Multiple Offers On Short Sales/Foreclosures

Nothing is more disappointing than working with a buyer, especially first timers, that finds the perfect house, and they think because it's a foreclosure, they're getting a heck of a deal. (You can definitely get an awesome deal on a foreclosure, but I'm not talking about good deals.) I call the listing agent to see if there are any other offers on the table, and there are. So I advise my clients to make there highest, and best offer, so we do not get in bidding war, and they do not lose out on their "perfect home". I guess it is experience that gives me the ability to know these little details, but isn't that why people have a Realtor helping them? Because they don't know everything about what they are doing when purchasing a home? This scenario has happened to me twice now, on multiple offers, with two different first timers. (I think they now get it) but look at how much time and energy we wasted on other offers because they would not even offer asking price.


Maybe I need to sharpen my skills with getting them to understand why I know what I am talking about. I even suggested they call some past clients of mine that made 3 offers on foreclosed houses and didn't get any of them because they did not bid at least asking price. My advise to buyers when looking, and considering an offer, on foreclosed homes would be to have your agent call the listing agent, if they don't do it already (which they should) and if there are other offers on the table, offer close to asking price, especially if you are asking for closing costs.

For more info about buying foreclosed/short sale properties, go to: http://www.greenvillerealestategirl.com/


'Nothing good comes in a hurry'

Lindsay Saunders, Realtor and REO Specialist

Keller Williams Greenville Central Partners

864-607-0479

Saunders@kw.com

http://www.greenvillerealestategirl.com/

HUD is Tightening UP-BIG TIME!!! BUY NOW!!!

Changes are coming to FHA, and they're not favorable to ease of home buying. There is no set date yet, but here's the short story:


Upfront MIP(Mortgage Insurance) will increase from 1.75% to 2.25%

Update to FICO scores and LTV maximums (620 minimum marketable, but down payment may increase to 5%)

Seller contributions will be reduced from 6% to just 3% to be in line with conventional markets

Increased audits of FHA lenders

As in so many things, the government appears to be attempting to regulate and stimulate the marketplace at the same time, without regard to consequences.


Thinking of buying, or selling??? Don't wait for the Government to make more regulations to the market they have tried to stimulate.



"The only competition worthy of a wise man is with himself"

-Anna Jameson



Lindsay Saunders, Realtor, REO Certified Specialist



Keller Williams Greenville Central Partners



864-607-0479 Direct



Saunders@kw.com



http://www.greenvillerealestategirl.com/

Calling All Real Estate Investors!!!

The FHA Commissioner announced that FHA will be waiving the 90 day seasoning regulation on properties that have a contract dated on, or after February 1, 2010. Up until 2/1/10, as an investor/flipper, you had to wait until the title was in the current owner/investor's name for 90 days before it could be sold to a new purchaser. Of course, there are guidelines for this, just like anything else. However, this is great news for investors who slowed down due to the restriction, or people with extra cash who want to get into investing and flipping real estate.

Remember real estate is about the only investment, that over the past 30 years, has had an average appreciation rate of 4 percent. Not many other investments have that kind of consistency rate.

Certain property may be resold and financed using FHA insured financing without waiting 90 days.

FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.

· Private sellers and investors are now eligible to take advantage of this waiver.


· These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.


· In cases where the sales price is 20% or greater than the seller's acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.


o If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.


o The lender must order a property inspection and provide that report to the home buyer. Buyer's may be charged for the cost of this inspection.


Thinking about buying or selling property??? I can help anyone, anywhere!!!

For more information, go to www.GreenvilleRealEstateGirl.com.

"Begin with the end in mind"

Lindsay Saunders, Realtor, REO Certified Specialist

Keller Williams Greenville Central Partners

864-607-0479 Direct

Saunders@kw.com

www.GreenvilleRealEstateGirl.com

Don't Miss the Boat....

Majority of the buyers I represent are first-time home buyers, and up until this past year, I haven't had the challenges of getting them to the closing table that I've faced in 2009. As I'm sure this is the case with a lot of Realtors. As a consumer myself, I want the best bang for my buck, as well. However, sometimes when you are awaiting the "Perfect Deal", you miss a Great opportunity.




I have had several buyer clients this past year that had their eye set on one property, and continued to tell me that they were going to wait for the price to drop again, and again, and again. Well, in all, but one of these cases, these buyers missed the opportunity to buy the house they wanted because they were certain the seller was going to become desperate, and continue to drop the price. Other buyers saw the great opportunity, and submitted the accepted offer, while my buyers lost out. Outcome? No other homes compared to the one they had their eye set on, they became frustrated, and decided not to purchase.



Another thing to consider...As a buyer is waiting for the "Perfect Deal", interest rates are rising, and will continue to rise. You can get a lot more house at 5 percent interest than you can at 6 percent. Just food for thought.  Let's put this in perspective: in the 1970's economy/housing crisis, interest rates were around 11 percent and there was no way to even be considered for a mortgage without 10 percent down payment.  I'm pretty sure the cost of living, and housing, was much less 30-40 years ago, than it is now.



For more Buyer Resources, go to: www.GreenvilleRealEstateGirl.com



Thinking of buying, or selling?? I can help anyone, anywhere, buy, or sell, real estate.







"Be the person you want other people to be"



-Ghandi

Lindsay Saunders, Realtor, REO Certified Specialist

Keller Williams Greenville Central Partners

864-607-0479 Direct

Saunders@kw.com

www.GreenvilleRealEstateGirl.com

The#PerfectLender

Finding a lender is one of the most important steps when purchasing a home. And more times than not, most purchasers will go through the loan process with the first lender they speak to. It is important to shop around when looking for financing. It's almost like buying a car. If you are in the market for a Honda, you don't purchase from the first Honda dealer you go to, or do you? A smart shopper, and wise money manager, goes to all the Honda dealerships to see which one will give him the best deal. The same is true with mortgage loans.


If you are a home buyer, and you have a Realtor representing you, ask them for a list of lenders they would recommend, or have done business with in the past. I was recently told in a REO certification class, that you can have 4 mortgage inquiries in a 30 day period before it drops you credit score, which is the false preconception most consumers have. Mortgage Credit IS different than you basic consumer credit, such as car loans, credit cards, etc.



For more information on choosing a lender, go to:



http://rismedia.com/2009-12-23/hud-issues-booklet-to-help-consumers-shop-for-home-loans/



Not in South Carolina?? I can help anyone, anywhere, buy, or sell, real estate.


Want more info on the Home Buying Process?? Go to: http://www.greenvillerealestategirl.com/



Best wishes for a Happy and Prosporus 2010!!!

Lindsay Saunders, Realtor

864-607-0479

Saunders@kw.com

http://www.greenvillerealestategirl.com/

5 Questions To Consider When #Buying a #Home.....

There a so many things to consider when purchasing a home.  Whether you are buying your first home, or your fifth home, you should always have someone working for you and representing your best interests.  So many times I come in contact with buyers, and sellers, who don't think they need representation.  Not having representation in a real estate transaction is like not having legal representation when going to court.  I don't know about you, but I'm no attorney, however, I AM a Realtor.  And the best part?  A buyer's agent is compensated by the seller's agent, so there is no out-of-pocket expense to the buyer for having representation.

Also, as a buyer, when you call an agent off of a yard sign, remember you are calling the agent that represents the seller, and in some states, that allow "Dual Agency", if the seller's agent signs the buyer, they represent both parties, buyer and seller.  My state allows Dual Agency, and in this situation, the agent has to basically remove themselves from representing either party, and they facilitate the transaction, and become the middle man.  Now, let's be realistic, who does the agent really represent?  Their own Pockets!!  Whole is better than half.

For more questions to consider when purchasing a home, go to:
http://rismedia.com/2009-12-14/5-questions-to-consider-before-purchasing-a-home/

Not in Greenville, SC?? I can help anyone, anywhere, buy, or sell real estate!

"Life is hard, it's even harder when you're stupid"
-John Wayne

Happy Holidays!!!

Lindsay Saunders, Realtor

Keller Williams Greenville Central Partners

864-607-0479

Saunders@kw.com

http://www.greenvillerealestategirl.com/

When Choosing a Realtor.....

Just because a Real Estate Agent has 10, 15, 20 or even 30 years experience, does not always make them the 'Best' Real Estate Agent.  The old school days of selling real estate have changed.  Like many industries, the real estate industry is rapidly moving towards being more, if not all, technologically based.  Many 'seasoned agents', who have aquired all of these years of experience, are having a difficult time changing with the times.  It is often hard to teach an old dog new tricks.  According to NAR (National Association or Realtors) 86 percent of all home buyers start their search on the interet.

So, as a seller, if your Realtor is not marketing your home on multiple websites, no matter how many years of experience they have selling real estate, your home may have a very hard time competeing with other properties in the area that have a strong web presence.  For example, I market all of my listings on over 40 websites to give my sellers the best possible web presence and try to create interest in their home.

On the buyer's side, if your agent doesn't have a strong web presence, how well can your agent obtain information for you when searching for property if they do not have a strong sense of technology.  You could miss the opportuinity for that perfect property because your agent is 'behind the times'.

As a younger agent, this has been something I have be challenged with.  I have been judged because of my age.  However, I teach a lot of the 'seasoned agents' in my office how to increase their web presence, get more web exposure for their listings, and capture more potential buyers.

Don't judge a book by it's cover!

For more information on 'Chosing a Realtor' go to: http://www.greenvillerealestategirl.com/

Not in Greenville, SC?  I can help anyone, anywhere buy, or sell, property.

Happy Monday!

Lindsay Saunders, Realtor
864-607-0479
Saunders@kw.com
http://www.greenvillerealestategirl.com/
http://www.lindsaymsaunders.com/