Call Cleve Atlanta Real Estate Show June 27, 2015 Recap
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This week we were joined by our preferred lender, John Burchfield. John Burchfield was able to tell us all about the latest market trends and concerns. He informed our listeners about returning to the market after Foreclosure, Bankruptcy, and Short Sales.
John Burchfield- Cleve’s preferred lender. He can be reached at 678-226-7887
John explained that credit is easing in the non-conforming world. A non-Conforming loan is any loan that Fannie Mae and Freddie Mac-the government is not purchasing…Loans that require private money to invest in for lenders to be able to fund the loans.
John goes on to tell us that there are special circumstances for people that have come out of foreclosure and bankruptcy. Typically, a person would not be able to do anything 4 or 7 years out of that life event.
Now a person could be 2 years out of that life event and still have some financing options available.
Cleve explains how this can affect so many people since there are going to be around 220K boomerang buyers in the Metro-Atlanta area between now and 2020.
These are buyers that were in the market, but somehow had to get out of the market and are now ready to return to the market.
These people would see a 4.5% increase in the interest rate.
John informs the listeners that Short Sale events are also relevant to this topic. A Short Sale is when a homeowner has to sell their home and negotiate with their lender to not accept full payoff. There are now options for “no seasoning “after a Short Sale. This means that if someone does a Short Sale there is no waiting period for the new loan now.
Again, John Burchfield with Brand Mortgage is Cleve's preferred lender. Be sure to call him at 678-226-7887 if you are looking for someone that will get you the loan that you need and treat you right.
We were also joined again by Radio Personality, Terry J, from Power 96.1. After his appearance on last week’s show, he came back to hang out with us on the Call Cleve Atlanta Real Estate Show.
Terry J referred to Cleve as the Lebron James of Real Estate! Cleve responded, “I didn’t say that I was the best real estate broker in the country, but I will say that people who work with us know will be the best educated party in the transaction.” He went on to explain that his clients are the most-educated parties in any transaction and they are fully informed in a non-stressed and non-threatening environment.
Cleve was able to answer a few questions from our listeners.
Q&A with Cleve Gaddis
Listener: There is a company that says they can set-up bi-weekly mortgage payments for me if I pay them a one-time fee and a small monthly processing fee. Does it make sense to make bi-weekly mortgage payments?
Cleve: NO!!! You should not pay someone extra money to do something that you can do on your own.
You do not need someone to set this up for you. You can make bi-weekly payments on your own, or you you can make an extra payment every year. This will bring your 12 monthly payments, if you pay them bi-weekly, you will have paid
Buyers will also receive a solicitation to receive a copy of your official warranty deed.
Question from Bob: Multiple offers on my home, should I consider the down payment in making a decision?
Cleve: Bob had five offers on the table… Bob, yes, you should consider the buyer’s down payment. Cash is King in America and a generally a buyer that is putting more than 20% down has better prospects for getting approved for a loan. This is because the underwriting criteria is just a little bit easier. In this case, the winning bidder was putting around 30% down on their home.
Brandon from Loganville also had a question.
Question: We close on our new home in a few days and the seller was supposed to fix the AC to stop it from making noise. Work has been done, but noise is still there, but less. Can we ask the sellers to have another HVAC company come out and keep working on it?
Cleve: It really depends on what’s causing the noise…
The AC was capable of blowing in enough fresh air. The Amendment stated that the seller needed to do more work, in order to make it right.
After a discussion with the relocation company and Brandon received a $400 allowance to make the AC work exactly the way it is supposed to.
Cleve and his listeners look forward to having John Burchfield visit again in the near future. .
To hear the full show click here!
Remember to call Cleve Gaddis at 770-497-0000 to see how you can put an extra $14,000 in your pocket on the sale of your home.
To hear the full show click here!