Researching Atlanta property taxes might be antiquated
Smart homebuyers, and their agents, will usually check the previous year’s taxes on prospective homes. With Atlanta’s property taxes, it was considered the prudent thing to do. But now, due to a new law, the “Fair Market Value” will be the sales price. Finding past property tax information might not be as crucial as it used to be. The previous year’s value still matters when determining your pro rata share of the current year’s property tax. It will also give you a proportional point of reference. For instance, if the property’s current tax value...
Read MoreHomebuyer Closing Cost Estimator for Georgia
I’ve been reviewing my 2009 posts and the Georgia Home Closing Cost Estimator was one of the most popular. Therefore, I’ve updated the spreadsheet and reposted it below. When using the spreadsheet, feel free to make any changes, although the green numbers are the ones you’ll most likely change. If you make a mistake, just hit “refresh” on your browser and the spreadsheet will reset. The estimated costs in the spreadsheet can vary widely. I also tried to include the most common line items. If you’re lucky, and negotiate well, your mortgage broker may not...
Read MoreHousing Stimulus Plan
Earlier this year I blogged about an economic stimulus package called the American Recovery Reinvestment Act (ARRA) of 2009. One aspect of this stimulus package is that it has allowed qualified, first time home buyers and/or qualified home buyers (who have not owned a home in 3+ years) to receive up to an $8,000 tax credit. New home buyers must purchase a home between February 1, 2009 and November 30, 2009. REALTORS, brokers, homeowners alike feel that this legislation has helped move housing inventory and has helped stabilize pricing. In turn, many believe it has reinvigorated slow real...
Read MoreShort Sale Primer
I’ve written about short sales fairly extensively on this blog and have actually dealt with short sales and foreclosures more than a lot of my colleagues in Buckhead, Sandy Springs and Dunwoody. I have worked with clients in Buckhead and Sandy Springs who have tried to buy pre-forecosure and REO properties. I’ve seen some very good deals on Buckhead luxury properties. Although I’ve had some experience with short sales, the whole concept is still a fairly recent phenomenon that requires any Atlanta agent to continually search for more information. I found a great article by...
Read More5 key features of Obama’s loan modification plan
Loan modification is one of the most effective ways to stay current on your mortgage if you’re not able to make your monthly payments. It can be defined as a restructured payment agreement between you and your mortgage lender. US President Barack Obama has introduced mortgage modification plan that can help the borrowers to stay current on their mortgage and avoid foreclosure. 5 key features of Obama’s loan modification plan are described below. Monthly payments - According to the plan, mortgage lenders should reduce the monthly payments to 31% of the borrower’s monthly income. While...
Read MoreMortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed. Source: Investor’s Business Daily (05/22/09)
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