The most complete list of active foreclosures is available for free!
Fannie Mae, Freddie Mac and HUD all list their properties with local Realtors. Also most other banks, mortgage companies and asset companies list their foreclosure properties with local Realtors.
Local real estate sites are the best resources to find the most foreclosures. Local sites have a link that is fed directly from the local Multiple Listing Service (MLS). You can search and/or you can also set up automatic searches so you get an email every time a new foreclosure becomes available.
Visit PortCityRealty.com to search for foreclosures and to read more information about purchasing foreclosures.
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This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This search should have accurate information since it is fed directly from the Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
These links are also on my websites:
PortCityRealty.com
PortCityCondos.com
Sunday, October 30, 2011
Thursday, October 27, 2011
Buying A Home
Common questions and Answers
1.
Where do I start? What is the first
thing I should do?
First, talk to a lender
and start the pre-approval process. A lender can tell you what you will be
qualified to purchase and estimate for you how much down payment you will need
and what your payment will be.
2. Once I know my price range, what do I do
next?
Then you should talk to
a Realtor, preferably a Realtor with Port City Realty.
Here is a link to the “Real Estate Consumer Agency Disclosure” form. It explains how real estate licensees in the State of Alabama can work with you.
Here is a link to the “Real Estate Consumer Agency Disclosure” form. It explains how real estate licensees in the State of Alabama can work with you.
3. How do the Realtors at Port City Realty
work with me? We assist you as a Transaction Broker. We do not
require you to sign a Buyer’s Agency Agreement with us in order to show you
houses.
4. How can the Realtors at Port City Realty
assist me?The Realtors at Port City Realty can give you information
and show you any house in Mobile or Baldwin County that is listed for sale by
any company. It does not matter which company’s For Sale Sign is in front of the
house. If you are looking in a real estate magazine, it doesn't matter which
page you are on. If you have marked properties on 10 different pages, you do not
need to call 10 different Realtors. One Realtor can give you the information
about all of the properties.
5. How do the Realtors at Port City Realty have
the information about all of the houses? All of the houses, from all of the companies
are listed on a computer system called the Multiple Listing Service (also called
the MLS). When a company joins the MLS
each agent gets a password that enables them to sign into the MLS and get the
information about each house. Port City Realty is a member of Mobile and Baldwin
County's Multiple Listing Services.
6. How can the Realtors at Port City Realty show
me a house that is “For Sale” by another company?The Realtors can
find the property on the MLS and contact the company that has the property
listed “For Sale.” We get our showing instructions from the listing company.
Realtors that are members of the MLS have electronic keys that enable them to
open secured lockboxes to obtain a key to show you houses that are “For
Sale.”
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This Blog by: Julie Martin,
CRB, e-PRO, Broker/Realtor, Port City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties
from a LIVE
MLS here. This search should have accurate information since it is fed
directly from the Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
Monday, September 26, 2011
Tax Credit for 1st Time Home Buyers Still Available
There is a tax credit for 1st time home buyers
still available in the state of Alabama. You just have to know where to look.
There is a Mortgage
Credit Certificate (MCC) program for low to moderate income families
available through The Alabama
Housing Finance Authority.
The Mortgage Credit Certificate program provides a direct dollar-for-dollar reduction in
federal taxes worth 20% of the mortgage interest paid each year. The
remaining 80% of the interest still can be claimed as a tax deduction.
Home buyers who would like to use this program must use a
lender who is participating in the program and must meet established income and
sales price limits.
This program can be used with FHA, VA or Conventional
Financing and can be combined with The Alabama Housing Finance Authority’s Step
Up program.
You can go to The
Alabama Housing Finance Authority’s website to get more information,
including participating lenders and income limits that apply.
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This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port
City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my celljulie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my celljulie@portcityrealty.com
You can search for properties from a LIVE
MLS here. This search should have accurate information since it is fed
directly from the Mobile MLS.
Wednesday, September 14, 2011
• 10 Tips To Help You Submit An Offer On A Foreclosure And Get It Accepted
10 Tips to Make it More Likely Your Offer is Accepted.
1. Make sure that there are no blanks left unfilled in your
purchase agreement - Every issue in the purchase agreement should be addressed.
2. If you are getting a mortgage you need a pre-approval
letter from a bank or mortgage company that states what type of loan you are getting and
how much you will be financing. Some banks/asset companies will require that
you get a pre-approval letter from a certain lender. You do not have to use their
lender, but if they say they require a pre-approval letter from a particular
lender it is wise to get them what they want.
3 If the offer is cash you will need to provide proof of
funds from your bank.
4. Certified funds for earnest money is helpful. The higher the dollar amount the more serious you will look.
5. Timing is crucial. The sooner you submit the offer the
better, but check the listing or with the listing agent for any timing
limitations. If you are bidding on a property where you submit your offer on
line, watch your timelines and submit as soon as you can. Usually it's the
highest offer that gets the bid, but sometimes it's the 1st acceptable offer. The
sooner a buyer writes an offer the less likely they will be to get into
multiple offers.
6. Give the seller time to respond. Three - Five days is
preferable. They may respond sooner, but if they don't, and you do not give
them enough time, your offer will expire. Once it expires in the system you
have to start over and resubmit. They might accept another offer while your
offer is in the system as expired.
7. The property is being sold "as-is." Do not ask
for repairs or a repair allowance.
8. Keep in mind that anything you ask the seller to pay on
the buyer's behalf reduces the seller's net proceeds. You can ask for the
seller to pay for the buyer's closing cost when there is a mortgage involved,
but sellers rarely pay prepaid items, such as insurance, taxes and mortgage
escrow items.
9. Do not write any "weird stuff" into the offer.
You cannot move in before you close. You cannot do repairs before you close.
And the listing agent has no way to submit a two page (or even one page)
explanation of why you are offering what you are offering.
10. Finally, if you do find yourself in a multiple offer
situation and you are told to "make your best offer," then do just
that. The property is worth what it is worth to you. If you would have gone
$1000 higher, now is the time to do it. If you would have gone $10,000 higher,
now is the time to do it. In our market over 25% of the sales are foreclosures,
but less than 10% of the listings are foreclosures. There are a lot of multiple
offers. The best deals almost always go into a multiple situation. The sooner,
the higher and the more complete your offer is, the more likely you will win in
a multiple.
----------------------------------------------------------------------------------------------
This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port
City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This
search should have accurate information since it is fed directly from the
Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
These links are also on my websites:
Monday, September 12, 2011
• Buying a Freddie Mac Foreclosure – Part 3: Multiple Offers
Buying a Freddie Mac Foreclosure
- What makes an offer the better offer in a multiple
situation?
A few days ago I posted an article called Buying a Freddie Mac Foreclosure. In it I discussed the procedure listings agents are required to follow when submitting offers.
Today, I received an offer on a property. With it was an email from the Realtor that wrote the offer. He was explaining that this particular buyer had recently been in several multiple offer situations. He was hoping that this offer was written quick enough and high enough to get it accepted.
Everyone understands that the price you offer on any listed property is very important. But what else is important?
As I explained in Buying A Freddie Mac Foreclosure, timing is very important. The sooner you can get an offer submitted, the better off you are.
What else? What can make your offer better than other offers in a multiple situation?
Give the seller time to respond. Three - Five days is preferable. They may respond sooner, but if they don't, and you do not give them enough time, your offer will expire. Once it expires in the system you have to start over and resubmit. They might accept another offer while your offer is in the system as expired. - This is the biggest single issue I see that causes a buyer to lose a property, other than price.
The property is being sold "as-is." Do not ask for repairs or a repair allowance.
Keep in mind that anything you ask the seller to pay on the buyer's behalf reduces the seller's net proceeds. You can ask for the seller to pay for the buyer's closing cost when there is a mortgage involved, but do not ask for the seller to pay for any prepaid items, such as insurance, taxes and mortgage escrow items.
Do not write any "weird stuff" into the offer. You cannot move in before you close. You cannot do repairs before you close. And the listing agent has no way to submit a two page (or even one page) explanation of why you are offering what you are offering.
Finally, make sure all of the required documents and information is submitted with the offer. I am going to do a Buying a
A few days ago I posted an article called Buying a Freddie Mac Foreclosure. In it I discussed the procedure listings agents are required to follow when submitting offers.
Today, I received an offer on a property. With it was an email from the Realtor that wrote the offer. He was explaining that this particular buyer had recently been in several multiple offer situations. He was hoping that this offer was written quick enough and high enough to get it accepted.
Everyone understands that the price you offer on any listed property is very important. But what else is important?
As I explained in Buying A Freddie Mac Foreclosure, timing is very important. The sooner you can get an offer submitted, the better off you are.
What else? What can make your offer better than other offers in a multiple situation?
Give the seller time to respond. Three - Five days is preferable. They may respond sooner, but if they don't, and you do not give them enough time, your offer will expire. Once it expires in the system you have to start over and resubmit. They might accept another offer while your offer is in the system as expired. - This is the biggest single issue I see that causes a buyer to lose a property, other than price.
The property is being sold "as-is." Do not ask for repairs or a repair allowance.
Keep in mind that anything you ask the seller to pay on the buyer's behalf reduces the seller's net proceeds. You can ask for the seller to pay for the buyer's closing cost when there is a mortgage involved, but do not ask for the seller to pay for any prepaid items, such as insurance, taxes and mortgage escrow items.
Do not write any "weird stuff" into the offer. You cannot move in before you close. You cannot do repairs before you close. And the listing agent has no way to submit a two page (or even one page) explanation of why you are offering what you are offering.
Finally, make sure all of the required documents and information is submitted with the offer. I am going to do a Buying a
Freddie Mac Foreclosure
Part 3 to give you a list of items the listing agent needs in
order to submit you bid.
This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port
City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This
search should have accurate information since it is fed directly from the
Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
Wednesday, September 07, 2011
• Buying a Freddie Mac Foreclosure – Part 2: Getting An Offer Submitted
·
What does the
listing agent need in order to submit an offer?
A complete contract, with every issue
in the contract addressed.
If you are getting a mortgage you need a pre-approval letter from a bank or mortgage company that states what type of loan you are getting and how much you will be financing.
If you are getting a mortgage you need a pre-approval letter from a bank or mortgage company that states what type of loan you are getting and how much you will be financing.
If the offer is cash you will need to provide proof of funds
(proof that the buyer has access to the funds to pay for the property).
Proof of earnest money.
Can the listing agent submit your offer if you do not provide a pre-approval letter, proof of funds or proof of earnest money?
Yes. However, the listing agent is also required to put in the comment section of the offer "there is no pre-aproval letter," or whatever else is missing. You will not be able to get an offer accepted without the missing documentation and the missing documentation could keep you from winning the bid in a multiple situation.
Is there anything that can actually keep an offer from being submitted into the system?
Yes. There are questions in the system that are in required fields. Answers are required in order for the system to take the bid. Information about the buyer that is required in order to submit the offer into the system. Is the buyer(s)
an owner occupant or investor?
a licensed real estate agent?
a Freddie Mac employee or servicer?
a former owner of the property or relative?
Without answers to these questions the system will not take the bid. The offer can be emailed to the listing agent's sales specialist, so that it is legally submitted, but it will not be considered until these questions are answered. In a multiple situation this missing information could keep you from winning the bid.
For more information about buying a Freddie Mac foreclosure
Proof of earnest money.
Can the listing agent submit your offer if you do not provide a pre-approval letter, proof of funds or proof of earnest money?
Yes. However, the listing agent is also required to put in the comment section of the offer "there is no pre-aproval letter," or whatever else is missing. You will not be able to get an offer accepted without the missing documentation and the missing documentation could keep you from winning the bid in a multiple situation.
Is there anything that can actually keep an offer from being submitted into the system?
Yes. There are questions in the system that are in required fields. Answers are required in order for the system to take the bid. Information about the buyer that is required in order to submit the offer into the system. Is the buyer(s)
an owner occupant or investor?
a licensed real estate agent?
a Freddie Mac employee or servicer?
a former owner of the property or relative?
Without answers to these questions the system will not take the bid. The offer can be emailed to the listing agent's sales specialist, so that it is legally submitted, but it will not be considered until these questions are answered. In a multiple situation this missing information could keep you from winning the bid.
For more information about buying a Freddie Mac foreclosure
__________________________________________________________________________
This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port
City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This
search should have accurate information since it is fed directly from the
Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
Monday, September 05, 2011
New Foreclosures in Mobile County
New Foreclosures in Mobile County 9/5/2011
229997 - 113 S DEARBORN ST, MOBILE, AL - $124,900
230096 - 2512 SALVIA CT, MOBILE, AL - $59,900
230083 - 2863 RALSTON RD, MOBILE, AL - $16,900
230091 - 2321 E LANTERN LN, MOBILE, AL - $25,000
230095 - 3310 GATESDEN DR, MOBILE, AL - $120,000
230230 - 7058 SANDY CREEK RD, MOBILE, AL - $42,000
229975 - 8919 DAWES CREEK DR, THEODORE, AL - $249,900
230100 - 11175 PIONEER RD, THEODORE, AL - $39,900
230106 - 3550 OLD HOWELLS FERRY RD, WILMER, AL - $164,900
230113 - 4158 LAFITTE RD, SARALAND, AL - $82,500
229997 - 113 S DEARBORN ST, MOBILE, AL - $124,900
230096 - 2512 SALVIA CT, MOBILE, AL - $59,900
230083 - 2863 RALSTON RD, MOBILE, AL - $16,900
230091 - 2321 E LANTERN LN, MOBILE, AL - $25,000
230095 - 3310 GATESDEN DR, MOBILE, AL - $120,000
230230 - 7058 SANDY CREEK RD, MOBILE, AL - $42,000
229975 - 8919 DAWES CREEK DR, THEODORE, AL - $249,900
230100 - 11175 PIONEER RD, THEODORE, AL - $39,900
230106 - 3550 OLD HOWELLS FERRY RD, WILMER, AL - $164,900
230113 - 4158 LAFITTE RD, SARALAND, AL - $82,500
This Blog by: Julie
Martin, CRB, e-PRO, Broker/Realtor, Port City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This
search should have accurate information since it is fed directly from the
Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
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