And this condo is ready to move in. It’s furnished and all the appliances remain. Updated bath vanity, wood flooring and crown molding. Priced right at $99,900.

Amenities at The Veranda include clubhouse, outdoor pool, spa/hot tub, game room, and fitness center. It’s also on the Tiger Transit route. HOA fees apply $198.83/month.

An agent was working with a couple we’ll call Dan and Susan.  Their son, Drew, was coming to Auburn in the fall and they had driven down and stayed with friends overnight.  The mission was to spend the day together condo shopping. A long trip and a longer night on a pull out bed had conspired against the family’s shopping experience.  Dan’s back was acting up, Susan’s emotions were near the boiling point thinking how real this was getting — knowing that she ‘d be losing Drew soon; and normally level-headed Drew had suddenly become adamant that the only place for him was in an over-budget complex where a group of AU girls happened to be playing volleyball in their bikinis.

Dan and Susan had done their homework on the internet before the trip, but the unit they’d been most interested in had a SOLD sign in the window when they arrived.  Another unit in the complex had an agent’s sign in the window and they dialed the number.

A few minutes later the agent met up with them in the parking lot and they toured the agent’s unit. It wasn’t right for them and they spent the next 3 hours driving from place to place on their Zillow printout as the agent tried to narrow down what they were looking for.  This wasn’t easy — Dan and Susan hadn’t planned to involve a real estate agent at this point in their search and didn’t know this woman from Adam.

Finally, in the last unit when everything was running together in their minds: the Edge Condominiums…Edge West…Southern Edge, the agent convinced them to sit down with her and tell her what they were looking for.

This professional couple, embarking on spending thousands and thousands of dollars, knew exactly what they wanted. Their criteria was straightforward and specific and yet some of their bullet points were flexible.

By now the agent knew that the “big bed” meant that Drew was 6’9” and his bedroom needed to accommodate a king sized bed because otherwise his feet would hang off the end.  She had also learned that “Bo” was his dog that would be coming to school with him, so he needed a pet friendly place — but Bo was a smallish dog –under 25 lbs — so that opened up more potential properties than if he were a large breed.  The agent pulled their list across in front of her and added:

And then she said, “Why don’t you guys go out now and have a nice dinner and relax. Let me do some research and pull some properties that would work for you.  I’ll find you the best deal on the market. Then, I’ll send you photos.  If you like what you see, but you’re not sure, I’ll even walk through with a video camara if you want.  Let me do the searching for you, this is what I’m here for.”

They agreed and a couple weeks later on a Friday evening the agent got a call from a seller in Blacksburg, Virginia. A friend had recommended the agent to represent her in selling her condo at Auburn Crossing.  This was a third floor unit with vaulted ceilings and had been remodeled from a 4 to a 3 bedroom.  The unification of the two bedrooms had created a master suite plenty large enough to fit a king sized bed. This seller was  motivated and the price and particulars made this a really great deal that would sell quickly. The agent went over all the details with the owner and emailed her the contracts to sign and send back.

It was around 7 p.m. when they hung up and the agent immediately dialed Susan’s cell phone.  She told Susan that she was getting a brand new listing Dan and Susan might be interested in.  She gave her the details and told Susan she was about to drive over and get the key from the neighbor and have a look inside the unit. Susan asked the agent to let her know what she found during the walk-through.

When the agent arrived and got inside, she was pleasantly surprised.  The remodel was obviously done by a professional and the unit was in great shape. The agent snapped some shots with her cell phone on the spot and picture-texted them to Susan.   Then she turned her phone on video and shot a quick video tour and sent that to Susan as well.  She and Dan really were impressed with what they saw. They cancelled their plans for the next day, Saturday, and planned their drive down.  As the agent was locking up, she received an email from the seller with the signed listing contract.

The next morning early, the agent went back to the unit and took some pictures for the listing, taking advantage of the morning sunshine in her shots and placed a For Sale sign in the window. She then went back home and posted the new listing online to the local MLS and uploaded the pictures.

That afternoon, the agent took Dan, Susan and Drew on a tour of the unit and soon they  were sitting together at the dining room table writing up an offer.  The seller accepted the offer with only some minor alterations and — just like that — they were all set.  The closing went smoothly, the agent taking care of all the details for the seller and buyer and even helped Drew find a great local vet for Bo.

The condo listing did finally show up for sale on Zillow after four days. About a week and a half after it was listed and sold, someone phoned the agent from the parking lot of the complex.  They had seen it still for sale on Zillow and were in town condo shopping…

Websites like Zillow and Trulia often contain outdated information.  For the most part the listings you see on these sites are the ones who’s price allow them to sit on the market for months on end, unsold. And even sites like Realtor.com, who’s information is more timely, won’t put you in a position to snap up the real  deals, as the story above demonstrates.

There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.

How is buying a home owned or managed by Fannie Mae different from other home purchases?

Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

Does Fannie Mae provide special financing?

Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.  Contact an agent now to get more information on HomePath Property Listings

To find out about currently available properties at Legends of Magnolia, contact Penny at (334)703-6861 or send me an email.

Legends of Magnolia is Auburn’s newest luxury condominium located footsteps from all that is cherished in the University area. Every home is designed to surround you in Southern hospitality and elegance with gourmet kitchens, opulent bathrooms, and plush bedrooms. With private, secured underground parking, Legends is the ultimate combination of convenience and luxury in the downtown university area!
With a mix of 2 and 3 bedroom floor plans, the Legends of Magnolia community contains 54 new homes featuring:

• Private parking with a secured underground parking deck
• Ceramic tile in kitchens, baths and balconies
• Crown molding throughout
• Designer lighting, fixtures and mirrors
• Custom cabinets
• Stainless steel appliances (refrigerator, oven, dishwasher, ice maker, and microwave)
• Disposal
• Under counter lighting
• Granite counter tops
• Units available with double master bedroom suites
• Whirlpool tub with ceramic deck and back splash
• Separate ceramic showers stall
• Granite vanity tops
• Custom cabinets
• Walk-in closets
Contact me to schedule an exclusive tour today!

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

FREE LIST OF FORECLOSURES AND SHORT SALES. Sign up to receive automated short sale and foreclosure listings.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

• You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
• Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
• You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

• Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.
• A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)
• Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

• Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
• Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
• No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

To find out more about currently available properties, contact Penny at(334)703-6861.

Bed Bath & Beyond’s Zebra Chair

The Auburn Arts Association, Jan Dempsey Community Arts Center, and Downtown Auburn Merchants are hosting the 4th Annual SummerNight Downtown Art Walk on Friday, June 18 from 6 – 9:30 p.m. in downtown Auburn. Local artists will have their works on display throughout downtown. Make your plans to come out for an evening of art, music, shopping, and dining as downtown merchants and restaurants offer special late night hours. Don’t miss the sounds of local musicians taking the stage at three separate performance areas throughout the evening.

Main Performance Area (Located on Magnolia Avenue and Gay Street)
Therapy 6:15 – 7:30 p.m.
Children’s Parade 7:30 p.m.
Muse 8 – 9:30 p.m.

Additional Stage (Located in front of Tichenor Avenue)
John Peterson 6 – 7 p.m.
Pangea 7:15 – 8:15 p.m.
My Two Wings 8:30 – 9:30 p.m.

Ardistry Performance Area (Located on Magnolia Avenue and Wright Street)
Kolayah and Spoken Word Dub Poetry 7 – 8:15 p.m.
Hula Hooping Fire Performance 8:15 – 9:15

Bring your family, friends, and a chair and relax in downtown Auburn.

SummerNight features fun for the entire family. Children’s activities include arts and crafts and a chance to participate in the Children’s Parade with Aubie at 7:30 p.m.! Other children’s activities include inflatables, chalk walk, and a puppet show by Auburn Public Library Youth Services.

SummerNight is a FREE event for citizens of all ages to enjoy. In the event of rain, SummerNight will be held on Saturday, June 19 from 6 – 9:30 p.m.

visit www.auburnalabama.org/arts