Many real estate owners these days are weighing the heavy hearted decision of whether to short sale their real estate, or just walk away from the property.  Here are some of the facts that may help you make the best decision.  A Short Sale will more than likely negatively affect your credit, but not nearly as much as having a foreclosure on your credit rating.  As you watch the value of your real estate investment decrease, and buyers in short supply, I suggest consulting with a real estate professional who has experience in foreclosures and short sales to help you make the best decision.  Many Banks and Mortgage Companies are more than willing to work with the owner on a Short Sale, but it does take an experience real estate professional to get the job done.  There are endless mounds of paperwork and seemingly many long phone calls to the mortgage companies and banks, which all has to be coordinated through a real estate attorney to complete the paperwork that the bank / mortgage company will require.  I will be happy to help you with any of your real estate concerns when you contact me.

 Changes Announced on January 20

MI premium rates:

Will increase the upfront rate from 1.75% to 2.25% — effective April 5, 2010

Will reduce maximum seller concessions from 6% to 3% — effective in early summer 2010

***Please notice that the seller contributions have not changed as of now.  You can still ask for up to 6% in seller contributions.  It states that this will change in the early summer of 2010.***

Please call or email me with any questions regarding the upcoming changes, and the urgency to buy your home now.

If I wait for that $400,000 house to come down to $350,000, could I be risking higher payments? Why yes, you could…..and why?

- $400,000 mortgage @ 4.5% = $2026.24

- $350,000 mortgage @ 6.0% = $2098.43

Does this ever happen? It’s what we are watching buyers do right now!! 

See the attached Spreadsheet and tell us your thoughts.

 Scott Dilbeck

Keller Williams Realty

      First Atlanta

Direct: 404-861-6623

Fax:    770-783-2059

website: www.scottsrealty.com

Here is an update on the First Time Homebuyer Tax Credit Extension.

Congress is working on a plan to extend tax credit support to homebuyers. The new language in the Senate would allow homeowners who have lived in their home for five of the past eight years and who earn $125,000 or less for individuals or $225,000 for couples to receive a $6,500 tax credit. First-time homebuyers would still be eligible for an $8,000 tax-credit. The tax credit would apply for homes under contract by the end of April, although buyers would have until the end of June to close on the purchase.

The Senate is expected to vote on this measure by the end of the week. The House, which would have to approve the measure before sending it to President Obama for his signature, is expected to take up the measure next week.

Time is quickly running out to get the $8000 tax credit for the purchase of your first home, or if you have not owned a home in the past three years.  The deadline to close on the purchase of your home must be on or before October 31st, 2009.  I will be happy to assist anyone that is interested in taking advantage of this tax credit, so please contact me as soon as possible.

scott@scottsrealty.com

HUD announced on Friday that the $8000 tax credit can be applied toward customer’s Down Payment. Additionally they will allow lenders to help the buyer use the money before they receive the credit. As of yet no lender has agreed to the program and the State of Georgia has not approved any non-profits that would assist in this endeavor.

Please see the HUD announcement, which shows that if this program is implemented it could result in160,000 new home sales!!!

http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Some highlights on the $8000 Tax Credit include:

* Owner Occupied Properties ONLY

* Customers can not have owned a home in the last 3 yrs

* Home has to be closed and Occupied by December 1, 2009

* The credit REQUIRES the property purchased to be the primary residence for 3 yrs or the credit must be repaid

*Income restrictions DO APPLY

For specifics please visit hhtp://www.irs.gov/newsroom/article/0,,id=206291,00.html

HUD Foreclosures and Govt owned homes are some of the best deals in the real estate market today.  FHA financing as well VA Financing and many other options are out there for buyers.  First time Home Buyers will find these deals easy to get into, and often cheaper than the rent for an apartment or rental home.  Georgia has some great deals on foreclosed homes, and coupled with the $8,000. stimulus rebate makes for a great deal in the real estate market today.

Please call or email me today to get a Free List of HUD Foreclosures or Govt owned homes in your area of Georgia.

Scott Dilbeck 404-861-6623

U-Haul Names Atlanta as Top 2008 Destination
Tue Mar 31, 2009 4:00am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
PHOENIX, March 31, 2009 (GLOBE NEWSWIRE) — U-Haul International, Inc.,
America’s number one choice for do-it-yourself movers, today released the
results of the annual 2008 U-Haul National Migration Trend Report, titled “The
2008 Top 50 U.S. Destination Cities.” According to moving data reflective of
nationwide statistics for calendar year 2008, Atlanta takes the No. 1 spot for
the second year in a row, while Houston takes second place, moving up from the
No. 8 rank last year. Los Angeles climbed to No. 3 from No. 13 last year, while
Las Vegas maintained at No. 4 for the second year in a row, and Denver, Colo.
moved up to fifth place from the No. 9 rank last year. Portland, Ore.; Chicago,
San Antonio, Austin, Texas and Orlando, Fla. rounded out the top 10.

“Since 1945, U-Haul has built a long and proud history of relocating Americans,”
said U-Haul President of Phoenix Operations John “J.T.” Taylor. “Our consumers
rely on us to provide affordable services at convenient locations, which makes
for a shorter distance to travel when moving. This not only makes their move
easier but also has the positive effect of reducing the amount of carbon
emissions released into the atmosphere.”

The ranking reflects destinations for movers traveling more than 50 miles, and
considers every city in the country, regardless of size. However, the data is
not stated as a percentage of population and is not reflective of overall
growth.

The 2008 Top 50 U.S. Destination Cities Report was compiled from more than 1
million U-Haul truck transactions occurring between Jan.1 and Dec. 31, 2008.

Since 1945, U-Haul has been the undisputed choice for the “do-it-yourself”
mover, with a network of more than 15,650 locations in all 50 United States and
10 Canadian provinces. U-Haul customers’ patronage has enabled the Company to
maintain a fleet size of 96,000 trucks, 75,000 trailers and 35,000 towing
devices. U-Haul offers more than 395,000 rooms and more than 34 million square
feet of storage space at more than 1,075 owned and managed facilities throughout
North America. U-Haul is the consumer’s number one choice as the largest
installer of permanent trailer hitches in the automotive aftermarket industry.
U-Haul supplies alternative-fuel for vehicles and backyard barbecues as one of
the nation’s largest retailers of propane.

The U-Haul International, Inc. logo is available at

http://www.globenewswire.com/newsroom/prs/?pkgid=5134

Note to editors: The annual mileage of North American U-Haul trucks, trailers
and tow dollies would move a family to the moon and back more than 20.5 times
per day, every day of the year. The annual mileage of North American U-Haul
trucks, trailers and tow dollies would travel around the Earth 194 times per
day, every day of the year.

U-Haul Top 50 U.S. Destination Cities*

January – December 2008

1. ATLANTA, Ga. 26. PITTSBURGH, Pa.
2. HOUSTON, Texas 27. PHOENIX, Ariz.
3. LOS ANGELES, Calif. 28. NEW YORK CITY, N.Y.
4. LAS VEGAS, Nev. 29. INDIANAPOLIS, Ind.
5. DENVER, Colo. 30. FULLERTON, Calif.
6. PORTLAND, Ore. 31. COSTA MESA, Calif.
7. CHICAGO, Ill. 32. CHARLOTTE, N.C.
8. SAN ANTONIO, Texas 33. SAN JOSE, Calif.
9. AUSTIN, Texas 34. MINNEAPOLIS, Minn.
10. ORLANDO, Fla. 35. ST. LOUIS, Mo.
11. SAN DIEGO, Calif. 36. QUEENS, N.Y.
12. KANSAS CITY, Mo. 37. WEST PALM BEACH, Fla.
13. PHILADELPHIA, Pa. 38. OKLAHOMA CITY, Okla.
14. MIAMI, Fla. 39. TUCSON, Ariz.
15. SACRAMENTO, Calif. 40. TULSA, Okla.
16. BROOKLYN, N.Y. 41. SALT LAKE CITY, Utah
17. DALLAS, Texas 42. ALBUQUERQUE, N.M.
18. SAN FRANCISCO, Calif. 43. SPOKANE, Wash.
19. WASHINGTON, D.C. 44. BRONX, N.Y.
20. TAMPA, Fla. 45. LONG BEACH, Calif.
21. JACKSONVILLE, Fla. 46. FRESNO, Calif.
22. VAN NUYS, Calif. 47. BIRMINGHAM, Ala.
23. FORT WORTH, Texas 48. BALTIMORE, Md.
24. COLUMBUS, Ohio 49. SEATTLE, Wash.
25. CHRISMAN, Ill. 50. SANTA MONICA, Calif.
*Data compiled from more than 1 million U-Haul one-way truck transactions from
January – December 2008.