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Home Buying in Atlanta : Real Estate Advice

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  • Local Info353
  • Home Buying1K
  • Home Selling138
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Activity 1,053
Fri Dec 7, 2012
Brian White answered:
Of course you can! Buyers purchase properties in need of repair every day. Some investors prefer to purchase properties which need some work because they can get a better deal on a fixer upper than they can on a renovated property. Pricing is the key though. Don't price it to be in line with what other renovated properties are selling for. Hook yourself up with an agent in the Duluth area who specializes in investor properties and listen to them when they advise you on how to price it! ... more
0 votes 14 answers Share Flag
Mon Dec 10, 2012
Rodney Mason answered:
You would have to consult with a Real Estate Attorney on that matter.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
0 votes 7 answers Share Flag
Sun Dec 9, 2012
Ava Anderson answered:
Hi E Tay,

Congratulations on your decision to purchase a home! A buyers agent is a Realtor® or real estate agent who primarily works with buyers. This agent would work for and with you to represent your best interest during your transactions. I would be happy to help and represent you as a buyer's agent. I have worked with many first time buyers using the Georgia dream program buying properties in Ellenwood. Please give me a call so we can discuss your particular situation and helping you with your first purchase.



Ava Anderson
Realtor®
770 369-5121
... more
0 votes 11 answers Share Flag
Sun Oct 6, 2013
Fred Yancy answered:
What You Can Do to Improve Your Credit Score

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1.Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3.Don’t charge your credit cards to the maximum limit.

4.Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6.Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7.Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Fred Yancy, Broker
Crye-Leike Realtors
(67) 799-4663
http://fredyancy.crye-leike.com
... more
0 votes 18 answers Share Flag
Fri Nov 30, 2012
Veronika Barash answered:
Hi Harold,

Did you check on schooldigger.com? That's a great site showing you the trends on school's performance.

Feel free to call or email if I can be of futher help to you.

Regards,

Veronika Barash, Realtor®,


CERTIFIED SKILLED NEGOTIATOR

REO & SHORT SALE CERTIFIED

CERTIFIED MARKETING SPECIALIST

RELOCATION SPECIALIST

www.AtlantaSelectHomes.com


678.230.4235 c

678.287.4800 o

404.410.6983 f


Keller Williams Realty Consultants
... more
0 votes 3 answers Share Flag
Tue Dec 4, 2012
Stephany Cross answered:
Atlanta is lucky to have quite a large tree cover and park areas. Where the best places are for parks is a wide open question. You need to narrow down your search. Where will you be working in the ATL area? What type of lifestyle suits you-walking to shops, schools, etc., as in intown neighborhoods? Do you prefer being out of the city proper with a home that has a larger yard?? ATL traffic is always something to consider, so decide what part of the city suits your commute, and then we can go from there finding the neighborhood that you're looking for. Contact me and we can discuss this.
Stephany Cross
Keller Williams Metro Atlanta-Decatur
404-422-0747
stephany@jimcross.com
... more
0 votes 3 answers Share Flag
Sun Dec 20, 2015
Sherry Bailey answered:
I guess that would all be a matter of personal perspective and my personal favorite is Lake Burton. The scenery there is absolutely breathtaking! However, there are plenty to choose from including Lake Lanier, Lake Allatoona, Lake Hartwell, Carters Lake, and the list keeps going. I would love to help you with your search. Even if it is an area that I'm not familiar with, I will be more than happy to refer you to a great agent who is.
Sherry Bailey
Keller Williams Realty First Atlanta
678-644-5820
... more
0 votes 14 answers Share Flag
Mon Dec 3, 2012
Morgan Campbell answered:
I can lend you up to $35K to renovate your home. Please fill out my online loan application and I will be glad to assist you!
0 votes 6 answers Share Flag
Wed Nov 28, 2012
Alan May answered:
It depends on how your purchase contract reads. Ask your Realtor (and/or real estate attorney).
0 votes 6 answers Share Flag
Wed Nov 28, 2012
Bruce Ailion answered:
By definition homes in the $10 to 20K price range need substantial rehab, if they did not need substantial rehab they would not be in that price range. Also by definition they are in communities with high risk of vandalism and theft, one of the reasons they need substantial rehab. It will be difficult to utilize the service of a knowledgeable and experienced broker because the commissions on these homes are in the range of 500-1500 and there is little incentive for a knowledgeable and experienced broker to work for this little compensation per transaction. You would be better advised to consider purchasing in higher quality locations where the risks and returns are lower. A strategy of high risk investment, such as you pursue come with a high risk you will lose your investment.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, CIAS, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Investor Agent Specialist
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
www.LocationLocationLocation.com
... more
0 votes 6 answers Share Flag
Mon Nov 26, 2012
Debra (Debbie) Rose answered:
Sorry, but no one can really answer that question for you....you need to read your contract to see what the terms are.

Usually there are certain time periods/contingencies which give you an option to walk away- like a home inspection or mortgage contingency.......if not satisfied, those might be avenues that allow you to walk away, and get your deposit back.
But..........if you are far enough along in the deal, you can't just change your mind without there being some consequences

So......
How far along are you with the deal?
Do you have an agent representing you?

If you don't, the best person to answer this, or let you know what your rights are...... this would be an attorney.

Good luck!
... more
0 votes 7 answers Share Flag
Tue Nov 20, 2012
Giovanni Russo answered:
Most lenders are going to want some type of "rental history" over time to determine that you are actually obtaining that income.

This is a rather detailed conversation, I'd suggest contacting a few different local lenders than might give you some different opinions.

Feel free to contact me via phone/email and I can point you in a few different directions as well.

Good luck!!!

Giovanni M. Russo
Real Estate Consultant |

www.EasyAtlantaHomeSearch.com
mobile 404.310.9661 | direct 404.604.3936 | fax 404.604.3937
Keller Williams Realty of Buckhead, 2345 Peachtree RD NE, STE A, Atlanta, GA 30305
Giovanni.Russo@kw.com
... more
0 votes 5 answers Share Flag
Tue Nov 20, 2012
Ron Thomas answered:
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
... more
0 votes 9 answers Share Flag
Fri Nov 16, 2012
Lee Taylor answered:
Too many to mention, but I like the 30310 for what you seek - Adair Park, etc.
0 votes 8 answers Share Flag
Sun Dec 9, 2012
Rodney Mason answered:
All FHA mortgages, except HUD REO's, require a 3.5% minimum down payment. HUD does not allow repairs to exceed $35,000 under their Streamline 203K program. Only the Consultant 203K allows repairs exceeding $35,000.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant versions), HomePath Renovation, and HomeStyle Renovation.

For the FHA 203K program, some lenders only offer the Streamline FHA 203K. That does not give you any options should you encounter the need for the Consultant version for structural repairs or if you are looking for renovations in excess of the Streamline’s $35,000 limitation. Working with a direct lender who offers bother the Streamline and Consultant versions is very important.

For HUD’s Fiscal Year ending 09/30/12, Prospect Mortgage was the 2nd largest volume FHA 203K lender in both the country and the Metro Atlanta market. At Prospect Mortgage, we have a dedicated operations center that only handles our renovation mortgages.

Selecting a loan officer that knows the program inside and out is the key. If your loan officer is not experienced in closing a lot of these types of mortgages, then it will be a very challenging experience for you. Allow an average of 45-60 days for your 203K closing. Prepared buyers are often able to close sooner than that. Some have closed in under 30 days when they are very prepared.

All renovation work will need to be completed by a licensed and insured contractor. I have heard that some lenders may require the use of certain contractors. At Prospect Mortgage, you are free to use any contractor that you wish that meets the minimum requirements as we do not maintain any type of approved contractor list or provide contractor recommendations.

Other than for appliances in certain situations, you may not use any of the big box retailers (i.e. Best Buy, Home Depot, Lowe’s, etc). This is because they will not sign any of the HUD required 203K contractor forms.

Use of a HUD Consultant is required on the Consultant FHA 203K and highly suggested on the Streamline version.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
0 votes 6 answers Share Flag
Mon Nov 12, 2012
David Herren answered:
I am not sure exactly what demographics you need, but you might start with the US Census website:

http://www.census.gov


Best,

Dave Herren
404-425-4945
Best Atlanta Properties ... more
0 votes 3 answers Share Flag
Tue Nov 13, 2012
Brent Hill answered:
Your first step is really to simply find an agent that you feel comfortable working with. Interview a few and see who is the most knowledgeable with the aspects that you are looking for and take it from there. ... more
0 votes 3 answers Share Flag
Wed Nov 14, 2012
Ron Thomas answered:
It would be illegal to rent -out a property that YOU do not own:
If the property has been FORECLOSED, then the Bank now owns it,
and the Bank does not rent-out property.

If someone is telling you otherwise; it is a SCAM! ... more
0 votes 6 answers Share Flag
Mon Nov 26, 2012
Michael Hammond answered:
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