Time to Buy

The obvious is "the real estate market is what it is". All of this doom and gloom has clouded our reasoning and rationalization skills. And as a result, we are missing the second obvious, "it is a buyers' market" meaning - IT IS TIME TO BUY! Mortgage interest rates are the lowest in 30 something years and in this market a lot of house can be bought on the low-low!

Investors are racking up and buying property, while the rest of us are waiting for a major news headline like, "Buy Now - Mortgage Rates Are Going Up" or "Homebuyers Buying In The Wrong Market".

Let's be money savvy. Would you buy a pair of shoes at $85.00 at your favorite department store when you could get the same pair of shoes at your other favorite department store for $45.00? Simple, HUH? Just do the math.

So I reiterate- NOW IS THE TIME TO BUY. THE RULE IS TO BUY LOW AND SAVE.

Or look at it this way head on - as long as you live, you've got to have a place to live-whether it is an apartment, rental property or with a relative. So why not take a leap of faith and buy yourself a house. The market is plentiful and good to great deals are out there.

Contact me for information on good to great deals!

HUD Properties

Having acquired the status of a "Registered HUD Agent", I learned some interesting things about HUD properties. HUD properties, usually identified with low income neighborhoods, cross the spectrum. HUD properties vary in price, location and condition. Homebuyers may receive a $1000 sales allowance if a contract is executed within 30 days of the property's initial offering. Additionally the property may qualify for FHA 203(b) or 203(k) financing which provides funds to repair the home up to a specified and stated amount. The funds are then folded into the mortgage.

How about that - a homebuyer could get a home - have it repaired and pay for it all in the mortgage. Now is the time to buy! So why don't you do it?

Educate Our Clients

The lifeblood of our business is "prospecting". We have to keep a study flow of potential clients in our pipeline. We close one transaction - while looking for the next one - prospecting! I don't know about your experience, but people usually respond to me about the economy, the lack of money, job security, and their "dreadful" credit problems when I am prospecting. Maybe I'm talking to the wrong people - maybe, but there is hope out there!

There are programs that can help your prospects turn into clients by directing them to credit worthiness seminars and workshops. Remember during these times, we must educate our clients. We must help them understand "CREDIT" and how to get from under the dreadful, but needed weight.

On November 11, 2008 from 10:00 am to 12:00 pm, a FREE seminar will be held at Clayton State University titled, "The Credit Crunch: Understanding and Protecting Your Credit". The workshop is free - so direct your prospects to the seminar and while you are at it - attend too! We, as Real Estate Professionals, need to stay informed so we can educate our Clients!

ATL Down Payment Assistance

The City of Atlanta's home down payment assistance program is striving. The City's Affordable Housing Trust Fund (approximately $14 million from bond sales) will provide down payment assistance to qualifying homebuyers. The program is projected to begin in 2009.

Consumer Credit Counseling

Good news to customers struggling to pay their mortgage. Consumer Credit Counseling plans to open a call center in Cobb County, Georgia to serve homeowners who are having difficulty paying their mortgages. The call center will open in December and will be fully staffed in 2009.
(Resource: Atlanta Business Chronicle, October 10-16, 2008)

HUD Money Coming to Clayton County

Almost $10 million in HUD funds are earmarked for Clayton County Georgia. Other surrounding counties will share in the $76 million coming to Georgia.

Clayton County's foreclosure rate is 9.9 percent (HUD resource) and 591 homes are expected to be auctioned off in November.

This is great news to our community and Real Estate Professionals.

Business as Usual or NOT?

In the past agents would list, post and sale. However in today's market we must educate, educate, counsel, nurture, educate, teach, plan, list, post, rent, lease or sale. In other words, we as Realtors or Real Estate Professionals have to work with our communities. So many people have been "sold" the wrong products or services, or didn't understand what they were purchasing for their hard earned dollars.

I was watching the news Friday night and a senior citizen in the Atlanta area was a victim of predatory lending. She was about 60 years and had signed a mortgage (refi) that according to her had zero payments (the document that the news station showed had a big "ZERO" near the payment or the prepayment penalty section). And of course, she made no payments and now her home is in foreclosure. Now we all know and she even stated, "if it is too good to be true, then it isn't".

Yes, she should have known better. Yes, you can't get something for nothing. But, why wasn't the customer educated about her choice of mortgage? Why wasn't she informed of what mortgage would be each month?

Agents it is not business as usual. It is unusual business - a new way of thinking, working, acting, caring and ultimately- earning business.