By Tammie Seldon

It has come to my attention that oftentimes, persons involved in real estate transactions do not understand the value of having a professional represent their interests.  In today’s market it is becoming the norm to see either a buyer or seller not represented in efforts to save money.  But in reality, that decision cost them more than what it would for them to have a Realtor® assisted transaction.  

Not all licensed real estate professionals are Realtors®.  Only licensed real estate agents who are members of the National Association of Realtors® (NAR) have the Realtor® designation.  Realtors® must abide by a STRICT code of conduct and are required to maintain the highest level of real estate standards enforced by  the National Association of Realtors®.  It is to your advantage to work with a Realtor®  because of the training and standards this professional designation requires.  Whether you are a first time homebuyer or selling a home, a Realtors® is your best resource. 

HERE IS WHY IT PAYS TO WORK WITH A REALTOR®:

• NAVIGATE A COMPLICATED PROCESS.  Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds and multi-page settlement statements.  A knowledgeable expert will help you prepare the best deal and avoid delays and/or costly mistakes.

• INFORMATION AND OPINIONS  Realtors® can provide local community information on utilities, zoning, schools as well as property values.  They will also be able to provide objective information about a property.  A Realtor®  will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment?  Second, will the property have resale value when I am ready to sell.

• HELP FINDING THE BEST PROPERTY OUT THERE.  Sometimes, the property you are seeking is available but not actively advertised in the market and it will take some investigation by your Realtor® to find all available properties that meet your search criteria.

• NEGOTIATING SKILLS.  There are many negotiating factors, including but not limited to price, financing, terms, date of possession, inclusion or exclusion of repairs, appliances or furnishings.  In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase.  Your Realtor® can advise you as to which investigations and inspections are recommended or required.

• PROPERTY MARKETING POWER.  Real estate does not sell due to advertising alone.  In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends and family.  When a property is marketed with the help of a Realtor®, you do not have to allow strangers into your home.  Your Realtor® will pre-screen and accompany qualified prospects through your property.

• SOMEONE WHO SPEAKS THE LANGUAGE.  If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

• EXPERIENCE.  Most people buy and sell on a few homes in a lifetime, usually with quite a few years in between each purchase.  Even if you have done it before, laws and regulations change.  Realtors®, on the other hand, handle hundreds of real estate transactions over the course of their career.  Having an expert on your side is critical.

• OBJECTIVE VOICE.  A home often symbolizes family, rest and security ---- it’s not just four walls and a roof.  Because of this, home buying and selling can be an emotional undertaking.  And for most people, a home is the biggest purchase they’ll ever make.  Having a concerned but objective third party helps you stay focused on both the emotional and financial issues most important to you.  

The best thing about the services a Realtor® offers is that there are two instances where these services are FREE!

1. If you are a Buyer, the seller normally pays the commission to the Realtor®
2. If you are a homeowner selling your home as a short sale, the bank will pay Realtor® commissions.

Keep in mind that if you are a traditional Seller, paying Realtor® commissions will help you sell your home quicker, which will reduce your carrying costs thus increasing your net profit. 

So now do you think it is worth having a Realtor® on your side?  If you are considering buying or selling a home let the Atlanta Property Shoppe be your guide.  Call us today for a consultation,  WE MAKE REAL ESTATE EASY!

Over the past two weeks, we have taken a look at several programs offered by Making Home Affordable.  Our topics included programs that will assist homeowners with lowering their mortgage payments through loan modifications and lowering your mortgage rate through refinancing options. This week we are going to discuss two options for homeowners that are unemployed: HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP) AND THE HARDEST HIT FUND (HHF).

In response to real issues facing so many Americans throughout the United States, Making Home Affordable (MHA) has designed programs to provide relief to those who are unemployed.  If you are unable to make your mortgage payment due to unemployment, you may be eligible for the Home Affordable Unemployment Program (UP).  This program can offer a temporary reduction in mortgage payments or a suspension of mortgage payments for at least three months while your are seeking re-employment. ELIGIBILITY REQUIREMENTS:

• YOU MUST BE UNEMPLOYED AND ELIGIBLE FOR UNEMPLOYMENT BENEFITS
• YOU MUST OCCUPY THE HOUSE ARE YOUR PRIMARY RESIDENCE
• YOU MUST MAKE YOUR REQUEST FOR HELP PRIOR TO MISSING THREE PAYMENTS
• YOU HAVE NOT PREVIOUSLY RECEIVED AN UNEMPLOYMENT FORBEARANCE OR HAMP MODIFICATION
• YOUR MORTGAGE CANNOT BE HELD BY FANNIE MAE OR FREDDIE MAC - THEY HAVE THEIR OWN FOREBEARANCE PROGRAMS FOR UNEMPLOYED HOMEOWNERS..CHECK WITH YOUR LENDER OR VISIT WWW.FANNIEMAE.COM OR WWW.FREDDIEMAC.COM 
• YOU OBTAINED YOUR MORTGAGE ON OR BEFORE JANUARY 1, 2009

PROGRAM AVAILABILITY:

• More than 100 HAMP-participating lenders are “REQUIRED” to offer this unemployment program to eligible homeowners
• You may be required to make a partial payment not to exceed 31% of your monthly gross (pre-tax) income including unemployment benefits
• You will be evaluated for HAMP at the end of your unemployment program forbearance plan

The next program offered for unemployed homeowners is the Hardest Hit Fund (HHF).  The Treasury is providing more than $7.6 billion in targeted aid to states with unemployment at or above the national average or with steep home value declines greater than 20% since the market meltdown.  

Areas approved to participate in HHF include Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, north Carolina, Ohio Oregon, Rhode Island, South Carolina, Tennessee and the District of Columbia. 

Although the hardest hit fund compliments Making Home Affordable Programs it is “NOT” limited to homeowners who qualify for  Making Home Affordable.  The qualifications for this programs varies from state to state.  Here are some of the basic ELIGIBILITY REQUIREMENTS:

• YOU ARE CURRENTLY UNEMPLOYED
• YOU ARE CURRENTLY SUBSTANTIALLY UNDEREMPLOYED
• YOU WERE ABLE TO MAKE MORTGAGE PAYMENTS, BUT GOT BEHIND WHILE UNEMPLOYED OR UNDEREMPLOYED
• YOU MUST BE UNEMPLOYED OR UNDEREMPLOYED RESULTING FROM AN INVOLUNTARY SEPARATION (SELF-EMPLOYED WILL BE REQUIRED TO PROVIDE ADDITIONAL DOCUMENTATION OF LOSS OF INCOME)
• YOU MUST HAVE BEEN CURRENT ON YOUR MORTGAGE PAYMENTS PRIOR TO THE PERIOD OF UNEMPLOYMENT/ UNDEREMPLOYMENT
• YOU MUST HAVE MONTHLY MORTGAGE PAYMENT(S) GREATER THAN 31% (INCLUDING ESCROW PAYMENTS) OF CURRENT MONTHLY HOUSEHOLD INCOME
• YOU CANNOT HAVE AN ACTIVE BANKRUPTCY
• YOU CANNOT HAVE LIQUID ASSETS EXCEEDING $5,000
• YOU CANNOT HAVE ANY IRS OR STATE TAX LIENS
• YOU MUST BE THE OWNER OF THE PROPERTY
• YOU MUST BE A LEGAL RESIDENT OF THE UNITED STATES
• THE PROPERTY MUST BE THE PRIMARY RESIDENCE OF APPLICANT
• THE PROPERTY MUST BE A SINGLE-FAMILY HOME, CONDOMINIUM, OR TOWNHOME; OR A TWO, THREE, OR FOUR FAMILY DWELLING UNIT (IN WHICH THE APPLICANT RESIDES IN ONE UNIT)
• THE PROPERTY MUST BE CLASSIFIED AS REAL ESTATE AND AFFIXED ON PERMANENT FOUNDATION IF IT IS A MANUFACTURED OR MOBILE HOME
• THE SUM OF ALL MORTGAGE DEBT MUST NOT BE MORE THAN 125% OF THE VALUE OF THE PROPERTY
• THE TOTAL UNPAID PRINCIPAL BALANCE, INCLUDING ALL MORTGAGES AND LINES OF CREDIT, MUST BE LESS THAN OR EQUAL TO $417,000
• YOUR LENDER MUST AGREE TO PARTICIPATE IN PROGRAM (ON ALL MORTGAGE LOANS ON PROPERTY)
• APPLICANT MAY BE REQUIRED TO PAY AN AFFORDABLE PAYMENT WHILE RECEIVING THE ASSISTANCE
• ADDITIONAL UNDERWRITING CRITERIA MAY BE ESTABLISHED WITHOUT PRIOR NOTICE 

FOR ADDITIONAL INFORMATION ON THE ELIGIBILITY REQUIREMENTS IN YOUR AREA, CONTACT YOUR LOCAL STATE AGENCY:

• ALABAMA: WWW.HARDESTHITALABAMA.COM
  
• ARIZONA: WWW.SAVEMYHOMEAZ.GOV
  
• CALIFORNIA: WWW.KEEPYOURHOMECALIFORNIA.ORG
  
• FLORIDA: WWW.FLHARDESTHITHELP.ORG
  
• GEORGIA: WWW.DCA.STATE.GA.US/HOUSING/HOMEOWNERSHIP/PROGRAMS/HARDESTHITFUND.ASP 
• ILLINOIS: WWW.IHDA.ORG 
• INDIANA: WWW.877GETHOPE.ORG 
• KENTUCKY: WWW.KYHOUSING.ORG 
• MICHIGAN: WWW.MICHIGAN.GOV/MSHDA/0,1607,7-141--235359--,00.HTML 
• MISSISSIPPI: WWW.MSHOMECORP.COM/FIRSTPAGE.HTM 
• NEVADA: WWW.NAHAC.ORG 
• NEW JERSEY: WWW.STATE.NJ.US/DCA/HMFA/HOME/FORECLOSURE/HOMEKEEPERS.HTML 
• NORTH CAROLINA: WWW.NCFORECLOSUREPREVENTION.GOV 
• OHIO: WWW.SAVETHEDREAM.OHIO.GOV 
• OREGON: WWW.OREGONHOMEOWNERHELP.ORG 
• RHODE ISLAND: WWW.HHFRI.ORG 
• SOUTH CAROLINA: WWW.SCMORTGAGEHELP.COM 
• TENNESSEE: WWW.THDA.ORG 
• WASHINGTON D.C.: WWW.DCHFA.ORG
  

TAMMIE SELDON

DISTRESSED PROPERTY EXPERT

ATLANTA PROPERTY SHOPPE AT KELLER WILLIAMS REALTY

OFFICE: 404-419-3696

FAX: 678-668-8060

WEBSITE: WWW.ATLANTAPROPERTYSHOPPE.COM

WEBSITE: WWW.MYLIFEWITHOUTFORECLOSURE.COM

EMAIL: TAMMIE@ATLANTAPROPERTYSHOPPE.COM

TWITTER: @ATLPROPERTYSHOP

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