2019

How Is AI Changing Real Estate?

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Whether you like it or not, AI (Artificial Intelligence) is changing our entire world. We use AI for everything from interacting with our cell phones to where our cars can drive themselves. So is Artificial Intelligence going to change the shape of the real estate industry? Yes, and in fact, it already has. So what is to come?

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AI Is Disrupting The Real Estate Industry

Almost everyone has heard of Zillow. So how have they changed things up with AI? Zestimates. Zestimates are an algorithm calculated value of your home. The algo uses data from public information, submitted data from users and takes into account things like current market conditions, location and home facts. Is it 100% correct – no, but it can be a good place to start gauging your properties value.

Check out what Adrian Fisher has to say about AI and Real Estate:

In the future, agents will no longer need to accompany clients to show a home, and clients can tour a property at their leisure. Agent-less showings will become more popular as AI-powered robots will be able to show clients around properties anytime and answer questions they may have.

In the future, consumers may prefer to do business with bots instead of real people. According to Salesforce, 69% of consumers prefer chatbots for quick communication with brands.

Zenplace, for example, is a company that offers consumers an AI-driven home tour experience. The startup developed a bot that comes with a tablet attached to a pole on wheels. It streams a live feed of a real estate agent who conducts the tour and steers the robot. This simulated robot increases the number of showings that realtors can hold within a day.

AI will enable buyers to view homes on their own, give feedback, and allow the agent to help clients decide why it may be a suitable property. Robots won’t take over, as a human touch will still be necessary. Instead, this technology will be helpful to agents that cover a lot of territory and have a busy showing schedule.

Read Adrian’s Full Article Here

So it looks like agents may be a thing of the past, or at least headed that way. In fact studies show that most home buyers now start their new home search online before even contacting an agent.

Do You Really Need A Real Estate Agent Now?

Things are really changing, and changing fast. In our opinion, sellers and buyers are tired of paying out so much cash for what most agents do, just list and put a property on the MLS (Multiple Listing Service).

Here is what G. Brian Davis from Bigger Pockets has to say about it:

Consider these questions: Does everyone need a real estate agent? Are the services that agents provide worth $10,000? How long are sellers going to continue spending that kind of money to list and sell a property?

Not much longer.

Services like Owners.com in the United States and Your Online Property Agent in the U.K. have started offering flat-fee services in the $400-1,000 range depending on how much extra attention and services you want. All services include an MLS listing, buyer funds verification and background check, property showings calendar and offer negotiation support. Premium services include local agent support, professionally written descriptions, sales contracts, and similar bells and whistles.

So what do sellers give up by using these services? The biggest difference is they would have to show the property themselves. But who can sell the house better than the people who live there?

Expect to see these online brokerages increasingly put the pressure on real estate agents.

Read Brian’s Full Article Here

So it really appears that the pressure is on agents, especially the ones that under perform. We all know somebody that has had some sort of horror story with a realtor.

Are Agents Going To Become Obsolete?

In our honest opinion, not any time in the near future. Agents do still provide a valuable service (well, at least some of them). There are sellers that don’t have a clue as to how to sell a home or even know where to begin.

Monica Nickelsburg makes this important point:

Real estate companies such as Zillow, Redfin, Opendoor, Compass, and others are investing heavily in the burgeoning “iBuyer” market that lets people quickly buy and sell homes online. Those transactions still require a real estate agent.

Read Monica’s Full Article Here

Summing It Up

So that’s just a little about how AI is changing the real estate industry. There are many more things that are coming and are on the horizon. One thing for sure, not as many people are going to have to rely as heavily on real estate agents as they use to.

If you have a house anywhere in Chamblee or the surrounding areas that you want to sell – give us a call! You don’t need an agent to sell to us. Just give us a call at (770) 756-8680 or check out our website to complete a brief form and we will contact you soon.

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This Will Make You Fall In Love With The Historic City Of Marietta

Marietta / By

Marietta Is A Fantastic Place To Live And Work!

Marietta is a fantastic city! Okay, we might be a little biased because it happens to be the headquarters for our company. But still, it is a beautiful place to live and work along with some amazing people.

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The City of Marietta, Georgia, is a full-service municipality that is located in central Cobb County, about 15 miles northwest of Atlanta, Georgia. Marietta has a distinguished and unique history and modern life style all rolled into one. With the city being only 23 square miles housing about 56,600 residents, it is one of Georgia’s most populous cities.

The most known landmark is The Big Chicken, it is a Kentucky Fried Chicken Restaurant. The Big Chicken was built in 1956 and is at the intersection of two main thoroughfares in Marietta being Cobb Parkway and Roswell Road. It is said that when you are not from the area and need directions to anywhere, everyone will say “From the Big Chicken you will go….”. This location also has a small museum about the history of KFC.

Marietta’s History

According to the City of Marietta’s website, the city was one of the first in the area to have early settlers prior to 1824. The Marietta Square, now known as Glover Park, was typical of an older towns design, including the courthouse being a center point of the square. In 1834 the Georgia General Assembly recognized Marietta as a community. The first bank in the town was opened in 1855. The city has seen its share of devastation also, in the 1850’s the town suffered mass damage by fire on three different instances. And in 1915 the National Guard was called in when the Governor gave an eleventh-hour commutation from death to life in prison to a suspected murderer of 13year old Mary Phagan. Leo Frank ended up being lynched on Roswell Road on August 17,1915.

Here is more from Wikipedia about Marietta:

Built-in 1838, the Oakton House is the oldest continuously occupied residence in Marietta. The original barn, milk house, smokehouse, and well house remain on the property. The spectacular gardens contain the boxwood parterre from the 1870s. Oakton served as Major General Loring’s headquarters during the Battle of Kennesaw Mountain in 1864.

Marietta was initially selected as the hub for the new Western and Atlantic Railroad, and business boomed. By 1838, roadbed and trestles had been built north of the city. However, in 1840, political wrangling stopped construction for a time. In 1842, the railroad’s new management decided to move the hub from Marietta to an area that would become Atlanta. Nonetheless, in 1850, when the railroad began operation, Marietta shared in the resulting prosperity.

Businessman and politician John Glover arrived in 1848. A popular figure, Glover was elected mayor when the city incorporated in 1852. Another early resident was Carey Cox, a physician, who promoted a “water cure”, which developed into a spa that attracted patients to the area. The Cobb County Medical Society recognizes him as the county’s first physician.

Read more about Marietta’s history here

Marietta Today

The National Civic League judged Marietta one of the 10 best communities in the nation as a 2006 All-America City, the oldest and most-respected community recognition award in the country. CNNMoney.com named Marietta one of the top 25 places in the United States to retire in 2011.

You can also learn much more about Marietta by visiting their website at https://www.mariettaga.gov/738/About-Marietta.

The city of Marietta Georgia is a very exciting and unique place to live and work! Marietta has so much going on you will never be bored and you will still have the “Small home town” feel. There is a park in the center of town called Glover Park also known as Marietta Square and it has hosted thousands of weddings and proms photographs. It also has a playground for the kids and concerts on weekends and almost every holiday. There are many restaurants and small shops on the Square. There is everything from beautiful old buildings, entertainment and new places to eat all within walking distance.

  • Brewery Tours & Tasting @ Red Hare Brewing
  • Brown Bag Lunch Concert Series
  • Marietta Street Fest
  • Earl and Rachel Smith Strand Theater
  • Marietta Fire Museum
  • Marietta Museum of History
  • Marietta Pilgrimage Christmas Home Tour
  • Marietta/Cobb Museum of Art
  • The William Root House Museum & Garden
  • Old Zion Baptist Church Heritage Museum

Marietta also offers plenty of interesting things to see and do that are all within minutes from the square such as;

  • Ghosts of Marietta
  • Historic Walking & Driving Tour
  • Marietta’s Black Heritage Walking Tour
  • Marietta Food Tours
  • Marietta Gone With the Wind Museum
  • Aviation Wing of Marietta
  • Marietta Confederate Cemetery
  • Marietta National Cemetery
  • Andretti Indoor Karting & Games

Marietta has a very diverse work force, there are many large companies that keep the ever growing area employed;

  • Cobb County School District
  • Tip Top Poultry
  • C. W. Matthews Contracting Co
  • WellStar Kennestone Hospital
  • Children’s Healthcare of Atlanta Training Grounds for Atlanta United
  • Franklin Gateway Sports Complex
  • Six Flags White Water Park

Check out this video that tells even more about this great city!

As you can see, Marietta has a lot to offer!

Moving to or from Marietta?

If you have a house in Marietta and are looking for a “we buy houses” company that will buy your house – we are the people to contact! Just check out our website to complete a brief form or call us anytime at (770) 756-8680. If you are looking for your dream home in Marietta, we can help you with that as well!

You can also click here to learn more about how we buy houses.

This Will Make You Fall In Love With The Historic City Of Marietta Read More »

Can You Sell Your Home Before The Mortgage Is Paid Off?

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Some homeowners often wonder how this works, how can you possibly sell your home while there is still a mortgage on it. It can be fairly simple, just like selling a car that you haven’t paid off yet. However, there are some things you need to take into account before deciding to sell.

First, you need to factor in the 5 year rule. If you bought your house within the last few years you may not be able to sell your home without bringing money to the closing table. New homeowners need to stay in their house for at least 5 years to make sure they don’t lose money when it comes time to sell. We know this isn’t always possible, especially when you have to transfer to another city because of your occupation. If your job is the case be sure and ask your employer if they can possibly help offset the costs of selling your home without any equity in it. Maybe they will, maybe they won’t – it doesn’t hurt to ask.

Steps To Take To Sell Your Mortgaged House

If you have been in the property for a few years and have to move the next thing to do is lose your emotional attachment to the property. We understand this can be difficult, especially if you like your house and are having to move because of work or some other reason. Investopedia has some good advice about this:

Once you decide to sell your home, it can be helpful to start thinking of yourself as a businessperson and a home seller, rather than as the home’s owner. By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property that you’ve undoubtedly created many memories in.

Also, try to remember how you felt when you were shopping for that home. Most buyers will also be in an emotional state. If you can remember that you are selling not just a piece of property but also an image, the American Dream and a lifestyle, you’ll be more likely to put in the extra effort of staging and perhaps some minor remodeling to get top dollar for your home. These changes in appearance will not only help the sales price but also help you create that emotional distance because the home will look less familiar.

Read The Full Article Here

We can’t stress enough how important it is to distance yourself from the property. If you can, pack up a lot of your personal belongings, especially pictures to make it easier for a buyer to see the home as their own.

Contact Your Mortgage Company

If you plan on listing your home with an agent you should contact your mortgage company first to learn what your pay off amount will be. This will help you when it comes time to calculate what the house will bring on the market. It will also help the agent to know at what price point you need to be if you have been in the home for a short amount of time.

Lauren Perez gives some more important info from her article on Smart Asset:

If you’re thinking about selling your home, it’s best to contact your mortgage lender and ask for your current mortgage payoff amount. The amount you receive is generally valid for 10 to 30 days, before more interest accrues and changes the amount. Why does this matter? Knowing your outstanding loan balance will help you come up with a selling price. What’s more, you’ll need to use the money from your home sale to pay off your mortgage loan.

It’s also important to review your mortgage loan paperwork and look for due-on-sale clauses. Due-on-sale clauses protect lenders by requiring homeowners to pay their mortgage loan in full after selling their home or transferring their deed to someone else.

Read The Full Article Here

The due-on-sale clause is almost always in the loan paperwork now days. The lenders started putting that clause in to help them make more money. Basically it’s there so that if interest rates were to rise sharply they can collect more in interest from a new home owner.

What If You Are “Upside Down” In Your Mortgage?

This isn’t as common as it was a few years ago, but it does happen. As we discussed earlier if you have only been in the house a couple of years you won’t necessarily be upside down, you just won’t have enough equity to cover closing costs. However, some homeowners have multiple mortgages or HELOC’s (Home Equity Line Of Credit) that is maxed out. These sales can be a bit more difficult, especially if you don’t have the cash to cover these loans. So what do you do? A short sale.

SFGate explains perfectly what a short sale is:

In a short sale, the lender agrees to take less than it is owed and still clear the mortgage off of the books. Short sales can be complicated to set up and very time-consuming. While a law passed in July 2011 generally prevents your lender from coming after you for the short sale deficiency, it’s still a good idea to make sure that you won’t be held personally liable after the fact.

Read The Full Article Here

It’s great that the law was passed in 2011. However we have seen that short sales can take a long time, if they happen at all. For what ever reason the lender decides not to complete the short sale. If this is the case, unfortunately you may have to consider a Chapter 7 or 13 bankruptcy.

Summing It Up

Yes you can sell a house while there is still a mortgage on it. If you have been in the house for a long time – great, you shouldn’t have any problems. If you sell the traditional way with an agent you should have enough money for closing and might possibly walk away with some cash. If you have been in the home only a few years, or owe more than it is worth, it might be a little more difficult.

If you have a house and would like to sell it, we would love the opportunity to make you an offer. If you have only been in the house a few years, we probably won’t be able to make a deal. However, if you have been in it some time or the house needs some repairs – we probably can. Just reach out to us at (770) 756-8680 or visit our site to complete a brief form and we will get back to you soon.

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Are Home Buying Companies Legitimate?

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Do you own a home that you need to sell and are looking for a reputable we buy houses company? Well, you found them! We are Mandich Property Group and we are a local company that buys houses for cash and in any condition. You can get a free, no obligation offer by calling us at (770) 756-8680, or by visiting our website here to fill out a short form and we will get back in touch with you very soon. Now that that’s out of the way – on to the article 🙂

Are We Buy Houses Companies For Real?

Since it is a growing industry many people are asking, “how do the we buy houses companies work?”.  It’s pretty simple really, much more so than the real estate agent route with all the complicated paperwork. It is a legitimate business, but like with every other business there are scammers out there to worry about. One investment company that will not scam you is our company – Mandich Property Group, we are here to assist families like yours that may need or want to sale a home or property fast for a variety of reasons.

Selling Your Home To A We Buy Houses Company Isn’t For Every Seller

Selling your house to a cash buyer or investor might not be for everyone, you will need to weigh the pros and cons for your individual situation.Here is a piece of a great article that explains more:

When a seller chooses to work with a “We Buy Houses” company, it’s most often for one of two reasons: because they are in a financial position where they want to get cash fast or because they don’t want to take on the stress and burden of selling a house. That being said, We Buy Houses companies are not for every seller. It’s important to first evaluate what your needs are when it comes to selling a home before making the decision to sell on the market or sell to a company that buys houses.

Not all We Buy Houses companies are the same, many will operate in a very different way than others and, unfortunately, some will try to take advantage of sellers. That being said, make sure to do the necessary research beforehand and trust your gut! If anything ever feels off, make sure to get clarification.

Read the full article here

That last bit of information is very important! With every financial investment, especially large financial investments, you want to check out the company to make sure they are the best fit for you and that they are who they say they are. These days it’s much easier to check on the legitimacy of a company by simply searching for them on the web and looking at their reviews or finding them on social media.

We Buy Houses Companies Pay With Cash

There are benefits in selling to a cash buyer when you pick a reputable company such as Mandich Property Group. In this article by AdvisoryHQ it shows just a couple of the best benefits;

The primary benefit of using one of these services is that many of the companies that buy houses will offer to pay you in cash on the spot. You do not have to go through a realtor, deal with all the paperwork, or show the house, so it’s very convenient. Many of these businesses say, “We buy any house,” so even if your house isn’t in the best condition, it is likely that you will receive an offer.

Like anything else in the world, there are both ethical and unethical investors in this business, so it’s important for you to do your homework before choosing a service.

Read the full article here

It’s also important to add that when selling to a cash buying company you don’t have to worry about buyer mortgage contingencies. You also don’t have to be concerned about the buyer not even being able to get a loan making you wait for weeks, only to have to start the process all over again.

Is Selling To A Company That Buys Houses Right For You?

Selling a house is a big decision and there are many choices out there to get over whelmed with. It is true the investment route might not be the best fit for you. When discussing your situation with us if we think it is not the best way for you, we will tell you so. Because selling your house with a Realtor can take a long time and you may or may not get the asking price, this may be a good fit for your situation. Here is a short snippet from another article that gives a few more of the pros of selling your home to an investor:

Buyer financing: Unlike the traditional home sale, there is no waiting on buyer financing. Buyer financing can be a nightmare when lenders delay or slow down closing, sometimes forcing buyers to rescind their offers altogether. Most investors have cash to pay for your home, so this means no delays or hassle in relation to financing the purchase.

Creative Solutions: Because investors have the capital to buy your home with cash, they also have the ability to provide more unique solutions. For example, if you’re underwater on your mortgage, some investors will take over your mortgage altogether. Ask us about seller carry-back, and other flexible financing solutions.

Read the full article here

Summing It Up

Whether or not selling your home to an investor is totally up to you – and only you can decide in the end if it’s the best solution. You also need to use caution in who you choose to do business with, and do a little research on them. If you can’t find anything on the web about them, you might want to choose to deal with another company. Basically it is good to know who you are going to be working with.

We are a family run and operated investment company and we will do our very best to treat you right. We look forward to talking to you soon so reach out to us today and we will work hard to make the selling of your home as easy and painless as we possibly can. Call us today to get started 🙂

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We Buy Houses Pros And Cons

We Buy Houses / By

A lot of people often wonder how we buy houses works and the Pros and Cons of selling your home to a we buy houses company. In this short article we will cover a little of both the Pros and the Cons.

But first, if you have a property anywhere in the Metro Atlanta area that you would like to sell we would like the opportunity to make you a fair, no hassle, fast cash offer for your home in its present condition. No need to make any repairs, clean or worry about staging, we buy “as-is”. You can reach us at (770) 756-8680 or visit our main website to fill out a short questionnaire and we will get back in touch with you shortly. Now – on with the article 🙂

The real estate market, especially selling and buying residential property, has changed dramatically over the past few years. There’s no doubt you have seen signs on the side of the road or stapled to a telephone pole “We Buy Houses”. It’s actually becoming much more common for homeowners to sell their property without the aide of an agent and selling to some sort of investor.

If you are like a lot of homeowners you may have never dealt with this type of buyer before. So lets get into some of the Pros and Cons.

We Buy Houses Companies Pros

No Realtors And Lengthy Contracts

There are quite a few pros to selling your home to an investor. First you don’t have to go through the hassle of finding a good, reputable agent that can get your home sold in a reasonable amount of time. Without a listing that means no showings, which means no having to make your house spic and span and keeping it that way for potential buyers dropping by spur of the moment. In short, cutting out using an agent can cut down on your possible headaches considerably.

Selling As Is For Cash

An article from Forbes goes on to explain a few other benefits that a homeowner might enjoy when it comes to selling:

Selling “As Is” – Typically, investors offer to purchase a property “as is,” many times sight unseen. As a seller, that allows you to avoid any costly repairs that would normally be considered your financial responsibility.

Fast Closings – There are investors who can close within 7 days. How is that possible? Because the sale of the property is not reliant on approved financing, appraised values, home inspections, or the like; bypassing all of these steps expedites the process considerably.

Read The Full Article Here

One word of caution from the Forbes article is an investor that will purchase the property sight unseen. We find it very hard for any investor, whether local or IBuyer (learn more about IBuyers here) to purchase a property without inspecting it. We have seen that when they buy sight unseen their offers tend to be extremely low.

Probably the best benefit is being able to sell a property without having to worry about making any repairs or updates. Any one that has sold a property before knows what we are talking about. Not only do you have to be concerned with the repairs that you see need to be done, but a picky buyer and their inspector pick your house apart wanting all kinds of little things fixed or some sort of contingency.

Here is a quick video that explains in a little more depth the advantages of selling to an investor:

Cons

There are a couple of cons when it comes to selling your house to an investor or we buy houses company. It is not for every homeowner! If your house is in good to excellent condition and you have time to wait on a buyer, then most likely listing your home and selling with an agent is probably going to be best for you. Why? Because of price.

Price

An investor or company buys houses to make money. So you are not going to get top dollar for your home. Here’s a snippet of another article that backs that up:

Selling to a cash homebuying company is unlikely to get you the full market value of your home. Investors are taking a chance by buying your home as is, and the lack of costs to you (such as commissions and fees) will be factored into their offer.

Remember, too, that you’re being handed cash, often days or weeks after your initial contact. That convenience and speed will cost you.

Read The Full Article Here

It’s true that investors are taking on the risk. Anything could happen in the time from when they purchase the property to when its ready to sell and closed.

Scams

There are a lot of honest, reputable companies all across the lower 48 that want to buy your house. But yes, there are people out there waiting and wanting to take advantage of you. Here’s a snippet from WHNT that explains more:

  • Pay attention to suspicious advertising. Be wary of signs and solicitations that only include a phone number and no other details. If a business is legitimate, it will not try to hide information from you.
  • Do your research. Search for legitimate businesses that pay cash for homes using org as well as other review sites. Always read complaints and reviews on the business before you sign on the dotted line.
  • Never pay an upfront fee. A legitimate quick-sell business will not ask for you to pay any upfront fees.

Read The Full Article Here

You have got to make sure you are dealing with a reputable home buying company!

Summing It Up

There are some great benefits for a home owner to sell their property to a we buy houses company. Fast closings, no repairs and no agents or showings. The biggest con – you are not going to get full market value. As to how much of a percentage of full market value you will get will vary from company to company. Go ahead and contact several to get the best price as well as ensure that you are dealing with a reputable company and you should come out fine in the end.

Again, if you are anywhere in the Metro Atlanta area and want to sell, reach out to us at (770) 756-8680 anytime. If you are wondering more about how our process works, check out this article.

We Buy Houses Pros And Cons Read More »

What Are Your Options With An Inherited Property?

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Losing a loved one is a terrible thing. The grief can be overwhelming, especially when it’s a parent. Hopefully they have a last will and testament for how things will be handled after their passing It can make things much easier for you, especially if you have siblings.

There can be a lot of things that need to be addressed after their passing. Final expenses, credit cards, cars, pets, and a host of other things – including a house. In this article we will talk about your options when it comes to a property.

First, if you are reading this and have recently lost a family member, we are truly sorry. If you have inherited a property and want to sell it, we are here for you. We promise to make the entire selling process as easy as possible for you. You can reach us at (770) 756-8680 or visit our site to complete a brief form and we will be in touch shortly.

What Are Your Options?

Really, you pretty much have 3. If all of these are available to you or not are dependent on your individual situation:

  1. You can move into it
  2. You can rent it out
  3. You can sell it

Moving Into The Property

If the house you inherited is nicer than yours, you may want to move into it. This does depend on whether or not you have siblings and you can all agree that it’s okay for you to take ownership of the property. It will also depend on whether or not there is an existing mortgage that will need to paid and you can make the payments.

Lisa Johnson Mandell from Realtor.com explains more:

In the best-case scenario, the property is paid off and comes to you, the sole heir, free and clear. In that case, you’ll be personally responsible only for property taxes moving forward, inheritance taxes (if any), and any repairs and improvements you choose to make.

However, if you’re not the sole heir and inherit the house with, say, your siblings, moving in will also mean compensating the other inheritors (and hoping they aren’t gung-ho to live there, too).

Whatever decision you make, try to base it on a balance of emotional and financial factors: While you may have always dreamed of keeping the place in your family for eternity, if that’s not possible, don’t beat yourself up. Remember, the deceased had meant this inheritance to be a gift rather than a miserable weight on your life. So do what makes sense for you.

Read The Full Article “So You Inherited Property—Now What?“

Lisa makes a good point about the deceased was passing on a gift. Time and time again we have seen siblings squabbling over who was getting what. We also like Lisa’s point of compensating the other heirs if you plan on living there. If you own another property and selling it consider giving you siblings a portion of those proceeds.

Renting It Out

This is also another possibility, especially if you are the sole heir. There are some things you need to ensure to be certain this is a feasible option. What kind of condition is the house in? If it’s newer then you won’t have to worry as much about repairs. If it’s older, than you may have to replace the roof, HVAC system or maybe even new appliances. If there is a mortgage on the property you will have to make sure that the rent covers that.

Then there is the whole aspect of dealing with tenants. They can be demanding. Who wants a call at 3 a.m. with them complaining about they can’t sleep from the noise of the faucet dripping , or they clogged a toilet and it’s over flowing?

There is an alternative to you dealing with them yourself – Property Management Companies.

Tim Jones recently wrote this on the Daily Republic on the subject:

Keeping it can be an investment. You can hire a property management company to manage the tenants, repairs, etc. associated with the house. Ultimately, it could turn out to be a good long-term investment, regardless of whether you ever move into it or not.

The advantage of a professional property management company is that you don’t need to be versed in landlord-tenant law, and don’t need to handle the day-to-day worries.

Read The Full Article “All Things Real Estate: 2 choices with inherited house: keep it or get rid of it“

Property management companies are a great option for taking care of your property and tenants. Some companies will even find and screen the tenants for you. It does come at a price though ranging usually between 6-10% of the monthly rental amount.

Selling The House

This option we run into a lot because, well, we buy houses. Over the years we have purchased multiple probate properties. Just like the other two options you still have to weigh your options. The condition of the property is going to make a difference on how and who you sell the property to. Where the deceased hoarders? Does the house need extensive repairs. Does the property need updating? Hopefully there isn’t more money owed on the property than it’s worth, although this isn’t as common as it was a few years ago.

If the home is in good shape and you have time you can probably list it with an agent. But check out what Christine Bartsch has to say about listing with an agent on Homelight’s blog:

When you’re lost in bereavement and the complexities of probate, it’s natural to look to the familiar—such as hiring your favorite real estate agent. But unless your favorite agent specifically handles probate properties, this is a mistake.

While most probate sales functions similarly to a traditional sale, there are some key differences that require specialized know-how. A probate real estate agent will know how to handle these differences, such as selling a property that requires court confirmation or drafting contracts when the probate property is still in the decedent’s name.

If you don’t live near your inherited property, you’ll need to hire a probate agent who’s local to the property rather than you. This ensures that your agent knows the laws and ordinances of the property’s home state, city and county that may impact your sale.

Read The Full Article “I Just Inherited Property in Probate, What Happens Now?“

Great advice from Christine – be sure your agent is familiar with the probate process in the state the property is located in.

Here is a video that explains even more indepth about some of the things you may face in selling a probate property;

Summing It Up

Having to deal with an inherited property or probate property is almost never easy. Go through all of your available options and choose which will be best for you. Probably one of the biggest things we can suggest is that you talk things over with your parents before they pass and make sure they have a will so that things won’t be as burdensome for you when they do pass, it’s the responsible thing to do.

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Common Mistakes To Avoid When Remodeling Your Home

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Some people enjoy remodeling their home and making it their own. Others not so much. In this write up we will cover some of the things that you should do and mostly things you should avoid when planning and executing any remodeling in your home.

But first, if you think you have to remodel your house before selling it – think again. Here at Mandich Property Group we will buy your house in as is condition. Even if you have things you don’t want to take with you – it’s not a problem. Reach out to us at (770) 756-8680 or visit our website to complete a brief form and we will contact you shortly.

Now – on with some tips on Remodeling your home!

Create A Budget

This seems like a no brainer, but is often overlooked. Planning a budget is a must. If you have to go to an outlet store and start getting prices – do it! As investors we can tell you from experience that we almost always run over budget. We do try to stick to it, but in the end we want a product that we are proud of and that a new home owner will enjoy. The last thing you want to do is cut corners at the end of a project just to get it completed, only to not be satisfied with the end result.

Ayn-Monique Klahre from Real Simple goes on to explain even more about the importance of planning a budget:

Since the general rule of thumb is that it’s going to cost more and take longer than you think, make sure you have a big enough cushion in there that you’re not breaking the bank (adding an extra 10 to 20 percent more to the initial estimate is a good start). “If by some miracle you come in under your number, you’ll be happy to have a little extra for decorating!” says DiClerico.

As a general rule, you’ll want to spend more on things you interact with—like cabinets with doors you’ll open and close dozens of times a day—versus things you use less, like decorative tile.

Read The Full Article “The 7 Most Common Home Renovation Mistakes to Avoid“

The last sentence in that snippet is extremely important. If you are doing a kitchen remodel you don’t want to spend all of your money on marble tile and granite counter tops only to have to buy cheap appliances because you are out of money.

Know Your Limitations

Just like Clint Eastwood said in the movie Magnum Force – “A man has GOT to know his limitations”, the same holds true when it comes to remodeling your home. There have been countless times when we have gone to a property that someone wants to sell and it’s very obvious that

  • they did the remodeling work and had no clue as to what they were doing or
  • they hired a sub par contractor or may have took the lowest bid

In either case we knew that the work would have to be redone.

Donna Boyle Schwartz talks about this in her article from Bob Vila’s blog:

Be realistic about your DIY skills. You may be a wizard at painting, and you may even be fairly proficient with Sheetrock and decorative molding, but certain projects are best left to the pros. Indeed, many communities require that plumbing and electrical work be performed by a licensed contractor. The last thing you want to do is take on a project that is beyond your level of expertise and then have to pay a professional to come in and fix your mistakes. Figure out what you can and, more importantly, cannot do yourself before you start a project.

Read The Full Article “The 7 Deadly Sins of Home Remodeling“

It’s extremely important to remember that if you are doing any kind of addition you should always hire a licensed contractor for plumbing and electrical work and get the proper permits.

Choose Your Contractors Carefully

So now you may know that you can’t or don’t want to do everything in your home remodel. Maybe you just don’t have the time, that’s totally fine, the last thing you want to do is get in over your head.

When it comes to hiring a contractor do yourself a favor and get quotes from at least 3, more preferably if it’s a larger project. Nationwide’s Blog (yes, the insurance company) has some great tips on choosing your contractor:

Don’t rush your decision on hiring a contractor. Interview multiple contractors and reach out to their references and previous clients. Make sure each contractor understands what you want. Don’t hesitate to ask them questions about materials, layout and the construction process. Don’t select your contractor based on price alone; compare price quotes and references, and make sure you can work easily with them.

Read The Full Article “The Biggest Home Renovation Mistakes to Avoid“

We would add that you should also research them on the web. Look at their Google listing and check out their reviews. If they have a lot of bad ones – well maybe you should think twice about using them.

Every homeowner (including investors) want the same thing from a contractor, Good, Cheap, Fast work. The problem is that really only two of those at a time is possible. Here is a diagram that helps explain:

For example, if you want good work cheap – then it won’t be fast. If you want cheap work fast – then the quality of the work will suffer and if you want high quality work done quickly – you guessed it – it won’t be cheap!

Doing Projects In The Correct Order

This is something else that is commonly overlooked. This can be really important if your storage is small. You don’t want your new appliances delivered before they are ready to be installed and you have no place to put them.

Tami Brehse from Business Insider explains more:

Budgeting is an obvious part of the planning process, but many homeowners neglect another important part that requires strategy: workflow. Poor planning here can result in delays and added costs.

“When remodeling, things need to occur in a certain order,” Helling said. “For example, you don’t want to refinish flooring and then paint.”

Paint — or a crew of painters and gear — can easily damage brand new floor coverings, so flooring should almost always be done last in a renovation project.

Another commonly overlooked part of the workflow is cleanup. Will your project require a dumpster? What about a truck to haul away debris? Think through your project from start to finish to ensure you’ve accounted for all the necessary steps in the process.

Read The Full Article “The 8 biggest mistakes people make when remodeling their homes, according to real estate agents“

Finally here is a quick video from News 5 out of Cleveland that gives some quick pointers:

Summing It Up

Remodeling can be a daunting task, but if you plan properly you shouldn’t have as much stress and will be able to save some of your hair 😉 . Create your budget, check out your contractors and in general – plan properly. Try and have fun and don’t yell at your spouse or significant other to much!

 

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Is The Atlanta Housing Market Slowing

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Today’s Pulse On Atlanta’s Housing Market

For a few years now housing prices have been steadily climbing higher, especially in the Metro Atlanta area. If your house was immaculate or at least in decent condition, it would sell. Chances are you would have multiple offers on your property. But things look like they are changing.

First things first, if you have a property anywhere in the Metro Atlanta area, we would like the opportunity to make you an offer for it just the way it is. No hassles and a fast easy sale. You can contact us at (770) 756-8680 or visit this page and complete a short form and we will contact you shortly.

Okay – now on to why you are here – to learn what’s happening in today’s real estate market.

Bidding Wars Are Down

It looks like the days of putting a property on the market and the price getting run up by multiple offers are becoming a thing of the past for sellers. Don’t believe us? Check out this from Redfin’s Blog about bidding wars by Dana Olsen:

Just 10.4 percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in August, down from more than 42 percent a year earlier. That overtakes last month’s 11.4 percent bidding-war rate as the lowest on record since at least 2011.

The national bidding war rate reached a high of 59 percent in March 2018, then started to drop as homebuyers reached their limit with sky-high housing prices and rising mortgage rates in the middle of last year. As the housing market has cooled slightly, so has competition to purchase homes.

Continue Reading – 10% of Redfin Offers Faced Bidding Wars in August, a New 8-Year Low

We suggest you visit that page and look at the graph that shows the National trend and you will see it hit a peek of around 60% in 2017 nationally and is now down around 10%.

Recession Fears

If you watch any news at all you know that we are in the midst of a trade war with China. While we believe this hurts the Chinese more than us, yet it still reeks havoc on the Stock Market. Add to that every other country in the world has a slowing economic market. All of this makes buyers think twice about purchasing a property, especially if they think there is a down turn about to happen. Everybody remembers the housing bubble of ’08, it’s fresh in their minds. Also there was an inverted yield curve in the month of August, which is usually a good indicator of a recession looming.

Lisa Chamoff wrote about this in a recent post on Forbes:

Homebuyer confidence is dropping, and more than half of current house hunters plan to put their home search on hold until the economy recovers, according to survey data released this week by Realtor.com.

The survey this month by Toluna Research found that more than 36 percent of 755 active home buyers expect the U.S. to go through a recession next year. This is up by about 6 percent when shoppers were asked the same question this past March.

Continue Reading – More Than A Third Of Home Buyers Think A Recession Is Coming

Atlanta’s Housing Market

So where does Atlanta’s housing market fall in all of this. Inside the perimeter we are seeing some change. We have seen properties listed longer as well as sellers having to slash their asking price.

Michael E. Kanell had this to say about it in the AJC earlier this year:

Yet the number of homes sold during the month was 8.9 percent below that of March 2018 as fewer buyers and sellers found common ground. Home sales volume has been declining for several months in metro Atlanta, including a 7.4 percent drop in February.

Read The Full Article Here

Over the years we have always seen inside the perimeter to be effected first, then spread to the surrounding counties.

So Are We Headed For Another Housing Crisis?

In all actuality, we don’t think so. There were two major factors that really had an effect on the crash of ’07-’08.

  • First, there were a lot of homes available. Builders were going crazy putting up new subdivisions everywhere throughout the Metro Atlanta area. The supply far outweighed the demand.
  • Second, Banks and Mortgage companies were making very risky loans and basically lending money to people that couldn’t afford to make the payments. Since the crash though lending standards have tightened up, to a degree.

In Conclusion

So what’s the take away from this? We do think there will be a correction coming, no market keeps going up for ever. At some time there has to be some sort of correction and prices will probably drop a bit. If the China trade war continues or there is some other global economic catastrophe, it may be a little more severe. However, we aren’t trying to paint an all “Doom and Gloom” scenario!

Bottom line, if you have a house that you are thinking of selling, now is the time to do it. This is especially true if you have a house that is a “handy-man special” that needs some repairs or needs major work and you can’t afford to make the repairs and need to sell as is.

Even if you house is ready to list with an agent – it’s still a good time to sell. Better now than later and have to wait until after any correction because you never know how long that will take.

Here’s a short video that goes over a few of the points we covered and will expand more on these thoughts:

Is The Atlanta Housing Market Slowing Read More »

The Difference Between IBuyers And We Buy Houses Companies

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IBuyer V.S. We Buy Houses

There are some new players in the Real Estate market that suggest they have an easier way to sell your home. These are companies like Knock, Offerpad and Opendoor and a few others. But is it really easier? And what’s the difference to a “We Buy Houses” Company?

Before we get into the differences between the two, we would like you to know that if you need to sell a house anywhere in the Atlanta area – please don’t hesitate to give us a call at 770-756-8680 for a free, no obligation on your home or visit our site here to complete a brief form and we will contact you shortly.

Now on to who and what these IBuyer companies do:

Algorithm Powered Home Flippers

Before we get into any of the differences in the two, here is a quick run down on how most of these IBuyer companies work from an article written by Joshua Fraser:

The iBuyer business model is pretty straight forward, a real estate company uses data science and property data, both public and private, to create valuation models that identify home with high investment potential. They can then make an instant offer that provides liquidity to homeowners that doesn’t exist on the traditional real estate market. Typically, iBuyers charge a 7-10% fee compared to a standard 6% agent commission and will offer an 80-100% of the market value for a home. They might charge a higher fee for convenience but many sellers will be willing to pay for the benefit of being able to have a sale finalized within weeks or even days. You may take home a bit less than the traditional method but you can save time and all the headaches that come along with selling or buying a home.

Read The Full Article Here

So IBuyers do work a lot like real estate investors, EXCEPT with all most all investors there is no 7-10% fee charged. Now also depending on where your home is located in Atlanta, investors will offer 70-75% of the properties ARV, or After Repair Value. So in all actuality, so far the two different ways of selling a home appear to be pretty close to the same.

Repairs

But what about repairs? This is where there is a difference in IBuyers And We Buy Houses companies. With investors they will typically buy the house in “as is” condition and deduct the costs of repairs from their offer.

So how about IBuyers? Here is a little snippet from an article written by John Wake:

If the homeowner accepts/signs the “instant” offer, the iBuyer will send out home inspectors and come back with a list of repairs and the estimated costs for the repairs the iBuyer wants done to the house before they will complete the purchase. The seller can make the repairs or the seller can agree to have the cost of the repairs added to the fees the seller will pay to the iBuyer at closing.

A common real estate agent complaint about iBuyers is that iBuyers tend to ask for a lot more repairs and a lot more money for repairs than traditional buyers…

Read The Full Article Here

So they might want repairs to be made to the house before they purchase it, and might charge you more. We would suggest that what ever repairs they say need to be made that you also receive a quote from a professional contractor as well to make sure their prices are in line. If you can get them done cheaper yourself, that might be the route to take, but it will take some time for your contractor to complete. Remember with most real estate investors, like us, you can sell your house in “as-is” condition.

What Are Other People Saying?

So what do some people think about this fairly new way of selling a home? Here is an excellent example just written and released by Andrea Riquier about the Ano family experience in Acworth GA:

Ano, who describes himself as someone who likes to do lots of research — including an exploration of how much he could expect to fetch for his home based on recent comparables — initially reached out on his own to Zillow, Offerpad and Opendoor.

“First of all, they gave us lowball offers,” Ano told MarketWatch. “But that still didn’t solve our problem of where do we move to? We’d essentially be homeless.” He knew that in the ultra-competitive Atlanta market sellers would be unwilling to accept an offer that was contingent on his selling his own home.

Ano received an offer of $248,747 from Offerpad. Several weeks later, citing “recent market activity,” the company sent another offer, unsolicited, of $256,459. Offerpad wanted a 7.5% commission. Opendoor offered $278,300 — less an 11.5% commission. After a Knock agent listed the home, it sold for $297,749. Once Knock’s 6% fee was taken out, and a seller concession of $10,000 was granted during the inspection process, and about $7,000 was spent out of pocket on repairs, the Anos netted about $262,000.

Read The Full Article Here

We highly encourage you to read Andrea’s full article. It has a lot of good data in it about how the entire process works as well as market data.

Is It Right For You?

First of all no two real estate transactions are the same, nor are the sellers motivation or need to sell. We would suggest that you look at all of your options. Check out an IBuyer company, a “we buy houses” company ( like us 🙂 ) and even a real estate agent. Anyone that you contact should make you a free offer. If they want to charge you – move on to someone else.

What and who will work best for you is going to depend on your individual situation and circumstances. Remember, in the end you have the final say on who and how you choose to sell your house.

The Difference Between IBuyers And We Buy Houses Companies Read More »

We Buy Homes In Any Condition Fast For Cash In Metro Atlanta

We Buy Houses / By

How To Sell Your House For Cash Fast In Metro Atlanta!

(770) 756-8680

Do you want to sell your Atlanta house fast for cash and not have to pay commissions or any other hidden fees? Mandich Property Group will buy your house with a fair, all cash offer – no commissions, no closing costs and no hidden fees. No need for you to waste time looking for an agent and making costly repairs or waiting an unknown amount of time to get an acceptable offer and with no strangers trampling through your house – when all you want to do is relax. You don’t have to settle for any of those inconveniences or lengthy real estate agent contracts.

Mandich Property Group will buy your house in as is condition and in any price range. We purchase properties all over the Atlanta Metropolitan area. The best part is no fees, no commissions, no obligation and no cleaning whatsoever. Regardless of why you need to sell, we will buy your home fast.

We know selling a house is stressful under the best of times and if you are experiencing any financial problems on top of that – well it just makes it that much worse. We have bought houses from people that have had a death in the family and inherited a property, facing foreclosure, relocating, owe back taxes, facing divorce, damages and so many other reasons… we have worked with them all and will work with you also.

We will pay you a fair cash offer for your property in it’s current condition, no matter what that condition might be. We are an investment company that pays cash so you/we will not have to wait for any paperwork or approvals to be made, we can pay you cash in your time frame. Therefore we can make this transaction fast and hassle free! We will not pressure you at anytime, if you don’t like our offer you are under no obligation to take it. However, we find most people that weigh the options find they like our offer, due to the process being fast and hassle free.

We are not like some “we buy houses” companies that make an offer without even seeing the property. We take many things into consideration in the price of the offer we make. We base the price off the current market value, the condition of the property and a lot of other pertinent information such as the community and schools. Then we will make you a fair all cash offer.

We can move as quickly as you want and close on the sale in just a few days if that fits your schedule. We strive to make the process of selling a house as painless ass possible, we will answer any questions or concerns you might have.

We have made the selling process extremely easy for you;

  1. Contact us – just call us at (770) 756-8680 or click this link to fill out a short form, we just need some basic information to get started.
  2. We will do some research on the property and the area and contact you with any questions.
  3. We will schedule a time at your convenience to come look at the property (don’t worry, no need to repair anything or even clean – it will not be an inspection).
  4. We will make you a fair cash offer.
  5. Accept the offer and pick a closing date. Come to closing with our local, reputable real estate attorney and then the best of all – you walk away with cash.

We make it as easy as that! If you like the offer we make, you walk with cash on the closing date of your choice – if you don’t like the offer we make when meet you at the house, we walk away.

Again – any size, any condition and any reason, we will buy your house in as is condition. We have helped many others in the Metro Atlanta area, and we can help you too.

So contact us today to start the process, we look forward to working with you soon.

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