SPECIAL CONSIDERATIONS FOR REAL ESTATE CLOSINGS:

A) FHA Condo Considerations:

a. Condominiums must be covered by hazard and liability insurance and, when applicable, flood and fidelity insurance.
b. No more than 15 percent of the total units may be in arrears (defined as more than 30 days past due) of their condo association fee payments.
c. Condo associations must have a reserve account which holds an amount equivalent to at least 10% of the condo association budget.

B) Furniture Sold as Part of the Contract:

a. Be cautious when including personal property, such as furniture, in the contract. Appraisals are consistently coming in lower than the sales price, and an inflated sales price due to personal property can exacerbate that issue.

C) Seller Mail Aways/Seller Signing Early:
a. Be aware of whether the buyer has an FHA loan. If so, the lender will send documents that must be signed by the seller with the loan package. The seller must have access to a fax machine on the day of closing so that they can sign the FHA docs and fax them back to us as these docs are usually required for funding authorization.

D) Closing Costs:

a. Make sure to prepare both the buyer and seller that closings costs can change. The lender can put a cap on the amount of seller concessions allowed or a minimum on what the buyer must contribute. Therefore, the closing costs listed in the contract will not always be the closings costs allowed to be paid at closing.

Again, our Team’s job is to avoid these issues – whether we’re the Buyer’s Agent or Listing Agent. Our Preferred Lender and Closing Attorney are with you every step of the way to ensure a seemless closing & experience for our clients. I’m serious – they’re fantastic, and our business woulnd’t be where it is without them. We’re definiltey blessed to have found them & our clients have always felt the same.

Hope this was helpful! Let us know if you need us…

The KellySellsAtlanta.com Team of Keller Williams Realty
404-863-8680 | www.KellySellsAtlanta.com | HomeTeam@KellySellsAtlanta.com

Currently there are just over 200 homes for sale in the Morningside District with an average list price of $703,889. There are 35 homes under contract (this is a HOT area) and in the last 3 months, 42 homes have sold for an average sales price of $581,184.

I’ve set up this hot sheet link for you (see below) to view all homes for sale in the Morningside Elementary School District. The list of homes is always up to date, so you can put it in your favorites & feel free to revisit anytime.

Once you’re ready, you can call or email us for a FREE home valuation on your home, to set up a listing appointment or to view some of these listed homes and we can tailor a search that fits your specific criteria.

Our Team would love to help…and until then, Happy Hunting!! Oh, and the tax credits expire in 3 weeks & mortgage rates have gone slightly this week…still really good rates, but seems like they may not stay in the 4’s too much longer.

Click here for a list of homes for sale in the Morningside Elementary School District!

Click here for the Morningside Elementary School Website…

HomeTeam@KellySellsAtlanta.com | www.KellySellsAtlanta.com | 404-863-8680 cell | 404-969-1600 office

This is one of the most popular Elementary, Middle & High School combos in all of Metro Atlanta…and it’s so close to Sandy Springs & Buckhead, you’d never even feel like you’re waaaay out in Cobb County.  Get your kids into the best school district possible!

All the Active listings are right here & updated in Real Time! Enjoy & let us know once you’re ready to go see some homes and if you’d like a more tailored search (to your price range, minimum bed & bath combination, etc) just click here to shoot me an email & I’ll get it going…

Right now, the Median List Price in the area (for homes under $1mil & over $200k) is $$595,541.

The Median Sales price since 4/1/09 has been $473,217 and there are currently 18 under contract. 

There are 43 homes currently available but only 4 listed under the max FHA Loan Amount of $346,250 & only 7 that are listed under the $417,000 Jumbo Loan amount! (FHA requires only 3.5% down, Conventional Loans 5%, but Jumbo requires 20%)

Don’t hesitate much longer!  There are just over 80 days left to qualify for the $8000 Tax Credit for 1st Time Buyers.

www.KellySellsAtlanta.com for all your metro-Atlanta Real Estate needs.

The Kelly Sells Atlanta Team > your next move is our business…

There are actually more homes in Buckhead for under $350k than you might think…and some very nice ones, I might add!  And make no mistake, Buckhead has long been THE spot to own Real Estate in Atlanta.  GREAT Schools (Sarah Smith, Morris Brandon, Warren T. Jackson, E. Rivers & Garden Hills), beautiful neighborhoods & all the conveniences you could want nestled just north of Midtown and wedged inside both I-75, I-85 & the top end Perimeter of I-285.

Buckhead is one of Atlanta’s busiest financial centers and features gracious and historic homes, world-class shopping centers, elegant hotels and fantastic restaurants.  It has been called one of the United State’s top most affluent communities.

Buckhead is also one of the busiest Real Estate areas of Atlanta.  1631 single-family detached homes sold in 2006, 1704 in 2008, 1470 in 2008 and 61 thus far in 2009 with 40 Pending & the market (& weather) just getting warmed up.  The average list price of the solds was $692,924 and the avgerage sales price of those Buckhead homes was $634,516, resulting in an average list price to sales price ratio of 91.6%.  Not a bad discount!  This means there are some deals to be had in Buckhead as well! (none of these #s are including condos/townhomes)

With all that said, you can see that if you can get into Buckhead under $350k, you’re one of the few…that’s the sweet-spot & in that 1st Time Buyer wheel-house.  After all, 1st Time Buyers have ALL the start aligning for them right now, don’t they?  Time to take advantage!!

If you’d like to see what’s available in that price range, click here to see all Buckhead homes for sale $350k & below.

For ALL Buckhead homes for sale, click here.

Enjoy these and visit daily if you’d like. This site is connected to the MLS’s and is updated daily! You’ll always find the most current data & properties for sale here. If you have a more specific search request, don’t hesitate to ask.  You can contact us through our site or email our Buyer’s Specialist, Aaron, at aaron@kellysellsatlanta.com. 

Thanks so much for stopping by & Happy Hunting!

Aaron & Kelly Allen
The Kell Sells Atlanta Team
www.KellySellsAtlanta.com
Kelly | Listing Specialist | 404-606-2219 | kelly@kellysellsatlanta.com
Aaron | Buyer Specialist | 404-863-8680 | aaron@kellysellsatlanta.com
Subscribe to our e-newsletter!!

Named after its location at the intersection of Virginia and North Highland Avenues, this district still remains a popular spot for Atlanta’s young professionals. At one time this prime area was in danger of becoming part of a planned highway system, but with the efforts of community leaders and activists, the area revitalized itself to become the urban professional’s dream. Virginia-Highland is the area within the Atlanta city limits bounded on the north by Amsterdam Avenue, on the south by Ponce de Leon Avenue, on the east by Briarcliff Road, and on the west by the Southern Railroad Line.

Virginia Highland & it’s residents can remain proud of their investment, because the neighborhood seems to be bucking this current real estate shift and holding value:

In 2007 the neighborhood experienced 123 sales. Their average sales price was $639,127. On average, it took 63 days for these homes to sell.
In 2008 there were 96 sales (a 22 % decrease), but the average sales price stayed strong at $636,790 (a minimal decrease of less than 1%).  On average, it took a few days longer for the homes to sell, but still only took 66 days to sell a VH home.

The most current data we have thus far in 2009 shows that there have been only 7 home sales (for an average of $521,071) with 5 currently under contract, and we typically see higher priced home sales in the summer months (mainly June) so expect to see this Average Sales Price increase throughout the year.

When many other neighborhoods were seeing sliding home values, this Atlanta neighborhood was seeing it’s values remain solid.

Suffice to say that if you don’t have to sell, don’t BUT if you are a seller in Virginia Highland (or anywhere in this Morningside Elementary School District) don’t listen too carefully to the doom and gloom about Atlanta’s real estate market.

For you home shoppers that want to view the 72 homes currently for sale:

Click here for all Virginia-Highlands Homes for Sale!!

We have experience and the most up-to-date data and statistics regarding the economics of Atlanta, Georgia real estate, so don’t hesitate to give us a call or shoot us an email if we can help you in any way.

Kelly & Aaron Allen
404-606-2219 Kelly
404-863-8680 Aaron
Keller Williams Realty Premier Atlanta
404-969-1600 office
www.KellySellsAtlanta.com

The percentage of Sellers that needed to reduce their list price reached a new high at 53% of all transactions in 4th Qtr 2008, indicating a continuing high level of Buyer price resistance in the current market.

A good thing to know is that only 27 out of 100 homes will sell…period.  The other 83 just won’t sell…at least not anytime soon – this is the standing inventory you see day-in and day-out which is crowding the market.  Only 7 of those 100 homes will sell in less than 31 days and for 96% of the list price.  This shows that clearly it’s a tale of 2 markets:  It’s always a Seller’s Market when it’s a great home at a great price and the reality is that there’s a lot of junk on the market, which creates a slighly inflated perception that it’s a full-on Buyer’s Market out there.

This is great news for the Seller who’s willing and able to get aggressive with pricing and be “in” the market, not “on” the market.  If you can get that price right coming out of the gate, you should be under contract and finally having the opportunity to find a fantastic bargain on your next home.  Since the Sales Price to List Price ratio reduces as Price Points increase, the math will work in your favor to sell and “move-up” into your next home, basically getting more on the Buy than you’re giving on the Sell…

If there’s anything we can do to help you or someone you know navigate the turbulence, please feel free to call or email us anytime…and visit us at KellySellsAtlanta.com for ALL your Metro Atlanta Real Estate needs.

The rate of decline in # of homes sold had begun to slow during the 2nd and 3rd quarters of 2008 (vs. the same quarters of 2007), then sales slowed again in the 4th quarter of 2008…which is normal, but with the Real Estate market under a magnifying glass of late, don’t read too much into that particular stat because this happens every year. 

What you should come away knowing is that 2nd and 3rd quarters were showing an increase in sales #s and this is an indication that we’re bouncing around at the bottom of the market.  So if you’re looking to “time the bottom” be watching the clock closely.

 Basically…if you’re waiting for a deal…I think there’s one out there for you

Let us know how we can help - or visit us at KellySellsAtlanta.com…we’re ready when you are.

And while you’re at it…get the most for your $$$!!!

Click this HOT SHEET for all metro Atlanta Foreclosures on Basements for your viewing pleasure.

Bookmark us and visit anytime – this page is UPDATED DAILY!! I can always narrow or broaden the search for you, so just let me know what you’re looking for.

Email Aaron, our Team’s Buyer’s Specialist, at Aaron@KellySellsAtlanta.com or call 404-863-8680 if we can help in any way.

Click HERE to subscribe to our monthly E-newsletter for up to date market information and useful info like you’ve found here.

Happy Hunting!

“You want to be greedy when others are fearful. You want to be fearful when others are greedy.” Warren Buffet
Aaron and Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Aaron 404-863-8680 | Kelly 404-606-2219 | eFax 866-298-8584
Aaron@KellySellsAtlanta.com | Kelly@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help. Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

FHA 203(k) is back!  It’s FHA’s version of a construction/rehabilitation loan for properties that typically wouldn’t qualify for a standard FHA loan.  FHA has probably the lowest downpayment option around (3.5% vs. 5%+ with conventional loans).  This is causing FHA to become a MUCH more popular avenue than in recent years past.

The 203(k) loan will now allow you to purchase a property through FHA that is in need of repair.  Prior to 203(k), FHA had tight restrictions on property conditions, basically preventing most Foreclosure properties from qualifying.  For instance, if the property didn’t have a stove/range, it wasn’t qualifying.  If the repairs were more than minimal, it wasn’t going to pass an FHA appraisal.  It had to basically be a move-in-ready, liveable property or FHA wouldn’t approve the loan.

So, FHA 203(k) has cleared that hurdle and those properties are ready for Buyers. 

Click HERE for an up-to-date list of Atlanta FORECLOSURES and click HERE for Atlanta area homes under $100k!  Bookmark & check back daily for updates.

For more on the FHA 203(k) loan program, please click here.  Below are a few exerpts from the article:

203(k) – How It Is Different

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Maximum Mortgage Amount

The mortgage amount, when added to any other existing indebtedness against the property, cannot exceed the applicable loan-to-value ratio and maximum dollar amount limitations prescribed for similar properties under Section 203(b). The Mortgage Payment Reserve is considered a part of the cost of rehabilitation for determining the maximum mortgage amount.

A. Maximum Mortgage Calculation. The value is defined as the lesser of:
1) The as-is value of the property before rehabilitation plus the cost of rehabilitation; or
2) 110 percent of the expected market value of the property upon completion of the work.

Principal Residence (Owner-Occupant) & HUD Approved Non-Profit Organization. For purchases with 203(k) financing: the maximum mortgage amount is to be based upon the HUD estimate of value in 1) or 2) above, less the statutory investment requirement. For refinances under the 203(k) program: the maximum mortgage amount is to be based upon 97/95/90 percent of the HUD estimate of value in 1) or 2) above.

B. Cost of Rehabilitation. Expenses eligible to be included in the cost of rehabilitation are materials, labor, contingency reserve, overhead and construction profit, up to six (6) months of mortgage payments, plus expenses related to the rehabilitation such as permits, fees, inspection fees by a qualified home inspector, licenses and consultant and/or architectural/engineering fees. The cost of rehabilitation may also include the supplemental origination fee which the mortgagor is permitted to pay when the mortgage involves insurance of advances, and the discounts which the mortgagor will pay on that portion of the mortgage proceeds allocated to the rehabilitation.

>>>>>>>>>>>>>>

In summary, it’s awesome.

As always, if we can ever do anything for you, please don’t hesitate to contact us.

Hope this info was helpful!


Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Aaron 404-863-8680 | Kelly 404-606-2219 | Fax 866-298-8584
Aaron@KellySellsAtlanta.com | Kelly@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help.  Just email or call us w/ their contact info and we’d be honored to take absolute care of them.