Friday, February 22, 2013

Avoid Foreclosure

Avoid Foreclosure               

Georgia ranks eighth out of ten in top foreclosure states.  Risky loans in real estate earlier this decade led to a landslide of foreclosures.  As job losses continue, and more risky loans default, foreclosures are still alive and well.  Here are the choices: stay in your home, rent your home, short sale, or foreclosure.  It's time to review your current options.  Time is of the essence.  Contact a local real estate professional who has a track record assisting homeowners facing foreclosure.  
Here are some ideas that can help.
Stop The Pain!

Loan Modification

Many homeowners seek this option by talking with their current bank.  Loan modification is a great alternative to foreclosure.  In my experience, loan mods allow the banks to string homeowners along to a dead end road. Statistics show the NAR (National Association of Realtors) that loan modifications work 25% of the time.  So, 75% of homeowners have an "epic fail" in seeking this option.  The people who do receive a loan mod, get small reductions in their monthly payment for a short period of time.  Then the payment returns to it's original amount.  Sounds like the banks aren't loosing money!  

Underwater Forever

In the real estate business, you quickly learn that roughly 80% of homeowners are currently underwater with their home.  The situation is they owe more on their home, than the current pricing in the open market will bear.  Contact me for your FREE exclusive market pricing on your home.  I talk with clients everyday that are underwater.  One lady called me today, and after I said hello, she said 
" I am sad"!  I asked what was wrong?  She said she just had an refinance appraiser tell her the value of her home was 10K less that what she owes!  The homeowner totally believed her home was worth more.  Many other of my clients have huge gaps (20-100K) in the difference of what they owe to the current value of their home.  Many tell me they will never recover the appreciation losses they are seeing, and choose to walk away.  Since God did not design us to live to 250 years old, I guess in many cases this choice is legit.  Before you walk away, contact me for other options.  I do see modest gains in home appreciation, but not enough to start a home selling spree.  

A Short Sale Can Stop Foreclosure 

Time is of the essence to avoid foreclosure.  Do not hesitate your short sale, take action when you sense trouble of falling behind.  You must have a hardship where your income has suffered to obtain a short sale.  Contact a real estate professional now, before it's too late.  The lender of mortgage loans uses a short sale as an option for homeowners to avoid foreclosure.  Just know there is nothing short about this sale.  It should be called a long sale as it takes between 3-9 months to complete, and sometimes longer.  When this sale closes,  the homeowner can't receive any monies from the short sale.  This Broker has closed many short sales, and have seen banks reward the seller of the home with a money bonus for completing the short sale.  The difference of what is owed from short sale price to homeowners mortgage loan is forgiven by the bank.  Your credit will suffer 50-60 points, and you won't purchase another home for up to three years.  This is better than a foreclosure any day!  Stay the short sale course, and you will be rewarded.  

Direct your real estate questions to Dino Genovese the NorthGeorgiaRealEstatePro for professional help with your situation.  Emails welcome at    


Wednesday, February 13, 2013

What’s My Home Worth?

The value of a home starts with the homeowners request for market pricing from a real estate professional.  The current price for homes exists when a lenders appraiser for the buyer evaluates the subject home. 

The majority of appraisers say the following 4 areas are where homeowners incorrectly valuate their own homes.

1.    A Remodeled Home
Trendy upgrades like swimming pools, gazebo’s, or built in entertainment centers do not add value to homes.  Choose timeless improvements like solid surface bathroom or kitchen tops, or new wooden cabinets are a safe bet.

2.    Basements
A newly finished basement with a half bath adds less than 5% to a homes value.  The addition of a bedroom can add up to 20% in most cases.  Below grade basements are not included in the total square footage of the home.

3.    Required Systems
New water heater, HVAC, or roof does not add value to a home.  These items are required to make the home complete.  Likewise, a roof that needs repair can bring house values down.

4.    The Exterior
A home with popping curb appeal adds to a homes value.  Well-maintained yards & home exteriors make for a desirable home to buyers.  Signs of an unkempt yard & neglected siding and wood raises questions of other issues.

Want to know what your home is worth?
Contact Dino at, your today for your exclusive & accurate market pricing.