38 Centerport is listed at $165,000.

Please call us at 770-606-0054 to speak to a team member for more details!

Big Names in Real Estate are Investing

mullinaxteam — Sun, 08 Aug 2010 12:22:13 +0000

Big Names in Real Estate are Investing

Some of the biggest names in real estate and personal finance addressed this year’s STAR POWER Conference with a unifying theme: real estate is on sale and investors are needed. The STAR POWER conference is open to the top selling agents around the country where they can come together and share what is currently working in real estate.

With the current economy offering so many foreclosures and short sales, there are a ton of great deals waiting to be bought.

Alex Perriello, CEO of Realogy Franchise Group, spoke directly to the agents in the audience, asking: “Why don’t you take things into your own hands? I can’t think of a better strategy right now than buying property … for investment.”

In addition, during his highly anticipated keynote address, bestselling author and nationally syndicated radio host Dave Ramsey reinforced his real estate roots and perspectives on today’s market: “Over the past 18 months I’ve been buying real estate … I used to buy and sell foreclosures, but I’ve never seen deals like today.”

If you are interested in investing in the current hot deals on the market, please don’t hesitate to let me know. I can help with all of your investment needs.

Post adapted from CDPE blog, July 27, 2010.

Do Foreclosures Reduce Home Values?

mullinaxteam — Fri, 06 Aug 2010 20:14:03 +0000

Do foreclosures reduce home values?Posted: 03 Aug 2010 12:47 PM PDT on CDPE Blog

Yes, verifiably, according to researchers in a recent working paper, “Forced Sales and House Prices”.

An MIT economist and two Harvard researchers analyzed 1.8 million home sales in Massachusetts (1987 to 2009), finding that “foreclosure reduces the value of a house by 27 percent, on average.”

Combine this with with their statistic that foreclosed homes make up roughly one in 12 houses with under $1 million left on the mortgage. Then consider a US Treasury statement that foreclosures can reduce surrounding home values up to 9 percent. This exposes the dramatic effect foreclosures are having on home prices−all home prices−across the country.

Is this really shocking? Perhaps the size of the decrease in value of foreclosures is shocking, but certainly not that it happens. Short sales, a transaction in which the property can avoid becoming vacant, is increasingly sought after as a solution not only for homeowners facing foreclosure, but lenders looking to recoup more of their investment. Today, CDPE-designated agents are helping to facilitate hundreds of thousands of these transactions nationwide. Already this is helping communities recover and prices stabilize. This is a movement that will continue to make a difference.

Tax Credit Closing Deadline Extended

mullinaxteam — Thu, 17 Jun 2010 13:22:16 +0000

Tax Credit Closing Deadline Extended

For first time home buyers who got a contract on a home by April 30, they were supposed to close by June 30 to ensure they received the tax credit. However, due to 180,000 loans in banks’ and lenders’ pipeline trying to be closed by that date, many worried their loan would not be finalized in time. To help be sure these home buyers get their credit, the Senate just passed a measure that extends the closing date from June 30 to September 30, 2010. This should allow banks and lenders the time they need to close these outstanding loans.

For those of you who were worried you wouldn’t make the June 30 deadline, now you can rest easy knowing the extension is in your favor and should allow banks and lenders the time they need to close your loan!

New Resources for Home Buyers and Real Estate Professionals

mullinaxteam — Mon, 17 May 2010 16:04:05 +0000

New Resources for Home Buyers and Real Estate Professionals

Fannie Mae is introducing two new resources on HomePath.com for homebuyers — the HomePath Buyers Guide and podcast series.

HomePath Buyers Guide

The easy-to-understand guide was developed as a part of Fannie Mae’s efforts to help home buyers interested in Fannie Mae properties navigate the process of purchasing a home. Information in this guide includes: basic home-buyer and HomePath financing information, frequently asked questions about the sales process, a new home buyer checklist, and much more.

HomePath Podcast Series

The podcast series addresses many new and changing topics relating to Fannie Mae and the real estate industry. Topics covered in the first three episodes of this ongoing series include: Fannie Mae 101, HomePath 101, and HomePath financing. You may listen to the episodes on your computer by downloading the files from HomePath.com, or subscribe to the series via iTunes.

Fannie Mae created these resources to educate homebuyers and real estate professionals and reinforce their commitment to providing neighborhood stabilization across the nation.

Visit HomePath Resources for more details today!

3.5% Closing Cost Assistance and Appliance Incentive Extended Through June 30, 2010

mullinaxteam — Wed, 05 May 2010 12:30:03 +0000

3.5% Closing Cost Assistance and Appliance Incentive Extended Through June 30, 2010

Fannie Mae is extending the 3.5% incentive for homebuyers who purchase and close on a Fannie Mae-owned home by June 30, 2010. Buyers purchasing properties listed on HomePath.com will continue to be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:

Closing Costs
The purchase of new Whirlpool^® appliances
A mix of closing costs and appliances at the buyer’s discretion up to the maximum 3.5%

Eligibility

To be eligible for this incentive:

Property sale must close on or before June 30, 2010
Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied)–investors are excluded

The incentive reinforces Fannie Mae’s commitment to stabilizing communities and assisting buyers. For more informaiton about this incentive, visit HomePath.com, read the press release or contact a Fannie Mae listing broker.

What is HAFA?

mullinaxteam — Wed, 21 Apr 2010 12:30:37 +0000

What is HAFA? Check out this video that explains HAFA, Short Sales and Deeds-in-Lieu.

As a Certified Distressed Property Expert (CDPE) I can help you determine if this is the path for you. Give me a call today at 770-606-0054 or check out www.avoidbankforeclosurenow.com for more details on distressed properties.

USDA Funding Shortfall May Lead to Changes

mullinaxteam — Fri, 16 Apr 2010 12:30:33 +0000

USDA Funding Shortfall May Lead to Changes

For many looking to purchase a home, the government’s USDA program (100% financing) is the preferred option. However the money for the program is falling short.

Because of the funding shortfall, the USDA program is receiving additional scrutiny because of its no downpayment provision and 2% guarantee fee. For example, we hear that Congress is considering raising the guarantee fee from 2% to 3.5%. We will keep you apprised of the progress of any legislation.

Post Contributed by Shane Siniard with WR Starkey Mortgage

Ski Dome Attraction Coming to Bartow?

mullinaxteam — Wed, 07 Apr 2010 12:30:27 +0000

Bartow County potential site of ski dome attraction

Developer Steven Winters of SRW Interational, LLC has his eye on a 750 acre tract on Red Top Mountain at Lake Allatoona for a ski dome attraction that could possibly bring 2,000 jobs to Bartow County. This attraction would feature a huge 1 million square foot ski dome, three hotels, restaurants and shops. You could potentially water ski and snow ski all in the same day. This type of tourist attraction would put to work over 1/3 of the unemployed in Bartow County and help stimulate the local economy tremendously.

The developer is lobbying to get Georgia lawmakers to pass a bill that would allow for the first 25% of the sales taxes from the resort to go back to the developer for the cost of their capital investment. Bills like this have been vetoed in the past, so getting it passed will take some work. Keep your eyes open for what develops for this potential tourist attraction!