Do you want to move to Cobb County, GA?

Do you already live in Cobb County, Georgia? Do you want to own your own home?

from CobbLine Weekly Newsletter...

Home buying opportunities available with new program

The Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Cobb County will receive approximately $6.9 million from Housing and Urban Development and $1.7 million from the Georgia Department of Community Affairs to rehabilitate, resell or redevelop foreclosed residential real estate in the county's areas of greatest need. The goal is to stabilize neighborhoods and stem the decline of home values. Homebuyers may qualify for this program if they meet certain income criteria. For instance, a family of four can have an income of $85,450 and be eligible to participate. For additional information, please contact the program office at 770-528-7980 or visit buycobb.com

You can also contact me for information on living and buying a home in Cobb County - broderick@kellerknapp.com. You'll be surprised at the opportunities available!

Emerging Market Trend - New Condo Auctions

Real estate auctions for brand new, never lived in condos in Atlanta are a very promising opportunity for both investors and home buyers looking for a good deal. In the past couple of weeks there has been a lot of buzz around upcoming condo auctions here in Atlanta. The general idea of a condo auction is to allow a growing list of developers who use auctions to move multiple units in a matter of hours.

But buyers looking for a deal may not need to wait for an auction to find one, he said. Prices of intown condos are often slashed before the builder even thinks about going to auction.

Mark your calendars and let's plan to check out these upcoming auctions together:

Aqua - May 16

Cosmopolitan - May 17

As is typical for auctions of higher-end developments, the Aqua sale will be at the swanky W Hotel. Prospective buyers can sign up at a Web site for advance information. They can also see units on the block during a preview period in the weeks before the auction.

Bids at condo auctions often start one-third below the original listing price. At the Aqua auction, for instance, bidding for a one-bedroom, one-bath unit in the “Azure” floor plan starts at $179,000, vs. the last listing price of $389,900. Bids on a larger “Sapphire” unit start at $299,000, down from $759,900.

Because Atlanta has so many unsold units, the auction action is
drawing enterprising business people.

www.ajc.com

Thinking about buying a new home?

Are falling prices encouraging you to think about buying a home? According to a recent article in the NY Times, the opportunity for finding a great deal on a home can become your reality. There are lots of options on the market today including foreclosures and homes in pre-foreclosure (short sale opportunities) in great neighborhoods. Your realtor (hopefully that's me) can assist you with locating properties that meet your budget and lifestyle objectives.

Here's a few tips on information you'll want to have ready to begin the home-buying process:

- Obtain a copy of your credit report from all three of the major reporting agencies so that you know where you stand. It will make the process go a lot smoother if you are pre-qualified by a mortgage lender before you start looking for a home. You'll have a better idea of your budget so that your realtor will know what price range to research for you.

- Think about and identify your "must haves" vs. your "would like to haves" for your new home. What is most important to you, being close to downtown Atlanta, better schools, large back yard or close to your job?

- Review other industry websites for additional home buying tips to add to the conversation with your realtor


Do you have questions? Are you ready to have a conversation with a realtor about buying a new home? It's a buyers' market out there and it doesn't cost the buyer anything to engage a realtor to act as their home buying advocate. Contact me today @ 678-862-3100 or broderick@KellerKnapp.com

Foreclosure Rescue Scams - Beware!

Lately, there has been a lot of news coverage related to the foreclosure crisis in our country and the scam artists who are taking advantage of good people who are trying to save their homes from foreclosure. The bottom line is do not pay for a rescue service!

Check out this new government webite: Making Homes Affordable to learn more about your options as a home owner.

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

Thinking about buying a new home?

And by "new" I mean "new to you" .... Now's a great time to consider buying a HUD home ... there are a lot of really good deals available in metro Atlanta.

The U.S. Department of Housing and Urban Development

The HomeSales.gov web site provides current information about single family homes for sale by the U.S. Federal Government. These previously owned homes are for sale by public auction or other method depending on the property. Anyone can buy a home for sale by the U.S. Government, but you must work with a real estate agent, broker or servicing representative to submit an offer or bid.

HUD's website also has several videos on home buying that you can watch

The internet has an overwhelming volume of new home buyer resources... here are a few that I like best:

1. Glossary of Terms - Learn the Lingo
   
2. A Dozen Ways to Get/ Find a Down Payment
3. Home buying Mistakes to Avoid
4. Not ready to buy yet, consider a Lease - Purchase
5. Federal Tax Credit Resources & Information

This video explains the new Federal Tax Credit for First Time Buyers. Let me know if you have questions. Did you know that the law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you've owned an investment property that was not your principle residence, you may still be eligible.

Looking for something to do after church next Sunday?

This weekend there is the Dogwood Festival .... and if the weather doesn't stop us, my family and I plan to check it out after church. However, the weather channel's 10-day forecast looks much better for next weekend's Taste of Marietta and we're planning to go after church on Sunday.

So if you are looking for something entertaining and fun for the whole family check out Taste of Marietta. We hope to see you there!



What else is going on next weekend? Here's a couple of other options:

1. Smyrna - Spring Jonquil Festival
2. Inman Park Festival & Tour of Homes

It's spring time in the ATL... enjoy all that our metro-area has to offer!

Salsa Saturdays @ Loca Luna

Every Saturday night (starting May 2nd) bring your dancing shoes with you to Loca Luna in Midtown Atlanta!


5/2/2009 9:00 PM at "Orquesta MaCuba Live" @ Loca Luna - 550 Amsterdam

Cost: Free

Come check out the Smooth & Agressive Sounds of "Orquesta MaCuba Live" @ Loca Luna. Bringing you the best in Salsa, Merengue, Son, Cha-Cha, Jazz, Latin Jazz and Afro-Cuban Rhythms every Saturday Night. Don’t miss out on this Live Entertainment!!!! You won’t regret it!!!

Contact me for directions or if you have questions or if you just want to let me know to expect to see you out on the dance floor!

Thursdays Every Week @ Social Vinings

Starting next week ,Days Unchained will be performing live at Social Vinings a new hot spot in ... you guessed it! ... the Vinings.

Join us every Thursday evening for live music, martini's and maki!

The Food
The menu is a combination of small plates, sandwiches, salads, sushi and main entree elections. Heavy emphasis has been placed on Amercian regional cuisine with asian influences. A full sushi bar is a focal point in the main dining room.
The Bar
The bar is the new Vinings hangout with live entertainment five nights a week, a complete bar menu, $5 martinis, an outdoor patio, and a late night bar menu. The bar is made of heavy stained wood and spacious .We will show all major sporting events on 5 plasma televisions. Several cocktail tables and lounge style seating add to the overall hangout feel of the place.
The impressive main dining room features a sushi bar, booths, and a grand ceiling, perfect for family or intimate dining.

Contact me for directions or questions - santiago@iagoentertainment.com

Don't just dream about buying a vacation home!

Have you been thinking about going on vacation?

Have you been thinking about buying a timeshare? or simply a 2nd home? Have you considered going international? My wife and I love to dream and watch "House Hunters: International" on HGTV. Check out this episode set in Costa Rica...

What would it take to make this dream a reality for you? Contact me... we can discuss it. It's not as out-of-reach as you might think.

Pulte to Buy Centex for $1.3 Billion in Survival Bid

All over the news this morning (both tv & twitter) was this story about how Pulte (who is the #4 homebuilder in the U.S.) is buying Centex.

Pulte Homes Inc. agreed to buy Centex Corp. for $1.3 billion in an
all-stock deal that creates the largest U.S. homebuilder by revenue and throws
each of them a lifeline in the worst housing slump since the 1930s.

New Records Management Rules for Mortgage Companies?

How many times has your mortgage company changed since you bought your house or refinanced?

Today Reuters reported that the U.S. Department of Justice is asking... well, the article used the word "urging" ... Congress to require companies to preserve and maintain records for 10 years to make prosecuting fraud easier.

Your thoughts?

I think it's good news for the homeowner if legislation is passed. However, the folks in corporate records & information management might consider it a great challenge for which they are ill prepared.

Interested in Foreclosures?

Recently, some of my investor clients have turned their interests towards foreclosed properties. This type of investment defintely requires the advice of a realtor (remember, the "seller" is who pays our commissions, not the "buyer").

If you're thinking about jumping into the foreclosure market, there are plenty of properties here in the Atlanta metro area and there are also great resources available online to provide you with the knowledge you'll need to be successful.


The nice folks at HUD have a list you can sign up for.





Be careful ... if you don't know what to look for you should definitely take a licensed realtor with you. Heck, take me! I'd love to go... To learn more about why you should use a realtor click here.


Give me a call. Go ahead, don't be shy.

Or... join the conversation... tell us your foreclosure story.

Commercial Real Estate - Next Shoe to Drop?

Thomas Oliver thinks so (see opinion/ article in ajc.com).

Take a Sunday drive. Up Piedmont toward Buckhead. Turn left or right at
Peachtree. Along the way, notice all the new buildings. The offices, condos and
retail shops.

Vacant new buildings.

As someone remarked: The only difference between Atlanta and Detroit is that our empty buildings are new. The next shoe to drop will be the implosion of the commercial real estate market.About $400 billion in commercial mortgages are set to mature this year across the country, the president of the Atlanta Fed told the Miami Chamber of Commerce last week.

In an article also published by the AJC in mid- January, Georgia bankers were already feeling the pain from the commercial front.

Rating agencies and analysts are taking notice. Moody’s Investors Service this week changed its outlook for Synovus, Georgia’s second-biggest bank, from “stable” to “negative,” in part because of commercial real estate fears.

And just a couple of weeks ago... thanks to rising unemployment experts are expecting the worse is yet to come for commercial real estate.

Commercial real estate lags residential real estate by six quarters, so the majority of owner and tenant defaults due to the business downturn are still to come, the panelists said.

What do YOU think? Is this just a lot of gloomy hype?

Add a comment and join the discussion...

Market to rebound by the end of summer?

That's great news if it turns out to be true. The latest industy tarot card reader had this to say recently to AJC.com:

The price spread between existing homes and new homes has reached $122,000, and “that’s the greatest it’s ever been,” Palm said. “I think we’re at a bottom now.”

He said a housing market turnaround should begin in June or July, led by existing homes because prices have plummeted. The new-home recovery will follow, he said.

You can read the rest of the article here.

Leave a comment and join the discussion...