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Archive for the 'Georgia Mountain Home Buyer’s reVIEWS' Category
There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This series of posts will contain some general suggestions on how buyers can do this.
The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.
2. Have The Home Inspected By A Professional Home Inspector.
Home inspectors help buyers evaluate the condition of the home based upon one or more visual inspections of the property. Most homes have at least a few items that will need to be repaired and / or replaced. A professional home inspector can assist in identifying these items by performing an inspection of the property. Requests for repairs are normally received more favorably by sellers when the need for the repair has been documented in the report of a professional home inspector. Many home inspectors are members of professional associations that, among other things, require their members to perform standardized inspection of the property. Buyers are encouraged to ask inspectors about their qualifications and expertise in inspecting homes before selecting an inspector.
Please check back soon for the 3rd way to protect yourself when buying a home. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.
Click Here – If you missed the #1 Way To Protect Yourself When Buying A Mountain Home
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Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in North Georgia to get jumpy.
As mortgage rates change, so does the long-term cost of owning a home. Every 1/8 percent adjustment changes a household budget.
Meanwhile, the relationship between “vacation days” and mortgage rate volatility is an interesting one; based more in scarcity than market fundamentals.
Rates tend to get volatile near holidays because of two inter-related facts:
- Conforming mortgage rates are based on the price of mortgage-backed bonds
- Mortgage-backed bonds can’t trade without a buyer and a seller at a specific price
So, as the week progresses and more traders leave for their respective “extended” 3-day weekends, there’s fewer buyers and sellers left on Wall Street to connect for a trade. As a result, mortgage bond prices move across larger gaps than on a “normal” day which, in turn, translates into faster, larger changes in rates.
This phenomenon can be exaggerated during periods of economic uncertainty — like what we’re in now — and, furthermore, there’s a bevy of important data set for release this week including the FOMC Minutes, inflation data, and August jobs figures.
In other words, rates would have been volatile without the vacation week. The presence of Labor Day just piles on.
Mortgage rates may rise this week, or they may fall. Either way, if you have a chance to lock something favorable and within your budget, consider doing it. Rates are at all-time lows and likely won’t last.
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There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This series of posts will contain some general suggestions on how buyers can do this.
The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.
1. Read And Keep A Copy Of Any Signed Contract.
A Purchase and Sale Agreement is a legally Binding Contract. It should be read in its entirety by the Buyer before it is signed to ensure that it reflects the business agreement of the parties. Verbal promises not included in the contract are generally unenforceable. Buyers should comply with all time deadlines in a contract since missing a deadline can leave the Buyer in breach of contract. Getting an early start on arranging such things as inspections and financing is the best way for Buyers to avoid missing deadlines. The Buyer should also keep a complete copy of any contract that he or she has signed in the event a dispute arises regarding the authenticity of the contract.
Please check back soon for the second way to protect yourself when buying a home. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.
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Each week, government-led Freddie Mac publishes a weekly mortgage rate survey based on data from 125 banks across the country. According to this week’s results, the relative rate of a 5-year ARM in the North Georgia Mountains…well in all of Georgia is extremely low versus its 30-year fixed-rate cousin.
Consider this comparison:
- In April 2009, the two products ran neck-and-neck with respect to rates
- In April 2010, the two products are split by 0.99 percent
On a $200,000 home loan, that’s a difference of $117 per month to a mortgage payment.
Adjustable-rate mortgages aren’t suitable for everyone, but they can be a terrific fit given your individual circumstance. For example, any one of the following scenarios could warrant a 5-year ARM:
- Buying a home with an intent to sell within 5 years
- Currently financed with a 30-year fixed mortgage with plans to sell within 5 years
- Interested in low payments and comfortable with longer-term interest rate and payment uncertainty
Additionally, homeowners with existing ARMs may want to refinance into a brand-new ARM, if only to extend the initial change date on the current note.
Before opting an ARM or a fixed, Contact Me, or give me a call at 706.994.8686 and I will put you in touch with a loan officer within my team about how adjustable-rate mortgages work, and what longer-term risks may exist. The savings may be tempting, but there’s more to consider than just the payment.
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This is a “BIG DEAL!” Most Buyer’s and Seller’s are absolutely scared to death right now of a Short Sale agreement. Rightfully so in my opinion. These Banks and Servicing Institutions have got to get it together. I have been fortunate enough to have been apart of many Short Sale transactions that were closed in a relatively acceptable amount of time. However on the other hand, I have had the misfortune of being party to several that have not only been an embarrassment to all parties involved, but nothing more than total aggravation and frustration. Let me give you just one example and you decide for yourself.
I currently have a Short Sale contract where I am representing the Buyer for a Cabin for Sale in Blue Ridge, GA. The contract was entered into on July 24, 2009. The list price of the Cabin For Sale was $340,000. An agreement was reached by both parties of $300,000. After many months of sitting and waiting to hear something, anything from the Bank, we finally received a notice that they would not accept the Short Sale on the contracted price, but counter offered to use in the amount of $350,000. They highly encouraged a counter offer, of any kind from my client. So, after speaking with my client, we decided that we would counter offer $305,000 to show the Bank our good faith in the transaction. Another couple of months passed and we again finally received word from the Bank that they had yet another counter offer at a price of $389,000. I was in disbelief. Not only was this last counter offer higher than their first counter, but it was more than what was owed on the home to begin with. As a result of the ridiculous manner in which this Bank had handled this transaction, the Seller to my understanding is now filing for Bankruptcy, and will eventually lose the home through Foreclosure. I am currently searching for another property for my client.
Am I to feel sorry for these Banks? Do you?
Not sure what a Short Sale is? Click Here for a simple explanation.
I certainly hope that I haven’t ruined your day…..go out and Make it an AWESOME day!
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Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The White House says the President will sign it into law today.
The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring home buyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.
The program’s basic eligibility requirements remain the same:
- Buyers can’t purchase the home from a parent, spouse, or child
- Buyers can’t purchase the home from an entity in which they’re a majority owner
- Buyers can’t acquire the home by gift or inheritance
- All parties to the purchase must meet eligibility requirements
The new law includes some notable updates, however.
For one, the definition of “first-time home buyer” has been expanded to include most homeowners with at least 5 years in their current home. “Move-up” buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.
This means that you don’t have to be a true first-time home buyer to claim the “first-time home buyer tax credit”.
Other eligibility changes include:
- The subject property’s sales price may not exceed $800,000
- The subject property must be a primary residence
- Income thresholds raised to $125,000 for single-filers and $225,500 for joint-filer
And remember, the First-Time Home Buyer program grants a tax credit as opposed to a deduction. This means that a tax filer would receive a cash payment of $2,000 from the U.S. Treasury if his “normal” tax liability totals $6,000 and he was eligible for all $8,000 available under the new law.
The complete list of qualifying criteria is posted on the IRS website. Be sure to review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.
It’s 5 months away.
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The government’s First-Time Home Buyer Tax Credit expires December 1, 2009.
If you expect to use the program in conjunction with a home purchase, therefore, you may want to consider yourself officially “on the clock”.
Assuming a 60-day window between contract and closing, there are now 77 days left to find a home and go under contract for it.
The First-Time Home Buyer Tax Credit refunds up to $8,000 at Tax Time for qualified home buyers. A few of the program’s qualification criteria include:
- Home buyer must not have owned a primary residence in the past 36 months
- The home may not be purchased from a family member
- The household adjusted gross income must be below $95,000 for single tax filers and $170,000 for joint tax filers
The tax credit itself is limited to $8,000 or 10% of the purchase price, whichever is less.
Remember, though: The refund is a true tax credit — not a deduction. This means that a taxpayer owing $8,000 to the IRS and claiming the $8,000 First-Time Home Buyer Tax Credit would owe the IRS nothing on April 15, 2010.
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The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today within its target range of 0.000-0.250 percent.
The Fed also reiterated its plan to support the mortgage market to the tune of $1.5 trillion.
In its press release, the FOMC noted that the U.S. economy is not slowing with the same speed versus just two months ago and that financial markets, in general, are improving.
These are two signs that the country may be emerging from recession, if it hasn’t already.
The news isn’t all good, however. The Fed made a point to highlight the potential hazards the nations faces on its path to economic recovery:
- The prices of energy and commodities have been rising
- Job losses are still mounting nationally
- Businesses are reducing capital expenditures
Also in its statement, the Fed acknowledged a plan to hold the Fed Funds Rate near zero percent “for an extended period” and a re-commitment to the U.S. Treasury and Mortgage Bond markets.
Market reaction to the Fed’s press release has been muted.
With no new stimulus and no new “tools” to spur the economy unveiled, Wall Street is business as usual. Mortgage rates are unchanged post-FOMC today.
The FOMC’s next scheduled meeting is August 11-12, 2009.
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Blairsville Scottish Festival
When: June 13 8:00 A.M. – 5:00 P.M.
June 14 10:00 A.M. – 5:00 P.M.
Where: Meeks Park in Blairsville, Georgia
[youtube]http://www.youtube.com/watch?v=wYCp3bx4ZJQ[/youtube]
The stage is set and if you listen you will hear the sounds of bagpipes, drums and sounds of Scotland come alive as the marching bands get the games underway. Be sure to visit the Clan tents, pitched along the Butternut Creek and pick out your favorite kilt. Visit the genealogy tent and find out if you might have a little Scottish in ya. You don’t want to miss seeing the competition of the cabor toss or who can run the kilted mile the fastest. Hungry? Visit one of the Scottish food vendors for a taste of Scotland.The Festival will feature an entire area designated exclusively for children’s events and activities with a fun as well as an educational twist. Children’s crafts and events make this festival fun for everyone in the family.
Please visit the Blairsville Scottish Festival site for more details and information.
**Voted Top 20 Event By The Souteastern Tourism Society**
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