Georgia Real Estate Market Report The real estate market in Georgia has many opportunities for potential buyers to invest as it is smart, affordable solution for buyers to quickly enter into the market. It is an ideal place to live and it is among five best places of the country to buy vacation homes. Real estate market is one of the most rapidly growing markets of Georgian economy. The investment in Georgia real estate gives you high returns and output on your investment due to the strong upward trend in real estate and which is expected to continue in future as well. The prices of real estates have increased more than four times as compare to last three years. The demand in real sector has increased due to the attractive locations of the city. GDP growth of Georgia has risen up to 10 percent over the past three years. The housing market around the country is going through a change; what was a definite sellers market in many area has shifted to a more balanced real estate market and, in some cases, shifted completely to a buyers market. Many factors come in to play when determining the current real estate market conditions, but, one easily measurable statistic is to see if buyers are still in the market buying homes. The direct impact to a seller is that if the number of homes sold has remained steady, you can reasonably expect to sell your home if you price it properly and prepare the home for sale. The market statistics show that number of homes for sale Atlanta Ga, was around 3384 in January 2005, June was 7130 and in December it was 5460. The picture was little bit different in 2006 the figure for Ga homes in Jan was 3807, June was 7608 and in December it was 4907 recently the statistics have shown an upward swing 2.5% growth.

 Georgia has the most stable real estate market in the country in spite of the financial meltdown. The capital is Atlanta which is a thriving city. The state is occupied by Blue Ridge Mountains and the area is home to some of the most exquisite and luxury properties. Another better place to stay is to the east of the Rockies. One amazing thing about Georgia is it showcases both mountain and seaside properties. Georgia is also a hotspot for recreation, hiking, camping and other activities. This calm, secluded and serene place makes one feel that they are in the natures lap. If one loves to wake up amidst ponds and forest then investment in Georgia Real Estates homes is ideal for them. Many investors in Georgia feel that there is tremendous potential in the states real estate sector because of the market stability. Georgia financially is a strong state as some topmost companies of the world have their headquarters, like UPS, Coca Cola, Delta Airlines, CNN are to name a few. Employment opportunities are also great. The future looks bright for Georgia Real Estate because of the strong economy of the state combined with rapidly growing population. People who are looking to invest in Georgia Real Estate Homes will have plenty of opportunities. If you want to invest in Georgia properties then Georgia Realtors will provide you all the knowledge to guide you to through the best properties in and around Georgia and to get you the best deals.

 Georgia offers one of the best places to live in the United States of America. It is small wonder then that the Georgia Real Estate market has seen a lot of activity in recent times. With a lot of people looking to move into Georgia, or relocating to a better home within the state, there has been a steady amount of sales going on in most of the popular real estate hubs in the state. The capital city of Atlanta Georgia has always been amongst the top metropolitan areas in which to live in the United States. It routinely features in ranking lists for the various polls and surveys conducted to gauge the very best places to live in the country. Atlanta forms a major part of Georgia real estate market. Hence, realtors in Atlanta GA also form an important part of any search for houses in the city. When you are out house hunting in the city of Atlanta, we suggest that you start of by finding yourself a good realtor working in the area. Once you have such a person, you will be able to get the best and most suitable listings for you. Some realtors may also offer you Atlanta Real estate “advanced access” so that you may get to view more options than a typical realtor will usually provide. Atlanta is not the only great place to live in the state of Georgia. The Woodstock GA real estate market has been gaining momentum in recent years and presently, a lot of firms offer Woodstock GA property management services in the area. Woodstock is one of the fastest growing suburban communities in the entire country and buying a home in the area can be an excellent investment as well as the key to a good life. Marietta GA real estate is also gaining ground at present. It is one of the largest suburbs of the Metropolitan Atlanta area and its proximity adds to its attraction. People who work in the downtown Atlanta area but prefer to live away from the rigors of city life have found growing communities like Marietta, a perfect choice for buying a home. Acworth, with its proximity to the lake of the same name as well as Lake Allatoona offers a great place to settle down in the state of Georgia. The lakes form a picturesque setting, so much so that the city is fondly nicknamed “Lake City”. Water sports and fishing can be enjoyed in the region making it a great spot to stay. Realtors Acworth GA can show you around the various properties listed in the place when you are out looking for a home. Be sure to find a good realtor in order to get the most relevant listings sorted and arranged according to your taste. Georgia real estate offers you a great chance to buy or sell a home in one of the best places to live in the entire country. However, you must not underestimate the need of a good Georgia realtor. With a good realtor by your side, we are sure you can find your dream home and get it at the best possible price. About the Client: Hunter Ramsay is one of the best realtors in the state of Georgia. His vast experience, coupled to his clever understanding of the market trends allows him to deliver full satisfaction to all of his clients. His tips on when and how to get the best property has helped a huge number of people find their dream homes in the state.

Georgia Real Estate 

Due to the badly hit recession market, Atlanta rather Georgia real estate market has almost touched the bottom. This is an apt time to buy homes in Georgia as there are hosts of entries in the listings for Georgia foreclosed homes. Till June 2009, the average home value index of Atlanta had been $164,600 which is nearly 14% less than what it had been last year. The average listed price in Atlanta region is $192,500 whereas the median price at which these properties are sold at is $191,700. The value of area in Georgia is $133/sq feet. This is a sink by 13.5% from the value in 2008. 

So, if you are planning to give away your home just for any other reason than paying the home loans or other financial crises, this is not the time. You can buy condos in Atlanta or other cites in Georgia because now the price is low and you will have many options. You may land up with a deal that you could not have imagined. Also, if you have not bought any property n last three years, Federal Government has complied to give $8000 and State of Georgia $1800. This gives you a golden opportunity to buy home in Atlanta and nearby areas. However, this offer is applicable till November 2009. You can call up any Georgia real estate agent for further details on the government terms for buying homes and bank’s latest terms for loans. This will prevent any chaos at the time of purchase.

Atlanta, GA, Real Estate: know the advantages of investing in it! 

Thinking about investing in a property? How about selecting one among the homes in Atlanta, Georgia? The advantageous location of the city of Atlanta, coupled with the easy availability of a range of properties, makes it one of the favorite among all sections of people; this subsequently makes Atlanta, GA, Real Estate popular as well. 

The natural beauty of the city makes it a favored spot for people who wish to live amidst such surroundings. Along with this, Atlanta, GA Homes also give them the opportunity to enjoy the luxuries of the modern world. An interesting blend of natural beauty and modern day amenities, Atlanta is the place to be. 

And you know what the best part is? The rapidly growing industrial sector of Atlanta, GA is the new destination for the new age entrepreneurs and business magnets. In such circumstances, it is a good idea to invest in Atlanta, GA properties. Atlanta, GA, Real Estate is one of the best investment opportunities in today’s world.

Wondering how to invest in Atlanta GA Homes? No worries; the Atlanta GA Realtors can help you out in this regard! You just need to decide your requirements and your budget and they are sure to give you all properties that fall under within that span. Atlanta GA Realtors also help you negotiate the deal and complete the legalities.

Real Estate in Atlanta

Georgia’s capital and largest city, Atlanta is a city that has practically everything going for it, be it climate, location, easy transportation, air access, and a supportive government. It is a major southern financial and cultural centre statistically covering more than 6,000 square miles and 110 municipalities.  Owing to its location, Atlanta, GA enjoys a moderate climate and the residents of the city enjoy the four seasons.  This makes it a favored spot for buying property.

If one looks at the Atlanta real estate market then you would come to realize that though the city is highly populated, the prices of properties in this region are quite reasonable in comparison to the rest of the metros in the country. An Atlanta real estate boom is strongly predicted in the coming years. While a two bedroom condo in New York’s Manhattan might cost you a hefty one million, Atlanta real estate would quote perhaps $250k – $300k for a similar property. The current number of Atlanta properties on the market is 5,596. According to the RPX Monthly Housing Market Report for January 2008, the average price per square foot of an Atlanta home is $91.41. The median single family home price as of August 30 2009 is $272,975 while the median price per square foot for homes in the city as of August 30 2009 is about $191. The median price for an existing single-family home in metro Atlanta fell 25 percent during the past year, weighed down by a tide of foreclosures and other distress sales. But this decline is not to suggest that the roof has caved in on Atlanta’s real estate. The 2008 housing report held a surprise for those looking for all gloom and doom. More than two dozen zip codes across 20 counties, with 10 or more home sales, experienced increases in sale prices.

To boost the real estate sales figures, today Atlanta homes are also exposed through popular Internet home search or listing services, radio and television promotions, and local Atlanta real estate guides. The traditional “For Sale” signs on the front lawn are still remarkably effective. Many Atlanta GA realtors use brochure boxes along with these signs to market the Atlanta home.

Located just 15 miles north-west of Atlanta and just south of the North Georgia Mountains is the city of Marietta. Marietta,GA offers a variety of housing to match your lifestyle. The city’s landscape has changed with the single family homes, condos, apartments and town homes that have come up in the region. Marietta realtors have ensured the fact that every potential buyer can get whatever he wants in his most prized asset. No matter whether you are buying a property for the first time or are looking for the perfect Atlanta GA luxury home, you are sure to find it in the city and its suburbs.

About the Author

A believer in selling dreams rather than houses, Hunter Ramsey – Associate Broker of Solid Source Realty GA, has only grown from strength to strength. Home buying or selling is often stressful and the Hunter Ramsey Group strives to make it a cakewalk by providing a powerful insight into the prices of homes and sources of home loans to ensure the best deals. Its associates use their expertise to ensure that their client’s journey in buying or selling a home is not such an ordeal as it is made out to be.

Atlanta Real Estate

Atlanta, Georgia’s capital city and a major Southern financial and creative hub, remains a city of the future and one of the top five cities for relocating young professionals to call it their home. Atlanta’s strategic location in the foothills of the southern Appalachians in north-central part of Georgia, its mild climate, physical beauty and job prospects have been instrumental in attracting large numbers of settlers making it a sought-after destination for home owners. The average estimated value of a home in Atlanta, GA was $274,281 in May 2009, up 0.05% from April 2009. Currently Atlanta has an average listing price for homes for sale of $444,954.

Atlanta comprises of two County Areas: 10 County Region, covering Clayton, Cherokee, Henry, Cobb,  Douglas,  DeKalb, Fayette, Gwinnett, Fulton,  and Rockdale counties; and a 20 County Area including Barrow, Carroll, Bartow, Coweta, Hall, Forsyth, Newton, Spalding, Paulding, and Walton counties. The County Regions are home to several cities and communities like Acworth, Douglasville, Alpharetta, Fayetteville, Marietta, Kennesaw, Milton, Powder Springs, Peachtree City, Roswell, Smyrna, Sandy Springs, and Woodstock.  How about investing in Marietta? It is at a distance of 15 miles from Atlanta downtown area and is reputed as one of the largest suburban regions of the metro area. Whether you are a first-time buyer or a pro at real estate, Marietta offers a choice just for you.

Given the current situation, one thing is certain – the Atlanta metro area still has an over-supply of homes for sale due to an abundance of new homes, Atlanta properties that are up for foreclosures, difficulty in availing loans and an overwhelming number of houses, be it simple apartments or large estates. Real estate is soft at present, but the Atlanta real estate market has been not been affected by many of the national changes. It’s a great time to buy a home condo or town home in Atlanta; in short, this is perhaps the right time to negotiate your next new home with an experienced Atlanta real estate agent. The chief advantage of opting for Atlanta real estate is that while in other US locations a large property price could scale up to millions, here it is within the comfortable zone of $200,000. Atlanta’s cost of living is also equitable with the national average, leaving the people with enough to take off on vacations, enjoy nightlife and explore the city’s cultural wealth!

Advertisements in the dailies published locally are considered to be the largest expenditure incurred by Atlanta realtors. However, today Atlanta homes are also within visibility range, thanks to the popular home search or listing services on the internet; advertisements on the radio and television, and catalogues of Atlanta real estate. Good news is on the horizon with recession showing signs of waning and housing prices once again picking up ensuring that your new home will appreciate in value as the years go by.

About the Author

Hunter Ramsey is an established Georgia real estate agent. Purchasing a property; be it residential or commercial, is no mean feat. If you are looking for a property in Atlanta Georgia, then you can trust the experience and expertise of Hunter Ramsey while buying your property. The Hunter Ramsey Group and the Associate Broker of Solid Source Realty GA have taken it upon themselves to ensure that all their clients get the very best of Atlanta, GA realty.

I found this article in the Wall Street Journal while doing some research to write my own article. Once I read the article I figured I could not say any better than Stephen so elegantly stated in the article below.

I agree with him. I have found the same to be true in my market. I serve the Atlanta GA metro area. I currently have 2 deals that have been in the works for months. Not a big deal for the bank, but the homeowner maybe relocating. The seller may not be able to make the note and the home is foreclosed on because one hand does not know what other is doing. Sad buy true.

8/5/2009 3:25 AM


By Stephanie Armour, USA TODAY

Scores of homeowners who thought they’d cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market’s recovery.

The sales of homes for less than the amount owed the bank, known as “short sales,” have been widely viewed as an alternative that could help slow the foreclosure epidemic. In theory, delinquent homeowners escape a mortgage they cannot afford, and lenders, although taking a loss, avoid the even costlier process of completing a foreclosure.

Instead, many homeowners are watching potential buyers walk away as months pass while they deal with lenders’ lengthy delays, lost documents and unreturned calls, according to the National Association of Realtors (NAR). Not all the snafus are lenders’ fault; inexperienced real estate agents who fail to turn in complete paperwork also are causing holdups, as are severely underpricedhomes.

The problems have become such a kink in the market’s recovery that banks and the federal government are launching new efforts this month to simplify and speed up the short-sale process.

Just 23% of short-sale offers that homeowners receive from potential buyers actually close, according to a February study of 1,300 real estate agents by Campbell Communications. More than 90% of agents cited a slow response from the lender as the reason short sales were lost.

“The delays are quite extensive and a real problem. It’s a serious issue,” says Mark Zandi of Moody’s Economy.com. “You’re seeing a lot of short sales go bust, and it’s contributing to the crisis because it’s one of the reasons foreclosures continue to mount.”

Jorge DeMattos, 45, just completed the short sale on his home in Pembroke Pines, Fla. a process he and his real estate agent, Edward Goldfarb, say took 17 months and eight separate offers.

DeMattos began pursuing a short sale after he was laid off two years ago and his income plunged from $46,000 to $26,000 a year.

Chase Bank, his mortgage servicer, rejected the first offer, which was $14,000 over what was then fair market value, according to Goldfarb.

On the next seven offers, the bank took months to respond. Each prospective buyer got tired of waiting and canceled the contract. The eighth offer, accepted in May, was $24,000 less than the first one that Chase rejected in February 2008, Goldfarb says.

“Chase made it very difficult. I had to stop paying the mortgage. It was so frustrating,” says DeMattos, who now lives with his sister in Kissimmee, Fla. “We would put the paperwork in, and they would never give a definite answer. Buyers waited for months.”

DeMattos says he owed $355,000 on his mortgage. The short-sale price was $225,000.

Christine Holevas, a Chase spokeswoman, says earlier offers on the home weren’t accepted because they were significantly below the appraised value and the homeowner didn’t send in updated financial information.

No longer uncommon

Short sales once were extremely rare. But now, with unemployment climbing and home values down, more homeowners are pursuing short sales when they can’t afford their mortgage. About 11% of all sales transactions in June are such short sales, according to the NAR.

Some delays stem from agents who fail to prepare buyers and sellers for the length of time it takes to get a short sale approved or who supply incomplete information to banks.

But many short sales are faltering, largely because some lenders may lack the internal staffing, expertise and systems to process such sales in a timely fashion. And short sales can be complex, especially if they involve home-equity lines of credit or other second liens held by different lenders, who also must agree to take less than the amount they’re owed from a home’s sale.

Several lenders acknowledge that banks have been part of the problem, in part because most have done so few short sales in the past that they’ve faced a steep learning curve.

“About half of short sales never close. We see it as a big lost opportunity, and we need to improve the rate we close them,” says David Sunlin, vice president in charge of short sales at Bank of America.

Uncompleted short sales that go to foreclosure are costlier for lenders and homeowners. For lenders, a short sale may save as much as 30% of the expense incurred by going to foreclosure.

For homeowners, a foreclosure wreaks longer-lasting damage to their credit records. A homeowner who has gone through a short sale typically can get a new home loan in one to three years, according to the NAR. A foreclosure usually means it takes seven.

Borrowers are expected to pay their mortgage during the short-sale process, but not all can afford to. That leads to abandoned properties that may sit vacant and deteriorate for months. In other cases, homeowners unable to make their payments may stay put and pay nothing, in some cases for up to a year, until the lenders’ review-and-approval process plays out.

Large numbers of uncompleted short sales are especially troublesome, because other efforts to stem foreclosures have been less effective than expected. The Obama administration’s housing rescue plan, which includes getting banks to rework home loans into more affordable mortgages, has made such slow progress that representatives from 25 major mortgage servicers were called to Washington, D.C., last month to discuss improving the efforts.

Short sales are moving into the national spotlight now as:

Mortgage servicers ramp up their programs. Bank of America has begun trying to slash the turnaround time on short sales from up to 90 days after a buyer submits an application to just a week. In a typical short sale, a buyer makes an offer, then the bank conducts appraisals to determine the price it will accept. Setting that price can take so long that would-be buyers may walk away. To try to avoid such delays, Bank of America has begun doing appraisals and determining a minimum price it will accept before a home goes up for sale.

Meanwhile, Wells Fargo has created a real estate agent education guide that explains the process, has increased staffing and has set up procedures to handle short-sale requests and explain the process to homeowners. The bank says it has cut its average turnaround time from offer to approval from up to 90 days to about 30.

The U.S. government is getting more involved. The Treasury Department soon will detail a plan to streamline short sales by providing standardized documentation and cash incentives to lenders and a moving allowance to homeowners.

Treasury has said that servicers have opted to pursue foreclosures instead of short sales because of the complexity and time required to complete the discounted home sales.

Borrowers who complete a short sale will be eligible for $1,500 to help with relocation expenses. Second-lien holders will get up to $1,000 to relinquish their claims in such transactions.

Eligible homeowners can be accepted through Dec. 31, 2012, but the short-sale program is for those unable to get mortgage modifications from their banks.

“We realized we couldn’t reach everyone with a modification. For us, that wasn’t the end of the story,” says Michael Barr, Treasury assistant secretary for financial institutions. “The alternative is to significantly speed up short sales.”

No authoritative figures on short sales’ completion times are available, but some research indicates the problem is worsening.

A survey in March 2008 by Campbell Communications found that the average time for a mortgage servicer to respond to an offer to buy a short-sale property was 4.5 weeks. Campbell’s follow-up survey in February found that the average response time had doubled to nine weeks.

A third survey in June found the response time was 9.5 weeks. The surveys were sponsored by Inside Mortgage Finance, an industry publication.

“The foot-dragging means it’s taking six weeks to six months,” says Lawrence Yun, chief economist with the NAR. “There are big delays. The review process is taking way too long.”

‘We had a learning curve’

Lenders say the approval process takes time because there are so many parties involved. Some bank officials say they’ve been learning as they go.

“We had a learning curve,” says David Knight, senior vice president for Default Retention Operations, Wells Fargo Home Mortgage. “Any stakeholder has a right to disapprove the sale. Realtors out there were used to regular sales. Now, all of a sudden, the servicer and Realtor have had to learn a lot.”

Some real estate groups also are trying to improve the process. Re/Max International Chairman David Liniger says his company is aggressively working to train agents on handling short sales and other so-called distressed properties. Instead of eight weeks to close a short sale, trained agents can get them done in two to four weeks, he says.

Within the real estate industry, hopes are rising that short sales will become a shorter process.

“It’s horrible the amount of time it’s taking to do these sales,” says Valerie Torelli, who owns Torelli Realty in Costa Mesa, Calif. “It happens all the time that short sales fail and then go to foreclosure. A seller doesn’t make payments for a year and then just walks away. It’s unbelievable.” 

Copyright © 2009

www.HunterRamsey.net
Selling homes not just houses!!

Buying a home that is in foreclosure is much different than buying one that is for sale by an individual or a property owned by bank.

A foreclosure is a process that allows the lender to repossess the home and later sale it to resolve a default on a property.

Why is Georgia Allowed to do a foreclose? The lender may take it back in form of Foreclosure, because the bank actually owns the property until the debt is paid in full and allows the Buyer to stay in the, use the, and occupy the home.

How is the title held?  Title is held in Georgia as Title in Theory. This allows the Buyer to give legal title to the lender as “Deed To Secure Debt” or “Security Deed”. By doing this the lender actually owns the property until it is paid in full.

How does the Bank actually take the property? The bank takes the property back by exercising the power of sale in the instrument used to secure the Debt or Non-Judicial Sale. The Bank must follows specific guidelines; First, declaring the buyer is in default, Second, The Lender must give Statutory Notice and third, the lender will attempt to sale the home on the court yard step on the first Tuesday of the month.

What are the Specifics of a Non-Judicial Sale? A Non-Judicial Sale works like this,The Buyer must be given written Notice fifteen days prior to the sale, Notice of Default and pending foreclosure must be run in the local paper for 4 consecutive weeks, The sale must take place The first Tuesday of the month between the hours of 10:00AM and :00 PM

How does the sale at the Courthouse actually work? The way the sale at the courthouse steps works is the sale is know as an Non-Judicial Sale meaning no hearing is required. After notification is given as stated above it is sold.

Who are the people that buy homes at the Courthouse? Buyers at the courthouse are people looking for a deal. People the understand the risk, and that have researched the homes first, ie. had the attorney do title searches, Lien searches, and if there are any second and third loans on the home.

How are the homes paid for? The home is paid for in full by winner (The one having the highest) in full immediately. The only one that is not required to pay in full is the lender.

 Can a foreclosure be cancelled? A foreclosure may be cancelled.

Why would the bank cancel a foreclosure? The Buyer worked out a plan to repay and the back accepted, The Buyer came up with the funds needed to stay in the home.

What happens if a foreclosure is cancelled? If a Foreclosure is cancelled it starts all over again. The Buyer must be given written Notice fifteen days prior to the sale, Notice of Default and pending foreclosure must be run in the local paper for 4 consecutive weeks, The sale must take place The first Tuesday of the month between the hours of 10:00AM and :00 PM.

What happens after the home is sold to the highest bidder? Once the home is sold to the highest bidder they may do what the wish with home. The highest bidder does not have to worry about previous home owner coming up with the money and wanting the house back.

Why does the highest bidder not have to worry about the previous owner wanting or getting the home back? The highest bidder does not have to worry because Georgia does not have “Right of Redemption” for a buyer once a home owner has been foreclosed.

What happens is the property does not sale on the court yard steps? If the property does not sale on the court yard steps? The properties go back to the lender holding the “Deed to Secure Debt”. Once the property goes back it is then call an “REO” or Real Estate Owned.

Are “REO” properties better than foreclosures? Yes and No. It depends on skill level. “REO” properties by contrast are less risky. Once the Lender gets the home back they will search the title for any liens on the property and negotiate to remove liens, write off Junior Mortgages, evict tenants (If required), pay Home Owner Association Fees not paid, clean and haul off debris left by the prior buyer. Ideally the Lender will get the home ready to be marketed by a Realtor.

In conclusion: Buying a Foreclosure on the courthouse steps should be left up the pros. When looking for a deal contact a Realtor and  look for “REO” properties. It will be a much cleaner deal. Homes that are “REO” are ofter reffered to foreclosures. Please do not be confused. The term is a generic term also. If the property is listed with a realty company it should be okay.

Times have changed, ask any Mortgage Lender, Realtor, or anyone looking to buy a home.

When buying a home the buyer must be pre-approved unconditionally. Why is this so important to be approved unconditionally? The bottom line is, I would hate just as any other Realtor for the buyer to find a home they “LOVE”. Only to later learn they are unable to purchase the home because of the daily changes taking place in the mortgage industry.

In the past a person wishing to buy a home only needed to be pre-qualified or pre-approved to get a Realtor to show them homes.

A pre-qual”if”ication is as states. a qualification based on what the prospective home buyer tells the lender. The “if” is in quotes because it is iffy at best.  

A pre-approval in the is just one step above the -. A pre-approval usually requires the prospective to complete a loan application and permission for the lender to run credit. 

The best way to ensure a home buyer does not waste time when searching for a home is to be approved unconditionally.

Approval unconditionally is best and includes all parts stated above, but goes further verifying the information on the loan application. The Loan officer will complete a loan package and have it underwritten by the investor that will loan the money for the home the home buyer will soon fall in “LOVE” with.

Some loan officers will say they do not have time. I say the home buyer does not have time to waste finding a home they “LOVE” only to be disappointed.

There are other advantages to to being pre-approved unconditionally. It will tell the seller of the home the buyer “LOVES” they are serious, serving as a negotiating term, saving the buyer time and money.

Money is saved because the seller feels like they can not let this one get away by countering back. Thus, accepting the offer of the buyer.

Time is saved because the lender has already had the buyer underwritten, There is no delay waiting for the package to handed back and forth figuring out what is missing. When the buyer has been approved unconditionally the closing happens very quickly. Often in 7 to 10 business days.

In conclusion contact a lender before looking. It will save Time, Money and Effort, not to mention disappointment.