06.15.09
Remember there is only SIX months (through Nov 30, 2009) left for the $8000 Tax Credit and Housing Bill 261 Benefits!!!!
Remember there is only SIX months (through Nov 30, 2009) left for the $8000 Tax Credit. Here is a quick recap:
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In Addition, Here is Some More Information about the Georgia Housing Bill 261 that was Just Passed for Up to $1,800 in Savings…
HB 261 was signed into law on May 11, 2009 by Georgia Governor Sonny Perdue. GAR applauds House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O’Neal (Warner Robins) and Senate Chairman Chip Pearson (Dawsonville) for their tireless efforts in the passage of this important legislation. Unlike the federal tax credit, the Georgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of this year. The prompt actions of all GAR members who responded to Calls for Action on this legislation were pivotal in influencing the passage of this legislation. Below are Frequently Asked Questions regarding the Georgia Tax Credit:
1. Is this tax credit limited to first time homebuyers?
NO, all purchasers of an eligible single family residence in Georgia that file a Georgia income tax return can claim the credit.
2. Can the Georgia credit be combined with the federal $8,000 first time homebuyer tax credit?
YES, if buyers meet the qualification for each credit they may claim both. Each credit operates independently from the other. One is claimed on your federal income tax return, the other is claimed on your Georgia income tax return.
3. Is it true this credit is limited to the purchase of a single family residence?
YES, the tax credit is limited to the purchase of one single family residence.
Single-family residences (including condominiums) are eligible if they are:
* New residences, residences occupied at the time of sale, or previously occupied residences, if such residences:
- Were for sale prior to the effective date (5/11/09) and were still for sale after the effective date;
* Owner-occupied residences with respect to which the owner’s acquisition debt is in default on or before March 1, 2009; and
* Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor’s agent.
4. Is it true that eligible single family residences must have been listed prior to May 11, 2009 in order to qualify for the credit?
YES, the original intent of the bill was aimed at reducing the housing stock that has been on the market for an extended period of time.
5. Is it true that only eligible buyers that close between June 1, 2009 and Nov. 30, 2009 can claim the credit?
YES, the intent of credit is to stimulate the market by encouraging potential buyers to get off the fence and BUY NOW!
6. How do I determine the amount of tax credit I am eligible for?
The tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.
7. Can I claim all $1,800 on my 2009 income tax returns?
NO, the total amount of your credit must be claimed in one-third increments over a three year period. The maximum credit per year is $600 if you are eligible for the maximum $1,800. Any excess or unused credit may be carried forward to apply to succeeding years’ tax liability.
8. Can I amend my 2008 Georgia income tax return to claim the credit?
NO, the tax credit cannot be applied against prior years’ tax liability.
9. I am looking for investment property or a second home, is the credit available for the purchase of owner-occupied residences only?
NO, all eligible single family residences qualify for the credit. However, each taxpayer can claim the credit one time only.
10. Is there an income limit for buyers who claim the credit?
NO, there are no income limits applicable to this credit.
11. Is there a limit to how long a buyer must own the property to claim the credit?
NO, there is not a limit to how long a buyer must own the property.
12. Does any portion of the credit require repayment for any reason?
NO, if you are awarded the credit there are no penalties that would require you repay any portion of the credit.
REMEBER…I SPECIALIZE in foreclosures, short sales, distressed sellers and GOOD DEALS in ALL price points. Tell me what you’re looking for and let me find you YOUR deal of a lifetime 678.463.3173!!!
03.28.09
The Fed Surprises Us Again and Lowers Mortgage Rates…
Thanks to a Fed announcement which exceeded all expectations, it was a big week for mortgage markets.*
Mortgage rates ended the week down significantly, falling near the lows reached in January. The stock market and Treasury market also performed well during the week. Following Wednesday’s meeting, the Fed shocked investors with an aggressive expansion of its mortgage-backed securities (MBS) purchase program.
In addition to the previously announced $500 billion in MBS purchases which began in January, the Fed will buy an additional $750 billion this year, bringing the total to $1.25 trillion. To put this in perspective, $1.25 trillion represents more than half of the estimated total mortgage issuance in 2009.
Similar to its November announcement about the initial $500 billion MBS purchase program, the Fed achieved its desired reaction with an immediate decline in MBS yields. Since mortgage rates are largely based on MBS yields, mortgage rates moved lower as well. The Fed has identified the stabilization of the financial system and the housing market as key elements of an economic recovery, and lower interest rates will help achieve these goals. Inflation data released during the week contained no reason for inflation to be a concern in the short-term. With yet another increase in government spending, though, investors will be keeping an eye out for signs of higher future inflation.
Simply put, mortgage interest rates have NEVER been lower!
Can it REALLY get any better for Atlanta Home buyers???
*Thanks to Scott Lindon from ERA Mortgage for providing this quick summary of financial information!
03.21.09
Don’t Be the Last of the Firsts!!!
Don’t Be the Last of the Firsts!!!
Wow!! Can it get ANY better for first time home buyers?? The tax credit that USED to be a $15,000 credit deducted off your income taxes that was basically a LOAN to be repaid within 15 years, has now become an $8000 overall TAX CREDIT! What does that mean??? FREE MONEY! So long as you don’t move within three years of the home purchase.
Furthermore, FHA loans have become so attractive and accommodating that buyers are crazy to not get off the fence right now. If you have an experience Atlanta buyers’ broker (which is FREE) and they know how to negotiate the contract to have the seller pay for closing costs (this can happen even in foreclosures too if you are working with an agent that knows the Atlanta Foreclosure process) then all you need is 3.5% down.
So on a $275,000 house, buyers who are qualified for FHA will only come out of pocket $9625 and can get into a home. Do you know what kind of home you can get into for that price in today’s market??
Obama’s plan has already started changing buyers’ perceptions and we are starting to see an influx of first time home buyers to the market. In turn, we will start to see a lot of the product get absorbed, which will cause the natural lifecycle of real estate to do what it had done for thousands of years—it will cause home prices to increase and economics of the real estate market will shift giving us higher demand and lower product.
So, to sum up just a FEW of the reasons why if you’ve ever considered buying a home, now is the PERFECT time:
1) $8000 Tax Credit
2) FHA Low Down Financing Options
3) Seller Motivations are at an all-time high
4) There is still ample product on the market (for now)
5) A new president is restoring the countries faith and their economic worries are lessening, causing an influx of buyers that will soon head to the market and if you don’t get in it before it all happens, you will have a lot more competition.
So, don’t be the LAST OF THE FIRSTS!! That will only put you in the “shoulda, woulda, coulda” group!
02.12.09
ATLANTA NEEDS LESS REDC HOME AUCTIONS AND MORE ABSOLUTE AUCTIONS!!!
ATLANTA NEEDS LESS REDC HOME AUCTIONS AND MORE ABSOLUTE AUCTIONS!!!
I get on average about 3-5 calls a day for a month before the REDC Atlanta Home Auction comes in to town from different people inquiring about my auction knowledge. As an owner of four auction properties, I can say without a doubt that buying auction properties comes with LOTS OF RISKS and several HEARTACHES.
However, most of the heartaches deal with the auction monopolies of the world like the REDC. Most people are not even aware other types of auctions exist because the REDC is so GOOD at marketing their brand (which by the way you end up paying for with their 5% mark up fee). That’s basically what auction houses are…..GOOD MARKETERS, not necessarily the authority on “deals of a lifetime.”
What Atlanta needs are more Absolute Auctions…..
Absolute Auctions are defined as an auction in which the property is sold to the highest bidder regardless of the amount of the winning bid. How unbelievably simple….You bid on a property and the highest bidder wins! No “outs” for anyone, just business done right!
The REDC’s bids are “subject to managements’ approval” and often there never is an approval. Just a lot of “run around” from disorganized closing attorney’s handling too much volume and non-helpful REDC staff who are overloaded with questions they do not necessarily know how to handle once the “show” is over. What people don’t understand is that if the property doesn’t meet the sellers reserves, there is no sale and the buyer just tied up their time and earnest money for up to 30 days. Meanwhile, all the other deals are flying away to other savvy buyers!
If you are planning to attend the upcoming Atlanta REDC auction, please check out my blogs for loads of helpful information you can use to your advantage and learn from the mistakes I already made early on in my investing career.
And, if you need FREE representation to help assist in the process, please feel free to give me a call at 678-463-3173!
THE REDC ATLANTA HOME AUCTION IS BACK….AGAIN!!!!
The INFAMOUS (very different from famous) Real Estate Disposition Corporation’s Lender Owned Auction is Heading Back to ATLANTA….AGAIN!!!
That’s right! The REDC Home Auction is coming back to Atlanta on Feb. 21, 2009. Many will flock to this event in the hopes that they will strike it rich with their “deal of a lifetime”!!!
As an owner of FOUR properties bought at the REDC auction, can I please give you one, tiny, little piece of advice…..go, BUT DON’T EXPECT TO FIND YOUR DEAL OF A LIFETIME!! If you have never been to an auction, click here to see what you can expect to find, as well as first hand testimonials of visitors experiences.
If you haven’t already done so, YOU MUST read my blog about the 10 Biggest Mistakes Buyers Make in Today’s Market, of which Mistake Number 7 is trying to find your bargain at an auction.
Don’t get me wrong, I got a fairly decent price on the four properties I bought at the REDC Home Auction. But, by the time you add the auction fees, lender fees, closing costs, repairs (of which all of my homes needed between $10,000-30,000 worth of work), I realized that if I just would have been better off buying the home down the street directly from Mr. & Mrs. Seller……and FOR LESS.
Just a little mistake I made that I have the privilege of sharing with you. Furthermore, after more and more time spent at the auctions, I have seen more and more hearts broken. See the story of what happened to my last client at the auction.
See too many times we get caught up in the labels of “auctions, foreclosures and short sales” and miss unbelievable buying opportunities that are staring us in the face.
Now you HAVE to read my blog about auctions…….Here are a Few Other Recommendations if you Plan to Buy at an Auction:
- Do Your DUE DILIGENCE-no inspection contingencies here, you get what you get and sometimes that can be substantial. Do your research BEFORE you bid.
- DON’T let your emotions take control-decide your highest and best bid BEFORE you go and don’t go over it under ANY circumstances.
- Practice PATIENCE throughout the entire process-from the winning bid, to the paper work to closing, you
will need patience. Imagine how busy the closing attorney’s are with over 1,400 Atlanta homes being sold. - Despite everything if you still want to buy at an auction, GET A QUALIFIED REALTOR to represent you, just like my clients in this picture to the right did before they went to the REDC Auction. It’s great to have a non-biased, non-emotional third party representative there to help you, as well as walk you through the process and paperwork, as well as be able to coach you through the “after-winning” paperwork and logistics.One thing is certain DEALS OF A LIFETIME are out there…..TONS OF THEM… And, if you REALLY want a good deal, call me and let me show you how to offer in on the property NO ONE’S offering on, instead of putting you in a room with hundreds of other buyers all going after the same one.
If you are looking for a qualified realtor that understands the Atlanta home auction process, then CALL ME at 678-463-3173 immediately. I’ll be happy to represent you FREE. BUT, don’t wait!! I will need to make sure that you are registered properly!
REDC-Real Estate Disposition Corporation
Lender Foreclosure Home Auction in Atlanta, Georgia
- February 21, 2009
- February 22, 2009
- February 23, 2009
- February 28, 2009
P.S. Did you know you can buy properties “auction-style” ONLINE from auction houses that are not as popular and have many less people bidding on them??? I can help you with that as well!
01.29.09
Who ELSE WOULD LIKE TO SELL THEIR ATLANTA HOME RIGHT NOW…GUARANTEED??
Who ELSE WOULD LIKE TO SELL THEIR ATLANTA HOME RIGHT NOW…GUARANTEED??
As time changes, people need to adjust their systems for success. I am really excited that with the recent changes in the real estate industry, my broker decided to open an ERA Franchise in Atlanta, GA.
For those of you that don’t know ERA, they are a global real estate company whose parent company is Realogy (the same parent company of Century 21 and Southeby’s). Besides the technology advantages, marketing advantages and resources available, one of the best things that I love about this company is its EXPOSURE and REACH to Atlanta buyers and Atlanta sellers!
We all know a house can’t sell without an offer and offers don’t come in without exposure…EIGHTY-SEVEN (87%) of buyers are shopping online, so what a better way to get your Atlanta house sold as its being marketed to a local, national and international level!!
If that wasn’t enough, ERA went on a instituted the SELLERS SECURITY PLAN and WHAT a USEFUL resource in this day and time….The bottom line is that if I don’t sell your home, ERA will buy it!!!!
No, I did not just stutter…..See the details below….
Guaranteed sale, guaranteed price.
When you accept an offer from ERA Franchise Systems LLC, the Sellers Security® Plan assures you that ERA Franchise Systems LLC will buy your current house if it doesn’t sell within 180 days from the application date. ERA Franchise Systems LLC guarantees the purchase price offer, so you’ll know in advance the minimum you can expect from the sale of your house. You’ll also have plenty of time to see if any other buyer is willing to pay more.
You get the profit, ERA Franchise Systems LLC covers any loss.
Almost always, you will receive more than the price guaranteed by the agreement. If ERA Franchise Systems LLC ends up purchasing your house and then resells it for more than we have in it (including holding and closing expenses), the net profits are returned to you. But if ERA Franchise Systems LLC sells it for less, you don’t take the loss, ERA Franchise Systems LLC does.
Increased Buying Power.
The ERA® offer eliminates the uncertainty of contingency offers giving you the flexibility to move when you want. You are in a better negotiating position than other buyers who may still have to sell a home.
Sellers Security Plan qualification.
Your house must be a single-family primary residence. Houses must have an average appraised value of at least $50,000 and not more than $750,000. Mobile homes, co-ops, or multi-family homes are not eligible for the plan. Properties that have an abandoned storage tank on site are also not eligible.
Certain conditions apply. Contact me for more information!!!
01.16.09
The REDC Comes to Atlanta and Breaks Hearts, Yet Again….
The REDC Comes to Atlanta and Destroys Dreams, Yet Again….
We’ll the REDC did it again! They destroyed another one of my clients dreams……
Mr. A, my client, decided he wanted to purchase properties from the REDC Atlanta Home Auction, despite my recommendation not to. I diligently explained that good deals come in all forms-not just in Atlanta Foreclosures or Atlanta Short Sales or Atlanta Home Auctions, but all over.
I sent him my report about auctions and encouraged him to read my auction blogs.
Nevertheless, his mind was made up, so I did what any good agent would do, I supported my client. We did our part…I took him to the properties, he inspected them, registered for the auction, went there and bid on them and guess what, he got BOTH of the properties he wanted. CASH ONLY deals of which both of the houses needed $75k-$200k worth of work just to make them livable again.
We left happy and I was pleased Mr. A got what he wanted. Then the REDC did it AGAIN. They started playing the “…we’re still waiting on the seller to respond game…” The REDC started saying “…contact the closing attorney for more info…”, and the closing attorney said “…contact the REDC, we don’t know what’s going on….”
I played the “follow up game” for over a month until FINALLY we find out that the banks did not accept EITHER property. The REDC and closing attorney had in fact found this information out over three weeks ago, but did not 
inform us.
In the meantime, my buyer had gotten estimates, did inspections, started organizing the crews to get the homes in order and needless to say, got very emotionally attached to what he was going to turn these homes into.
THIS IS THE 7TH PROPERTY I HAVE BEEN INVOLVED WITH THAT HAS BEEN HANDLED LIKE THIS WITH THE REDC AUCTION!!!!
Since I started blogging about the REDC, I’ve had SEVERAL people reach out to me and tell me their stories of broken dreams, marriages ending and heartache that trying to buy from an auction cost them.
The REDC touts themselves as the “Atlanta Foreclosures and Atlanta Bank Owned” Inventory Specialists. They pay high dollars on marketing (which by the way, you end up paying for on the 5% mark up fee) to promise people the opportunity of owning a home for 50 cents or less on the dollar.
The fact of the matter is that the REDC are BRILLIANT marketers. I encourage ANYONE looking for a good deal to find them elsewhere than in auction houses. I have seen my buyers’ hearts broken one too many times and its a shame that my client got their heart broken by the REDC!!!!
12.31.08
The Atlanta Foreclosure Market Evolves and THE END IS NEAR!!!
The Atlanta Foreclosure Market Continues to Evolve and Sellers Rejoice!!
Wow! More and more great news keeps hitting the airwaves. We’ll, I guess that depends on who you are in the process….
If you are an Atlanta Home BUYER, or looking for an Atlanta Foreclosure or Atlanta Short Sale, you can benefit from the low, low 4.8% rates, a decent amount of inventory, and one of the last pivotal moments in buying history. HOWEVER, these moments WILL NOT last.
I had a personal conversation with the TOP bank-owned and REO closing attorney in the nation this week who said that he has never seen the amount of foreclosures to hit the airwaves in 2008. BUT that we will see about 50% less foreclosures on the market in TWO MONTHS!!! Talk about a drastic change. I’m already started to see the effects. So, those sitting on the fence (if you haven’t already been looking for a great deal) will be stuck in a highly-competitive situation because they waited until masses started buying again.
For Atlanta Home Sellers, the good news continues on….As properties continue to be absorbed and with the grants that were recently awarded to Fulton and Dekalb counties, supply will continue to diminish as buyers start buying again. Ask any mortgage broker you know, mortgage applications TRIPLED in the last two weeks. Furthermore, because of the low rates, buyers will be able to increase their purchase prices which will bring more buyers to your doorsteps.
For Atlanta Home Auctions, you will see less and less business as sellers’ books start to clear, the need to auction a property will no longer stand. I am already seeing auctions feeling the squeeze as banks are now REJECTING offers that were negotiated at the auction house because they don’t have such a high need to dump the product.
If you haven’t already read my blog about Atlanta Home Auctions, please do so.
So, all around things are looking up, except for auction houses. But, don’t take my word for it, listen to what the Cramer has to say!! It’s 11 minutes, but its worth it!!!
http://www.cnbc.com/id/15840232?video=967866479
And, if you are ready to capitalize on the BEST buying time in a LONG time, call me and let me show “you the money.”
THE END IS NEAR…..VERY, VERY NEAR!!!!!
11.30.08
Ding Dong! Since, Nobody Else Will Do it…Allow Me! The Atlanta Real Estate Market Has Bottomed Out…..
Ding Dong! Since, Nobody Else Will Do it…Allow Me!
The Atlanta Real Estate Market Has Bottomed Out…..
So, I just did it. That’s right! I rang the bell that EVERYONE is waiting to hear. The bell that signifies the bottom of the market.
In my opinion, the bottom hit two months ago and everyone is JUST WAITING FOR SOMEONE TO RING
THAT BELL, so they can feel comfortable about buying again, so allow me…..
Why do I say this even though the media is still hounding us with negative news and hopeless talk?? I say it because I live, eat and breathe real estate every single day. I cannot attest of other markets, but in the Atlanta real estate market, I can see a SIGNIFICANT shift in the way the game is being played.
Last week I wrote 50 offers. YES, 50 and only THREE of them got accepted. That is because someone else offered a better price, beat us to the punch or submitted their “highest and best” above full asking price. Why would someone do that in today’s market??
The fact is–is that right now; a lot of sellers (including Atlanta Foreclosures and Atlanta Short Sales) are pricing these homes to move and move fast. The days of motivated sellers “playing” with the market are long gone. Unfortunately, for a buyer, they feel if they don’t get $30-40k off asking price “they are not getting a good deal.” Good deals don’t stare you in the face, good deals are made–and this month, I have made over 10 good deals happen for my buyers. Most agents hope to close 10 deals all year!! Not to shabby for what is “labeled” as a down market.
A Few Other Facts to Support My Theory:
- I am currently working with over 30 Atlanta home buyers right now who are qualified (not just pre-approved), ready to close and actively looking to secure their new home or investment property in the next 30-60 days.
- I have not lost ONE home to a buyer NOT getting financed-money is not as hard to get as the media makes it out to be.
- Atlanta home prices dropped for 8 consecutive months and starting increasing (a small amount) the last two months. Hmmmm…this closely resembles the bell shaped curve of the lifecycle real estate has always followed.
- Atlanta is an END-USER town and as many people that have been laid off; companies have relocated and hired new people. There is SO MUCH opportunity and work in Atlanta. Atlanta will ALWAYS be a transitional professional mecca.
- Atlanta did NOT see the inflation other areas like Florida experienced, therefore rebound will be significantly less.
- Forbes states Atlanta is on the rebound as early as 2009.
- I could go on, but I think you see my point….
Since everyone is waiting for the bell to ring, I decided I would go ahead and do it! Ding Dong!!
11.27.08
Ringgold, GA Now Offers More Than Just a Destination Wedding Spot!!! Ringgold Estates and Ringgold Homes for Sale!!!!!
Ringgold, GA Now Offers More Than Just a Destination Wedding Spot!!!
Ringgold Estates and Ringgold Homes for Sale!!!!!
For years, Ringgold, GA has been known as the Wedding Capital of the World. With its famous chapel, quite town setting and BREATHTAKING beauty, Ringgold is highly sought out by those from all over the world.
Perfectly situated 15 minutes south of Chattanooga and about an hour and a half from Atlanta, there is an unlimited amount of things to do near Ringgold including horseback riding, hiking, fishing, hunting, entertaining and more. BUT, what would you say if you could do all those things in YOUR VERY OWN BACKYARD.
This STUNNING entertainers estate is now available and sits on over 49 acres in the heart of Ringgold, GA just minutes from major attractions like Rock City and Ruby Falls. For those of you who understand the Catoosa County market, its an eclectic mix of old money and down right GOOD PEOPLE. No need to lock your doors or worry about neighbors causing problems. It’s just a humble town with home-style values.
Speaking of values……..
ringgold luxury estate for sale
A RARE slice of privately-wooded, natural bliss consisting of 49+ acres well-situated in the exclusive wedding capital of the world, Ringgold, GA. This extensive, 2002 custom-built home promises tremendous value opportunities in versatile contexts as an ultra-luxury estate, a legendary ranch estate, or a prime primary or secondary home.
This stellar four-sided brick, entertainers-estate boasts the ULTIMATE in LUXURY LIVING:
*GLEAMING Hardwood Floors throughout the Main Level
*CUSTOM-MADE Hickory Wood Cabinets in Kitchen
*Granite Countertops and HUGE Island with Built-In Stainless Steel Sink
*Stainless Steel Appliances with Double Stack Convection Oven
*IMPORTED Mexican Tile in Kitchen
*Formal Dinning Room with IMPORTED IRANIAN CRYSTAL CHANDALIER
*DESIGNER Paint Throughout the Entire Home
*CENTRAL Sound System, Vacuum & Security System
*LAVISH Master Suite with Chinese Marble, Electric Ffireplace and PRIVATE Sitting Area Overlooking the EXCLUSIVE MASTER SUITE DECK
*Red Brick Fireplace with Personal Fire Wood Room Next to it
*8-Person JACUZZI on Master Suite Deck
*Whirlpool Tub Adorned in CHINESE MARBLE and Surrounded by Hand-Selected Stained Glass
*3.5 Car Garage
*50 ft. SCREENED-IN PORCH overlooking private POND
PROPERTY FEATURES INCLUDE:
*PRIVACY Galore and abundant NATURAL WILDLIFE
*Private Outdoor Recreational CREEK AND POND Directly on the Property
*PERSONAL ORCHARD
*Concrete-Paved Driveway
*NATURAL BLISS
QUALITY CONSTRUCTION FEATURES INCLUDE:
*Exterior Walls 2′x6′ instead of the standard 2′x4′
*PUMPED WITH THICK INSULATION–R19
*SOLID Wood Doors Throughout the Home
*Flooring Grade-R30
*FOUR 4-ton A/C Units
*Custom Window Treatments
*Closed-Circuit TV and Cat 5 Wired
*And more!
Perfectly situated 15 minutes from Chattanooga and 1.5 hours to Atlanta, this PRIVATE, NATURAL HAVEN is over 8,000 square feet and near MAJOR attractions including LOOKOUT MOUNTAIN, ROCK CITY AND RUBY FALLS.
Call for your PRIVATE showing:
Winter Baserva
ERA the Good Broker
678.463.3173
www.onewinter.biz
