It’s time to recap Marietta short sales for January and it’s impact on the current market. With 41% of all homes sold in Q4 2011 in metro Atlanta being distressed properties, it’s important to understand the influence that short sales have on today’s market and to keep an eye on the market.

In January, Marietta short sales activity was:

• 101 active homes
• 100 pending homes
• 27 closed homes

• 28 active condos and townhomes
• 21 pending condos and townhomes
• 1 closed condos and townhomes

If you’re in the market for a Marietta short sale, whether a single family home, condo or townhome, we’re here to help. Our team is lead by a Certified Distressed Property Expert and experienced in the nuances faced when purchasing short sales. Protect yourself and work with the short sale experts.

Contact us to get started today.

It’s time to recap East Cobb short sales for January and it’s impact on the current market. With 41% of all homes sold in Q4 2011 in metro Atlanta being distressed properties, it’s important to understand the influence that short sales have on today’s market and to keep an eye on the market.

In January, East Cobb short sales activity was:

• 25 active homes
• 27 pending homes
• 6 closed homes

• 7 active condos and townhomes
• 3 pending condos and townhomes
• 0 closed condos and townhomes

If you’re in the market for a East Cobb short sale, whether a single family home, condo or townhome, we’re here to help. Our team is lead by a Certified Distressed Property Expert and experienced in the nuances faced when purchasing short sales. Protect yourself and work with the short sale experts.

It’s time to recap Vinings short sales for January and it’s impact on the current market. With 41% of all homes sold in Q4 2011 in metro Atlanta being distressed properties, it’s important to understand the influence that short sales have on today’s market and to keep an eye on the market.

In January, Vinings short sales activity was:

• 2 active homes
• 1 pending homes
• 1 closed homes

• 6 active condos and townhomes
• 7 pending condos and townhomes
• 1 closed condos and townhomes

If you’re in the market for a Vinings short sale, whether a single family home, condo or townhome, we’re here to help. Our team is lead by a Certified Distressed Property Expert and experienced in the nuances faced when purchasing short sales. Protect yourself and work with the short sale experts.

It’s time to recap Roswell short sales for January and it’s impact on the current market. With 41% of all homes sold in Q4 2011 in metro Atlanta being distressed properties, it’s important to understand the influence that short sales have on today’s market and to keep an eye on the market.

In January, Roswell short sales activity was:

• 27 active homes
• 32 pending homes
• 5 closed homes

• 8 active condos and townhomes
• 4 pending condos and townhomes
• 1 closed condos and townhomes

If you’re in the market for a Roswell short sale, whether a single family home, condo or townhome, we’re here to help. Our team is lead by a Certified Distressed Property Expert and experienced in the nuances faced when purchasing short sales. Protect yourself and work with the short sale experts.

It’s time to recap Smyrna short sales for January and it’s impact on the current market. With 41% of all homes sold in Q4 2011 in metro Atlanta being distressed properties, it’s important to understand the influence that short sales have on today’s market and to keep an eye on the market.

In January, Smyrna short sales activity was:

• 28 active homes
• 26 pending homes
• 4 closed homes

• 33 active condos and townhomes
• 11 pending condos and townhomes
• 2 closed condos and townhomes

If you’re in the market for a Smyrna short sale, whether a single family home, condo or townhome, we’re here to help. Our team is lead by a Certified Distressed Property Expert and experienced in the nuiances faced when purchasing short sales. Protect yourself and work with the short sale experts.

Distressed property sales continue to be a major factor in Atlanta. As you can see from the chart below, 2011 saw a marked increase in Atlanta short sales and Atlanta foreclosures. An interesting point to note is that in 2011, short sales outpaced foreclosures in the last three quarters. This is what we’ve been expecting as banks have been working harder to get more homes sold via the short sale route rather than foreclosing on homes. A short sale is a win-win for both the homeowner and the bank and in most cases a much better alternative to foreclosures. One other statistic to note is the significantly higher number of Atlanta foreclosure sales in both the first quarters of 2010 and 2011 compared to all other quarters. Will be interesting to see if the trend repeats itself in the first quarter of 2012.

As noted above, distressed property sales (Atlanta short sales and foreclosures) amounted to 41.7% of all properties sold in metro Atlanta in the fourth quarter of 2011. And in general, we’ve seen the distressed sales numbers increasing. While at the same time, the percentage of active listings that are distressed properties is still quite a bit lower than the related sales numbers. What that tells us is that a higher percentage of distressed properties sell than their non-distressed counterparts. Seems logical. Distressed properties are priced aggressively. But the flip side to this is nearly 60% of all homes sold aren’t distressed properties. They’re homeowners just like you and I that understand that they have to be competitive in today’s market to get their home sold and are willing to stand toe-to-toe with distressed properties and show buyers why their properties are better.

The other point to take away from the chart above is that if inventory levels of distressed properties have doubled in the past year, expect to see a further increase in the percentage that distressed properties make up of all Atlanta homes sales in 2012.

Understanding the market in 2012 will be key to your real estate success. If you need assistance with an Atlanta short sale or are interested in purchasing an Atlanta short sale or Atlanta foreclosure, contact us today. We’ll be glad to sit down with you and strategize on the next steps.

You’ve probably read lots of horror stories online about how long a short sale can take, but what you probably don’t read about are all the short sales that close without any issue. Why is that? It’s probably just human nature to want to voice complaints more than shouting out to the world about the great deal you just got.

For Atlanta first-time home buyers, purchasing your first home can be stressful. But a short sale could fit the bill for a first-time homebuyer who has patience and flexibility. A short sale is a pre-foreclosure home, one in which the homeowner is asking the lender to take less than is owed on the mortgage balance in order to sell it before it is foreclosed. Atlanta short sale homes are generally priced aggressively for the market and represent good deals. However, short sales are complex and can  take a lot of time.

Unlike with a foreclosure, the bank generally hasn’t made a decision on the value of the home before it is listed. So all the review and valuation process comes after they receive the buyer’s offer. With a foreclosure, this is all done before it comes back on the market as an REO property, so the buyer never goes through that portion of the process when looking at foreclosed homes. In general, you can expect to wait 2-3 months to get a response from the bank on your offer, but it will vary from property to property. There are a lot of factors that go into making a decision on a short sale.

But in general, first-time homebuyers should definitely consider short sales because they offer a great opportunity to get a home at a discounted price. In fact, first-time homebuyers often have more flexibility than move-up homebuyers and are actually better positioned to not just be patient, but also be flexible in terms of when they actually close on their new home. Buyers who need to move within a specific timeline aren’t necessarily good short sale buyers, say a homeowner whose home just went under contract and is closing in 45 days. Unless they want to find temporary housing, then a short sale is really not an option for them. Conversely, most first-time home buyers are currently leasing and have the option to extend their lease a month or two if needed to ensure they get that great deal.

We see more short sales in today’s market than foreclosures as the banks try to be more proactive. So to exclude short sales, will definitely limit your purchase options. So whether you’re looking for a Smyrna short sale, Roswell short sale or a short sale in East Cobb, there are lots of opportunities that you don’t want to overlook.

One important aspect to realize about short sales is, that much like foreclosures, the property is typically sold as-is, which means the seller won’t make repairs. In many homes this isn’t the issue as a large percentage of short sales are actually fairly new homes having been purchased when the market was at it’s hottest. We tend not to see as many repair issues in a five year old home as we might in a 15 year old home. Despite a short sale being sold as-is, we always structure our offers so that an Atlanta short sale buyer can inspect the property and if the repair items are too significant, then they can get out of the contract.

The real key to buying a short sale is to ensure the buyer’s agent and the listing agent are experienced with short sales.  First-time buyers should interview real estate agents to find a buyer’s agent with short-sale experience in addition to a deep knowledge of the local real estate market, so they recognize the value in a specific property. Buyers should choose an agent with experience in their price range, so they will know whether the offer is in line with current market conditions.

If you’re interested in pursuing Atlanta short sales, don’t hesitate to contact us. We are short sale specialists and ready to help you find your new home. We also offer a complimentary search of all Atlanta distressed properties. The search tool will allow you to strictly search Atlanta short sales or foreclosures if you want.

2012 is a big year for home owners facing foreclosure. Currently, there is a federal tax break for homeowners who want to unload their homes for less than they paid for them. The Mortgage Forgiveness Debt Relief Act became effective in 2007 and has been extended through the end of 2012.

This has allowed owners selling their homes through a short sale to do so without having to pay tax on the amount their mortgage holders forgave them. That will end in less than a year, giving homeowners until the end of this year to get out from under their debt without facing tax consequences.

When you find yourself in financial distress, it’s good to know that you have options to foreclosure. Short sales are a way for homeowners to be proactive in selling their home and negotiating the terms with the bank. Foreclosure is something that is done to you and you really don’t have any say in the matter in when they will foreclose, whether they will forgive the debt and how it will be reported on your credit.

The Mortgage Forgiveness Debt Relief Act provides that forgiven debt in many of these situations is not taxable. The tax law has been a nice benefit to those who have lost their home and would have been faced with a tax bill, even after having lost their home.

The best strategy for anyone considering asking their bank for permission to do a short sale is to meet with a Certified Distressed Property Expert.

The worst thing to do is walk away from your home and force the mortgage holder to take back the property. A short sale is almost always a better option than foreclosure.

The tax change means that if a house is sold for $100,000 less than what’s owed on the mortgage, the seller would owe federal income taxes on that amount. If the seller is in the 15 percent tax bracket, they would owe the IRS $15,000. Since your state tax return is derived from your federal adjusted gross income, it would also be taxed at the state level in most states.

In December, 42 out of 131 Smyrna Vinings homes, condos and townhomes were short sales or foreclosures, equating to 32% of all transactions.

Some real estate analysts think doing away with the tax incentive will sabotage the government’s efforts to gradually move people out of homes they can no longer afford.

Almost every client I meet with asks about receiving a 1099 if they do a short sale. What they need to realize is, the IRS will require the 1099 to be issued for forgiven debt whether from a short sale or foreclosure. The important fact to note is whether you will be covered by the Mortgage Forgiveness Debt Relief Act by doing a short sale before the end of the year or procrastinating and risking that the short sale doesn’t get completed until next year when the law is no longer in effect.

Do yourself a favor and don’t procrastinate. Contact us today to see what your options are in avoiding a Smyrna Vinings foreclosure.

Aaron Hofmann

Keller Williams Realty Cityside – Short Sales

C: 770-653-9601

Recent economic upheaval has taken a hefty toll. Looking forward to 2012, it’s impossible to know what’s next and the kind of an impact that an upturn or a downturn at the national level stands to have on your family’s finances.

Regardless of what happens in Washington or on Wall Street, two things are very clear: you are not alone and now is the time to prepare for a new normal.

With a national epidemic of unemployment or underemployment, and 25 percent of the homeowners in the country owing more on their home than they could net for it in today’s market, homeownership for many has become a financial liability. Not being able to make payments on a home that you can’t afford to sell feels like an awful trap, but the fact is, there are solutions—and foreclosing on your mortgage is not one of them.

Loan modification is an option for many and banks are increasingly willing to negotiate short sales. In many cases, they’re offering sizable financial incentives to help financially strapped homeowners to get a fresh start on their lives.

As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation, it is my mission to give homeowners the gift of a fresh start.

Contact me TODAY and let’s get started.

Aaron Hofmann, CPA, CDPE

Keller Williams Realty Cityside

C: 770-653-9601

OK, so we survived Thanksgiving, which means it’s time for Black Friday.  For some savvy shoppers, this is the time of year to assault the stores on what has become known as Black Friday. Now while you may be looking to take advantage of the latest deals, keep in mind that not all deals are found in the stores.

For example, you can find lots of great deals online.

Another option is in the Atlanta real estate market. Home prices have been reduced and, interest rates are great right now.

These kind of deals are going to be hard to beat in the stores or even online. To make your Black Friday shopping spree, easier, we’ve compiled up-to-date lists of Atlanta short sales as well as foreclosures in Atlanta. We’ve also broken the list down to include some other popular communities in metro Atlanta.

If you’re interested in taking advantage of the Black Friday deals in the Atlanta real estate market, be sure to contact us for your free buyer consultation.