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Georgia Home Buyers need a Professional Home Inspection

Toby — Fri, 09 Jul 2010 20:30:31 +0000

Today’s Guest Blog provided by GeorgiaHomePros.com

You’ve searched and found a home that fits your family. Now it’s time to make sure it’s safe, sound and will stand the test of time. You need a professional inspector working with only your best interest to determine the condition of the home. The naked eye usually only uncovers cosmetic items & minor repairs, IF it is visible to the naked eye. Many major repairs are not fully visible and you need a professional certified inspector who knows what signs of problems to look for. Even Georgia builders/remodelers have relied upon our, GeorgiaHomePros.com 5-star rated inspection service Did you know that foreclosures have no sellers disclosures? And, many short sales don’t either. This is now more than half the market that you will have no history on your home. Also, many homes are located in counties where codes were not enforced when they were built… Yes, even though you may not be in that scenario, the vast majority of homes have thousands of dollars in repairs to be made whether it be code violations, structural defects, latent defects, safety, health hazards or simple wear and tear

In a majority of inspections, you can have the seller repair the items or you can negotiate the repair moneys off of the price. Even the homes that did enforce codes when built,…the County inspector may have only spend 5-10 minutes if you’re lucky, at the home. How does that compare to our normal 3-5 hour inspection, 40+/- page report, w/a 500+ point checklist, summary & photos + repair cost estimates? It doesn’t. That is why it is so smart to get inspection during your due diligence period, to be fully informed PRIOR to closing, or if at all possible it is BEST to do prior to writing an offer. You will only pay hundreds for an inspection, but possibly save thousands and have peace of mind that your family is safe and you have not bought a money pit.

M.Scott Webb
Rated top 10% Nationwide
20+ Years Experienced Builder/Remodeler
770-893-2271
www.georgiahomepros.com

Georgia 203K Loans More Popular than Ever

Toby — Fri, 09 Jul 2010 19:13:01 +0000

Today’s Guest Blog Courtesy of Garrett Feis a HUD Approved 203k Consultant

FHA has a little known loan program called 203K. It is the governments answer to America’s deferred maintenance of existing housing stock. Most lenders will only lend money on homes that are in good condition or they require the borrower to make the repairs before the closing. Not so with FHA’s 203K. FHA allows you to purchase the home “AS IS” and gives you the money to get the repairs done after the closing, all in one 30 year fixed rate loan at current rates. Best of all, you won’t need to make mortgage payments until the renovation is complete.

Here are examples of what you can do with a GA 203K loan:

Purchase a two bedroom one bath home and get the funds to make it a three bedroom with a nice master bath.

Purchase a foreclosure that needs carpeting, a paint job and maybe a new kitchen.

Purchase a home that is in perfect condition and remodel the kitchen and bathrooms.

Purchase a home that is in perfect condition and finish the basement off into an “In Law” suite.

All of this and more is possible under 203k Guidelines. This loan program is almost limitless. You can purchase a standard stock home and make it into the home of your dreams.

This loan has become very popular the last two years due to the increase in foreclosed properties. These properties tend to be in pretty rough shape and usually need some help. A Georgia 203K loan is the way to get you where you want to be.

For more information on how a 203k loan can be right for you, contact:

Garrett Feis 404-925-7163

July’s GA Realtor® of the Month

Toby — Sat, 03 Jul 2010 14:53:26 +0000

Jeff Fountain-Solid Source Realty GA

Hello, I am Jeff Fountain with Solid Source Realty GA, and I look forward to meeting your real estate needs. As your real estate agent, you will benefit from my unique breadth of experience and my tireless commitment to customer service.
I originally obtained my real estate license in 1985, and have helped hundreds of homeowners and investors identify the best available properties to meet their specific needs.

During my career, I have been a financial advisor with several major financial institutions providing investment planning and mortgage consultation to hundreds of individuals and businesses alike. Furthermore, I have extensive experience as both an investor and a real estate agent buying and selling bank and government owned foreclosures throughout the metro Atlanta area. Rest assured that I will put this experience to work for you so that you receive the most value for what could be the most important investment you will ever make!

Feel free to contact me for a no obligation consultation.

Jeff Fountain
Solid Source Realty GA
Direct: 678-358-9998

GA $8000 Tax Credit Extended

Toby — Thu, 01 Jul 2010 15:26:12 +0000

Finally!

Talk about waiting until the last minute. Congress finally passed the extension on the tax credit and Obama is set to sign it into law today. So, for all of you out there with short-sales and Georgia homes that didn’t get completed on time, you are in luck. There were a lot of people that didn’t close yesterday, some estimates I have heard are near 200,000 nationwide. Keep in mind, you still have to of been under contract since before April 30, 2010. Now you have until September 30, 2010 to close. Also, rates are still at an all-time low, so if you decided to stay in your home, now is the time to refinance your Georgia home loan.

Happy Fourth of July!

GA Home Buyers May get an Extension on the Federal Tax Credit

Toby — Thu, 17 Jun 2010 02:00:53 +0000

Today the Senate passed a bill 60-37 to extend the tax credit for first time home buyers from June 30, 2010 to September 30, 2010. This is only for home buyers that went under contract on or before April 30, 2010. Many lenders and people in Congress feel this is necessary due to the amount of home buyers that may not close on time to receive their $8,000 tax credit. The national association of realtors is estimating as many as 180,000 homebuyers are at risk of not closing on time.

There are many reasons for the delays. One of the most common is waiting for a home to be completed. There was such a surge of buyers trying to get new homes and take advantage of the $8,000 tax credit that builders have their contractors working day and night to meet the June 30th deadline. As new construction goes, there have been a lot of construction delays. The second most common delay is short-sales. Short-sales can take months to get approved. Buyers put contracts in before April 30th hoping to hear back soon whether their offer was accepted, but they are hearing back too late. We have many Georgia home buyers that have just heard back this week and due to volume there is no way they will close by June 30th. Most Georgia lenders have been running 45-60 days to close loans and now there are only 10 business days left in the month.

The bill still has to pass the House, so we are all anxiously awaiting a decision. Congress said they had hoped to have this passed this week, but it may spill over into next week. There is a lot of support behind the bill but some in Congress are worried about the cost of the extension. It is estimated the extension will cost $140 million which is tough to stomach in this time of rising federal deficits.

Let us know what you think. Should Congress extend or let it expire?

June’s GA Realtor® of the Month

Toby — Tue, 01 Jun 2010 14:16:22 +0000

Laura Miller Edwards and Dianne Piecuch - Keller Williams

At times of transition, you and your family need real estate professionals who understand and listen. For the past 15 years, Laura & Dianne have been assisting “families in transition” with their move. Both are REO & Short Sale Specialists with the knowledge and experience to assist you with any real estate need. For a variety of reasons, families find themselves needing to relocate. Many times it is for happy reasons, other times it involves more difficult situations. Laura & Dianne have the interpersonal skills to guide you through the process while considering your personal situation. They are experienced at helping you move whether it’s a corporate relocation, first-time home buyer, your family is growing, empty nest, remarriage/blending two families, divorce, death, job loss, or financial hardship.

Whatever your reason, they will personally guide you along the way to ensure the buying/selling process is a positive experience. Laura & Dianne utilize the latest technologies, current market research and winning business strategies to meet and exceed your expectations. More importantly they LISTEN, and that means they find solutions that are tailored to you. Call them today to discuss how they can help you reach your homeownership goals. They’re the perfect realtors to help you with your next move.

Laura Miller Edwards 404-357-8474 Dianne Piecuch 678-350-5040

Update on USDA Funding Issues

Toby — Wed, 19 May 2010 02:41:11 +0000

USDA is still on the verge of running out of money. Most people assumed they would already be out of money by now, but we are still getting commitments. One thing that we do know for sure is that USDA and Congress are working on the funding issue. We also know that the USDA funding fee is increasing from 2% to 3.5%. This should all be worked out in the coming days or weeks. The increase is a small price to pay for a 100% mortgage with no monthly mortgage insurance. Since the funding fee is typically financed into the loan, the out of pocket expense will not change and monthly payments will be minimally affected. Plus, with the increased funding fee, the USDA loan will likely have a long future. This is good news for Georgia home buyers looking for rural homes.

Cost for GA Home Loans Going Up

Toby — Wed, 19 May 2010 01:41:25 +0000

On May 12, 2010 Georgia’s Governor Sonny Purdue signed a bill raising the Georgia per loan fee from $6.50 to $10.00. This fee will be collected by Georgia mortgage lenders and bankers and is remitted to Georgia’s Department of Banking and finance for each residential mortgage closed in Georgia. Although the $3.50 is not a big increase in fees to borrowers, it is another way that the mortgage consumer is hit with higher cost when obtaining a loan. Because of all of the new compliance laws and regulations, mortgage companies are having to hire compliance officers and more processors.
The loan process is taking longer than ever to process a loan, which means the number of loans a processor can process is declining causing companies to add staff to keep up. The downside of compliance and more regulation is increased cost to the consumer. Georgia Home Buyers can expect to see higher fees when they purchase or refinance a loan. Also, buyers that try to obtain a Georgia home loan can expect loans to take a little longer to process for most mortgage lenders. However, Academy Mortgage is still offering its 18 day close guarantee.

Although compliance and regulation are needed in the mortgage industry, hopefully we can find a happy median where cost doesn’t rise too high for the consumer.

May’s GA Realtor® of the Month

Toby — Wed, 05 May 2010 15:51:58 +0000

Jason Lapene – Dwell Atlanta

Hello, my name is Jason Lapene , and I am the broker/owner of Atlanta’s most innovative real estate firm. It is my job to see that our clients have the latest technology at their finger tips as well as assist them in one of the biggest financial decisions of their lifetime.

Dwell Atlanta differs from many other real estate firms in Atlanta. Not only are we innovators with technology and real estate, but we also have vast knowledge of real estate contracts and how they apply to real estate transactions. This is important because one mistake could cost you significantly.

We specialize in Atlanta Homes, Atlanta Condos and Lofts throughout the metro-Atlanta area. The Atlanta market can be quite complicated, if you don’t have an agent who is knowledgeable about the in-town areas. Rest assure when you hire Dwell Atlanta, you have the most knowledgeable real estate agents in the business.

If you are interested in buying or selling a home in Atlanta, we welcome the opportunity to assist you.

Jason Lapene
Real Estate Broker
Dwell Atlanta
404-895-9618
www.DwellAtlanta.com

Tax Credit is Extended for some Georgia Home Buyers

Toby — Mon, 03 May 2010 22:11:12 +0000

As most people in the real estate industry are aware, the first-time homebuyer and move-up tax credit expired on April 30th, 2010. What most people don’t know, it was extended for certain federal and military personnel. If you were in the military or are a federal employee that was serving outside the United States from December 31, 2008 and ending May 1, 2010, you may be eligible. The time overseas would have to have been at least 90 days. The extension was for 1 year, so the eligible buyer would have to go under contract by April 30, 2011 and close by June 30, 2011. The extension can also apply to the spouse of a qualifying military or federal person. Only one spouse is required to be overseas during the time period, to claim the tax credit.

If you are a realtor and live near a military base or work with a lot of military or federal personnel, this is good information to know. Most agents are unaware of this extension and this information will give you an advantage over the competition. Some agents are worried about what will happen after the tax credit goes away. This can be a whole new niche for you and you can start marketing it before your competition does.