Home values may be falling nationally, but they are rising or at least holding steady in many parts of Atlanta, two separate housing price indexes show.

The stats from the local MLS state that Pending Home sales are up, and the prices of Homes in Atlanta Ga, and the metro are rising slightly.  Now is the time to invest, and also get the lowest interest rates.  This is the best of both worlds, and this trend will not last. 

We are currently working with several lenders that do have loan programs for 100% financing for your home purchase.  In Georgia we are seeing incredible deals on foreclosures and short sales, and I am working with many banks that properties that are priced at unbelievable low prices.  Please call me or email me to get your deal on a foreclosure today…404-861-6623 or scott@scottsrealty.com .

The real estate deals just keep coming, and prices are at an all time low.  The challenge seems to be with finding the right lender, or getting the loan approved.  I work with many sellers that offer financing on commericial real estate, and residential as well.  The seller financing can vary from 10 percent to higher, and depending on the credit of the buyer.  Please call or email today to get a FREE LIST of properties that qualify for seller financing, and lenders that will word to earn your business.

First-Time Home Buyer Tax Credit at a Glance

• The tax credit is available for first-time home buyers only.
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

I have just listed a great new listing on Lake Oconee, in Eatonton, GA with Double Master Suites on Main floor, Full finished basement, updated Kitchen with granite and island, Double dock with two lifts and two jet ski lifts.  This home will sleep 20 people comfortably and has oversized, large bedrooms.  This home also offers a private fenced backyard with lake view, and dock view, and furnishings are negotiable with the purchase of this home at $850,000.

WASHINGTON, D.C.- Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, announced that the Senate passed the Housing and Economic Recovery Act by a vote of 72-13. 

This legislation is expected to help hundreds of thousands of Americans who are struggling to keep their homes, as well as countless homeowners and communities who are already experiencing the devastating effects of foreclosure.  The legislation also contains comprehensive reforms to our nation’s housing sector, including the creation of a strong, new regulator for the government-sponsored enterprises.  In response to recent turmoil in our financial markets, the bill also includes provisions requested by the Treasury Department to restore confidence in Fannie Mae and Freddie Mac.

The Housing and Economic Recovery Act – the most comprehensive housing legislation in over a generation – is the product of months of bipartisan, bicameral collaboration. The bill will now be sent to the President, who has said he will sign it. 

 Sounds great, right? Well, not so fast… Here is the bottom line; per the new law, Down Payment Assistance (nonprofits DPA as we knew it) is out, gone.  Meaning that thousands of families that otherwise qualify for a mortgage can not purchase a home now due to lack of down payment.

This is now officially law which will go into effect October 1, 2008. To be honest with you, I have not read the 600+ pages of law. 

If you want to read the FHA section of the bill, click on the link below.  FHA starts on page 477 and the down payment assistance info is on page 481. http://www.rules.house.gov/110/text/110_atostohto3221.pdf

If this law is not modified the consequences will be devastating!By FHA’s own estimates, DPA comprises nearly 40% of FHA’s volume. This means more than 300,000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the real estate, mortgage and building sectors that will be forced to shed tens of thousands of jobs due to this dangerous legislation. It would ravage your local economy by bringing the housing sector to a screeching halt.

Act now! Please click this link to sign the petition: http://www.rallyforhomeownership.org/.  The only way to get this overturned/modified is by our voices!

Gasbuddy.com
If you have never logged on to www.gasbuddy.com, you should make it a point to do so. Operating since June of 2000, Gasbuddy.com is a network of 181 local gas price websites. Its unique value is that it allows consumers to share information regarding the prices at gas stations throughout the United States and Canada.

Consumers throughout North America can log on to the site on a daily basis to report prices at their local gas stations. The website then sorts through the information and lists the stations that sell the cheapest, as well as the most expensive gas.

As you can imagine, the information provided by Gasbuddy.com is not only helpful on an everyday basis, but it can also be used to help plan out driving trips. The website will even text or email price updates to your phone, allowing you to keep current with the best deals.

So, now that we know where to purchase gas at the lowest prices, let’s take a look at how we can use less of it.

The Real Estate Disposition Corp., REDC is holding one of the largest foreclosure home auction anywhere in the US, and it is right here in Georgia.  There are hundreds of homes in the Atlanta Metropolitan Area that are included in the foreclosure auction.  Condos, Townhomes, Single Family Homes, and more will all be part of the Auction starting on May 3rd to run through May 10th.  If you have interest in being part of this great buying opportunity, please contact me ASAP.

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you’re still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).