Open House and Ashview Heights Community Awareness event Today!

968 Fair Street, Atlanta GA 30314

Check out this renovated 4bedroom 3bath Bungalow with large walk-in closet (possibly a 5th bedroom) and spacious open kitchen within Ashview Heights! Find out more about this community and why this is the next HOT Atlanta neighborhood to consider for your home purchase.

Open today from 11-4PM.

Receive a map of other available homes for tour today at this home.

 

 

 

Auction Auction Auction!!!

I’m sure you’re tired of seeing these signs throughout our neighborhood- I know I am… but let’s go see what all the fuss is about. Can you really get a home for 5K at an auction? Let’s find out on 10/25- also you can finance these homes too! BUT come pre-qualified, I would hate for you to lose any money if the financing does not go through at the end… you WILL lose your down payment!

In our neighborhood, the property I see that may be a good find- 551 Lawton St- starting bid 49K

When: Saturday Oct. 25, 2008
Where:  Georgia World Congress Center – Thomas Murphy Ballroom – Level 5 285 Andrew Young International Blvd NW, Atlanta GA 30313
Time: Registration Starts Promptly at 8:00 a.m. Auction starts promptly at 9:30 a.m. <!–
All homes Open for inspection –>

AUCTION REMINDER: $2,500 cashier’s check or cash, a personal checkbook and photo ID is required to Bid for this auction.

Banks: No Exceptions for Short Sales

 Increasingly, sellers seeking short sales are encountering a new twist.

Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due – debts that could burden borrowers for the rest of their lives.

Moody’s Economy.com estimates that about 10 million home owners have negative equity, a condition known colloquially as being upside down or underwater. By next June, the forecasting company expects the total to rise to 12.7 million — a quarter of all home owners who have mortgages.

“The first wave of foreclosures involved a lot of investors who just disappeared,” says Lance Churchill of Frontline Seminars, which teaches real estate practitioners how to negotiate with lenders on short sales. “Now, home owners with jobs and assets are underwater and want to sell. The banks want as much as they can get, today or in the future, and the owners want to get away clean.”

If the lender does a short sale without extracting anything from the seller, everyone in the country who is upside down could try to wiggle out from under and banks will take a fresh wave of hits. But if the lender pushes too hard, the borrower will default, leaving the bank in worse shape.

Source: The New York Times, David Streitfeld 09/18

Facts About Seller-funded Downpayment Assistance Provision

The Housing bill signed by the President on July 30, 2008, does not eliminate all downpayment assistance programs from eligibility for FHA insurance. Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Downpayment assistance from family members, government programs, or charities that are not seller-funded is still permitted. The prohibition goes into effect October 1, 2008. Read more about the Seller-funded Downpayment Assistance Provision.

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

  • The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

  • This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

  • The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

  • High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: Realtor Magazine