Home Buying in Atlanta>Question Details

Felecia, Both Buyer and Seller in Maryland

Anyone have experience with Legacy communities in Atlanta? What's it all about, seems too good 2b true.?

Asked by Felecia, Maryland Wed Sep 10, 2008

Are any special requirements for living in these communities? Can I be a first time buyer in GA but selling my home from another state to purchase in one of the Legacy communities?

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4
Brian Harris’ answer
BEST ANSWER
The requirement would be the by-laws set forth by the developer of the community in the HOA Docks. Legacy Communities builds in the Atlanta area and Alabama. The communities usually range from the low 100's to the $300's. They are centered around the 1st time home buyer. They provide a good product for the price point. As it relates to Atlanta, GA, they are not building in the City of Atlanta. They are building or have sub-divisions in the surrounding areas of Atlanta. Some on the Westside, some on the Eastside but most are on the Southside of Atlanta(southeast,southwest or south), they also have a few communities in what is known as North Fulton or Cobb county. They are usually built in similar price point areas. Some communities one could argue might be a little better than another depending on ones needs. There are many positives for the builder as they are one of the preferred in the State of Georgia and are members of the Atlanta Association of Home Builder's.
Web Reference: http://www.BrianSellsGA.com
1 vote Thank Flag Link Thu Sep 18, 2008
is legacy still in business?
0 votes Thank Flag Link Sat Sep 20, 2008
From your question I assume that Legacy is promoting incentives for first time buyers at this time. With FHA Down Payment Assistance going away at the end of the month many Builders and Lenders are creating alternatives to help buyers get into homes. "First Time Buyers" may have different definitions for different programs. I do know that one of the programs that Metro Brokers Financial is offering defines "First Time Buyer" as anyone who has not owned a home in three years. I am not sure how owning in a different state would affect this. They are offering a grant up to $10,000 for down payment FREE. As with everything, there are certain criteria that has to be met. That is just one example of the many programs popping up right now. Some of them depend on certain area or income requirements being met. Your best bet, always, is to have Buyers Representation, even on a new home purchase. You need someone looking out for your best interest so you will be aware of all aspects of the program being offered.

If there is anyway I can be of further assistance, just let me know!

Prissy Dixon
Realtor
404-408-4941
0 votes Thank Flag Link Thu Sep 11, 2008
What seems too good to be true? If you are interested in a Legacy Community, then you can purchase a home in their development. For the home in another state, you have a couple of options 1) If you have high income with low debt ratios, then your income may be able to support two households and you may not have to sell. 2) if your income cannot support two household, then you may need to sale or at least rent you home in order to purchase in GA. 3) If you have equity in the home in another state, you may be able to utilize a bridge loan to take care of the monthly payments for the home out of state, until it sells. There are a few options that you can explore. Being that you are an out of state buyer, I would recommend that you contact a Realtor to asisist you with this purchase.

Ericka Nichols
Realtor
404-219-4046
0 votes Thank Flag Link Wed Sep 10, 2008
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