North Atlanta Home Buyers Put Through Wringer
June 22, 2010
Legitimately qualified North Atlanta home buyers are put through the wringer to gain mortgage approval; this process has become genuinely painful. The short sale process is nothing short of criminal; the demonstrated lack of cooperation and antagonistic approach by banks will continue to hurt any North Atlanta real estate recovery. The process is combative, both for the owners and potential buyers – so much so that many agents and buyers will not deal with lender owned or short sale properties.
Thinking of buying in North Atlanta? The first thing to do is evaluate your position. Some folks shouldn’t buy and others should exploit the opportunities that exist. That said, the inventory of quality homes that are priced appropriately is limited. Sellers with quality North Atlanta homes in desirable areas will attract qualified buyers. Buyers, you have to understand that opportunities exist, and yet dealing with distressed homes, short sales, and bank owned homes is a disaster which often ends in frustration.
Extending Homebuyer Credit Delayed
October 30, 2009
Looks promising, but we have to wait until next week at the earliest for an update on the extension of the tax credit.
Oct. 30 (Bloomberg) — The U.S. Senate won’t vote until next week at the earliest on proposals to extend both an $8,000 tax credit for first-time homebuyers and unemployment benefits for the nation’s jobless. The administration endorses an extension.
Senate action was delayed by a Republican demand that a vote be allowed on an amendment to end the Treasury Department’s Troubled Asset Relief Program at the end of this year.
Senate Majority Leader Harry Reid, a Nevada Democrat, balked yesterday at the demand by Senate Minority Leader Mitch McConnell, a Kentucky Republican. Reid also took procedural steps to end debate and schedule Senate action on extending the homebuyer tax credit and the unemployment benefits.
“I think the first-time home-buyer credit is a great example of funding that’s helped to stabilize the housing market and should be extended,” Jared Bernstein, chief economist to Vice President Joe Biden, said on Bloomberg television. Treasury Secretary Timothy Geithner gave his support yesterday.
Lawmakers announced plans earlier this week to attach the tax-credit proposal to a pending bill on the unemployment benefits. The $8,000 tax credit, enacted earlier this year as part of the $787 billion economic stimulus package, is set to expire at the end of November.
April 30
The lawmakers want to extend the credit until April 30. Their proposal would also expand it to allow higher-income Americans and some who already own homes to qualify for the break.
Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan, said Senate Finance Committee Chairman Max Baucus. Also, couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extended break, Baucus said. That’s up from a $75,000 limit for individuals and $150,000 for couples.
“The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has helped to shore up the economy as it begins to recover,” said Baucus, a Montana Democrat. “This would enable an even greater number of potential homebuyers to take the credit.”
Drop in Prices
Lawmakers said they want to prevent home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.
More than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the homebuyer tax credits this year, according to the Treasury Department. The Obama administration, in endorsing the extension yesterday, said the credit has helped stabilize the nation’s housing market.
The tax break “brought new families into the housing market and contributed to three consecutive months of rising home prices,” Geithner said in a statement.
The measure would require those receiving the tax break to remain in their new homes for three years and they would have to repay the credit if they don’t.
Those buying homes worth more than $800,000 wouldn’t be eligible for the credit, said Baucus. Lawmakers also said they won’t extend the break beyond the new April 30 deadline.
‘Last Extension’
“The American people should understand this — and the affected industries — this is the last extension,” said Senator Johnny Isakson, a Georgia Republican who cosponsored the plan. “Tax credits like this only work by creating the sense of urgency to take advantage of them.”
Isakson estimated the new plan would cost $10.2 billion. Senate Banking Committee Chairman Christopher Dodd said the plan wouldn’t add to the government’s budget deficit because lawmakers plan to finance it by delaying a tax break for multinational companies scheduled to take effect next year.
The bill that would include the tax-credit plan calls for extending unemployment benefits by 14 weeks in all states and by an additional six weeks in states with the highest jobless rates. That bill has been stalled for weeks because of an ongoing dispute between Reid and McConnell over amendments to the measure.
McConnell yesterday dropped his demands for votes on amendments related to immigration and the community activist group ACORN. He held firm on his push for the TARP-related amendment.
The proposal would remove Geithner’s ability to unilaterally extend the TARP program beyond its Dec. 31 expiration date to October 2010.
“It seems to me there should be a better time to have this debate,” Reid said.
Any legislation the Senate passed would have to be reconciled with a House-passed bill last month that didn’t include the tax-credit provisions and provides more limited unemployment benefits.
Reid said House Majority Leader Steny Hoyer, a Maryland Democrat, assured him that “they will accept what we’ve talked about with first-time homebuyers.”
To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.com; Brian Faler in Washington at bfaler@bloomberg.net
Related Articles:
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- Bill Aims to Crack Down on Overseas Tax Cheats
- U.S. home sales at highest level in two years
Lawmakers Look at Home Buyer Tax Credit
October 21, 2009
Facing mounting concerns over the bleak outlook for jobs, more lawmakers on Capitol Hill last week showed interest in extending and possibly expanding the $8,000 first-time home buyer tax credit that is set to expire on Nov. 30.
However, political observers at NAHB cautioned that renewing the popular credit is still far from a done deal, with a number of lawmakers reluctant to act unless Congress imposes offsetting tax increases or spending cuts.
Sens. Johnny Isakson (R-Ga.) and Christopher Dodd (D-Conn.) were planning to offer an amendment extending and expanding the credit to a House-passed bill that would extend unemployment insurance benefits. Though it is unclear if the Senate will act on this proposal, NAHB will be urging senators to approve the amendment if it comes up for a vote.
The Isakson-Dodd proposal would extend the credit to June 30, 2010 and expand it to a wider circle of principal home buyers. It would also double the current income eligibility phase-outs to $150,000 for single taxpayers and $300,000 for married taxpayers filing a joint return.
Reporting on the Isakson-Dodd plan, the Associated Press cited NAHB statistics that extending the credit for one year and expanding it to all buyers of a principal residence would spur 383,000 additional home sales, create more than 347,000 jobs and generate $16.1 billion in wages and salaries and $12.1 billion in business income. Continue reading…
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Aging Boomers Seek Easy Living
September 30, 2009
The current housing downturn has taken some steam out of housing demand from the 55+ population, but a “55+ Housing: Builders, Buyers and Beyond” survey conducted in February by NAHB and the MetLife Mature Market Institute identifies significant opportunities in this market for both builders and remodelers at a time when a weak economy has forced households across the age spectrum to reassess how much housing they can afford.
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Learn the Inside Secret to Buying a Home
July 8, 2009
Thanks to my friend Mollie for this video.
Best Deal: 3402 Cranborne Chase Ct – East Cobb
May 8, 2009
From the soaring 2-story foyer to the expanded deck overlooking the private, professionally landscaped yard… Up to the spacious master retreat with luxurious spa tub… Down to the finished basement designed for comfortable living… 3402 Cranborne Chase Ct. is absolutely the best living space in Dorset!
The heart of this home is the generously proportioned kitchen featuring richly stained cabinet storage above and below solid surface counters. Chef touches include a gas cooktop and convection ovens. A built-in planning desk is the perfect base of operations for day-to-day living. There’s also a spacious buffet open to the family room and a breakfast bar for morning coffee.
And more… Linger over casual dining in the sun drenched keeping room featuring a gas fireplace and a wall of windows. Open to an expanded deck from the keeping room and the family room, the main level living area is ideal for entertaining.
Details
Property Amenities
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- Range/Oven
– Sink Disposal
– Microwave
– Dishwasher
– Fireplace
– Hardwood floors
– Vaulted Ceilings
– Basement
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- Deck
– Grass Lawn
– Yard
– Fenced Yard
– Secluded Setting
– Central A/C
– Central Heat
– Walk-in closet
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- Family room
– Living room
– Bonus/rec room
– Office/den
– Dining Room
– Breakfast nook
– Laundry area – inside
Community Amenities
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- Swimming Pool(s)
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- Tennis court(s)
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- High-speed Internet
What Home Buyers Want
February 17, 2009
What do home buyers want? Sellers want to know, so do real estate and mortgage professionals.
Today, I used an online tool to discover the answer to that question.
What Do Home Buyers Want?
Tomorrow, we answer the question, “What do home sellers want?”
Red Hot Deal Days
February 3, 2009
Here is a quick tip and a “down and dirty secret” for any real estate investor looking for deals on Atlanta foreclosures.
There are over 1000 new foreclosed listings on the market right now.
Moreover working with an Atlanta area agent who specializes in real estate investments and foreclosed homes can save you hundreds of hours and thousands of dollars by helping you avoid bad decisions.
There are many websites which sell lists of Atlanta foreclosures. While their pricing may sound like a deal and you may have the impression they are an actual real estate company that may not be the truth. In fact you want to make certain the foreclosure list is accurate and up to date. Even if you find a deal on a foreclosed property what looks good on paper may not really be such a steal of a deal.
Make sure you are working with an Atlanta area agent who is experienced in identifying foreclosure deals for real estate investors. None of that transaction is the same as when someone goes to buy a home to live in. There are real estate agents in Atlanta, like Kathy Drewien, who know how to locate foreclosures for real estate investors.
Image by Leo Reynolds via Flickr
Finding Foreclosure Deals
January 27, 2009
Once upon a time real estate investing in the Atlanta area was an opportunity only for the most wealthy and well connected. Finding foreclosure deals was mostly available to those who played golf or socialized with the bankers who controlled the foreclosed homes.
- Image by respres via Flickr
In recent years, however, the real estate investment scene has changed not only in Atlanta, but in most areas of the nation. Furthermore now that we are presented with such an abundance of foreclosure deals being a real estate investor, even a start up real estate investor, is a whole new game.
It does not matter if you are a beginner at real estate investing or a seasoned professional. Finding foreclosure deals is much more easily accomplished than just a few years ago. Find a real estate agent who specializes in foreclosure deals, someone like Kathy Drewien, and she will guide even the newest real estate investor in the right direction.
You see it simply is not enough to purchase a list of available foreclosed properties, but it is also highly important that the provider of the list understands the difference between a foreclosure and a foreclosure deal.
By the way, did you know that the list you buy from the big dot com companies is the same list of Atlanta foreclosure properties you can get from Kathy Drewien? It is, and you can bank on that.
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