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
Update On 2011 Property Taxes In Metro Atlanta
Friday, August 05, 2011
Tax bills for 2011 are going out in some of the metro counties, and here are some of the important dates:
County Tax Bill Out Tax Payment(s) Due
Cobb 8/15/11 10/15/11
http://www.cobbtax.org/Search/GenericSearch.aspx?mode=PARID
DeKalb 8/1/11 9/30/11 & 11/15/11
http://web.co.dekalb.ga.us/TaxCommissioner/tc-home.html#
Fulton 8/4/11 10/15/11
http://www.fultoncountytaxes.org/fultoniwr/11a_depts_property_taxes.asp
Gwinnett 9/15/11 11/15/11
http://gwinnetttaxcommissioner.manatron.com/Default.aspx
City
Atlanta 8/4/11 9/30/11
Sandy Springs 8/4/11 10/15/11
Posted in: Intown Atlanta Real Estate News
Three Reasons To Google Your Home Address (or your rental property, as well)
Tuesday, August 02, 2011
With virtually any type of information imaginable online, it makes sense to do regular internet searches for your home’s address.
There are at least six compelling reasons it makes sense to do so, especially if it’s an address you’re thinking of renting, buying or selling. Smart homeowners would do well to search for their addresses, too, and here’s three of the six reasons why:
1. To See If Megan’s Law Registrants Live Nearby
There is plenty of information available to the public regarding registered sex offenders in their neighborhoods. Nearly every state that has a Megan’s law-type sex offender registry has an online version that serves up the names, addresses, sex-offense history, and even photos in many cases, of convicted sex offenders. Googling your address and “Megan’s law”, or even your city or zip code and “Megan’s law”, will turn up a quick list of nearby registrants.
2. To Find Crime Reports and Data For Your Home and Environs
City, county and state law enforcement agencies all post crime data online, but a Google search for your address or city and “crime reports” is most likely to turn up your local police office’s crime map.
3. To Detect Scammers Trying to Rent or Sell Your House
Internet scammers have taken to ripping off home information and putting together fake listings offering other people’s homes for rent, or lease-to-own. They often list the home with inexpensive and easy terms, then ask the would-be-buyer or tenant to please wire or send the deposit money overseas. These scams often come to light only after the homeowner or current resident notices bargain-hunters checking out the place. If you start getting an inordinate amount of foot traffic to your home, or someone knocking on your door asking if they can see the place, you may want to Google your address. If you find a fraudulent listing, identify yourself as the home’s rightful owner and ask the offending site to take the scam posting down immediately.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
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