We all knew it was coming. Local governments are now getting  into the foreclosure mess:

A new law was passed in DeKalb County which will affect all properties that were foreclosed after October 27, 2010, in the Dekalb portion of Atlanta and unincorporated DeKalb county .  

The DeKalb County Foreclosure Registry was established “as a means to protect neighborhoods from becoming blighted through the lack of adequate maintenance and security as a result of properties that are foreclosed or where ownership has been transferred after foreclosure.” 

The foreclosing lender is now required to “register” the property with the county and to pay a non-refundable registration fee of $175.  The fee must be paid within 30 days of the foreclosure. Registration must be completed electronically on the DeKalb County website, and then a hard copy of the form must be submitted in person or by mail along with payment in cash or by check. Failure to register a foreclosed property will be subject to a penalty of $1,000 per day up to $100,000 (per property)!

If the foreclosing bank does not have an office in the metro Atlanta area (defined as Clayton, DeKalb, Fulton, Gwinnett, Henry, and Rockdale counties), the bank must designate a local property agent on the registration form, and this agent will be responsible for the security and maintenance of the property in compliance with the DeKalb County Code.  

There are no written exceptions in the new law for HUD, VA, or other entities such as Fannie Mae.   Agents, buyers, and closing attorneys should be aware of this law and confirm before a foreclosure resale that any DeKalb County fees have been collected.

Many buyers are choosing to buy real estate for cash, thanks to low prices, a huge inventory of foreclosed properties, and poor rates of return on other types of investments. In September, 2010, 20.9% of all buyers in the metro-Atlanta area paid all-cash for their property! 

 Although the only legal requirement for a cash purchase is the money, there are several important considerations for a cash buyer:

1.  Home inspection – never buy a property without one;
2. Appraisal – there is no lender appraisal, so this is the only way to insure that the purchase price is reasonable;  
3. Survey – always recommended for small lots and properties in older or urban areas;  
4. Flood zone determination – a lender always checks this, and a buyer should also;  
5. Hazard insurance – always have the property bound with insurance from the closing date (do not put this off);  
6. Termite inspection – a termite problem can be a major expense;  Water bills: look at recent water bills to make sure they are not unreasonably high. A high bill could reveal a leaky or broken pipe;  
7. HOA dues or condo dues – inquire about pending assessments or increases in dues – check the foreclosure rates, owner/occupancy rates, and financial stability of the complex and association;  
8. Owner’s title insurance – this is imperative for the cash buyer, especially when buying a foreclosed or distressed property such as a short sale.

  Dean Gardens, billed as the “highest priced home in metro Atlanta” finally sold on August 3.

The main house is 32,000 square feet, not including the two carriage houses; the home sits on 58 acres. The property has been on and off the market for 15 years, from $20Million to $40Million. The latest offering was for $13,900,000; it closed last week for $7.6M, or 55% of the list price.

I help both sellers and buyers. Year-to-date, none of my buyer-clients have bought a $13M home, but they have found incredible bargains! My stats show that I can help both sides: buyer-clients, on average, have bought their dream homes for 81.3% of the original list prices; seller-clients, on average, have sold their homes for 96.4% of their list prices.  On which side would you like to be?!!!

If you need true representation, call me! Whether you are looking for your dream home or want/need to sell your existing home, allow me to be your Realtor of choice. Experience True Experience!

 The rumors are circulating that the Obama administration is trying to throw more money at underwater homeowners.  The Obama plan, which may be revealed on August 17, would help those owners’ whose home is worth less than what they owe on it.

An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of approximately $800 billion!  Will this plan help the politicians or homeowners?  read the entire article  

Shop and save at the MJCCA  (Marcus Jewish Community Center of Atlanta) Kids’ Consignment Sale in Dunwoody on August 19, 20, 21. The hours are 10am-1pm on August 19; 10am-3pm on August 20; and 11am-3pm on August 21. For more information, log onto www.Atlantajcc.org.

Find new and gently-used clothing, room decor, toys, bikes, sports equipment, electronic games and equipment, musical instruments, maternity clothes, uniforms and much more.

For help in finding a new or gently-used home in Dunwoody or any other area of Atlanta, call or email me! Experience True Experience!

On April 30, 2010, mortgage rates were 5.125%.  April 30 was the last day to write a contract and be eligible for the $8000 first time homebuyer tax credit offered by the IRS. Today, mortgage rates are 4.375%.

For Atlanta homebuyers who purchased after the tax credit expired, the difference in these rates, for a $300,000 loan, would be a savings of $135/month!  Over a 5-year period, today’s homebuyer would save $8,100 in interest payments, versus the homebuyer who received the tax credit, but closed on a higher interest rate.  

In effect, the market/banks are providing an amazing stimulus to the economy!

Here are 5 great business commandments that a loan officer just sent me:

1. The sale is made on what the client says, not what I say.
2. My clients want a trusted advisor, not a salesperson.
3. Adversity and opportunity are joined at the hip.
4. Never tell a client something I can ask him/her/them.
5. I don’t need twenty ways to close a sale; I need one good way to open a relationship.

If your Atlanta real estate agent does not live by these commandments; I do!!!! Give me a call or send me an email and let’s start a relationship!

Dekalb County prosecutors say they have uncovered a grand attempt to steal vacant houses across North Georgia.

In a month-long investigation, Dekalb and the FBI have investigated  an anti-government extremist group, calling themselves ”sovereign citizens”. The “sovereigns” refuse to answer to local or state authority. So far, the government has jailed four people and issued arrest warrants for four others. The members of the group often refuse to pay taxes or register their vehicles. Some told Channel 2 Investigative reporter, Jodie Fleischer, their homes are considered sovereign land.

Authorities say that the “sovereigns”  file fraudulent paperwork to take over a property, around the same time that a bank is forcing out the previous owners who are in foreclosure. Then, the “sovereign” signs over the property to himself for free. He changes the locks on the house and posts a sign on the property saying that he is the lawful owner. He also files paperwork declaring himself a sovereign citizen and immune to the laws of Georgia. Police have arrest warrants for those who’ve filed fraudulent deeds. Investigators say that by using the fake deeds, they have been able to establish electricity and alarm service at the properties. 

The largest problem with this scheme, is that it forces the real owners to prove that they own the property in court.  “They’re able to tie up the legal system by filing bogus paperwork and engaging in paper terrorism against anybody who dare comes after them,” said DeKalb County Assistant District Attorney John Melvin. Buyers may be delayed from closing on their homes, as the bank tries to sell the property to upscale home buyers, but cannot give clear title to the property.

Melvin said he plans to push for legislative changes. “Personally, what I’d like to see is a little more verification before a property is able to be deeded to another person. You just can’t go to a clerk of court and deed a property to yourself.” 

The deeds reach from Norcross, to Snellville, to Augusta, and even include a $13 million shopping center in Buckhead.

Dekalb police say that these “sovereigns” were caught trying to change the locks on a $1Million foreclosed home on Windsor Parkway in Brookhaven. Sandy Springs police say they caught one of the members of the group living in a $2 million unfinished home on Tara Trail in Fulton County. “I’m shocked,” said home builder Mark Phillips. “This house is certainly not finished. It’s not even a livable house.”

Three years ago, Georgia Power, the gorilla in our state’s electricity “room”, raised rates. Now they’re trying to raise them again. This new raise would add approximately $18 to the average consumer’s monthly bill.

Will our Public Service Commission (PSC) allow Georgia Power to raise their rates again? The PSC is scheduled to vote on their request on December 21. Do you think Georgia Power is justified in asking for this additional money, scheduled to be over $1 billion (yep, that’s spelled with a “B”!)? Contact the PSC  if you have a strong opinion about this raise.

Read more about it in the July 2 article in The Atlanta Journal Constitution:  Raising the Rates

Here we go: the state of Georgia has raised many of our tax fees and lowered just a few.

On May 12, the governor of Georgia signed House Bill 1055 into law. Taking effect immediately, it raises the mortgage-per-loan fee from $6.50 to $10.00. This fee is charged on every purchase and refinance HUD-1 statement, as part of borrower’s closing costs. While it is not a huge amount, it is charged on every transaction!

The state portion of the property taxes has been eliminated. Now, all property taxes collected, will go to the county and city where the property is located for their use. However, do not look for lowered taxes there. My guess is that counties and cities will continue to cut services and raise taxes.

However, the good news is that House Bill 1055 eliminated state income tax on retirement income for seniors aged 65 and older.

Many court filing fees and license fees have increased, some by over $100. Real estate recording fees did not change, but civil action fees, corporate fees and other transactional fees are affected. One fee that will affect me directly, is the cost to print information on deeds and legal documents. When I take a  new listing or research property for a buyer-client, the GA county clerks’ site is where I go to look up that information. Their printing fees have doubled because of House Bill 1055!

The bill is 107 pages long and has other provisions. How will it affect you?