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Home Selling in Atlanta : Real Estate Advice

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Activity 246
Sun Feb 12, 2012
Tyler Willis answered:
Hi Jason,

I personally love Grant Park. If you are a family man or not its a great area. The zoo and the park is there. For the most part it is a historical area and that has tax benefits. Its close to shopping, restaurants and 10 to 15 minutes from downtown. I-20 and 75 and 85 are close by.
I also like Ormewood and Kirkwood as well as East Atlanta Village. There is always something to do there.
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0 votes 8 answers Share Flag
Wed Jan 11, 2012
Brian Maguire answered:
Here is another interesting read Altrez:

http://www.smartplanet.com/blog/cities/7-bold-urban-projects-to-watch-in-2012/1441
0 votes 21 answers Share Flag
Thu Jan 5, 2012
Ron Thomas answered:
As Anthony told you, CHAMP is a loan MODIFICATION program.
CHASE CHAMP is Chase's version of a CHAMP loan.
Which you probably won't get!

Please forgive my negativity, and please do not shoot the messenger:

Here is some information that might start you on your way to understanding what’s going on with Refinancing, Loan Modifications and in particular, Obama’s H.A.R.P. Program:

One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!

One explanation was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)

I understand that the primary reason for the breakdown in communication, is a new-fangled problem called “OUTLYING”:
What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the “APPLICANT WAS NOT QUALIFIED” or “THE REQUIREMENTS WERE NOT SATISFIED”. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.

In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; it’s confusing).

There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!

There are two conclusions which can be drawn from this;
1.) Don’t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.


Good luck and may God bless you
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0 votes 2 answers Share Flag
Fri Nov 18, 2011
Potential Seller answered:
Thanks for everyone's responses. We went with Absolute Black leathered granite countertops (a suggestion from my realtor who helped me buy the house) and it looks great with the sprayed white cabinets w/updated hardware. The whole kitchen looks really fresh. My other favorite additions are the new crown and side panels on the cabinets, a couple of new glass door cabinets, the under cabinet lighting, built in wine rack and custom chalk/message board to cover the side of the fridge. And since we're not selling for a couple of years, we get to enjoy our new kitchen ourselves in the meantime. The best part - doing the work ourselves saves us thousands of dollars!

Now, on to the bathrooms . . . .

Potential Seller
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0 votes 18 answers Share Flag
Fri Nov 18, 2011
Sally English answered:
UPDATE: 30340 is still selling even though most of Atlanta (especially outside the perimeter) is slow. Just sold a really nice home at the $250.000 price mark. It is a good time to buy! SO if you are thinking of selling get a jump on the spring market and list now. ... more
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Fri Nov 18, 2011
Potential Seller answered:
Transitional neighborhood with cute houses. Close to a lot that the city has to offer. But the schools are terrible, and it will impact your resale. That's the boat I'm in (live right around the corner in the Old Fourth Ward). There's no way I'd send my kids to the elementary or middle school that you're zoned for, but you may qualify for the Grant Park charter school that's K-8. The high school is Grady, which is not awful. If you want good elementary and middle schools, you need to check out neighborhoods that are zoned for Morningside, SPARK or Mary Lin elementaries, all feeding into Inman Middle, so that's Lake Claire, Candler Park, Inman Park, Poncey-Highlands, Viriginia Highlands, Morningside, and part of Midtown. Tread carefully - some rumors that they are looking at rezoning in these neighborhood schools due to overcrowding.

Good luck.
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0 votes 7 answers Share Flag
Mon Oct 31, 2011
Lisa Reeves answered:
It looks like Trulia is misreading the information from the property appraisers office of Dekalb County - the public information shows each floor of your home separately and not totaled together. I would suggest having your agent contact Trulia and see if they can fix this issue. ... more
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Sat Oct 29, 2011
answered:
When completed, please send your loss statement to Barney Frank and Chris Dodd and thank them for destroying home values in the United States.
0 votes 6 answers Share Flag
Fri Oct 28, 2011
Carol Perdew answered:
Sally,

The guidelines for short sale transactions appear to continuously changing. Although some of the short sale second lenders are not requiring a promissory note, many of the short sale banks are requiring a promissory note that requires a portion of the original note to be paid back.

Most banks will negotiate a reasonable pay back plan for the sellers to pay the note. Many sellers work out the promissory note repayment plan with the short sale lender, because the alternative is the short sale second lender coming back after you for payment, or signing it over to a collection company who will harass you long after the home forecloses.

Keep in mind a successful short will help you move on and be able to buy a home again in approximately 2 years. You will be able to buy a home typically at lower home prices and affordable interest rates.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
DRE 985176
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0 votes 3 answers Share Flag
Sat Sep 24, 2011
Bill Gassett answered:
Here is a terrific reference that discusses whether or not you should continue to pay your mortgage or not: http://massrealestatenews.com/stop-making-mortgage-payments-during-a-short-sale/ ... more
1 vote 9 answers Share Flag
Wed Sep 7, 2011
Kathleen Clementi answered:
There is a new Legal contract that may help her around this issue. It is called a Joint Residential Ownership Agreement. I would be glad to forward the name of the lawyer that has developed this contract if she'd like to contact me...404-324-9579.
Best of luck!
Kathleen Clementi
Realtor
Keller Williams Realty
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0 votes 13 answers Share Flag
Tue Jul 26, 2011
Jerri Sims answered:
The values in your area have a huge range (as do most areas today). The best thing to do would be to contact a Realtor® and have a Competitive Market Analysis completed. If you want to be sure of the value you could also have it appraised. Most Realtors® will provide a CMA for free. Please let me know if I can be of service. ... more
0 votes 5 answers Share Flag
Wed Jul 6, 2011
J answered:
In reference to davidswbrowers answer...
You are about the most insensitive person I've read on the internet in a lifetime. For your information, short sales are for those who can get them. It's like saying that the millions that baseball players make is because they deserve it. If you can get it, get it. If a person wants to pursue a short sale why shouldn't they be able to treat it as an intelligent business tactic? Get a life... ... more
0 votes 9 answers Share Flag
Tue Jun 28, 2011
Lori answered:
As a photographer, I have come across more and more homes that have "home sitters" in them. I have seen both home sitters with fancy staging furniture and home sitters that only have a bed with nice linens and a dining table. Both are serving a great purpose. Nice clean homes. I would strongly recommend it. ... more
0 votes 12 answers Share Flag
Tue Jun 28, 2011
J Brian Crawford answered:
Room 1 is a bedroom if it is consistent with other properties-- In Lofts this is very common. In a traditional home--that's questionable.
Room 2- Den but only the developers have to call it a den an agent can call it a bedroom- but It's... misleading
Room3- Bedroom Suite- If it is below grade or below the front door threshold it will not appraise as a bedroom. It will be "finished space" A lot of agents will call this a bedroom
Room 4- Bedroom especially in an older home.

Bathroom- one and a half combined.
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0 votes 1 answer Share Flag
Wed May 18, 2011
Rksin3 answered:
Hi,
Please send me all the details about the property. I am an investor from Australia and we are looking for an investment opportunity in the US. We can do the settlement in 7 days. You can reach me in rksin3@gmail.com. pelase send me your contact details as the earliest. ... more
0 votes 1 answer Share Flag
Tue May 17, 2011
Gerard Carney answered:
I have deleted the second answer as requested but not because I was wrong but rather you read it wrong and felt it was an attack on you, it was not, it was more of a warning for all sellers looking to list a home. You did sign a contract to list, you should know that contract like it was the back of your hand, this contracts are binding and every little detail in them can cost you money. When entering into any deal, do not rely on the person that is asking you to sign, do not sign anything you do not understand and for your sake always ask to have the document left over night so you can look at it as well as your spouse. Any legitimate Listing agreement and Agent will not mind you taking time to go over the contract yourself. Also I was trying to point out that you needed to read you contract since this is the only thing binding you in court!. Most people can not tell me what was in the documents they signed, especially listing agreements, Sales Contracts, and Mortgage contracts, and only look at them when the other party makes demands! As for the list Agreement for Geordia, it is very similar to that of Florida, and in fact has a section that covers the split of earnest money when a deal falls through so it could well have been that the agent had filled that out, thankfully they did not! ... more
0 votes 12 answers Share Flag
Tue Apr 26, 2011
Dawn Landau answered:
Find an agent who can help sell what the kitchen CAN BE. A set of plans and hands-on attention to interested buyers can go a long way. I wouldn't suggest actually upgrading your kitchen in this market. I have two listings coming on the market soon, both of which need some upgrades. The plan is to present drawings and costs with the listing to help buyers see what they can do.

Price, condition and location are the big three. It would take a property visit and analysis to fully determine your best strategy.

I live and work in your neighborhood. Feel free to contact me anytime...

dawn
Remax Metro Atlanta
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0 votes 3 answers Share Flag
Wed Apr 6, 2011
NA answered:
The average for this area is about 90 days. But that doesn't mean much. It breaks down with the correctly priced homes selling far more quickly and the others lingering until they expire. If your home has been on the marker longer than 90 days you need to do something fast or you likely won't get it sold. ... more
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