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Duluth : Real Estate Advice

  • All162
  • Local Info22
  • Home Buying45
  • Home Selling2
  • Market Conditions5

Activity 106
Wed Aug 15, 2012
Don Tepper answered:
First, you're not going to be foreclosing on your current home. The bank will foreclose. There's a difference.

Should you rent your current property? You mean rent out the property on which you expect the bank to foreclose? No. That'd be dishonest and unethical.

Can you do a lease-purchase for a condo or townhome? Yes, if you can find an owner willing to do so. However, recognize that a foreclosure will remain on your record for years. So while you might be able to enter into a lease-purchase agreement, you might have a great deal of difficulty actually purchasing the property.
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0 votes 16 answers Share Flag
Wed Aug 18, 2010
Michael Hammond answered:
No lots in the development, Bentwood at Sugarloaf , are currently listed for sale on either FMLS or GA MLS, Ted. Try calling 866-257-1423 for more info and let me know if I may help further. Good Luck!

Michael Hammond
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Thu Jul 29, 2010
Stephanie McCarty answered:
Dear Dorothy: unfortunately, no. I've heard of special stipulations being written into lease contracts but in the end, it's pretty much out of the renters control. One preventative measure would be to ask the homeowner to provide a copy of the most recent mortgage statement so that you could determine if they are current on the mortgages for the property. But, in the end, they could default a week after you move in. . .tough situation to be in. In this economy job losses can cause the most stable households to fall behind, so. . .
Evictions without notice on a tenant - I've been in the business for 10 years and I've never heard of that happening. In fact, the banks go out of their way to be accomodating and understanding in this situation, usually giving the tenant anywhere from a few weeks to a month or more to vacate.
Good luck with finding a great rental Dorothy.
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Sat Feb 5, 2011
Michael Hammond answered:
Can you define "modestly priced" in terms of $, Toni? There are plenty of great neighborhoods in South Forsyth, but having a price range will simplify things a great deal. Good Luck!

Michael Hammond
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0 votes 5 answers Share Flag
Wed Jul 21, 2010
Solomon Greene answered:
Hi CuriousGeorge,

There appears to be one listing of this property in Georgia MLS only and that transaction reportedly closed in 2001. It could not be found as a listing in FMLS, and a quick Google search revealed no online promotional activity other than the foreclosure announcement. The tax record dated May, 2010 indicates that this property is owned by Fannie Mae.

You indicate that you thought a REALTOR® was involved in the sale. Sadly, there are entities who claim the ability to sell a property without the use of the MLS systems. Others will claim to have entered the property into MLS when they have only entered it into one of the two systems or not at all as it seems occurred in this case.

Over 80% of home buyers search the internet for a home at some point in the purchase process, so it is important that properties for sale have a robust presence there. The local MLS services will syndicate a property listing to multiple, highly relevant real estate sites with up to 300 characters of descriptive text and up to 20 or so photos, so they offer some of the best coverage online. In addition, my listings have up to 2000 characters of optimized text, unlimited photos, virtual tours, a dedicated website, a full mobile platform, enhanced information and photos and more, so my listings appear on the front page of search engines when a highly relevant keywords are used to search for homes.

Please consider your options wisely if you are considering selling your home. I'd welcome the opportunity to have a short, pressure-free, no-obligation discussion with you. Please call soon.


Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
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Fri Jul 23, 2010
Stephanie McCarty answered:
In a word, run. First and foremost, talk to your buyer agent about all of these concerns. I am guessing that you don't have a buyer agent or you wouldn't be on this forum with these questions. I would tell my client when we saw the house about the potential issues they would face. I have only ever sold one house in my entire 10 year career with a detention pond behind it and I have to say that it was probably the most agreeable situation I have ever seen, a good distance, completely surrounded by tall thick evergreens, fenced in for safety, down hill from the property. I told the buyer about my concerns but they said, it's a great house and a good deal and we can get past it.
There is just too much residential real estate opportunity in Duluth to saddle yourself with this. It may be a very good house - they usually are when they have a detention or retention pond behind them, otherwise the builder would never be able to move them!
This is going to be an issue at time of resale but even worse for you, while you are living there. No one is going to regularly make certain that the basin is functioning properly. No one is going to make certain that it is not harboring rodents or mosquitoes Smells, absolutely possible. I would have concerns about flooding frankly. Georgia red clay does not absorb water run off quickly at all. Have you checked to be certain that you will not be required to carry flood insurance? If you proceed with this purchase you may want to carry flood insurance even if you are not required to by the lender, for your own peace of mind and financial protection.
It's not a good situation. I am sorry to be a wet blanket at what must otherwise be a very exciting time for you. This is probably the biggest investment of your life - everything has to be considered. I've listed homes with detention ponds - 99% of the time a buyer coming to see the property will either drive away with entering, or you'll receive feedback that they have concerns about the pond for a multitude of reasons.
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Thu Apr 22, 2010
I believe that you are asking if both spouses need to be on title to a property. The answer is No. I am in Pennsylvania and not sure how this answer pertains to other states.
There are in effect three parts to a purchase.
Title......who has ownership in the property. The note......the promise to pay the bank for the money borrowed. The mortgage which is the pledging of the property as security
You can choose to put the property in your name alone. If you are financing and do not need the spouses income you are fine. If you need to use the spouses income to qualify for a mortgage then they must be on the note. Most lenders will require that the spoouse also be on title and mortgage.
You can be on title to the property but not on the note not the other way round.
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0 votes 7 answers Share Flag
Wed May 5, 2010
Dan Tabit answered:
Gene, Your comment has appeared in a general question and answer section on Trulia and doesn't reference any specific property. You should contact an agent in the city you are hoping to buy the home in to negotiate this transaction for you. Best of luck. ... more
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Wed Mar 31, 2010
Alex Rodriguez answered:
The auction at the courthouse steps are advertized on the county's Legal Organ, for Gwinnett is the Gwinnett Daily Post, you can see the list here
you should expect to pay cash at the time of the sale, If your bid is the winner, they take your information and driver's license, you should have several cashier's checks in different amounts ready for the purchase.
As far as inspections go, they are extremely limited, homes may be occupied and the occupants may not be very cooperative in allowing someone to enter their residence.
Agents work on commission and would expect some kind of written arrangement before work is performed.
I am currently working on arranging the foreclosure listings so that they can be displayed on a map, making it easy for potential investors to gather the necessary information and make decisions on purchases.
After the property is foreclosed it goes to what ios called a REO (Real Estate Owned) property, banks own these properties and will market them for sale in about 30 to 60 days, depending on the the type of occupant, if you are an investor liikong to purchase property and the property is occupied with tennants, that is the best deal. you can purchase the property and keep the current tenants, saving you some money on marketing and upkeep.

You can see a list of foreclosed properties for sale on my website.
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Mon Feb 8, 2010
Michael Hammond answered:
As far as the Georgia part goes, Demetrice, do you have a house to sell or are you leasing? If the latter, it's pretty cut and dried. Please feel free to email or call if you would like to discuss further.

Good Luck!

Michael Hammond
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Thu Feb 4, 2010
Dennis Christian Forlie answered:

I could just throw an answer out there but that wouldn't be fair...

The answer depends on things like the value of your current home, your down payment, etc.

Please contact me and we can discuss.

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Tue Apr 6, 2010
Michael Michalak answered:
You can subscribe to RealtyTrac. They track all the foreclosures by area. I believe you can try it out for free for a short time and then you are required to pay.

Michael Michalak
Broker - RE/MAX Signature
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Tue Apr 6, 2010
Tish Thompson answered:
If I understand what you're asking, it doesn't work that way. A foreclosure date is set when the banks attorney files and the paperwork is processed by the local court system. If a short sale is in progress, the investors NOT the bank, decide whether or not to postpone or proceed with the foreclosure. Typically, whether or not the investors decide to foreclose depends on the strength of the offer on the short sale. If you're a buyer who wants to ensure you're able to purchase prior to foreclosure, make a strong offer and make sure your financing is even stronger. ... more
0 votes 6 answers Share Flag
Sat Jan 9, 2010
Michael Hammond answered:
If you have the income, credit and history to solely support a mortgage, Clos, I see no reason why your spouse would have to be added to the loan. Please check with a mortgage lender, however, to get an expert's analysis. My only question would be why do you not want her on the security deed? Regardless, I wish you Good Luck! ... more
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Sun Oct 11, 2009
kevin.ramirez answered:
What is the price of the home and what kind of mortgage are you doing?
0 votes 6 answers Share Flag
Thu Nov 12, 2009
Derrick answered:
A seller contribution is when the seller of a home puts up some or all of the money needed toward
the buyer’s closing costs. Seller contributions can be negotiated at the time of a home purchase
by having the seller pay closing costs rather than a reduction of the home sales price.

Sometimes you can do a combination of both.

A lot of people are creditworthy of having a mortgage but they just don’t have a lot of money in
the bank. In these cases, seller contributions can mean the difference between a sale and no

A Seller contribution is very easy to do. You simply disclose it to the lender. In most cases,
these contributions range from 3%-6% of the purchase price. Some 100% financing programs
now allow seller contributions up to 6%. It used to be capped at 3%.

Ever wonder how the homebuilder offers to make the buyer’s payment for a year? They use the
seller contribution to make these payments out of escrow. If you buy a $300,000 home and the
builder is allowed a 3% contribution or $9,000 and your payment is $1,500 per month, there are
your six months in payments.

Sometimes seller-contributed closing costs can help the borrower get a better interest rate by
buying it down, making the home easier to qualify for.

Ever wonder how a homebuilder can offer 4.750% interest rates when the market is at 6.000%?

They use seller contributions to buy down rate. Figure that every .250% of rate buy-down costs
1% in points or a loan discount fee. If the rate today is 6.000% and you want to buy it down to
4.750% that would cost 5 points in discount fees. You still have 1% left over for closing costs.

Are you offering these marketing possibilities to your clients? You need to get with your preferred
lender to find out how you, too, can compete with the builders. Don’t just use seller contributions
to cover closing costs. You too can offer a home with a rate in the high 4.000’s%.

Here is the catch: The amount of seller contribution cannot exceed the actual amount of closing
costs and it CAN NEVER be given back as a cash incentive to the buyer.
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Wed Oct 7, 2009
Andy Nelms answered:

What in particular do you want the agent to look for when combing through the listings? More information would be helpful.

0 votes 10 answers Share Flag
Mon Sep 21, 2009
Lee Adkins answered:
Tupec -
Take a look at this blog - since you have a buyer's agent, we have to be careful in giving you answers, but here's a relevant post:

Only your agent can answer the question of if they are willing to send you new, updated comps.

Best of luck to you!

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0 votes 3 answers Share Flag
Mon Sep 14, 2009
That's a question for your accountant. PMI is tax deductible depending on your income either if filing jointly or single tax payer. The point may be deducted as part of your costs to close. ... more
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Mon Aug 3, 2009
Holly Norman answered:
No, the bank generally does not want to even see the inspection report.

Yes, this is true

It should. When hiring an inspector ask if they are code certified.

Many inspectors can pinpoint the source of the mold and several also offer mold testing for an additional fee. There are several different types of mold and some can be extremely dangerous to your health.

Some do, most do not. I will be happy to refer you to a code certified inspector who does. You can contact me at 678-575-0665 or

If you suspect substanial problems, yes. Generally the inspection is done during the Due Diligence phase of the contract after an offer has been accepted by the bank. This Due Diligence period gives you the right to terminate the contract for any reason.

Yes, if the bank has made any repairs. Otherwise, no.
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