Attention Ladies!
While strolling through the Alpharetta Farmer's Market this morning, Carol Anderson-Wood of Colonial Bank, stopped making her delicious fresh-squeezed lemonade long enough to tell me about the upcoming GIRLS NIGHT OUT, scheduled for Thursday evening, June 25th from 4-8 p.m. Lots of downtown shops are participating in the fun, including The Cannery, galerie Boutique, Courture Consigner, Twigs & Lace, Savvy Snoot, Ivy Interiors, Southern Comforts, Monfort's Gallery, and Arbor House Interiors. AND there is a FREE Drawing for a $150.00 gift card!
So, gather up your BFF's and head to downtown Alpharetta on Thursday night!
Hope to see you there!
Linda
Saturday, June 20, 2009
Thursday, May 21, 2009
Real Estate- It's Always Been a Great Investment
"Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full and managed with reasonable care, it is about the safest investment in the world."
Who said it? Franklin Delano Roosevelt (1882-1945)
It just goes to show that we shouldn't be afraid to buy that house or piece of property, especially now when prices are as low as they've been in a long, long time.
Think about it!
Have a wonderful, fun Memorial Day weekend!
Linda
Who said it? Franklin Delano Roosevelt (1882-1945)
It just goes to show that we shouldn't be afraid to buy that house or piece of property, especially now when prices are as low as they've been in a long, long time.
Think about it!
Have a wonderful, fun Memorial Day weekend!
Linda
Tuesday, May 19, 2009
RED DAY- Keller Williams North Atlanta Gives Back
Watch and listen as Realtors from Keller Williams North Atlanta spend the day on a volunteer Extreme Home Makeover in Alpharetta!
I'm so proud to be part of a company that really cares about our neighbors and neighborhoods.
I'm so proud to be part of a company that really cares about our neighbors and neighborhoods.
Wednesday, May 13, 2009
Breaking News- Georgia State Tax Credit
You read it here first! Thanks to Christine Witzel, Suntrust Mortgage, for this latest update.
Here is the current HB 261 bill in a nutshell- what it takes to qualify for the added State Tax Credit in addition to the existing Federal Tax Credit.
1) The tax credit applies to single-family homes and condos if purchased as your primary residence.
2) The property must be for sale prior to the effective date and still for sale after the effective date (May 11, 2009) OR
3) The property must be in default on or before March 1, 2009 or has already been foreclosed and is held by a mortgagor.
4) On the first day of the month after the effective date of the law, the purchase of a home meeting the criteria above within the next six months would be eligible for the tax credit.
5) The tax credit is limited to 1.2% of the purchase price or $1,800, whichever is less.
Here is the tricky part-
6) You can only claim, at most, 1/3 of the tax credit in any one year, beginning with your 2009 tax return.
7) One final caveat: If you're purchasing a home, be sure to request a copy of the necessary documents to maintain for your tax records to document how the home qualified for the tax credit, whether it is because it was listed prior to the effective date OR because it was delinquent or had been foreclosed.
8) This is NOT limited to first-time home buyers.
Any questions? e-mail me at Linda@LindaSchulteHomes.com
or contact Christine at www.suntrustmortgage.com/witzel.
Here is the current HB 261 bill in a nutshell- what it takes to qualify for the added State Tax Credit in addition to the existing Federal Tax Credit.
1) The tax credit applies to single-family homes and condos if purchased as your primary residence.
2) The property must be for sale prior to the effective date and still for sale after the effective date (May 11, 2009) OR
3) The property must be in default on or before March 1, 2009 or has already been foreclosed and is held by a mortgagor.
4) On the first day of the month after the effective date of the law, the purchase of a home meeting the criteria above within the next six months would be eligible for the tax credit.
5) The tax credit is limited to 1.2% of the purchase price or $1,800, whichever is less.
Here is the tricky part-
6) You can only claim, at most, 1/3 of the tax credit in any one year, beginning with your 2009 tax return.
7) One final caveat: If you're purchasing a home, be sure to request a copy of the necessary documents to maintain for your tax records to document how the home qualified for the tax credit, whether it is because it was listed prior to the effective date OR because it was delinquent or had been foreclosed.
8) This is NOT limited to first-time home buyers.
Any questions? e-mail me at Linda@LindaSchulteHomes.com
or contact Christine at www.suntrustmortgage.com/witzel.
Wednesday, April 29, 2009
REO's, BPO's and other Foreclosure Terminology
Over the past year or so, those of us in Real Estate have become more and more accustomed to using certain acronyms that describe the current state of affairs in our business. Sadly, 60% of our current inventory of listed homes are considered distressed sales.
Since I just spent two days in class last week to become a specialist in the field of REO's, I thought I would tell you about this all-too-familiar term. REO stands for "Real Estate Owned". These are properties that have gone through the foreclosure process without a successful sale and have gone back to the bank or lender. Typically, the owner has already left the home, because he or she could not afford to pay the monthly mortgage. Now, the bank has the burden to market and sell the property for the highest possible amount. We in Georgia are one of the top 10 states in foreclosure activity.
One of the first things a bank does when taking possession of a foreclosed property is to order what's called a BPO or Broker Price Opinion. The lender may be in California and the property is here in Georgia. The BPO is what gives the lender "the truth, the whole truth, and nothing but the truth" about their reacquired asset. A licensed local realtor is hired by the bank to inspect the property, research comparable sales and write up a report including pictures. The realtor is the "local eyes and ears" of the bank. He or she recommends needed repairs, estimates how much those repairs will cost, and tells the bank what is going on in the local real estate market.
Sometimes, this same local Realtor is hired by the bank to manage the property and list it for sale locally. The Realtor is then responsible for getting repairs done while protecting the bank's asset until it sells. The management team might then include a home inspector, a contractor, an attorney, and a landscaper. Sounds like a lot of work, doesn't it?
And you thought Realtors just drove people around to look at houses! Realtors are in a critically important spot right now to help get bank-owned properties sold and back in the hands of individual homeowners. The faster we can do that, the better off we all will be. Our neighborhoods will look better and our cities and counties will be stronger financially.
Enough for today! I will continue with more foreclosure information in my next post.
If you have questions about short sale, foreclosure, or any other confusing real estate situation, please feel free to comment or call or e-mail me.
Linda
770-286-1560
Monday, March 30, 2009
Be a Smart Buyer- Hints for MOVERS and Shakers!
You've heard everybody saying that it's a great time to buy, right?
It is certainly a buyer's market currently, but you can still make some costly mistakes, if you don't know what you're doing.
Here are a few buyer basics to keep in mind while you're out looking for your dream home.
1) Don't move money around when you're in the process of buying a home. Banks want to see a very stable financial picture, and they need to track where your money has been the past few months. Don't take money out of your 401K and put it into your savings account. It's like fooling yourself into thinking you have more available funds than you really do.
2) Get a pre-approval letter from your lender, not just a pre-qualification. When you have been pre-approved for a certain amount of money, it's like shopping with cash. It puts you in the best possible negotiating position, especially if you are in a bidding war. Sellers want buyers who are ready to close.
3) Keep your credit impeccable. This seems like a no-brainer, but don't charge anything more on your credit card. Lenders will be checking your credit score right up to closing day, and in the long term, you just don't want to start off with too much debt!
4) Watch out for arbitrary fees in your mortgage documents, such as document processing, courier fees, postage, etc. Don't be afraid to check with your realtor and lender about anything you don't understand.
5) Avoid boundary disputes- get a survey. I always advise my clients to buy that extra piece of mind that a survey provides. Just because someone said the property line is "just behind those trees", doesn't make it so. A survey is very good preventive medicine!
6) Don't try to time the market. Nobody knows when the market is at its lowest point. We can only determine the bottom after things start moving upward, and then we're not at the bottom anymore! The best time for you to buy is when you find your perfect home at a price you can afford. Sometimes we make money going IN to a house, and sometimes we make money going OUT. Rarely are we lucky enough to catch both sides of that equation.
I could go on and on with things to keep in mind when you're buying a home, but here is a really good tip.....When you are about to move into a new area, spend some time stalking the neighborhood! No, not illegal stalking, but rather, walking around, checking things out at different times of the day and evening, so you can get a better feel for things.
Can you think of any other good tips? Something that helped you during the buying process?
Please comment! We'd love to hear from you!
Rates are great, so don't be late!
Linda
It is certainly a buyer's market currently, but you can still make some costly mistakes, if you don't know what you're doing.
Here are a few buyer basics to keep in mind while you're out looking for your dream home.
1) Don't move money around when you're in the process of buying a home. Banks want to see a very stable financial picture, and they need to track where your money has been the past few months. Don't take money out of your 401K and put it into your savings account. It's like fooling yourself into thinking you have more available funds than you really do.
2) Get a pre-approval letter from your lender, not just a pre-qualification. When you have been pre-approved for a certain amount of money, it's like shopping with cash. It puts you in the best possible negotiating position, especially if you are in a bidding war. Sellers want buyers who are ready to close.
3) Keep your credit impeccable. This seems like a no-brainer, but don't charge anything more on your credit card. Lenders will be checking your credit score right up to closing day, and in the long term, you just don't want to start off with too much debt!
4) Watch out for arbitrary fees in your mortgage documents, such as document processing, courier fees, postage, etc. Don't be afraid to check with your realtor and lender about anything you don't understand.
5) Avoid boundary disputes- get a survey. I always advise my clients to buy that extra piece of mind that a survey provides. Just because someone said the property line is "just behind those trees", doesn't make it so. A survey is very good preventive medicine!
6) Don't try to time the market. Nobody knows when the market is at its lowest point. We can only determine the bottom after things start moving upward, and then we're not at the bottom anymore! The best time for you to buy is when you find your perfect home at a price you can afford. Sometimes we make money going IN to a house, and sometimes we make money going OUT. Rarely are we lucky enough to catch both sides of that equation.
I could go on and on with things to keep in mind when you're buying a home, but here is a really good tip.....When you are about to move into a new area, spend some time stalking the neighborhood! No, not illegal stalking, but rather, walking around, checking things out at different times of the day and evening, so you can get a better feel for things.
Can you think of any other good tips? Something that helped you during the buying process?
Please comment! We'd love to hear from you!
Rates are great, so don't be late!
Linda
Friday, March 27, 2009
First-Time Home Buyer Tax Credit
Video: Tax Credit for First-Time Home Buyers from
National Association of Home Builders
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