Foreclosure Myths of 2012

April 13th, 2012 mullinaxteam Posted in Buyers, Foreclosure, Home Values, Real Estate, Real Estate Information, Real Estate News, Real Estate Report, Short Sale Comments Off on Foreclosure Myths of 2012

Although they’ve simmered down somewhat since 2009, foreclosures are still controlling the real estate market as we know it.  With all the talk of foreclosure drama many half-truths, rumors, and flat-out lies have surfaced. To help separate fact from fiction, we turned to a recent Trulia blog, which talks about a few misconception and embellishments that are still going around the country.

1. There is going to be a flood of new foreclosure to the market.

Banks have learned that their control of local inventory can influence can local prices.  By introducing homes in calculated ways, rather than in one swoop, they know they’ll realize higher prices.  And banks have also learned that if they can lessen their losses by giving the go ahead to short sales, everybody come out better.

2.  You can go directly to a bank to buy a foreclosure.

No, sorry. The truth is, banks first offer properties on the courthouse steps which is a cash purchase. The rest of them get handed out to asset managers, who then hire local REO agents to list them on the market.

3.  You can steal a deal by doing lowball offers on foreclosures.

Banks want REO’s off their books anywhere from 30-120 days so they normally list them slightly below comparable properties.  If the property is slow to sell, the bank will slash the price after about 30 typically (not all banks do this). Most banks are interested in neighborhood stabilization so those giveaways are out there but not the norm.

4.  You can’t use foreclosures when doing an appraisal.

According to Trulia, it’s time to discredit this myths in many neighborhoods, foreclosures and distressed sales and or short sales are the only comp you’ve got.  So, they represent the value of homes in the area.

5.  Foreclosures are only affecting the bottom end of the market.

While the market share of foreclosed homes under $1 million is retreating, foreclosed properties valued at more than $1 million are rising up 115 % since 2007. Foreclosures on properties valued in excess of $2 million have increased 273%.

Source:  Pro.TruliaBlog.com

 

 


494 Waterford Drive

January 31st, 2011 mullinaxteam Posted in Buyers, Short Sale Comments Off on 494 Waterford Drive

TERRIFIC LOT AND SUCH BEAUTIFUL CURB APPEAL. 2 STORY WITH FULL BASEMENT THAT HAS A WET BAR, FAMILY ROOM, FULL BATH AND LOADS OF STORAGE. NICE WOOD FLOORS ON THE MAIN PLUS FORMAL LIVING, DINING AND DEN WITH BUILT IN BOOKCASES. GREAT SHORT SALE PROPERTY.  494 WATERFORD DRIVE IS PRICED AT $250,000.  CALL US TODAY FOR MORE DETAILS AT 770-606-0054


56 Red Top Circle

December 10th, 2010 mullinaxteam Posted in Short Sale Comments Off on 56 Red Top Circle

GREAT SHORT SALE OPPORTUNITY! LARGE OPEN KITCHEN. HARDWOOD FLOORS IN THE FAMILY ROOM AND KITCHEN. BEDROOM AND FULL BATHROOM IN PARTIAL FINISHED BASEMENT. CONVENIENT TO HWY 41 AND I-75. GREAT STARTER HOME OR PERFECT INVESTMENT PROPERTY.  56 RED TOP CIRCLE IS PRICED AT $59,000.  CALL US TODAY FOR MORE DETAILS AT 770-606-0054.


September 27th, 2010 mullinaxteam Posted in Buyers, Short Sale Comments Off on

Stunning, rambling ranch that just goes on and on. Enormous, bright kitchen and keeping room. Banquet formal dining room and formal living room. All hardwood floors and loads of upgrades, this home was designed for entertaining. The laundry room boasts an ‘extra shower’. 5 plus acres for privacy or horses.


What is HAFA?

April 21st, 2010 mullinaxteam Posted in Buyers, Financing Options, First-time home-buyer, Loan Modification, Real Estate News, Sellers, Short Sale Comments Off on What is HAFA?

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.


New Listing: 17 Walnut Drive *Short Sale*

April 14th, 2010 mullinaxteam Posted in Buyers, Short Sale Comments Off on New Listing: 17 Walnut Drive *Short Sale*

New Listing: 17 Walnut Drive Cartersville, GA 30120 *Short Sale*

This is a great home that was completely renovated in 1999.  It’s an all brick split-level home with 4 bedrooms and 3 ½ baths.  It has a detached 2 car garage with a full bathroom and the home has a breezeway extension to the mother-in-law suite.  It features hardwood floors, a formal living room and formal dining room, a breakfast area, Setillo tile in breakfast and family room and a daylight basement.

17 Walnut Drive is priced at $210,000.  Call us today for more details at 770-606-0054!


New Listing: 20 Rosebury Court *Short Sale*

April 13th, 2010 mullinaxteam Posted in Buyers, Short Sale Comments Off on New Listing: 20 Rosebury Court *Short Sale*

New Listing: 20 Rosebury Court Cartersville, GA 30120 *Short Sale*

This is a great short sale deal.  It’s located on a fantastic corner lot in a quiet swim neighborhood.  This 3 bedroom 2 ½ bath features walk-in closets, a huge walk-in pantry, spacious bedrooms and an extra bonus room.  This is the perfect home for the growing family or first-time home buyer.

This home is priced at $119,850.  Call us today at 770-606-0054 for more details!


New Listing: 119 West Carter St. *Short Sale*

April 9th, 2010 mullinaxteam Posted in Buyers, Short Sale Comments Off on New Listing: 119 West Carter St. *Short Sale*

New Listing: 119 West Carter St. Cartersville, GA 30120 *Short Sale*

This is a great short sale in the city.  It’s a 3 bedroom, 2 bath home that features hardwood floors in the family room and the master is on the main level.  It has a nice back yard and a rocking chair front porch.  A new roof was just installed in March of 2010.  This home is priced at $72,500.  Call us at 770-606-0054 for more details!


New Listing: 901 Peeple’s Valley Road *Short Sale*

April 8th, 2010 mullinaxteam Posted in Buyers, Short Sale Comments Off on New Listing: 901 Peeple’s Valley Road *Short Sale*

New Listing: 901 Peeple’s Valley Road *Short Sale*

This is the short sale of a lifetime.  This very large home has 8 acres and is perfect for the horse lover!  It boasts a huge barn and an in-ground pool that needs some work.  It features granite countertops, a stone fireplace, and an enormous master suite addition.  This home needs a little bit of work for a whole lot of home.  The setting and view are beautiful.

This home including the land and barn is priced at $199,850.  Give us a call today at 770-606-0054 for more details.


New Listing: 42 Freedom Drive Cartersville, GA 30121

April 3rd, 2010 mullinaxteam Posted in Buyers, Real Estate, Short Sale Comments Off on New Listing: 42 Freedom Drive Cartersville, GA 30121

New Listing: 42 Freedom Drive Cartersville, GA 30121 *Short Sale*

This is the crown jewel of a short sale.  The home is custom top to bottom.   It features stunning upgrades like granite, slate floors and backsplash and superior lighting. An additional billiards room was recently completed.  It has 2 out buildings; 1 is a Morgan style and the other is a brand new workshop.  The screen porch and sun deck are snuggly and privately perched behind the home.