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I recently acquired my Certified Distressed Property Expert (C) (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPE’s are able to provide real solutions for homeowners facing hardships in today’s market. My goal with this designation is to shorten the legal section in our local community newspapers here in the North Georgia Mountains with each passing week. In doing so, I will simply be helping families to stay in their homes, helping them to realize that there are many options other than walking away and ultimately facing Foreclosure. However a successfully negotiated Short Sale has consequences, and I would like to share with you 7 possible pitfalls or legal risks that you and your agent need to be aware of.
1. Misrepresenting tax consequences.
Although it’s true that the federal government passed a law in 2007 directing the IRS not to count mortgage debt forgiven by a lender as income, the provision is limited. It applies only to purchase money; it doesn’t apply to debt on a cash-out refinancing, and it doesn’t apply to second homes. There’s also a dollar limitation, albeit a generous one ($1 million for married couples filing separately, twice that for joint filers). “A lot of associates are telling people there are no tax consequences,” says Lance Churchill, a short sales specialist and trainer who operates in Boise, Idaho, and San Diego. “But it’s a limited law and you just need to be accurate about it.”
2. Misrepresenting how secondary debt is treated.
Practitioners might mistakenly tell sellers that all the house debt is forgiven once the primary lender approves a short sale. But that might not be the case, Churchill says. Holders of second deeds of trust don’t typically forgive the debt. More commonly, they accept a partial payment, like $2,000; and rather than write off the balance, they sell the balance to a collection agency for another few thousand dollars. In many states, these second loans are recourse, so sellers can be caught by surprise when the collection agency contacts them a year later seeking payment of the debt.
3. Acting on inappropriate lender requests for seller contributions.
It’s not uncommon for lenders to go after money that the sellers have in the bank or in a retirement account before they approve a short sale request. They’ll sometimes seek to put the onus on the real estate practitioner to get sellers to sign over a note for the amount they have in the bank as a condition of sale. But in states where mortgage debt is nonrecourse, lenders have no right to the money, and associates that suggest otherwise to the sellers might be later sued for negligence.
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Like real estate, it appears that foreclosure activity is a local phenomenon, too.
As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:
1. California
2. Florida
3. Arizona
4. Illinois
More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.
The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.
Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.
1. 40 states fell below the national Foreclosures Per Capita average in 2009
2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008
Foreclosures are still prevalent, though, and buying homes in foreclosure in Blairsville, Blue Ridge, and Ellijay Georgia continues to be big business. First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.
Distressed homes account for one-third of home resale activity, according to an industry trade group.
That said, buying foreclosures can be tricky.
First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”. Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.
Second, buying a foreclosed home in Georgia isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.
And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.
Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps. If you like what you see, Contact Me or give me a call at 706.994.8686.
There’s still good deals in the foreclosure market — you just have to know where to find them
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Merry Christmas and Happy New Year!
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Chad,
We had a contract less than six weeks after we listed out cabin with you. We consider this spectacular, given the current market.
You handled all aspects, from our initial contact through the closing, gracefully, personally, and professionally. We had a lengthy negotiation, with unexpected bumps in the road. Throughout this process, you provided knowledgeable guidance without imposing your opinions on us. You dealt well with the buyer’s agent. You were patient with us and the buyer.
We appreciated the data that you gave us to help us set an asking price. The weekly updates were also quite useful.
Your website aided in the sale, I am sure. It is far above the average Realtor presence on the web.
Thank you for your work, help, and friendship.
Jim and Maria
Jim,
It was an absolute pleasure working with you during the sale of your Cherry Log Mountain Cabin in the beautiful North Georgia Mountains. You were a great listing client, listening to my advice and making the requested changes and repairs that ultimately helped with the quick sale of your cabin, even in a tough Buyer’s Market.
Thank you for your loyalty, kindness and your friendship as well. I look forward to building on our relationship as you begin to look for your new Mountain Home. I am also grateful for the gift of the book Footprints Across The South, that you authored and signed for me. I appreciate you so much.
Chad
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How many of you have procrastinated in downloading your pictures from your digital camera because you just don’t want to take the time to process the pictures, re-size for uploads, add filters, touch them up, or even organize them into folders? Well I know from experience that if you are in the Real Estate, pictures sells houses, and the more pictures you have the better the chance you have of someone taking a look at your clients property.
Well have I got a solution for you. Batchphoto is a powerful photo manipulation program that makes it easy to convert, re-size, watermark, annotate, touch-up, apply affects and rename hundreds of photos in a single operation. Instead of enhancing and adjusting pictures individually, Batchphoto lets you select a group of images, define a series of edits, and apply them in a single operation.
It is AMAZING! An absolute must for anyone who is constantly taking hours upon hours going through other inferior software products that make you re-size photos one-by-one. Before Batchphoto, it would literally take me hours to process photos for my listings. I would re-size all the photos that I would plan on using for the listings and put them in one folder, I would do the same for my Virtual Tours, and yet another for higher resolution use. It would take FOREVER! Now with Batchphoto I am done in minutes and I have so many more options that I love for use in my online social networking. One great feature that I love is the use of watermarks. I love taking photos of these beautiful North Georgia Mountains and sharing them online. Well, I noticed that many of my competitors were using my very own photos on their websites. Now that I have Batchphoto, I can put a watermark on the photos before I post them and it detours anyone from using my photos. This is just one of many features that I have discovered using Batchphoto.
So, you no longer have to fret and pile all of those images on your memory card putting off the dreaded job of processing those pictures. Now with the use of Batchphoto, you can be done in no time and back out doing what you love to do….taking pictures! Give it a try, you will be glad you did I promise.
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Absolute Incredible View's
My wife and I just closed on a cabin in the North Georgia Mountains, after a search of about 10 months and what must have been around 50 or so individual listings. Our Realtor, Chad Lariscy, was a tireless advocate for our concerns. Not that we had all of our ideas wrapped into a tight ball at the outset (though we THOUGHT we did), by any means. We learned as we went, and Chad constantly heard, and applied, our desires to the list of properties we would be shown. We visited the area several times over the months and Chad met us each time with a smile, a warm greeting, genuine care and spent the entire day with us as our intrepid guide. When we needed input, he provided it – always with grace and real concern – to help us to more clearly see what we had in our minds and hearts. When we arrived at the place, we knew it was the one.
We’re glad for the time we spent – not only in seeing all the variations that sellers had listed, but for being able to realize our own concepts which at times weren’t all that easy to interpret.
Chad did an outstanding job of representing not only Blairsville Realty specifically, but the Real Estate profession in general. We’re proud to know him – and would heartily recommend him to anyone on a similar search.
Furthermore, Chad will keep the clinical and detailed aspects of the market before you with insights such as those of which he writes in his articles in “The Front Porch View”.
Rick and Starr
Rick and Starr,
I had the best time with you guys! Rick, your “mountain slang” to this day keeps me rolling in the floor with laughter! Starr, we are going to get that Volley Ball court on the side of that mountain if it is the last thing we do.
I am truly blessed and grateful that the both of you have come into my life. This goes well beyond the scope of agency relationships. You are both my dear friends whom I will always remember as being one of “The Best” I have ever had the privilege of working with. I am looking forward to many, many great years ahead. I know you guys are going to fit right in with us “mountain folk!”
My family and I are eternally grateful!
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Chad,
SIMPLY AMAZING!
You are hands down the best Realtor that we have ever worked with.
Your customer service is second to none and we would not have been able
to purchase this home with your your expert guidance, persistence and
local knowledge and assistant.
” We Loved the Video that you posted showing us the home again”
Thank you for everything that you did for our family!
Just know that we consider you a friend and look forward to seeing you
when ever we are up for some rest and relaxation.
You are the Best!
Dan, Linda, Alexander and Zachary Levin
Dan,
You have an AWESOME family and it was my pleasure I can assure you to have the opportunity to work with you and Linda. I so much appreciate your loyalty to me before, during and especially after the sale!
I am also grateful to be considered a friend, because afterall, isn’t that what it is all about in the end! I hope that you and your family have years and years of enjoyment in your new North Georgia Mountain Home on the Toccoa River. Blue Ridge, GA. and I welcome you!
Hope to spend some time with you guys soon. Make it an AWESOME day and everyday after!
Chad
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My Wife and I live about 7 hours from Blue Ridge. When we narrowed our cabin search to the Blue Ridge area I e-mailed several Realtors about listings I found on the MLS in that area. I had a few write me back and only one wrote me back more than one time. Then after that agent found out we were from out of town said she’d be happy to help once we were in town. With more searching I found Chad Lariscy’s website and within minutes of sending him an e-mail with questions I got a call from him. He helped me narrow the areas to look at and even drove out to our three top choices to get us pictures and video tours. With his help we were able to narrow our search down to one cabin that we were very interested in and based upon Chad’s hard work we put in an offer the day before our trip up (a Friday) and had the cabin under contract before we came back that Sunday.
Since the sell he has continued to help us in many ways. If your looking for property, a cabin or home I highly recommend working with Chad Lariscy.
Bernie & April Hester
Lady’s Island, S.C.
Bernie and April,
I have to say, this was an absolute first! Who would have ever thought that you could practically sell a North Georgia Mountain Home from a video posted to YouTube? I didn’t. It was a pleasure working with you both…..both times. I am grateful for your loyalty to me for your North Georgia Mountain Real Estate needs. I look forward to seeing you soon.
Chad
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