Sally English Atlanta Real Estate: October 2009

The Scientist Magazine Ranks Emory 5th Best Place to Work 

"This year The Scientist magazine's readers ranked Emory University as the 5th Best Place to Work in Academia in the United States. The ranking was based on a survey of more than 2,350 life scientists with a permanent position in an academic, hospital, government or research organization. The scientists represented 94 US institutions and 25 institutions from the rest of the world.

Although the university has been highly ranked in previous Best Places to Work for Postdocs rankings, Emory is a newcomer to the top 15 institutions in the Best Places to Work rankings by life scientists.

Overall, respondents focused on collaboration, team building and unique funding opportunities as important work environment factors. Emory ranked especially high in the categories of "peers" and "job satisfaction." The top four institutions were Princeton University, University of California-San Francisco, Albert Einstein College of Medicine, and University of Oklahoma Health Sciences Center. The top international institution was the Max Planck Institute of Molecular Cell Biology and Genetics.

"Emory scientists often cite collaborative opportunities and collegiality as positive aspects of their research experience here," says David Stephens, vice president for research in Emory's Woodruff Health Sciences Center. "I'm pleased to see that Emory is being recognized as a place where these peer relationships are important."

Lisa A. Tedesco, dean of the James T. Laney School of Graduate Studies, says the survey  "inspires our efforts to be a truly distinctive and distinguished place to work as a scientist, mentor and researcher. It also provides recognition of the excellent opportunities for science faculty at Emory, including generous support for their graduate students and extensive opportunities for interdisciplinary work and collegial engagement across programs. "  

Press release from Emory University.  Contact: Beverly Clark: 404.712.8780 Holly Korschun: 404.727.3990

EMORY UNIVERSITY OFF CAMPUS HOUSING

Call Sally English at 770-939-3174 OR EMAIL Sally English and the English Team at sallyenglish@englishteam.com for your off campus housing needs.  We specialize in homes convenient to Emory University, the CDC and VA Medical Center.

 Massive Supply of Homes in Foreclosure Process Will Drive Down Home Prices

 The Atlanta Business Chronicle is reporting a the looming oversupply of houses in the foreclosure process is sure to drive down home prices.  Citing a study by John Burns Real Estate Consulting, Inc, ABC says the 13.4 million of the country's 44.7 million home loan mortgages are delinquent.

Housing Inventory Was temporarily Driven Down By the Expiring Federal Tax Credit

Some economist were beginning to see light at the end of the tunnel as the federal tax credit for first time home buyers stimulated buying and inventory levels started to drop.  The study by John Burns says this drop is temporary and is in fact just the lull before the storm:

"Although many believe the national housing market has bottomed, it will likely continue to lag with a massive oversupply of homes this year, according to report published by John Burns Real Estate Consulting Inc.

The report, published earlier this month, said many people are unaware of the massive supply of homes that are already in the foreclosure process that will certainly drive home prices down even further when they are sold.

Also, banks have been slow to foreclose on homes and sell them, which has resulted in few distressed sales in comparison to the actual level of distress in the market. This delay in REO sales, along with historically low mortgage rates and an $8,000 tax credit, has helped to stabilize the housing market - temporarily" Report: Oversupply of foreclosures to drive down house pricesby Crystal Jarvix The Atlanta Business Chronicle

 SELLERS Should Not Be Too Picky If An Offer Comes In

If you are a seller and receive an offer to purchase your home, do not over negotiate the contract.  Sellers should not be too picky when an offer comes in because the buyer as lots of other options right now.  The next house down the list was probably a close second.  Over negotiate the offer and that buyer may jump ship to the next home.

If you are interested in selling your home in a challenging real estate market, call Sally English at 770-939-3174.   EMAIL Sally English and the English Team at sallyenglish@englishteam.com for excellent real estate advice.  We have a track record of success.

INVESTOR ALERT: Now Is the Time to Buy Raw Land and Vacant Building Lots

Investors need to act now if they are interested in capturing raw development land and vacant building lots at the bottom of the market.  A perfect storm of events has created excess inventory of land and lots in the Metro Atlanta market and investors in the know need to make their moves now.

Bank Failures Contributing to the Excess Inventory of Land and Lots

Atlanta has had more than its share of bank failures in the past 12 months and most of these banks were heavily invested in loans to builders and developers.  Regulators recognized the balance sheets of these banks were upside down and moved in to secure the remaining assets.  Loans made to developers who had no cash flow were a primary reason these banks became insolvent.  Many of the lots and land have or will be soon moving through the foreclosure process and the inventory has to be sold.  As the used car salesmen say: all offers will be considered.

High Risk Game Not for the Faint of Heart  Investor

Raw land and vacant buiding lots are not liquid investments.  Investors may be holding these assets from 5 to 10 years before the market rebounds and builders need lots for the construction of new homes.  There is also the matter of yearly taxes and possibly HOA fees.  Lots will need to be mowed and possibly secured from dumping and vandalism.  The carrying costs could add up.

Returns Could Justify The Risk

Lots going for $10,000 to $15,000 in today's market could rebound to the $50,000 to $80,000 price ranges they once held.  Or not. We don't know what the future will bring.  We do know that lots have sunk about as low as they can go at this point.  Lots are selling for less than the cost of the materials and labor the land developer put in to bringing these lots to market.  The land under the lots is essentially free.  There is no overhead or developer's profit being added in to the market valuation of most building lots at this point in time.

Investors Generally Have to Buy Packages of Lots

If you are looking to buy building lots, expect to be forced to buy a package of lots in a subdivision.  This may range from 5 to 10 lots in most cases.  Much larger packages will also be available.  Most packages will be in developments where some construction has taken place and then just ground to a halt when the economy put on the brakes on the builders construction of new homes.  Expect to pay cash for lot packages as no traditional financing is now available for lot purchases.

RAW LAND is a Bit of a Crap Shoot

If you really want to roll the dice raw development land may be the vehicle of choice.  The upside is unlimited.  Unlike lots, however, there may be more downside yet to come as the shakeout of developer lenders continues.  Raw land going for $100,000 an acre can be bought for pre 2000 prices right now.  Each deal is different and you need to have cash on hand to make the purchase as very few lenders are stepping up to the plate right now to make loans on raw land. If your investment horizon is 10 years plus then you are probably low on the risk side.  If you need to sell in three years, then you might have a big problem.  Liquidity is extremely limited in this category.  One consideration is to buy raw land that has already been zoned for re-development.  This regulatory process now takes 12 to 24 months and buying pre-zoned land will put you in a position as an investor to lead the market into any recovery.

Call Sally English at 770-939-3174  OR  EMAIL Sally English and the English Team at sallyenglish@englishteam.com for more information about buying building lots and raw land as an investment.  Raw lots and land would make a great hedge against inflation.  Now is the time to buy raw land and building lots in Atlanta Georgia.

Metro Atlanta Third Quarter Foreclosures Up 14 Percent

A whopping 24,787 metro Atlanta properties were forceclosed on during the third quarter of 2009 according to Realty Trac.  The Atlanta Business Chronicle reports this is 1 house out of every 85 in the metro Atlanta area. 

What is Driving the Increase in Foreclosures?

"While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009" said James J. Saccacio, CEO of RealtyTrac, in a news release.

 As unemployment creeps up and mortgages start to reset interest rates even more stable real estate markets are starting to get caught up in the foreclosure tidal wave.

What to Do If Your Property Is Caught Up IN the Foreclosure Tidal Wave?

Get help now.  Call your lender and start renegotiating the terms of you loan.  Start negotiating a short sale if you owe more than your home is worth.  Confused by the process, see my post Tough Decision: Loan Modification, Short Sale or Foreclosure for tips and ideas.

Sally English is a Certified Distressed Property Expert (CDPE) and has a track record of success in working short sales for clients who need mortgage relief.  Call Sally English at 770-939-3174  OR  EMAIL Sally English and the English Team at sallyenglish@englishteam.com  to start the short sale process for your property.

Atlanta Home Prices Dropped 10.6 Percent for Year Ending August 31st

The Atlanta Business Chronicle reported Atlanta home prices dropped 10.6 percent for the year ending August 31st, 2009.  The article cited the S&P Case-Shiller home price index as the source for a story that led with a bit more encouraging news.  Atlanta home prices had a 1 percent rise from July to August.  There was a 2.3 percent rise in home values from June to July.

Demand May Peak with the November 30 Expiration of the Federal Tax Credit

First time home buyers drove much of the increased demand for Atlanta housing.  Unfortunately, this demand may peak on November 30, 2009 when the Federal Tax credit for first time home buyers expires.  There is talk in congress of revising or extending the Federal Tax Credit for first time home buyers but the price tag is an obstacle in light of the costs for the new health care bill  working it's way through the House and Senate.

"The first-time home buyer credit helped to boost sales. However, if the credit is allowed to expire by the end of November, "demand will take a hit -- home sales will drop -- and house prices will resume their downward course, brought down by the weight of rising foreclosures and rising unemployment rates," noted Patrick Newport, a U.S. economist with IHS Global Insight.

"Our view is that home prices will drop another 5 percent from current levels, and will hit bottom in 2010," he said in a news release." Case-Shiller: ATL home prices rise again, Atlanta Business Chronicle.

Federal Stimulus Has Yet to Clear Inventory From Housing Meltdown

Despite the success of the Federal Tax Credit program for first time home buyers, housing inventory levels far exceed normal levels.  Many economists beleive a housing recovery must be realized before any sustained recovery of the National economy can occur.

How The Housing Market is Altering The Way Real Estate Agents Operate

The first time home buyer market has been the only real source of activity for many Atlanta real estate agents.  Some real estate agents are starting to focus solely on the first time home buyer market with their marketing dollars.  Listings of million dollar homes are sitting dormant and real estate agents do not get paid until a property sells and closes.  This shift in market place activity has forced many agents outside their comfort level as they seek a market where transactions are occurring and commissions can be earned.

"Luxury" has been replaced by "Affordable" as a key word in the marketing of Atlanta real estate.  With the tremendous disruption of the marketplace by recent changes in regulations for lender appraisals for new mortgage loans, you can expect this trend will continue well into 2010. 

Sally English is An Expert Real Estate Agent in Atlanta Georgia

Sally English and The English Team are real estate agents specializing in homes convenient to Emory University, homes convenient to the Centers for Disease Control and the VA Medical Center.  Call Sally English at 770-939-3174  OR  EMAIL Sally English and the English Team at sallyenglish@englishteam.com  for advice about buying or selling a home in Metro Atlanta. 

Tough Decision: Loan Modification, Short Sale or Foreclosure

Many homeowners are facing a tough decision about their home loan.  Unemployment, under employment, illness, accidents and unexpected expenses have left may home owners without the means to pay their mortgage loan payment in full each month.  What should you do if you find yourself unable to make a full loan payment this month?

Loan Modification May Be The Right Path For You

The Obama Administration has touted the Home Affordable Modification Program (HAMP) as the answer for consumers who need mortgage loan help.  In this program the lender agrees to lower the monthly payment by either lowering the interest rate on the loan or extending the period of time over which the loan must be repaid.  You apparently have to be behind in your mortgage payments to qualify.

The big problem with this program is that the lender representatives who answer the phone are often unaware of the program or do not know how to put you in contact with someone in the organization who can get you relief.

And then there is the total incompettency of the lendes once you actually find out how the program works.  Lenders lose documents, often more than once.  Communication is poor with both the home owner and within lending organizations.

And your credit score is going to take a hit.  It all depends on how the lender reports the loan modification to the credit bureaus.  Some lenders report you as delinquent and others report it as a partial payment.  Others see this as "paid as agreed"  Talk to your lender.  If you have great credit, expect your score to drop sharply.  If your credit was already suspect, it may not be a significant blow.

Short Sale is an Excellent Option For Some Homeowners

As a Certified Distressed Property Expert I work with many home owners If you are "upside down" in your mortgage loan.  That is if you owe a lot more than your home is worth, a loan modification will not answer your problems.  You need to contact your lender and get started with a short sale.

In a short sale your lender agrees to take a payoff for your mortgage loan that is less than the amount you owe.  Some lenders consider the short sale as payment in full.  Other lenders go after a deficiency judgment through the court system for the amount of your loan you were unable to payoff.  The deficiency judgment is especially damaging to your credit and hangs around for a numbner of years.  Your credit score may also plunge 140 points or more.  How lenders report your short sale to credit bureaus is negotiable.

For more information on short sales see Sally English Is A Certified Distressed Property Expert (CDPE)

Foreclosure is Unavoidable for Some Home Owners

If you can't make your house payments and your house does not "short sale" you may be on a collision course with foreclosure.  Many owners in foreclosure also file for personal bankruptcy.  What is the effect on your credit?

"A bankruptcy can hurt your credit for up to 10 years, a foreclosure and other serious delinquencies for up to seven years. FICO, for example, classifies bankruptcies and foreclosures as negative items and treats them in a similar manner. Loan modifications and short sales can also be negatively classified, although that ultimately depends on how those items are reported on a credit profile, says FICO's Mr. (Tom) Quinn. Under the VantageScore-an emerging competitor to FICO developed by the three major credit bureaus-scores can fall by as much as 140 points in a short sale or foreclosure and can plummet by as much as 350 in a bankruptcy, says Sarah Davies, head of analytics and product development at VantageScore Solutions LLC.  Borrowers with short sales and loan modifications should see their credit recover more rapidly if they keep making their payments on time, keep balances low and refrain from applying from new credit, said FICO's Mr. Quinn."  Digging Yourself Out of a Mortgage Mess By Jane Kim and M.P. McQueen, Wall Street Journal

SALLY ENGLISH IS AN ATLANTA GEORGIA CERTIFIED DISTRESSED PROPERTY EXPERT

If you are looking for est unbiased advice about your distressed property in Atlanta, Call Sally English at 770-939-3174  OR  EMAIL Sally English and the English Team at sallyenglish@englishteam.com  

We have experience with short sales and lender contacts.  You don't have to go through this alone! 

Metro Atlanta home to 19 Headquarters of Fortune 1000 Companies

Metro Atlanta has experienced phenomenal job growth over the past decade and much of the growth can be attributed to Fortune 1000 companies who have made metro Atlanta their Corporate Headquarters.  Most of these companies are household brands easily recognizable by consumers.  The stability of the job market in metro Atlanta is largely tied to the number of jobs these corporate giants provide Atlanta residents.

Fortune 1000 Companies Headquartered in Atlanta

Coca Cola

Delta Airlines

Southern Company

Sun Trust Banks

AGL Resources

Acuity Brands

Equifax

Fortune 1000 Companies Headquartered Elsewhere in Metro Area

Home Depot

United Parcel Service

Coca Cola Enterprises

Genuine Parts

Newell Rubbermaid

Mirant

Georgia Gulf

BlueLinx Holdings

Spectrum Brands

Beazer Homes

Mueller Water Products

Wendy's/Arby's Group

Source: Engine for growth has run out of fuel  By Bill Torpy and Jim Tharpe
 for the The Atlanta Journal-Constitution

Job Market Cooled Off But Still Stable.

During the 1990s and 2000s the job market brought many relocating buyers to Metro Atlanta.  This job growth fueled a lot of new home construction and renovation of formerly run down neighborhoods as the demand for newer housing reached all time highs.

The job growth has cooled but fortunately most of the job market is stable in Metro Atlanta in large part because of the diverse  industry that calls Atlanta Home.

 Atlanta Housing Market Has Not Experienced Significant Declines Like Other U.S. Cities

Thus far Metro Atlanta housing has largely avoided the huge losses in value experienced by other US cities.  Declines have been significant in the Condo market and the demand for new housing has declined to record low levels.  However, in place single family housing in most Metro Atlanta markets has managed to retain most of the "pre bubble" housing values.

If you are an employee of a Fortune 1000 company with headquarters in Metro Atlanta, call Sally English and the English team for excellent advice about buying and selling an Atlanta Georgia Home.

James Williamson and Robbie Crozier at Fairfield Mortgage Get Home Loans Approved!

Having been in the real estate business through thick and thick (presently we are not as thin as broth but not as thick as stew) I have some perspective on the mortgage loan business.  As a Realtor, the most important business relationship I have, other than my clients themselves, is the mortgage lender relationship.

I can sell houses all day long, but someone has to make the buyers a loan to finish the deal.  Buyers come in all varrieties and are as diverse as the shape of snowflakes.  It is important to have a lender who can work with well qualified buyers and with buyers who are less than stellar with their finances.  Above all, honesty and integrity are crucial in a mortgage lender along with excellent communication skills.  My "go to" mortgage lender for metro Atlanta home loans is Fairfield Mortgage.  Why?  James Williamson and Robbie Crozier at Fairfield Mortgage Get Home Loans Approved!  If a buyer needs some work on their credit, James Williamson and Robbie Crozier will help the buyer figure out what the obstacles are to purchasing a home and provide them with a road map for working around those obstacles.

Fairfield Mortgage Seminar for First Time Home Buyers

I recently participated in a seminar for first time home buyers hosted by James WIlliamson and Robbie Crozier at Northlake Mall in DeKalb County Georgia.  James and Robbie did a great job showing first time homebuyers how to get their finances in order so they could buy a home.  This is so different from the lenders who advertise on the radio and on TV.  James and Robbie work one on one with home buyers so they can understand their present credit situation AND know the necessary steps to getting their credit scores to the point necessary to make their first home purchase.

Great Staff Behind the Scenes at Fairfield Mortgage

James and Robbie could not do all this without a great staff.  You may not meet some of the people behind the scenes that make all sorts of wonderful things happen, but trust me, they do a ton of work to keep all the loan applications and closings running smoothly.

Investment Loans Approved at Fairfield Mortgage by the James Williamson and Robbie Crozier Team

Investors should also get to know the James Williamson and Robbie Crozier Team as they have made a number of investment loans for me.  I have purchased rental houses throughout my career as a real estate agent and James Williamson and Robbie Crozier at Fairfield Mortgage got my investment loans approved! 

Refinance your Home with James Williamson and Robbie Crozier

With interest rates at incredibly affordable levels, a huge part of the mortgage business at all mortgage lenders this year has been the refinance of existing home mortgage loans.  There has been a lot of press about mortgage lenders who just did not treat people with respect during the present mortgage crises.  James and Robbie can give you some honest feedback about your situation. 

Contact Information for James Williamson and Robbie Crozier at Fairfield Mortgage

Direct Office Phone Number: 404-329-5595

Direct cell phone number: 404-483-5512

jaw@fairfieldmortgage.com

Website

When you need to buy a home, purchase an investment property or refinance your existing home loan, contact James Williamson and Robbie Crozier at Fairfield Mortgage!

FORBES RANKS ATLANTA NUMBER ONE AMONG AMERICAS "RECESSION PROOF" RETIREMENT MARKETS

Atlanta Georgia was ranked number one by Forbes magazine among America's "recession proof" retirement markets.

Factors considered by Forbes in assigning the rankings include:

1. Average income for seniors

2. Current and expected home prices

3. job growth predictions through 2014

4. cost of living

5. Median monthly housing cost

Sally English is a Seniors Real Estate Specialist (SRES). 

"An SRES® designee can help you make wise decisions about selling the family home, financing, buying rental property, or managing the capital gains and tax implications of owning real estate, among many other issues. In addition to guiding clients to the right experts on tax laws, probate, estate planning, and a variety of equity conversion strategies, Seniors Real Estate Specialists® can offer clients relevant information on current trends in senior real estate transactions."

Call Sally English at 770-939-3174 OR EMAIL Sally English and The English Team at sallyenglish@englishteam.com to learn more about Atlanta Georgia real estate:  

The English Team specializes in homes convenient to Emory University and homes convenient to the Centers for Disease Control.  We look forward to assisting you with your home buying or home selling needs.

Search all Atlanta Georgia Homes at   www.englishteam.com

See all English Team Listings at   www.englishteam.com

Follow Sally English http://sallyenglishblog.com/

FORBES MAGAZINE Article link: America's Recession-Proof Cities To Retire In by Zack Greenberg

SELLERS FACING FORECLOSURE OR SHORT SALE NEED REAL ESTATE AGENTS WITH PROVEN TRACK RECORDS

Are you a seller facing foreclosure or a short sale?  If you answered yes then you need a real estate agent with a proven  track record to make things happen before you become the latest victim of the mortgage loan crises.

The vast majority of real estate agents have never worked with a home facing foreclosure.  Marketing a home facing foreclosure requires intense negotiations with your lender, education of potential buyers and marketing savvy to make your home stand out from the crowd.

You can not select a short sale savvy real estate agent based on friendship, convenience or "potluck".  Do your home work and select a real estate agent who has a proven track record of successfully navigating the bank foreclosure and short sale obstacle course.

QUESTION TO ASK POTENTIAL SHORT SALE  LISTING AGENTS

1. What educational certifications do you hold that prepares you to handle my sale before I end up with a sale on the courthouse steps.

Answers should include CDPE or Certified Distressed Property Expert.  Go HERE for more information.  Other certifications that show your real estate agent is at the top of their profession include the CRS and GRI designations.

2. Have you successfully sold and closed a short sale listing this year?

It is an obvious question but it will weed out 90 percent of the real estate agents who claim they are short sale experts.  Be specific and ask about specific properties they have listed and sold as short sales.

3. What lenders have you negotiated short sales with in the past 12 months?

This is a less obvious question but it is highly pertinent to your situation.  ALL LENDERS ARE NOT THE SAME in the short sale world.  Wachovia has a workable short sale system.  Bank of America/Countrywide is a house of horrors in the short sale world.  Try to find a real estate agent who has worked with the mitigation department for your specific lender!

4. Do you have the documents and forms I need to get the short sale process started?

You need to start the short sale process immediately and the process takes months.  If the real estate agent does not have the necessary forms and documents, are they really qualified to negotiate the short sale maze.

5.  Are you a short sale superstar?

This sounds like a comic book character or something but short sale superstars are actually a group of real estate agents that share specific information and strategies for dealing with the mitigation departments of major lenders.  I have learned a lot through this cooperative group.

Don't sit on the couch and let your home go through foreclosure.  You can get your home sold as a short sale and take a far less serious hit to your future credit rating than a foreclosure event.  PLUS you can essentially live rent free in your home while the lengthy negotiations are taking place,

Paraphrasing Larry the Cable Guy: Git it done!

Looking for a Short sale Expert in Atlanta Georgia?

Sally English is  Certified Distressed Property Expert with a proven track record in Atlanta Georgia

What is a short sale?

Foreclosure Avoidance

Georgia Foreclosure Law