Archive for Buying

Why use a Buyer's Agent?

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Thursday, March 5th, 2009

Having a buyers agent is having a very important ally in finding a home in Buckhead or Atlanta and negotiating a contract. Sometimes there can be a little confusion over what role the buyer’s agent has in the process and what the agent’s responsibilities are to the buyer and the seller of the home.

What is a Buyer’s Agent?

A real estate buyer’s agent represents the buyer who is purchasing property in a real estate transaction. The buyer’s agent works for the real estate buyer and holds the buyer’s best interests above all others throughout the transaction. Keep in mind, if the buyer’s agent does not have a relationship with you, then by law the agent is working for the seller.

Why use a Buyer’s Agent?

Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases, the seller will be represented by an agent. It makes sense for the buyer to have access to the same level of representation.

The buyer’s agent works for you and not the seller. A buyer’s agent is responsible for protecting the buyer’s interests and will negotiate on behalf of the buyer. Research by the NATIONAL ASSOCIATION OF REALTORS® has shown that a prospective buyer who uses a buyer’s agent will find a home faster and will examine more properties than consumers who do not use a buyer’s agent.

Best of all, there is no cost to you for using a buyer’s agent. The buyer’s agent is compensated out of the selling agent’s commission. If you don’t use a buyer’s agent, then the selling agent will receive a larger commission for selling a property to a buyer that was not represented by an agent.
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Categories : Atlanta Homes Sale
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Should you ask for closing costs?

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Sunday, March 1st, 2009

I’m asked by a lot of buyers about closing costs and whether it’s something to ask for in the offer. First, closing costs should not be treated as a magic rebate coupon that gives you an instant discount on the purchase price of the home. If you request closing costs then you’ll pay for them in the purchase price of the home.

Sometimes you have an “expert” friend that reminds you to “make sure you get the closing costs covered.” That friend will also take great joy in telling you, after your binding agreement date, how you missed out on the magic rebate of closing costs. To some extent the closing cost issue becomes a shell game. The sellers are only concerned with the check they receive at closing.
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Categories : Atlanta Homes Sale, Financing Mortgage
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Georgia Home Buyer's Closing Cost Calculator

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Sunday, March 1st, 2009

Here is a very rudimentary spreadsheet I developed for calculating the buyer’s closing costs. I cannot stress enough that you need to speak with a mortgage professional for a more accurate estimate of closing costs.

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.

Again, the costs in the spreadsheet can vary widely. The 1% loan origination fee is a general estimate. Your mortgage company might have some additional fees, or you may choose to pay some points down on your interest rate. You will need to finalize your closing cost estimate with a mortgage professional.

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Categories : Atlanta Homes Sale, Financing Mortgage
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New Administration trying to stifle the Buckhead housing market.

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Saturday, February 28th, 2009

The NAR recently sent me an email stating their opposition to the administration’s mortgage deduction phase-out plan. Here is the key excerpt:

As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.

It’s hard for me to imagine that the government would be trying to discourage mortgages and home ownership during this housing slump. The administration seems focused on increasing the tax burden on the “rich”, but I think targeting housing markets like Buckhead is a really bad idea. Let’s not forget those families that earn $250,000 a year put a lot of construction people to work, pay a lot of property taxes and keep a lot of banks in business when they buy homes in Buckhead.

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Categories : Buckhead Homes
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Months of home inventory for Buckhead

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Friday, February 27th, 2009

As I explained in a previous post, knowledge of the home inventory for a given price range and/or area can be an effective tool in negotiating.

Here are some Buckhead homes inventory numbers as of today:

$500,000 – $1,000,000 – 16 months of inventory
338 currently active, 254 sold in last 12 months

$1,000,000 – $3,000,000 – 1 year and 9 months of inventory
295 currently active, 167 sold in last 12 months

$3,000,000 and above – 7 years of inventory
77 currently active, 11 sold in last 12 months

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Categories : Atlanta Homes Sale, Buckhead Homes
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Buckhead home with details

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Wednesday, February 25th, 2009

Here is your opportunity to own a home in a vibrant and social Buckhead neighborhood.
You’ll be a short walk to the exclusive Streets of Buckhead which will rival Madison Avenue
and Rodeo Drive for shopping and dining.

Buckhead Forest children attend the sought-after Sarah Smith Elementary which is one of the top public schools in the Georgia.

The property has been renovated and updated by some of the best craftsmen in Atlanta. When getting the mail or walking your dog, people will stop their cars to compliment your beautiful landscaping and the great curb-appeal of your home. You’ll anticipate the seasonal changes in the professionally landscaped yard as the spring will bring azaleas and hundreds of multiplying daffodils. The summer and fall will have long-blooming hydrangeas and other colorful perennials. Here are some more pictures and details.

Cooking in your kitchen will be a pleasure with top-of-the-line stainless steel appliances, premium granite counters and custom cabinetry. Call to schedule a viewing as soon as possible.

Offered at $484,900 UNDER CONTRACT in less than eight weeks!
MLS# 3837617

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Categories : Around Buckhead, Atlanta Homes Sale, Buckhead Homes
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Lack of jumbo mortgages could be hurting Buckhead.

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Tuesday, February 24th, 2009

I read an interesting article in the Wall Street Journal this morning regarding the difficulty of securing loans over $417,000. Since the average selling price for a residential home in Buckhead is around $650,000 that really places us in a bind. As a matter of fact, there are few Buckhead properties selling for less than $500,000; Buckhead Forest, Peachtree Hills and Peachtree Park are the main neighborhoods that come to my mind. The current “stimulus” bill will not help the Buckhead market. Hopefully, liquidity will be increased for all types of mortgages, not exclusively starter-homes for first-time home buyers.
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Categories : Atlanta Homes Sale, Buckhead Homes, Financing Mortgage
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Searching for Buckhead Properties

By Administrator · Comments (0)
Sunday, February 22nd, 2009

My website has a number of important tools to search for Buckhead homes. You can search my Buckhead MLS database of over 6,000 Buckhead Atlanta homes for sale. When you get to the Listing Search page remember to click Fulton county for step 1 and Buckhead for step 2.

You can also customize an alert that will automatically email you as soon as homes for sale in Buckhead Atlanta are listed. I can set this section up for you as well. If a property is a good deal you’ll want to be one of the first to schedule an appointment.

I personally subscribe to two database for pre-foreclosures, short sales and bank owned properties in Buckhead and Metro Atlanta. Only a few REALTORS are aware of these databases, or pay the subscription fees. In the current housing market, having an agent that has access to this information can give you a negotiating edge. I’m happy to run a Buckhead properties foreclosure search for you that fits your parameters.
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Categories : Atlanta Homes Sale, Buckhead Homes
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Short Sales

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Friday, February 20th, 2009

A couple of years ago you would have been hard pressed to have found someone who could have adequately defined a “short sale” for you. Unfortunately, as a sign of the times, “short sale” seems to be ingrained within our our vernacular.

If you are considering selling your home in a short sale you’ll need to consult with an attorney, your mortgage company and probably a CPA – since there may be some forgiveness of debt as income issues. The following is a brief explanation from the purchaser’s side of a short sale.

A short sale occurs during the pre-foreclosure process. In a nutshell, the owner, who is in default on his mortgage payments, receives prior approval from the bank to sell the property for less than what is owed. The bank secured its loan with the home, so it makes sense that the bank would have final approval on selling the asset for less than the loan value.
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Categories : Atlanta GA Foreclosure, Atlanta Homes Sale
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Pre-Foreclosure

By Administrator · Comments (0)
Friday, February 20th, 2009

When a property initially enters pre-foreclosure status, the owners typically have two to three months to reinstate the property by paying off their behind payments. If the property is in this status then the owners are in danger of losing their home, any equity in the property and having a black mark placed on their credit record. If the property is on the market, the owner, who is in default on his payments, will use the proceeds of the sale to payoff what is owed on the home.
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Categories : Atlanta GA Foreclosure
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