Tag Archives: short sales

Top Subdivisions in Sales for 2011

I was curious about the top selling mid-range communities in Forsyth County, so I ran a search in FMLS for subdivisions in Cumming, Georgia with home sales during the 2011 calendar year, having 4+ bedrooms and selling between $200,000 and $400,000.  Here’s the top 5 (with ties):

1) Windermere – 15 Sales

2) Fieldstone (all sections) – 13 Sales

3) Polo Golf & Country Club (all sections) – 11 Sales

3) Thorngate – 11 Sales

4) Evans Farm – 10 Sales

5) Green Summers – 9 Sales

5) Jamestown – 9 Sales

Each of these communities had foreclosures and short sales as part of the volume.

Foreclosures in Forsyth County, Georgia

I’ve been watching the real estate market in Cumming, Forsyth County, Georgia every month for quite a few years now.  One statistic that still shocks me each month is the percentage of properties sold as “distressed” which means either through a bank-approved short sale or foreclosure.  Once again, roughly half of all sales in January 2011 met that criteria.

A deeper look into the numbers show that about 19% of homes sold were by equity sellers (private owners who sold properties with equity), 17% were new homes.

Six Home Sale Pitfalls to Avoid

Most of the time, after the purchase contract is signed, it’s smooth sailing through the closing, right? Not so fast, my friend.

Here are six hurdles that a professional Realtor can help you overcome.
1) Buyer fear
2) Financing falling through
3) Low appraisal
4) New lending, closing regulations or underwrite requirements slow things down
5) Defective title
6) Poor home inspection / inspector or picky buyer

Not only do I work to combat these up front, but I’ve got strategies to work through them as they come up. I’ve even let a buyer terminate & release an agreement so they can feel like they’re in control and have assuaged their fears. Then, we came back 2 days later and made an offer to the buyer. 30 days later, we closed the deal and everybody was happy.

Strategic Default – Penalties coming from Fannie Mae

If you have a mortgage backed by Fannie Mae (FNMA) and engage in a strategic default, you won’t be eligible for another FNMA-backed mortgage for seven years.  A strategic default is where an owner has the ability to pay their mortgage, but elects not to because the value of the home is less than the mortgage amount owed to the lender.  This rule can also apply to those who don’t try in good faith to work out a payment plan, loan modification, etc. with their lender.