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Luke Mullins, USNews.com

Apr 8th, 2010

As the spring season gets underway, many Americans will be looking to take advantage of the lower real estate prices, attractive mortgage rates, and federal tax credit by purchasing a home. But remember: Not all of the costs associated with homeownership are reflected in the listed price. Indeed, many buyers -- particularly first-time buyers -- may be surprised by the amount of cash they'll need to set aside for housing-related expenses that they hadn't previously considered. These often-overlooked expenses can include everything from title insurance to lawn mowing. To give would-be home buyers a better sense of the budget they'll need to buy and maintain a home, U.S. News spoke with a handful of real estate experts and compiled a list of 12 hidden costs of homeownership:

1. Home inspection. Since a home purchase is likely to be the largest financial investment of your life, it's a good idea to have it professionally inspected beforehand. A home inspector can point out areas of the property that may need repairs. Buyers can use this information as leverage during home-price negotiations or simply to determine whether or not the property is worth purchasing. "It's not required, but certainly I recommend it to buyers," says Judy Moore of Re/Max Landmark Realtors in Lexington, Mass. "It is actually very helpful in that [buyers] learn about the property and how to maintain it and it also alerts them to any potential issues that may be coming up in the near future or need to be taken care of." The cost of a home inspection, which can run several hundred dollars or more, is typically incurred by the buyers before they go to closing, Moore says.

2. Pest inspection. Buyers should consider obtaining a separate inspection for wood-destroying insects, such as termites. Although no laws mandate pre-transaction pest inspections and not all lenders require them, Greg Baumann, senior scientist for the National Pest Management Association, says buyers would be smart to have the procedure done prior to closing. "If you buy a house and you don't have an inspection and the house is riddled [with termites], you go to closing and now the house is yours," Baumann says. "It happens at a time in their lives when [homeowners] can least afford repairs." Termite inspections typically cost between $50 and $200, Baumann says.

3. Appraisal fees. Before you can purchase a home, your lender will require you to have the property valued by a professional real estate appraiser. Lenders use such appraisals when determining the amount of money to offer mortgage borrowers. In years past, appraisal costs were often rolled into the fees that borrowers paid at closing, says Tom Vanderwell, a mortgage officer for Fifth Third Bank in Michigan. Today, however, he makes sure to collect this fee up front. "We've got to pay the appraiser whether the deal goes through or not," he says. "And with the way that the market has been, there is certainly a substantial percentage of deals that are not going through." After buyers pay the fee-which typically ranges between $350 and $400-it appears as a credit on their closing statement, Vanderwell says.

4. Closing costs. When you arrive to sign your closing documents, be prepared to pay thousands of dollars in assorted fees. Such expenses-known as closing costs-can include processing fees, underwriting fees, recording fees, survey fees, and title insurance fees. "This industry has done a bad job of explaining to people that there are legitimate fees which must be paid in order to grant you a mortgage loan," says Keith Gumbinger, of HSH.com. "There are various service providers who are involved in this process-they have their costs and [lenders] have some of [their] own administrative costs as well." But savvy consumers can limit these expenses. Gumbinger recommends that would-be buyers ask several different lenders for so-called good faith estimates, which outline closing costs in detail. (Lenders, however, are under no obligation to offer you such information before you apply, he says.) "If lender A charges a document preparation fee and lender B doesn't, that might be one of the considerations," Gumbinger says. Closing costs vary, but they usually range between 2 to 3 percent of the mortgage loan amount, he says.

5. Moving expenses. Buyers face an additional wave of costs once their home purchase is complete. Take moving expenses. Unless your new house is around the corner or you have a large group of helpful friends, you'll likely need some professional help to transport your belongings. Such expenses can reach several thousand dollars or more, depending on the distance of the move. "Moving is a significant expense-particularly across the country," says Gail Cunningham of the National Foundation for Credit Counseling. For those moving on account of a job, Cunningham recommends asking your new employer to chip in for some of the costs associated with the transition. "I know that people are probably so excited to get the job that they don't want to rock the boat, but that's a pretty normal question," Cunningham says. "A lot of these companies have standing contracts so it is certainly a question worth posing because you don't want to have to cough up that out-of-pocket expense unnecessarily."

6. Furniture. Once you've lugged all of your furniture into your new property, you may find that your old sofa and dining room table aren't nearly enough to fill out the house. "Maybe [the buyers] came from a one-bedroom apartment and they are buying a three-bedroom house," Cunningham says. "They are really going to have some major expenses just to furnish the house with the basics." The beds, lamps, and tables often needed to furnish additional rooms can add up quickly. "The expense of that can really catch you by surprise," Gumbinger says.

7. Property taxes and homeowners insurance. If you have never had a mortgage, be aware that your monthly bill won't simply reflect the loan amount plus interest. It will also reflect property taxes and premiums for homeowners insurance, which all mortgage borrowers are required to obtain. For that reason, housing experts encourage buyers to think of their baseline monthly mortgage payment as encompassing "PITI," or principal, interest, taxes, and insurance. Annual homeowners insurance premiums typically range between 0.5 to 1 percent of the mortgage loan amount, Gumbinger says. Property taxes will vary a great deal, but can run several thousand dollars a year or more.

8. Supplemental insurance. Consumers who buy homes in areas exposed to flooding may have to purchase a supplemental insurance policy, says Guy Cecala, the publisher of Inside Mortgage Finance. "[For] just about any mortgage you get now that's in the 100-year flood plain, you have to get flood insurance," Cecala says. Buyers can use online tools to determine if the property they are considering is located in such an area. "There is no real cheap private alternative. You really have to get into the federal flood insurance program, and it's relatively affordable," he says. Premiums on such policies will cost most homeowners less than $20 a month, he says.

9. Homeowners association/condo fees. Consumers who buy into certain developments will have to pay an additional monthly fee on top of their payments for principal, interest, taxes, and insurance. Condominium and single-family developments often charge residents for services that benefit the community, like lawn mowing or employing a front-desk attendant. "Condo fees are specifically for condominiums. Home association fees can also be for single-family home developments," Moore says. "They are essentially the same thing but different variations." Such fees will vary, but can total more than $100 a month.

10. Utilities. You may be surprised by how much you'll need to budget to keep your house warm and the water running. "You might have been renting an apartment and you [were] paying some portion of your utilities or maybe all of them, but the first cold winter you are in your house, you [might] say, 'Wow, look at these power bills,'" Gumbinger says. "That's one of the costs I think you really don't think about." Utility costs will vary by region and consumption. To get a sense of the costs, home buyers should ask sellers for monthly utilities estimates before they close the transaction.

11. Ongoing maintenance. Although that big backyard might be a great place to grill burgers, it's also an expense. As a homeowner, it's your responsibility to keep your property maintained. That means raking the leaves, mowing the lawn, trimming the hedges, and clearing out the gutters, among other tasks. (Unless, of course, you live in a development that handles these chores for you.) To maintain the exterior property, you may have to buy a lawnmower, a hedge trimmer, or other equipment that you didn't need when you lived in an apartment. "If you are a first-time buyer, you may fail to appreciate just how much stuff you need to buy in order to manage your home," Gumbinger says.

12. Repairs. Remember, when you move out of that apartment, there's no longer a landlord to call when the sink backs up. Instead, it's up to you to contact”and pay”the plumber. And the sink is just one of the many home features or appliances that homeowners may one day need to repair. Homeowners are encouraged to set aside funds to take care of such repairs when they become necessary. And because broken appliances can be a major hassle and a significant expense, Ron Phipps, a broker with Phipps Realty in Warwick, R.I., recommends that buyers put key appliances under warrantee. "What we really recommend is that the buyer negotiate into the transaction a home warrantee for one year," Phipps says. "That's about a $500 item, and if [the buyer] gets the seller to pay for it, that minimizes [the cost]."

I hope this article was helpful to you.   If I can help you take advantage of the expiring tax credit, give me a call today!   You need to be under contract by April 30th, 2010.

Christie Wilkins, 678-591-9574, www.discoverahome.com, discoverahome@yahoo.com

The Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.

A second objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell the houses to new homebuyers. Federal law prohibits the Gwinnett County from providing foreclosure prevention assistance from NSP funds.

The County has received approximately $10.5 million from the United States Department of Housing and Urban Development (HUD) and approximately $3 million of HUD NSP funds from the Georgia Department of Community Affairs (DCA) for this program.  

See the  list below  of available NSP homes and call me if you or someone you know has interest.   Take advantage of the tax credit for first time and repeat buyers at the same time, but HURRY!   The tax credit ends April 30, 2010.

This information was obtained from the Gwinnett County financial services dept.

Christie Wilkins

www.discoverahome.com

678-591-9574

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by Luke Mullins
Tuesday, December 29, 2009 provided by

Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic--while painful for many home owners--has created some wonderful opportunities for bargain hunters. If that's not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.

But while the 2010 outlook appears inviting, there's one key catch. "You need to have a stable job," says Mark Zandi, the chief economist of Moody's Economy.com. The economy is showing signs of life, but the unemployment rate is already at 10 percent and expected to go higher. And while those mortgage rates are attractive, buying a house makes sense only if you can bank on your income stream. So before you consider purchasing a home, take a hard look at your job, your company, and your industry.

That said, here are 10 things to know about real estate in 2010:

1. Prices to bottom: After more than three years of falling, real estate values have shown signs of stabilization in recent months. At the national level, home prices slid nearly 9 percent between the third quarter of 2008 and the same period this year, according to the S&P/Case-Shiller home price report. That's a notable improvement from the second quarter's nearly 15 percent annual drop and the first quarter's 19 percent decline. This improvement will give way to a bottom in home prices--finally!--in 2010, but not before additional declines, Zandi says. Zandi projects home prices will hit bottom in the third quarter of 2010 after logging a peak-to-trough decline of roughly 37 percent, based on the S&P/Case-Shiller national home price index. "That means we've got another roughly 10 percent [decline] to go," Zandi says.

2. Mortgage delinquencies up: Amid falling home prices and a nasty labor market, roughly 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter--the highest delinquency rate in the 37-year history of the Mortgage Bankers Association's National Delinquency Survey. Two factors are expected to drive delinquencies even higher next year. First, nearly 1 in 4 homeowners currently owes more on their mortgage than the property is worth, which increases their odds of default. And secondly, the national unemployment rate--which already stands at 10 percent--will peak at about 10.5 percent in the first quarter of 2010, says Patrick Newport, an economist at IHS Global Insight. Additional job losses mean more borrowers won't be able to pay their mortgage bills. "The [delinquency] rate is going to stay up there for quite a while because the job market is going to be really weak for a while," Newport says.

3. Foreclosures move upstream: The number of foreclosure sales will increase to about 1.9 million in 2010, according to Moody's Economy.com. And while we've already seen a growing number of more expensive homes heading into foreclosure, Heather Fernandez, vice president of marketing at the real estate search engine Trulia, expects the trend to pick up steam next year. (Trulia is a U.S. News partner.) "We are poised in 2010 to see a surge of foreclosures from prime borrowers. Hundreds of billions of dollars in option [adjustable rate] mortgages are set to be recast" next year, Fernandez says. Option adjustable rate mortgages allow borrowers to make lower monthly payments for an initial period, after which the payments adjust--or "recast"--higher. For some borrowers, the new payments can be more than twice their initial payments. Combined with other factors, like the loss of a job, a recasting option adjustable rate mortgage can make borrowers more likely to default. "These are [properties] at higher price points [and] potentially in more desirable neighborhoods," Fernandez says.

4. Mortgage rates to rise: Anyone who purchased a home in 2009 was presented with some extremely attractive mortgage rates. Rates on 30-year, fixed mortgages fell to an average of 4.88 percent in November, down sharply from 6.09 a year earlier. A key factor behind the plunge was a Federal Reserve program, first announced in November of 2008, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac. But the program is slated to expire at the end of the first quarter, and if private investors don't step up, fixed mortgage rates could jump. (The Fed, of course, could always decide to extend the program.) The unwinding of this Fed program, the improving economy, and mounting concern over government deficits could push rates on 30-year, fixed mortgages to roughly 5.5 percent by mid-2010 and close to 6 percent by the end of the year, says Mike Larson of Weiss Research. "Almost all signs to me point higher," Larson says.

5. Buyer's market remains: With prices still falling, mortgage rates remaining historically attractive, and additional homes hitting the market in the form of foreclosures, the dynamics of the real estate market will continue to favor buyers over sellers in 2010. That means those looking to buy a home next year should not feel pressured to act impulsively. "You don't need to have a sense of urgency, but understand that as time progresses the balance of power as we get into 2010 is going to slowly but surely shift away from [buyers]," Larson says. "It is not going to be a strong seller's market, but it will be more evenly distributed as the year goes on." Data from the real estate firm Zillow show that home buyers are already losing the leverage they once enjoyed. While home buyers landed a median discount of 4.6 percent off listing prices in January, the size of the gap fell to 2.7 percent by October. Expect this gap to close further as 2010 marches on.

6. Modification plan could be modified: While the Obama administration has put nearly 700,000 borrowers into temporarily restructured mortgages, it had found permanent fixes for just 31,382 struggling homeowners through November. What's more, critics have identified two key shortcomings of the government's $75 billion antiforeclosure plan. First, the program isn't much help for borrowers struggling to stay in their homes as the result of a job loss. And the rickety labor market is a key factor behind rising delinquencies. At the same time, the plan does not sufficiently address the issue of negative equity--owing more on your home loan than the property is worth--which also works to increase foreclosures. "The current modification program does not address negative equity and is therefore destined to fail," Laurie Goodman, a senior managing director at Amherst Securities Group, told a congressional committee in written testimony on December 8. "It must be amended to explicitly address this problem." Zandi says the government may move next year to overhaul the modification program in two ways: improving troubled borrowers' negative equity positions by writing down some of the mortgage principal, and helping to turn troubled homeowners into renters.

7. FHA lending standards may increase: While banks have jacked up lending standards in the face of mounting delinquencies, mortgages backed by the Federal Housing Administration--which come with a minimum down payment of just 3.5 percent--have remained accessible to a wide swath of borrowers. The FHA guarantees nearly 30 percent of new-home purchase mortgages today, up sharply from just 3 percent in 2006. But the rapid growth has occurred alongside an increase in mortgage delinquencies. As a result, the FHA's reserves have dipped below congressionally mandated levels. The development has put pressure on the Obama administration to beef up its requirements for agency-backed home loans. In early December, the Department of Housing and Urban Development announced that it would make several changes to FHA mortgage requirements: raising up-front cash requirements, boosting minimum credit scores, and perhaps charging more for insurance premiums. Additional new restrictions may be in store. Taken together, the developments could work to choke off the supply of mortgage credit to borrowers who can't get financing elsewhere.

8. Tax credit available through June: On top of lower prices and cheap mortgage rates, Uncle Sam is offering an additional incentive to get buyers into the market next year. In early November, President Obama signed a bill extending and expanding a popular tax perk for home buyers. The legislation gives qualified first-time home buyers a tax credit of up to $8,000 if they close the purchase of a primary residence by the end of June. Meanwhile, qualified current home owners are eligible for a credit of up to $6,500 when they buy their next principal residence. But while the tax perk may make a home purchase more tempting, would-be buyers should make sure they have the job security and financial wherewithal to handle the transaction before going ahead. "Don't let [the home buyer tax credit] be the thing that drives you to act," Larson says.

9. Markets will vary a great deal by region: The performance of the national housing market is much less important that the dynamics of your local market, and sales and pricing trends will vary a great deal from one area to the next in 2010. "There will be geographic pockets where the values will still continue to decline, and there will be geographic pockets where they increase," said Dale Siegel, a mortgage broker and the author of The New Rules for Mortgages. That means anyone interested in buying real estate next year can't just read the national headlines. Instead, find a good blog that covers the local housing market and consider speaking with a real estate agent with experience in the area. Check out online listings--pay close attention to pricing and inventory trends. And make sure to head out to open houses to get a firsthand feel for the market.

10. Mobile maps can help: Advances in technology have enabled would-be home buyers to increase the efficiency of their searches. For example, Zillow's iPhone app allows home buyers to see the estimated values and listed prices of the properties they pass on the street. The app, which is free, has been downloaded more than 830,000 times. Trulia has unveiled a similar product that allows users to find nearby open houses as well. "If you are sitting in a neighborhood having brunch on a Sunday, you can very easily pull up your phone [and] walk into open houses," says Trulia's Fernandez.

Copyrighted, U.S.News & World Report, L.P. All rights reserved.

Christie Wilkins, Keller Williams Realty, 678=591=9574, discoverahome@yahoo.com, www.discoverahome.com

Click on the link below for a detailed report on the real estates essentials from November 2009.

I’m here to answer any of your questions.

Christie Wilkins
Keller Williams Realty
678-591-9574
discoverahome@yahoo.com
www.discoverahome.com

From our friends that know what they are talking about!

http://www.federalhousingtaxcredit.com/

Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. Who is eligible to claim the $6,500 tax credit? What is the definition of a move-up or repeat home buyer? How is the amount of the tax credit determined? Are there any income limits for claiming the tax credit? What is œmodified adjusted gross income? If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit? Can you give me an example of how the partial tax credit is determined? How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009? How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements? What types of homes will qualify for the tax credit? I read that the tax credit is “refundable.” What does that mean? Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? I am not a U.S. citizen. Can I claim the tax credit? Is a tax credit the same as a tax deduction? Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return? HUD allows œmonetization of the tax credit. What does that mean? If I™m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return? For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?

NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. 1201 15th Street, NW Washington, DC 20005 ssCopyright © 2009 National Association of Home Builders. All rights reserved. SINCERELY, LaChetta, Taylor & Mac

Well, with so many “social media” outlets out there, it’s hard to keep track and keep up! I thought I was doing well just to have a phone that sync’s with my computer.   I was a little tentative to branch out even more into the myriad of different websites – Twitter and Facebook are a little overwhelming at first.

But it is now official!   I have a Facebook Fan Page!   I am uploading information on my listings and hope that you will take a peek!   I’m new and a little rusty, so if you see something that isn’t working, let me know!   Just click the link below and check it out!

http://www.facebook.com/advertising/?pages#/pages/Duluth-GA/Christie-Wilkins-Keller-Williams-Realty-Atlanta-Partners/129805364542

I haven't made it to Twitter yet, but who knows, maybe that will be next!

Hope to hear from you soon!

Christie Wilkins, Keller Williams Realty Atlanta Partner, www.discoverahome.com, discoverahome@yahoo.com

It seems like forever that we have been watching the downward slide of the real estate market.   We’ve been holding our breath and waiting for it to hit bottom.   Well, it looks like we hit and are starting to bounce back!   Bonds are rising, the stock market is in a growing trend and finally, the housing market it following suit.

For me personally, I had 6, yes count them, 6 homes go under contract in the last 3 weeks!   In Sugarloaf Country Club 11 homes have closed in the last 3 months alone.   Previously, we were seeing a measly 1 a month!   The media is hyping up that all the best deals are getting snatched up, we are seeing multiple offers on the homes that are priced really well and these buyers are taking advantage of the First Time Homebuyer’s credit.   As mentioned by Chris Tanner with Home South Mortgage:

“In addition, given the current expiration date of November 30, 2009 for the $8,000 First Time Homebuyer credit, it’s important for homebuyers to get prepared, and take action. In fact, many homebuyers are doing just that already. The Mortgage Bankers Association reported that home loan applications surged in the latest week to their highest level since late May, as more buyers are seeing the great opportunity that exists right now.”

The window of opportunity is closing on the tax credit, the great deals are disappearing – change is in the air and I want you to be part of that change!

Call me and let me be the one to provide you with the service and attention you deserve!   I look forward to hearing from you!

Christie Wilkins, Keller Williams Realty Atlanta Partners, 678-591-9574, discoverahome@yahoo.com, www.discoverahome.com

I really enjoyed this post by Gordon Inman and wanted to share it with you:

 One of your primary reasons for owning a home is the investment “ Money.   You accumulate equity in your home; you save in taxes by owning a home and why pay more money to rent when you can pay less to own your property?    Equity is the value of your home.   The amount of your loan minus the amount you have already paid toward the home is your equity.   Now of course there are other determinations that go into this number like any upgrades to the home, the neighborhood, and any liens on your home.    

Your home is still the best long-term investment you will ever  make.   Over the years home prices have skyrocketed and plummeted and will continue to do so. But property is always valuable no matter what. The key to a home™s value is location, upkeep, upgrades, amenities and appeal; each of those items will play a part in your profits. Look at today™s economic mess; we™re sitting in a buyer™s market and even with plummeting prices and a sad stock market homes are still a value to someone.    People are enticed to buy new homes and not just new but bigger and better homes. Fifty years ago homes were less than 1000 square feet and the family all shared one bathroom. Today most homes have 2.5 bathrooms, more square footage, more closet space, more windows, upgraded landscaping, double garages, cathedral ceilings and gourmet kitchens with islands. No matter what, homes remain steadfast and there will always be buyers. But like everything with value, it all depends on what you™re offering.   This is why upkeep and upgrades remain an important trend.  Your home will always be a good investment and think of the return on your investment in the long run; one of the best benefits to a homeowner is the tax deductions. Homeowners are allowed to deduct up to one million dollars on their primary and second home. And if you have a home equity loan you can deduct part of the interest payments on that mortgage.  Property taxes and interest payments on your mortgage are all deductible on your federal and state tax returns. For many people who do not have any itemized deductions, this provides some relief from paying all of their income to the government.   Who doesn™t want to pay less in taxes? And to sweeten the deal the government now offers you other avenues to deduct some upgrades to your home.   Become eco-friendly and purchase items that save on energy and wasted water use and you™ll become eligible for other tax incentives.    Home ownership was always looked at as accomplishment and achieving the American Dream; today it has become that and much more; an ideal way to make a sound investment with plenty of loopholes to decrease your tax obligations.   Throughout the declines and painful uncertainty will come stability and home sweet home investment will gain ground once again.

HB 261  was signed into law on May  11, 2009 by  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 amount of the credit is 1.2% of the purchase price up to $1,800 spread over three years.   The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of 2009.   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.   Thank you for your effort and support!   Please continue to remain active and respond to all NAR, GAR, and local  Calls For Action.   You are our greatest strength and your voice  makes a difference.   When REALTORS  work together, we  can move mountains!

¦If your home goes into foreclosure, you are NOT free to just walk away and satisfy your debt “ just because they took your home, doesn™t mean your debt is cleared.

 œThe times, they are a changin™ œ“ I™m not sure who said that originally, but boy are they right!  

With everything that is going on in our market and the economy, there are a lot of people who are in financial trouble and they may be having trouble with their homes.   Many have tried to work with their bank to restructure their loans and quite often are told they can™t be helped.   What they don™t know is there is a lot of red tape and you need to talk to the right person.    In order to address these current time issues, I have added a team to my arsenal who works exclusively with short sale and foreclosure situations.   They work with the banks to forgive the debts owed.   They spend all day every day on the phone working through the process to get with the right people who can push a short sale through.   The average homeowner doesn™t have all day to sit on the phone in the hope they will get the right person.      

Some things you may not be aware of :   Did you know if you lose your job you can request forbearance?   You can have a 3-6 month reprieve while you get back on your feet, but at the end of that date you need to be able to pay the mortgage owed or they will foreclose.   A deed-in-lieu will offer you the opportunity to essentially turn the deed over to the bank in lieu of foreclosure.   This will still be a strike on your credit, but it won™t be as harmful as a foreclosure and often the debts are forgiven.   You typically have to have tried selling your home at market value through a real estate agent before asking for a deed-in-lieu.   A short sale can also be negotiated.   The bank agrees to take less than what is owed on the property but you have to negotiate to have them forgive that loss that they take.   Keep in mind, if you hope to buy a home in the future the timing can vary when going through these processes:   a short sale can typically be 2 years before you can buy again, a deed-in-lieu is usually 4 years and a foreclosure can be 7 years.   If you file bankruptcy you are looking at 10 years.   You should also check with your accountant for tax ramifications.

In addition to my successful referral based traditional real estate practice, I have been focusing on helping homeowners that may be facing foreclosure or are upside down on their mortgages and don™t really know what options they have.   If you or someone you know is facing a challenge like this, please don™t hesitate to use me as a resource for valuable information.   It costs you nothing and can save you a lot.