The Wheeler Group, Inc.

What is a FORECLOSURE?

Anita — Tue, 25 Jan 2011 16:44:41 +0000

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice. The foreclosure process can end one of four ways:

The borrower/owner pays off the default amount to reinstate the loan during a grace period determined by state laws. This grace period is also known as pre-foreclosure.
The borrower/owner sells the property to a third party during pre-foreclosure. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of pre-foreclosure.
The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned properties.

The foreclosure process presents three bargain-buying opportunities.

Pre-Foreclosure (Notice of Default, Lis Pendens):

Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.

Auction (Notice of Trustee Sale, Notice of Foreclosure Sale):

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

Bank-owned (Real Estate Owned):

If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will probably make sure the title is clear for any buyer, but the potential bargain is typically less than a pre-foreclosure or auction property.

This is an article reprinted courtesy of Trulia.

MORE SINGLE WOMEN HOME BUYERS

Anita — Sat, 01 Jan 2011 15:43:28 +0000

According to the Bureau of Labor Statistics, this fall, for the first time in U.S. history, women have surpassed men and now make up more than 50 percent of the nation’s workforce. In 1967, by comparison, they accounted for just one-third of all workers.

Signs of the changing landscape in gender relations are just about everywhere you look:

• Single women are now purchasing homes in America than there are single men.

• Four out of every 10 women are are now their family’s primary breadwinner, a sharp increase from past decades.

• The New Hampshire State Legislature is now made up of a majority of women, a first for a legislative body in the U.S., and the number of women in government continues to edge up nationwide.

• Women now account for 30 percent of math Ph.D.s, up from just 5 percent in the 1960s.

• On average, women read nine books every year. Men only read four, and women account for 80 percent of the U.S. fiction market.

• The World Bank recently estimated that the global earning power of women will reach an estimated $18 trillion by the year 2014, up $5 trillion today.

“Women really have become the dominant gender,” said Guy Garcia, author of “The Decline of Men.” “What concerns me is that guys are rapidly falling behind. Women are becoming better educated than men, earning more than men, and, generally speaking, not needing men at all. Meanwhile, as a group, men are losing their way.”

That seems especially true during tough economic times. While the economy has shed millions of jobs during the recession of 2008 and 2009, men have been three times more likely to lose theirs than women, according to the Bureau of Labor Statistics.

Dr. Heidi Shierholz, an economist with the Economic Policy Institute, said that in the case of the recession, there really haven’t been any winners in the labor force.

“As the economy improves, many of the blue-collar jobs that men hold are likely to return,” Shierholz said. “But the longer-term picture is that we’re seeing women continue to make relative gains in the workplace. That’s not surprising when women are getting good educations and earning solid degrees.”

In fact, a gender education gap, in which women are far outpacing men in terms of educational achievement, has been quietly growing in America over the past few decades. In 2009, for instance, women will earn more degrees in higher education than men in every possible category, from associate level to Ph.D.s, according to the U.S. Department of Education. When it comes to master’s-level education, for instance, U.S. women earn 159 degrees for every 100 awarded to men.

“The big reason for the disparity is that women are going back to finish college or get new degrees and training,” said Heather Boushey, senior economist at the Center for American Progress and one of the co-authors of The Shriver Report, which considers the implications of shifting gender roles.

“Girls today grow up in a post-feminist environment, being told they can do whatever they want in life,” Boushey said. “But then they get out into the workplace and they find that they still make just 77 cents on the dollar compared with men.”

That harsh realization, Boushey argued, helps account for why women have flocked to colleges at a time when the country finds itself shifting from a manufacturing-based economy to knowledge-based one.

“It’s a huge shift,” Boushey said, “when you think that a generation and a half ago our attitudes and expectations for what roles women and men could play in our society were entirely different than they are today.”

As for the discrepancy in wages between men and women, that, too, may be soon be a thing of the past. A study of U.S. Census data conducted by Queens College sociologist Andrew Beveridge found that young women in New York and several other big American cities actually earn more than their male counterparts.

Garcia bemoaned what he sees as a “fragmentation of male identity,” in which husbands are asked to take on unaccustomed familial roles such as child care and housework, while wives bring in the bigger paychecks.

“There was a division of labor, right or wrong, that men understood,” Garcia said. “Now, the trade-offs are murky, and women often get stuck doing both jobs–taking care of kids and playing the primary breadwinner.”

Boushey, on the other hand, thinks that now that both men and women are starting to share in the dual burdens of work and home responsibilities, we’re more likely to find solutions that benefit both genders.

“It’s about finding a mutually beneficial balance,” Boushey said.

This article was reprinted form AOL News, writer David Knowles

Time to BUY?

Anita — Tue, 26 Oct 2010 18:46:16 +0000

High End Real Estate Bargains

For buyers looking to make a great real estate investment, the high end market may be the perfect place to search. With real estate prices lower today than in the past decade, the high end real estate listings are being offered at great prices sure to entice even the most frugal real estate connoisseur.

What is High End Real Estate?

High end real estate refers to pieces of property or homes located in exclusive areas or those properties that are larger than average home size with long lists of upgrades. These homes are often considered out of reach for the common buyer, but when real estate prices drop, so do the prices on the higher end real estate parcels.

It is a fallacy to think that every person in America has been affected by the real estate drought. Some people remain employed securely and have managed to keep their credit ratings in check. With a good credit rating and a strong work history, the only thing left to consider is how quickly a high end home can become YOUR high end home.

The Market Won’t Hold Low Forever

According to the Federal Housing Finance Agency, the average price of a home rose just 0.3% between the months of June and July. The homes on this list include those priced up to $417,000 in most areas, but can extend to $713,000 in cities with the highest cost of living. High end homes, however, being those priced above this are not moving out of the rut, just yet.

Economy professionals are noting signs of change in the financial market and that means those rock bottom deals on high end real estate purchases will soon be out of reach. Prices are bound to rise as inventories lower and that could mean YOU will have missed the boat and lost out on purchasing a home that fits your every want and need.

The Time to Buy High End Real Estate is Now

Real estate brokers are estimating high end homes are selling at 20 to 30% lower than their value. That means a $1,000,000 home just a few years ago, could sell for as little as $700,000 today. A $300,000 savings is more than enough reason to start shopping the high end real estate market.

The owners of these high end pieces of property want to sell, sell, sell. The cost of upkeep for a sitting home is dead money that is flushed away each and every month. Factor in the cost of taxes and utilities, combined with real estate fees and there are hundreds (maybe even thousands) of reasons to reduce the price on a high end home.

The real estate market is much like the stock market. There are players that fiddle with the market in hopes of making a little money here and there and then there are PLAYERS. The big players see the deal that no one else sees and that is where the high end real estate market is today. Owners want to see – NEED to sell and that means lower prices and more affordable options when it comes to buying a home in the most exclusive location.

Keep in mind that land prices are not in the category of high end real estate. The value of land is holding much stronger than general real estate….but always a good purchase to be ready to build when you are ready. If your in the land buying and holding mode…buy a commercial tract and hold on!

5 Lessons to Know for YOUR Current Real Estate Success

Anita — Mon, 26 Jul 2010 05:00:17 +0000

It’s always good to think about what it is we need to do to keep up with the current real estate market. Here are 5 things we all need to KNOW!

1) Have a Back-up Plan.

We’ve certainly known this forever, but have we really taken the time to do so…obviously NOT! We need to think ahead and think “out of the box”. Look at possible scenarios and come up with a list of all the possibilities. We can learn from our mistakes and use this knowledge to make the changes we need to make. Do you need to downsize? Is it time to invest in a nice rental property…what is it you need to do? Make a plan.

2) Where’s the Money?

Keep some cash close. Be sure that you have some cash you can get to in case of an emergency. We certainly saw this recently from the largest financial institutions to the homeowner. Not having enough liquid assets created chaos and instability not to mention the stress and worry around personal assets and even day to day management of money. It’s always good to have some extra cash in case of emergencies.

3) Don’t forget your credit line. We all know that banks have tightened funds and lending avenues, however maintaining relationships with your banks or sources of money is very essential. Don’t wait until you need money to keep that relationship with those sources active. Update your financial statement once a year and taking to your bank will let them know you are on top of what is happening with your financial picture. Maybe you need to consolidate and sell something to get back in the black. Be on a conscious level with your situation and don’t stick your head in the mud. Get good counsel.

4) Know your financial picture. You can’t change what you don’t acknowledge. Think out of the box….what is it you really need to do to make changes that will benefit you in the long run. Talk with your spouse or council with your accountant or financial advisor. Do what it is you need to do to stay on top of things.

5) Stay positive! Remember like attracts like and the if you want to succeed with money or real estate or LIFE…you need to put your energy and focus on what will bring you more of the same. Look at what it is you want. Give yourself permission to dream and plan and look at what lifestyle you want to live. It’s okay. BE POSITIVE! Surround yourself with others that are positive too!

Housing Market Recovery Predicted for 2011

Anita — Thu, 06 May 2010 18:24:32 +0000

The analytics company founded by housing authority Robert Shiller, MacroMarkets LLC, has polled a group of 92 housing market experts. The consensus of opinion is that the single family housing market will begin wide-spread recovery in 2011.

This group predicts that housing prices will rise 12% between 2010 and 2014. There is anticipated to be a bit of a downward pull on housing prices during 2010 prior to the sustained upswing.

There was a difference of opinion among the experts. Some believe that housing prices will rebound vigorously by up to a 37% price hike over the next 4 years. More than one expert, however, expect to see significant price declines over the next 4 years.

If the average expectations of these experts come to pass there will be appreciation in the value of the nation’s housing stock that will equal $2.1 trillion in less than 5 years.

RE.WealthCoach.com

IS IT TIME for a PRICE “RESET”?

Anita — Fri, 15 Jan 2010 02:46:55 +0000

To better understand the methodology involved in pricing real estate, one must first look at the current market conditions. Just because a home “costs” this much to construct does not mean it is worth that much money. The price of a home is determined, often, but the sales of comparable homes in a given area. This means, if the real estate market is tanking and homes are being sold at lower than market value, the market value will lower. (We have certainly seen that in the past 18 months!)

Forced Listings Versus Non-Forced Listings

There are two types of real estate listings – the forced and the non-forced. The forced real estate listing is offered by a homeowner that MUST sell their home. The sale could be attributed to a new job or a move to a new location, or it could have something to do with selling the home to escape foreclosure. No matter the reasoning, the homeowner is in a position to sell their home for a price lower than the market value in order to get the home “off their back” so to speak. Sometimes the home owner has had to relocate due to a job transfer and the house is being sold by the “company” and they are ready to move it on.

The non-forced listings include homes on the market because the seller WANTS to sell the home. They may be contemplating a move or thinking about job relocation, but by no means are they feeling forced to sell their home. Many higher end real estate listings fall into the non-forced category. However, there is a link between the forced and non-forced listings that could call for a price “reset” on higher end homes.

Resetting the Market Value

The market value of a home is directly linked to the sales price of homes in a given area. I remember one real estate agent telling me a story about an exclusive neighborhood with $400,000 and $500,000 homes that felt the effect of one below market sale. A new homebuyer moved into a home without knowing a crucial fact about the home’s history. When the new owner was told about this history, they listed the home for sale well below the market value. The home sold and instantly the surrounding homes were worth nearly half of what they were just a day before.

When the forced listings contribute a huge percentage to the total home listings in a given area, there is no “quality” protection given to ANY home, even if the home is a higher end piece of real estate worth a million dollars or more. Eventually, the non-forced home listings will take one of two actions – the price will be “reset” based on current home prices or the home will be removed from the market.

Forcing a Price “Reset”

There is nothing saying that a potential homebuyer cannot offer less for a home than the listing price. As a matter of fact, most real estate agents will suggest the potential buyer offer a lower price unless there is heavy competition for the home. The time to get that piece of prime real estate for lower than market value is NOW. While the high end real estate market may have held on to their 2006 prices to date, the time is quickly approaching when a price “reset” is inevitable. If you have a home in the “high end” market be sure to look at all your options and always attempt to “think out of the box”!

Downsizing?

Anita — Thu, 24 Sep 2009 02:38:07 +0000

Sometimes the motive for selling a home isn’t about upsizing, it’s about downsizing. It is certainly a new term in the “new normal” and we are hearing it a lot in the real estate industry. My daughter, who owns an estate sale business, is currently getting numerous calls from clients that are downsizing and simplifying. Downsizing is, many times, about increasing your home’s amenities while decreasing the work and upkeep of a larger home. There are a lot of reasons for downsizing your home AND your life!

You want less space to maintain, both inside and/or out
You want something smaller to save energy
The kids are gone and you just don’t need as much space
You want to simplify and live differently
You want less responsibility and would like to make travel more of a priority
You want to put more dollars in savings

It’s really about your needs and your preferences about your living environment and your life! You may want to live in a condominum or townhome that may offer particular amenities like a golf course, tennis, club, etc. Or, you may choose to move to the mountains and look at a beautiful river and see no neighbors at all and be more attuned to nature and only ten minutes from town. You may want to live closer to your children or further away. The great thing is that you have lots of options and can truly make decisions that fit your lifestyle and budget. If you are someone purchasing for the first time, their are currently incentives to purchase in 2009, a tax rebate. Whatever your needs, keep in mind that there are options available to you in creating the living environment that best supports you and your family!

Relief to Come?

Anita — Thu, 17 Sep 2009 02:36:17 +0000

The Senate wants a $15,000 tax credit for all Homebuyers! All homebuyers, not just new home buyers- would be entitled to a $15,000 federal tax credit and no qualification caps would be placed on their income, under the recently introduced legislation. This new language was introduced by our own Senator Johnny Isakson (Georgia) who is one that really understands the real estate industry. Johnny Isakson was a broker and top realtor in Atlanta for over three decades! The language was introduced by Sen. Isakson who says that a $8000 first time homebuyer tax credt that became law last year “has made a difference” but he KNOWS we need to expand that. Senator Isakson says he has bipartisan support from a least nine senators, including Banking Committee chairman Chris Dodd, D-Conn. The $8,000 FTHM tax credit is set to expire in December 1, 2009 and has income caps of $75,000 for an individual and $150,000 for a couple. The Morgage Bankers Association and National Association of Realtors have already voiced their support for the bill.

Anywone in this economy knows that this type of incentive will make a difference in the real estate market and I would encourage you to write your Senator and keep up the pressure on our current administration to put a continued focus on the real estate industry! All of that said, and it is an important piece of information that I wanted to pass on, we all need to be informed about what is happening in real estate today and I will KEEP YOU…informed. Stay tuned for more!

Ask Anita

Anita — Sun, 13 Sep 2009 02:33:18 +0000

Summer has arrived (this weekend) and it really FEELS like summer! Good thing being in the mountains makes a difference, often ten degrees or more from downtown Atlanta and many people have discovered that very fact by locating to the North Georgia Mountains. Since this is my first blog, let me give you a brief history of myself and The Wheeler Group, Inc. I started The Wheeler Group, in 1984 in Atlanta (I can’t believe it’s been 25 years!) It was a very humble beginning with myself and two others in a small office in the Cumberland Mall area of Atlanta. Prior to starting my own company, I was the Vice President of Southeast Realty and prior to that an associate with The Oxford Group. Both of these companies specialized in commercial real estate and in particular shopping centers and land development. I entered, the illusive arena of commerical real estate with a background and degree in fashion merchandising and marketing. A single mom, with a small child, I wanted to do something creative that would use my merchandising background and not limit my earning potential. I learned very quickly to lease shopping centers and sell land! I was lucky to have not one, but two of the best mentors in the business, Dan Dupree and Tom McAuley. (Dan Dupree/President of Cousins Properties and TomMcAuley/IRT Properties. I learned a great deal from both mentors and within a short time was up and running with my own company that specialized in shopping centers and consulting. Named one of the Top women Entrepreneurs in Atlanta and in “my element” I truly enjoyed my real estate work and those that I trained and worked with! Fast forward to 1998 and I had made a major move to North Georgia to live and continue in the real estate business. I had built a very successful commercial real estate company and management company however, decided I wanted to live something and do something related, but different. Following my intuition, which is a major part of who I am, I started working with luxury properties, including land, residential, commercial and whatever made sense. My lifestyle change, living on a farm, and working whereever my calling was….worked for me and for my clients. I sold a retreat center, a bed and breakfast, numerous parcels of large land tracts, river properties, leased a fabulous property in downtown Atlanta and worked with wonderful people that were looking for lifestyle properties all over North Georgia and Atlanta My clients were looking for a professional real estate person to either sell their property or find that unique property that they were looking for. Something that inspires and connects to more than “just a home”. We all know that “HOME” means something very different from a house. We all have dreams and envision a lifestyle we want to live, that touches who we are as a person and adds value to our life and is a “smart” investment in the long term! I love real estate and I love the creative aspect of being in the process from beginning to end. All of that said….I welcome you again, and stay tuned for more real estate news! If you have something to sell or need real estate advice. Call…