Georgia Home Buyer’s Closing Cost Calculator
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...
Read MoreNew Administration trying to stifle the Buckhead housing market.
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...
Read MoreLack of jumbo mortgages could be hurting Buckhead.
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...
Read MoreShort Sales
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...
Read More
Listings identified with the FMLS IDX logo come from FMLS, are held by brokerage firms other than the owner of this website and the listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2012 First Multiple Listing Service, Inc.