Blue Ridge Real Estate|Buy Cabins For Sale|North GA Mountains » Agent

Considering A Short Sale? Answer These Questions First

Chad Lariscy — Fri, 20 Jan 2012 15:55:28 +0000

While you may have heard that selling your home as a short sale can be a long, frustrating, and sometimes futile process, the tide may be turning as lenders have become increasingly more amenable to short sales. Many lenders, says real estate professional and educator Gee Dunsten, are viewing short sales in a more favorable light after suffering through failed loan modifications and countless foreclosures.

Before embarking on the short sale process, however, talk to a REALTOR® who is experienced in the area of distressed properties. Dunsten asks all his clients to start by completing the following questionnaire. One of the top reasons short sales fail is because the home seller never actually qualified for one in the first place. Answering the following questions accurately and thoroughly will determine whether your home is eligible for a short sale:

Is your property currently on the market? Is it listed with an agent?
Is this your primary residence?
When was the property purchased?
What was the original purchase price?
Who holds the mortgage?
What kind of loan do you have? (FHA, VA, Conventional)
Do you have any other liens against your property?
Who is on the title (or deed) for the property?
Who is on the mortgage?
Do you have mortgage insurance?
Are you current with your payments? If not, how far in arrears are you?
How much do you owe?
Why do you need/want to sell?
What caused you or will be causing you to miss your mortgage payment obligation?
Do you have funds in accounts that could be used to satisfy the deficiency?
Are you currently living in the property? If not, where are you living and is the property being maintained?
How soon do you need to move?
Are you up to date on your condo or HOA payments (where applicable)?
Do you owe any back taxes?
Are you considering filing for bankruptcy protection?
Are you currently pursuing a loan modification with your lender?
Who is occupying the property?
Do you hold or are you subject to any type of security clearance related to your job?
What are your plans after you sell?
Are you looking to receive any money from the sale of your home?
How much income are you currently making from all sources?
Do you anticipate any income change up or down in the not-too-distant future?

Please don’t wait. If you are struggling you need to act fast. Call Me today at 706-994-8686 if you have a home in the North Georgia Mountains and would like to discuss the possibility of a short sale.

Case-Shiller Shows Home Values Rolling Back 9 Years

Chad Lariscy — Fri, 03 Jun 2011 12:45:30 +0000

The March Case-Shiller Index was released this week and it corroborates the findings of the government’s most recent Home Price Index — home values are slipping nationwide.

According to the Case-Shiller Index’s publisher, Standard & Poors, home values fell in March from the year prior.

The March report was among the worst Case-Shiller Index readings in 3 years. On a monthly basis, 18 of 20 tracked markets worsened. Only Seattle and Washington, D.C. showed improvement, rising 0.1% and 1.1%, respectively.

On an annual basis, price degradation was even worse.

Washington, D.C. is the only tracked market to post higher home values for March 2011 as compared to March 2010. The national index has now dropped to mid-2002 levels.

As a buyer in today’s market, though, you can’t take the Case-Shiller Index at face value. It’s methodology is far too flawed to be the “final word” in home prices.

The first big Case-Shiller Index flaw is its relatively small sample size. S&P positions the Case-Shiller Index as a national index but its data comes from just 20 cities total. And they’re not the 20 most populous cities, either. Notably missing from the Case-Shiller Index list are Houston (#4), Philadelphia (#5), San Antonio (#7) and San Jose (#10).

Minneapolis (#48) and Tampa (#55) are included, by contrast.

A second Case-Shiller flaw is how it measures a change in home price. Because the index throws out all sales except for “repeat sales” of the same home, the Case-Shiller Index fails to capture the “complete” U.S. market. It also specifically excludes condominiums and multi-family homes.

In some cities — such as Chicago — homes of these types can represent a large percentage of the market.

And, lastly, a third Case-Shiller Index flaw is that it’s on a 2-month delay. It’s June and we’re only now getting home data from March. Today’s market is similar — but not the same — to what buyers and sellers faced in March. The Case-Shiller Index is far less useful than real-time data of a city or neighborhood.

The Case-Shiller Index is more useful to economists and policy-makers than to everyday buyers and sellers in Blue Ridge and Blairsville, GA. For better real estate data for your particular neighborhood, please Contact Me and I will be more than happy to complete a Comparable Market Analysis for you.

A Real Estate Agent can tell you which homes have sold in the last 7 days, and at what prices. The Case-Shiller Index cannot.

It Was A Pleasure Dealing With You

Chad Lariscy — Tue, 01 Feb 2011 15:45:05 +0000

Chad,

It was a pleasure dealing with you on my recent vacation home purchase. Your help before, during, and even after the sale has been above and beyond. I have already recommended you to several of my friends who are interested in the Blue Ridge area.

Thanks again,

Garland

Go Gators!

Garland,

I am not real sure why I am allowing the “Go Gators” to remain on your testimonial…..but I have no choice. I am glad that we finally found “Gator Mountain!” I am sure that you will enjoy your New North Georgia Mountain Cabin for years and years to come. I will enjoy getting to know you better.

Thank you so much for your loyalty and your business. I am grateful.

Chad

Is This Home Renovation Going To Be Worth It?

Chad Lariscy — Tue, 18 Jan 2011 13:45:34 +0000

Home remodeling projects can add function to a home, but don’t always add value. Consider the latest report from Remodeling Magazine.

In it, the average cost of 35 projects are evaluated for the value they retain at the time of resale. Function beats flash, it seems, in today’s housing market.

Expansive kitchens and custom vanities are returning less value to homeowners in Blue Ridge and Blairsville on a percentage basis than energy-efficient doors and windows, for example.

A sampling of Remodeling Magazine’s Cost vs Resale report shows the following cost recovery, by project:

Attic Bedroom Remodel : 79.90 percent cost recovery
Bathroom Addition : 74.90 percent cost recovery
Bathroom Addition (Upscale) : 72.80 percent cost recovery
Home Office Remodel : 63.40 percent cost recovery
Minor Kitchen Remodel : 85.20 percent cost recovery
Major Kitchen Remodel : 75.90 percent cost recovery
Roofing Replacement : 73.90 percent cost recovery
Window Replacement (Wood) : 85.30 percent cost recovery

Overall, “green” projects are returning a high percentage of costs to remodeling homeowners — especially for respect to homes that are “over-improved” with respect to the neighbors.

CNNMoney.com hosts a “Will This Renovation Pay Off?” calculator on its website, based on the data from Remodeling Magazine’s annual report. It may be a helpful guide for you. That said, before starting a home improvement project, regardless of whether your goal is increase your home’s resale value or to improve its function, be sure to talk with a local Real Estate Agent that knows your neighborhood well.

At worst, you’ll gain insight to what’s “typical” for your area to work into your plan, and, at best, you’ll keep yourself from over-improving your home.

10 Ways To Protect Yourself When Buying A Mountain Home – # 10

Chad Lariscy — Sat, 30 Oct 2010 11:39:03 +0000

There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This is the final reason in a series of posts that contained some general suggestions on how buyers can do this.If you missed the previous 9, just finish reading this post and they will be listed at the bottom.

The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.

The Final and Most Important way to Protect Yourself in my own humbled opinion.

10. Choose A REALTOR®

A REALTOR® can help guide buyers through the process of buying a home. REALTORS® typically have valuable knowledge regarding the price at which other homes in a neighborhood sold, and how to negotiate various terms in a purchase and sale agreement and the features of different homes. REALTORS® can also provide buyers with and help them fill out a pre-printed purchase and sale agreement form. REALTORS® routinely work with and, upon request, can provide buyers with the names of attorneys, mortgage lenders, home inspectors, termite companies and persons providing other services relating to real estate transactions. REALTORS® agree to abide by a Code of Ethics in their professional dealings. Therefore, when buyers need help in finding the right home, they should always choose a REALTOR® First!

I do hope and trust that you have found this series of advice to Home Buyers not only in the North Georgia Mountain Real Estate Market, but typically anywhere. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.

If you missed the First 9 Ways To Protect Yourself When Buying A Mountain Home, Please Click below to catch up on those.

#1 Reason; #2 Reason; #3 Reason; #4 Reason; #5 Reason; #6 Reason; #7 Reason; #8 Reason and #9 Reason.

Late 2009 Foreclosure Report Gives Reason For Optimism

Chad Lariscy — Fri, 15 Jan 2010 13:45:55 +0000

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

1. California

2. Florida

3. Arizona

4. Illinois

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.

1. 40 states fell below the national Foreclosures Per Capita average in 2009

2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Foreclosures are still prevalent, though, and buying homes in foreclosure in Blairsville, Blue Ridge, and Ellijay Georgia continues to be big business. First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”. Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home in Georgia isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps. If you like what you see, Contact Me or give me a call at 706.994.8686.

There’s still good deals in the foreclosure market — you just have to know where to find them