Atlanta Real Estate News

City of Atlanta money saving program for broken or leaking water and sewer lines

Tuesday, September 06, 2011

On September 1, 2011, the city of Atlanta announced the launch of the National Leagues of Cities Service Line Warranty Program, which could save residents thousands of dollars in unexpected repair costs for broken or leaking sewer and water lines.

Administered by Utility Service Partners (USP), Inc., the NLC Service Line Warranty Program allows homeowners the opportunity to obtain a low cost warranty that will provide repairs for a low monthly fee, with no deductibles or service fees. The work is performed by licensed, local plumbers who will call the customer within one hour of filing a claim. The repair is performed professionally and quickly, typically within 24 hours. USP provides a personally staffed 24/7 repair hotline for residents, 365 days a year.

“I am pleased to partner with the National League of Cities and Service Line Warranties of America to offer our residents greater peace of mind regarding the costs of broken or leaking water or sewer lines,” said Mayor Kasim Reed. “No one wants to be hit with an unexpected and expensive repair bill. This program will help mitigate some of the risks homeowners across the city often face.”

“Homeowners know all too well that things go wrong unexpectedly. Many residents become frustrated when they are told that the city is not responsible for a service line repair,” said Atlanta City Councilmember Felicia Moore, a co-sponsor of the legislation bringing the program to Atlanta.

The homeowner must contract with a plumber and pay the repair costs if the damage occurs between the city’s main pipe and the water meter or the connection to the home. These repairs are not always covered by homeowners insurance. “This warranty program offers peace of mind in the event of the unthinkable,” Moore said.

The NLC Service Line Warranty Program, which is administered by Utility Service Partners, Inc. has been embraced by cities across the country including Milwaukee.

“Many citizens are unaware that they are responsible for the water lines that go from the utility connection to their houses. If these lines break or leak, repairs can be very expensive,” said JoAnn J. Macrina, Watershed Management Commissioner. The Service Line Warranty program offers citizens an affordable way to avoid the unexpected and often large expense involved with a water line break. When a line breaks, the cost to repair it can often cause hardship on a family’s budget. This new program will offer warranty protection to help cover the costs of a break.

City of Atlanta residents will see offers in their mail boxes soon. The cost for citizens who choose to purchase the warranty protection is $4.75 per month, and will cover water line repairs up to $4,000 plus an additional $500 for public sidewalk cutting, if needed. The program is offered at no cost to the City of Atlanta, and no public funds are used to promote the program.

To learn more about the program please visit http://www.utilitylineprotection.com

- Michael Gaddy with thanks to :

Council Communications
Atlanta City Hall
55 Trinity Ave. SW
Atlanta, GA 30303
Contact:
Dexter M. Chambers
Council Communications Director
(404) 330-6309/392-0159

Brad Carmichael
Service Line Warranties of America
724-749-1003
.(JavaScript must be enabled to view this email address)

Posted in: Intown Atlanta Real Estate News

Special Financing By The City Of Atlanta For Beltline Properties

Thursday, September 01, 2011

The Atlanta Development Authority on Thursday will start to offer 30-year, fixed-rate mortgages at 3.5 percent interest, and up to $50,000 in down payment assistance, to people who qualify for the program and are willing to move into the designated ” target area,” reports Atlanta Business Chronicle broadcast partner WXIA-TV.

Participants in the program must meet lender underwriting criteria and sell any existing property they own before closing on the new property. There is also a requirement that participants contribute at least $1,500 toward closing costs, WXIA reports.

The top price for qualifying homes for those requiring use of down payment assistance is $252,890. The maximum home price for participants not needing down payment assistance is $374,268. Target areas include neighborhoods along the Beltline.

“It is very exciting to be able to offer a below-market interest rate on our first mortgage product,” said ADA home-ownership manager Tracey Powell in a statement released on Wednesday. “We strive to create programs that aid home buyers in successfully sustaining their homes to create wealth for their families and generate home appreciation for Atlanta.

- Scott Askew, from The Atlanta Business Chronicle

Posted in: Intown Atlanta Real Estate News

FNMA and Short Sale Restrictions on Resales

Thursday, August 25, 2011

When FNMA (Federal National Mortgage Association or Fannie Mae) is the Seller of a property, there may be a restriction against a quick resale or refinance of the property. This restriction would be found in the FNMA Addendum required to be attached to the Sales Agreement and in the Limited Warranty Deed. This restriction usually prohibits the new owner from selling or refinancing the property for, typically, 90 days after closing for more than 120-125% of the purchase price paid by the new owner to FNMA.

Another restriction upon a quick resale (usually 30 days) appears in many bank short sale approval letters, where the lender may reserve the right to revoke and rescind the short sale approval if the new owner ignores this restriction. This would create a huge problem and title issue for both the Seller and the new owner, and title insurance may not protect the new owner who violates this restriction.

- Scott Askew (with help from Neel & Robinson Attorneys)

Posted in: Intown Atlanta Real Estate News