Atlanta Homes, Buckhead Homes and Real Estate » Buying

Vanderlyn Elementary Homes For Sale

admin — Sun, 06 Mar 2011 15:59:49 +0000

Vanderlyn Elementary is one of the best, if not the best, elementary school in Dunwoody. The Vanderlyn homes for sale are very desirable due to the school’s great rankings. I get a lot of requests for homes and houses in Vanderlyn Elementary in Dunwoody, so here is a list of the active listings:

Showing properties 1 - 10 of 38. See more Dunwoody Elementary Vanderlyn.
(all data current as of 5/23/2012)

$619,900 : 1752 Ball Mill Court, Dunwoody

4 beds, 4 full, 1 part baths

Home size: 3,195 sq ft

Square foot source: Tax Record
$449,000 : 1943 Winchelsea Court W, Dunwoody

3 beds, 3 full, 1 part baths

Home size: 3,021 sq ft

Square foot source: Appraisal
$419,000 : 5598 Woodsong Trail, Dunwoody

4 beds, 2 full, 1 part baths

Home size: 3,156 sq ft

Square foot source: Tax Record
$355,000 : 1928 Stonehouse Court, Dunwoody

4 beds, 2 full, 1 part baths

Home size: 2,342 sq ft

Square foot source: Tax Record
$429,900 : 5546 Woodsong Trail, Dunwoody

4 beds, 2 full, 1 part baths

Home size: 3,103 sq ft

Square foot source: Appraisal
$899,000 : 5035 Wyntergate Drive, Dunwoody

6 beds, 5 full baths

Home size: 4,607 sq ft

Square foot source: Tax Record
$424,500 : 1971 Poppleford Lane, Dunwoody

4 beds, 2 full, 1 part baths

Home size: 2,898 sq ft

Square foot source: Tax Record
$424,900 : 2251 Vernon Oaks Way, Dunwoody

4 beds, 3 full, 1 part baths

Home size: 3,282 sq ft

Square foot source: Tax Record
$445,000 : 1993 Winchelsea Court E, Dunwoody

4 beds, 3 full, 2 part baths

Home size: 2,419 sq ft

Square foot source: Tax Record
$359,000 : 1700 Tyndall Court, Dunwoody

4 beds, 3 full baths

Home size: 2,530 sq ft

Square foot source: Tax Record

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Why use a Buyer’s Agent?

admin — Thu, 05 Mar 2009 16:20:42 +0000

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.

A buyer’s agent will:

Evaluate the specific needs and wants of the buyer and locate Atlanta properties that fit those specifications.
A top buyers agent can have access to properties outside of the Atlanta or Buckhead MLS.
Assist the buyer in determining the amount that they can afford through the preapproval process and show properties in that price range and locale.
Prepare and finalize all documents required for closing.
Assist in viewing properties – accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
Research the selected properties to help the buyer make an informed decision prior to making an offer to purchase the property.
Advise the buyer on structuring an appropriate offer to purchase the selected property including a review of market data and comparable sales.
Present the offer to the seller’s agent and the seller on behalf of the buyers. Negotiate on behalf of the buyer to secure the identified property at the best possible price and terms – keeping the buyer’s best interests above all others.
Represent the buyer throughout the transaction.
Follow-up with sellers and attorneys before closing date.
Assist in securing appropriate financing for the selected property.
Provide a list of potential qualified vendors (e.g. lenders, movers, attorneys, inspectors, etc.) if these services are needed.
provide a list of recommended vendors once you’re settled in your new home.

If you have any questions about working with a buyer’s agent, please feel free to contact me.

Should you ask for closing costs?

admin — Sun, 01 Mar 2009 14:10:38 +0000

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.

Generally, the sellers aren’t stupid and are going to look at your offer on a net basis (mortgage owed – purchase price – closing costs). If you’re offering $400,000 for the home and want $8,000 in closing costs, then it’s similar to an offer of $392,000.

I’ve had the following scenario happen a few times. Buyer writes an offer for $500,000 no closing costs. Seller counters the offer with $475,000. Then Buyer wants me to counter the seller’s $475,000 counter with a $485,000 offer and $15,000 in closing costs. You would be surprised at the difficulty I have explaining to the buyer that his two offers are exactly the same. This is the shell game aspect.

The real purpose of asking for real estate closing costs is when the buyers are short on cash and are essentially financing the costs by transferring them to the mortgage. If the seller would have agreed to a $500,000 purchase price, then agreeing to a $510,000 purchase price with $10,000 in closing costs leaves neither side better off, but the purchase price has been increased and in-turn the mortgage. That’s how the closing costs are transferred to a tax deductible, low interest mortgage.

The more expensive the home, the less likely they buyer is going to ask for closing costs in the offer. It’s considered a “cleaner” offer to simply negotiate on price and not introduce another unnecessary variable into the negotiations.

The Georgia Association of Realtors standard Purchase and Sale Agreement has an option to ask for a contribution toward closing costs. Some buyers will initially request that I ask for all closing costs to be paid. The standard contract does not allow for “all closing costs”, because it’s simply too open-ended. You’ll need to estimate your closing costs and then determine how much you want the seller to contribute toward that estimation. I developed a simple spreadsheet that will help you estimate your closely costs. If you’re in a situation where having the majority of your closing costs paid is mandatory, then you better speak with a mortgage representative.

I don’t have a problem with closing costs, but view them for what they are, a tool for financing some out-of-pocket costs.

Georgia Home Buyer’s Closing Cost Calculator

admin — Sun, 01 Mar 2009 00:25:32 +0000

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.

New Administration trying to stifle the Buckhead housing market.

Administrator — Sat, 28 Feb 2009 23:42:55 +0000

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.

Months of home inventory for Buckhead

Administrator — Sat, 28 Feb 2009 03:35:34 +0000

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

Buckhead home with details

Administrator — Wed, 25 Feb 2009 21:10:19 +0000

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

Lack of jumbo mortgages could be hurting Buckhead.

Administrator — Tue, 24 Feb 2009 19:20:22 +0000

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.

Many homeowners in high-priced markets are experiencing similar difficulties, and are left with few options other than to raid their savings or retirement accounts and use the cash to “buy down” their mortgages. In some cases, home buyers need to put up a large down payment, often 25% or more, to qualify for a jumbo mortgage. Others are bypassing jumbos altogether and putting up enough cash to become eligible for a lower-rate conforming loan.

“Every single day I’m talking to people who have a jumbo loan, and I can’t do anything for them,” says Jeff Lazerson, a mortgage broker in Laguna Nigel, Calif.

While total mortgage originations fell by 17% in the fourth quarter from the previous quarter, jumbo originations fell by 42% to $11 billion, according to Inside Mortgage Finance. That’s the lowest volume ever tracked by the trade publication, which has figures dating to 1990.

This was also mentioned in the article:

Jumbo borrowers have always paid slightly higher rates than conforming-loan borrowers, in part because luxury homes can be harder to sell quickly for their full price if a homeowner defaults. But the gap between jumbo and conforming loans, historically around 0.3 percentage point, is now about 1.55 points, with jumbo rates averaging about 6.77%.

Some banks, though, are quoting much-higher jumbo rates. Mortgage brokers say that indicates that lenders are reluctant to make jumbo loans and are setting their prices high to deter new deals. For example, Taylor, Bean & Whitaker Mortgage Corp. in Ocala, Fla., recently listed a 7% rate on a 30-year fixed-rate jumbo loan, but charges up-front origination fees equal to 5% of the loan.

Searching for Buckhead Properties

Administrator — Mon, 23 Feb 2009 04:10:45 +0000

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.

I’m actively part of the Buckhead community. Growing up in Atlanta, being involved in the Junior League, having a political husband and volunteering at Peachtree Road United Methodist Church has given me a large network of friends. I regularly hear about Buckhead properties before they are formally listed, and when it’s a good fit, can arrange for my clients to have access before the masses.

If you would like find out about some great values in Buckhead or have any questions about our real estate market, feel free to call me at 404-246-9330.

Thanks

Erika Eaton
Harry Norman, REALTORS
searchingatlanta.com

Short Sales

admin — Fri, 20 Feb 2009 23:56:01 +0000

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.

It gets a little tricky when there are multiple loans on the property. Just remember, each loan has an order of debt payment; first mortgage, second mortgage, sometimes even a third mortgage. When the property is actually sold on the courthouse steps, in foreclosure, any mortgage subsequent to the first almost always gets the shaft.

Here are the advantages to the seller, bank and buyer:

Seller
If the owner is foreclosed on, he is still liable for the difference between what he owes on the mortgage and what the bank ultimately recovers from selling the property after foreclosure. If the owner has a $600,000 mortgage and the bank only gets $500,000 from selling the home, the owner is still on the hook for $100,000. In a short sale the owner can negotiate for forgiveness of the remaining debt. So the owner still has every reason to sell the home for as much as possible, since the bank is more likely to agree to a short sale as the the selling price gets closer to the loan amount.

Bank
The foreclosure process can be long and a short sale eliminates the hassle factor. The bank has to actually foreclose on the home, then take possession, then have somebody come in and clean up the place. The bank runs the risk of pipes freezing, vandalism, etc… The government only allows the bank to carry so many houses, so there will constant pressure to reduce the price. The bank could carry the house for many months and ultimately sell the home for less than what the owner could have received in a short sale.

Buyer
There is obviously an opportunity for a bargain. You’re still able to negotiate an inspection period and arrange for traditional financing.