Lee Adkins

OK - big difference here - I don't think it was clear that you already bought the house....

If you didn't notice it (you post says you didn't see it), then I'm not sure why it's an issue exactly. NO ONE here can advise you as you are likely talking about a legal matter now and we definitely can't offer any advice without seeing the contract. You want to look for a due diligence time period, any contingencies or other means of you getting out of the contract. If you would like the name of an excellent real estate attorney to review your contract, I would be happy to share their contact information.

And Alan - I like you (from that "other" post we both shared recently), but to be exact:

A retention pond is designed to hold a specific amount of water indefinitely. Usually the pond is
designed to have drainage leading to another location when the water level gets above the pond capacity,
but still maintains a certain capacity.

A detention pond is a low lying area that is designed to temporarily hold a set amount of water while
slowly draining to another location. They are more or less around for flood control when large amounts
of rain could cause flash flooding if not dealt with properly.

(and yes, I just Googled this and posted, but verified in multiple sources)
++++++++++++++++++++++++++++

Maybe I'll come up with a Trulia for attorneys - but what would we call it...
Emily, call me, let's do lunch!

Good Luck to you - and please feel free to post back and let us know if you can work it out... - Thu Oct 15 2009, 16:45

Hello and welcome to Trulia!

In my opinion, it's important to look at any one house as the sum of it's parts. Chances are, most homes you will see will have some positives and some negatives - that of course also vary from person to person.

A detention pond CAN of course be a negative, but what other features does the home have? Cul de sac lot, basement (and how many other homes have basements), is it visible from the master bath or from the laundry room? I think it's tough to give you an answer without really being able to evaluate the property as a whole package.

The only alarming thing I see in your post is that you should be cautious of a builder or listing agent telling you that a builder is going to do something. Seeing is believing and I wouldn't take anyone's word that they are building a fence, they're going to start on the swim/tennis next week or anything like that. It certainly sounds like this is new construction with the builder involved and just be cautious if this is the case. I'm guessing that this lot/house has something that you like or you would just be buying one that's not near the detention pond.

I've actually run into a very similar situation - maybe the same home - with some buyers recently and they decided that they preferred not to purchase in proximity of the detention pond - although, I guess with the recent flooding, it might be good to know there's a plan for drainage when it's most important.

Best of luck to you! Feel free to post back or email me with any additional information if you would like a more definitive answer.

Lee
RE/MAX Greater Atlanta
404 966 3247
lee@leeadkins.net - Thu Oct 15 2009, 09:14

Hello and welcome to Trulia!

The most direct answer - 3.5% down on an FHA loan.
Bear in mind you will have a price limitation of $346,250 on a single family home in Fulton county.

Additionally, you would be expected to pay closing costs - which are for the most part the costs associated with getting the loan and closing the transaction. Is safe to assume a ballpark 3 or 4% of the LOAN amount. The seller can be asked to pay part or all of your closing costs, but they will just "net" any closing costs you ask for with the sales price.

Also, FHA will have certainly requirements that they property is inhabitable (flooring, certain appliances, etc) and some requirements may vary for condos or other property types.
You can learn more at: http://www.fha.com/important_facts.cfm

You should reach out to Paul Addison at Waterside Lending for more advice on this pauladdison@watersidelending.com - he's not a pushy salesperson and happy to help you learn more about the loan process.

Best of luck to you! Feel free to contact me if you have any other specific questions.

Lee
RE/MAX Greater Atlanta
lee@leeadkins.net
404 966 3247 - Thu Oct 15 2009, 09:39

Rockiee80 -
Welcome to Trulia! I'm sure you will get some great answers from other local pros here - I'll give you my two cents...

I am familiar with the neighborhood and actually showed properties there to a buyer 2 weeks ago.
It's hard to say if $240 without knowing what floor plan, upgrades, lot and other features of the home.
It's in the right ballpark at least.

As far as the area, it's certainly a good area - good schools, lower taxes and proximity to 400 is a major plus as you noted. Your purchase price and type of property should always be considered relative to your "exit strategy." If you know you will stay for 5 years or more, you're probably better off than if a job transfer or relocation prior to that is a possibility, You don't want to have to compete with the builder still having inventory when you go to resell.

Also, it's important that you should know that you might not get as many Realtors to answer here. If you have already been to the property without an agent, the builders generally frown upon you showing back up and saying, "by the way, here's my agent." Not to say it's not possible...

Generally speaking, you can get some good deals on new construction, but bear in mind that there's lots of new construction (and room for more) in that area as opposed to an area such as North Fulton county where there's not a lot of residential land available. Again, Big Creek's proximity to 400 does probably give it something unique as opposed to a lot of the other places off of Post Road and other locations in Cumming.

One other thing to note in buying new construction - I wouldn't buy in any neighborhood that's less than 50% complete and I wouldn't buy anywhere that the amenities are not built yet.

Best of luck to you!

Lee
RE/MAX Greater Atlanta
lee@leeadkins.net
404 966 3247 - Mon Oct 5 2009, 13:38