I am so excited to report that the Senate skipped a step last night: they did not invoke cloture but went right to a vote on the housing bill. It passed 98-0!  As everyone says, things in Washington aren’t always predictable – they must know that the country needs to fix housing first!

The bill now goes to the House, where a vote is expected today!  Most of the action, to date, has focused on the Senate.  However, today, it is important that you contact your congressperson, to let them know how truly important this is. Tell them to pass it – quickly!  Everyone hopes this can be on the President’s desk today or tomorrow. If passed, it will not only extend the date that a first-time buyer must close on a new home (November 30, 2009), it will also give buyers that are not first-timers, a $6,500 tax credit, when buying a new home.

As always, if you are interested in buying, selling or investing in real estate, call us for help. Experience True Experience!

While the real estate market continues to correct, Atlanta  home buyers are confronted with an increasing number of opportunities. And for those Buyers who see it, there is opportunity for them - as long as they are prepared to do a little bit of work getting the property ready for occupancy, resale or rental.

While a bleak picture for many, foreclosured houses represent a once-in-a-lifetime chance for many first-time home buyers, a way for move-up buyers to get the bigger house they need and want, and a way for second-home buyers to secure the vacation home they’ve always dreamed of.

Getting a foreclosured property ready, however, means that a Buyer must be prepared-both mentally and financially-to take on home improvements and repairs.

The following are 10 ways to make a foreclosure as resaleable as possible…as soon as possible:

1. Exterior Paint. Peeling paint is one of the most common problems associated with foreclosured houses. Refreshing the exterior paint is a priority to begin attracting the interest of renters and buyers while you continue to work on repairs internally. Dark colors fade faster than light colors and absorb heat-something to consider in our warmer climate. Light, neutral colors are your best bet for resale purposes or, if you are renting or selling in a vacation area, consider colors that complement the area, such as light or bright colors near the shore and earth tones in the mountains.

2. Electrical Work. Electrical safety is critical in the resale or rental of a property. Consult a licensed electrician to perform repairs or improvements. Consider installing safety products such as GFCI outlets and AFCIs. GFCI outlets automatically cut power if a ground fault occurs, meaning they will save your life if you somehow end up on the receiving end of an electric current. AFCIs are another safety measure that you install into the wiring itself. They detect arc faults that are a common cause of electrical fires, and break the circuit before fire breaks out.

3. HVAC Repairs. Consult an HVAC contractor to make sure air-conditioning systems are in good working order, a must for any prospective buyer or renter. Make sure the air-conditioning unit is working at optimal efficiency, as this will translate into savings on monthly utility bills.

4. Plumbing. Make sure all leaky faucets are repaired and parts, such as worn washers, springs and “o” rings, are replaced. Then check to see if water flow is at all hindered in the property. A stopped drain in a bathroom or kitchen sink plumbing system is often the result of a clogged pipe. First, try chemical drain cleaners, then remove the elbow piping if necessary, to further investigate the clog.

5. Landscaping. Foreclosure houses often fall victim to overgrown lawns, shrubs and weeds. Start by mowing and pruning, and then address more serious issues, such as dead tree branches that could land on the home or power lines. An easy way to provide a clean and updated look to the landscaping-and add curb appeal to the property-is to edge the borders. Consider wood edging, brick or stone edging, metal edging or plastic edging.

6. Pests. Many abandoned properties develop pest problems due to stagnant water and general lack of upkeep. Immediately empty all stagnant water, find the source of any moisture that might be in the home and use over-the-counter repellants to rid the home of small pest problems. Hire a professional for any pest problems that are more serious.

7. Windows and Doors. Unfortunately, many foreclosure homes fall victim to vandalism. This can result in broken doors and smashed windows. Replacing doors and windows must be done
immediately.

8. Floors and Stairways. Rotting wood in floors, doors, staircases and railings, a common issue found in foreclosed houses, must also be addressed immediately. Rot sometimes occurs in areas that are not visible to home inspectors, so this job may require the consultation of an expert in the area.

9. Interior Walls. Ripped wallpaper and chipped paint are not uncommon in foreclosed houses. Take down all wallpaper and repaint the interior in one or a series of neutral colors. This will make the home appeal to a broad spectrum of renters or buyers; using bright, unusual or darker colors narrows the pool of interested parties.

10. Appliances. Any home that goes on the market for sale or rental will fare much better with updated appliances. Many buyers, in fact, have come to expect this in today’s competitive real estate market. Foreclosed houses in affluent areas may already have updated, high-end appliances. Foreclosed homes may be in need of new appliances.

If you are interested in buying a bank-owned, foreclosed property in Atlanta, call us and Experience True Experience! We have foreclosed homes in Atlanta: Sandy Springs, Buckhead, Ashford Park, Dunwoody, Brookhaven, Intown Atlanta, Cobb, Gwinnett - anywhere and everywhere!

What does foreclosure in Atlanta mean? How can one avoid it?

1. REINSTATEMENT: Bring the loan current;
2. FOREBEARANCE: Temporary Repayment Plan;
3. REFINANCE: New Loan with a reduction in monthly payments;
4. SELL THE PROPERTY: Use the equity to pay-off or pay the difference
5. RENT THE PROPERTY: You must make the loan current;
6. SHORT SALE: Negotiate with the lender to accept a sale that is less than the loan balance;
7. DEED IN LIEU OF FORECLOSURE: “Friendly Foreclosure”
8. BANKRUPTCY: Will stall foreclosure, but will not prevent it.

Don’t let time run out. Call us and let us help!

Looking for a summer camp for your child? Consider the Chastain Park summer camp program for horseback riding!

Chastain Park Horse Camp

Interested in buying or selling a home in the Chastain Park neighborhood? Please go to the “Search For Homes” tab, at the top of this page, and enter your search criteria. You can also hit the Chastain Park link, on the “Search” page – we’ve done the work for you, using a broad search base. And, of course, you can always call or email me for help. There are many lovely homes in the Chastain area and I would be happy to help you!

New this year,  the AJC Peachtree Road Race is opening online registration.  AJC Peachtree Road Race participants will be able to register for the 2009 event online. Registration opens at 7 a.m. EST on Sunday, March 15 at www.ajc.com/peachtree.

The first 45,000 applicants (out 55,000 total entries) will be accepted through online registration. If it is anything like previous race registrations, the field will fill out quickly, probably within minutes.

To register online for the AJC Peachtree Road Race:

1. Go to www.ajc.com/peachtree after 7 a.m. EST on March 15;
2. Click REGISTER NOW;
3. Fill out all the required fields on the online registration form including Time Group Placement information (if applicable), payment information and the race waiver prior to clicking “SUBMIT”
4. Click “SUBMIT”;
5. Print a copy of your race confirmation page for your records. You will also receive an e-mail confirming your race entry within 24 hours after successfully registering.

Peachtree Applications will also be available in the AJC on March 22, 2009. However, only 10,000 runners will be able to get into the race through this ”old” method.

Running through Buckhead and Mid-town neighborhoods is fun, but you must be trained and ready to do it. The race is always scheduled for early morning July 4: the humidity level is as high as the excitement level!

The $15,000 tax credit for home buyers has struck a cord across the country. It was dropped in the stimulus bill that is winding it’s way through Congress, but in the long term it may not be dead.

Georgia’s own  Senator Johnny Isakson, a former Atlanta real estate broker, is the sponsor of the bill and is looking to get the $15,000 dollar tax credit through the Congress before the end of the year.

With real estate down so much over the past two years and many buyers on the sidelines, this could help the industry get it’s footing.

The one thing everyone seems to be asking, is that it be retroactive to the first of the year. I hope he mentions it in every speech that he gives on the tax credit. “Quite frankly there is so much outward support for what we did … that I wouldn’t at all be surprised if you didn’t see it come back in some form with a Democrat’s name on it,” he said.

Isakson said he has heard from consumers who have already put contracts on houses in hopes that the credit will be enacted one way or another this year.  “Just the fact that it was being anticipated was starting to drive the market,” Isakson said.

A survey released earlier this week by Fix Housing First, a coalition led by housing industry companies, found that the majority of Americans support the idea. According to supporters of the bill, it would have quickly helped create tens of thousands of jobs and pumped millions of dollars into the economy.

WAHOOO – CONGRESS FINALLY  HELPS  THE AVERAGE JOE and JOANN!

This past Wednesday, the US Senate unanimously approved an amendment (by our own Senator Johnny Isakson)  to the economic stimulus bill, that gives a $15,000 tax credit to anyone who buys a home in the next year. Isakson’s amendment would provide a direct tax credit to any homebuyer who buys a home.  The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent  misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of  enactment.

“It is rare that we have a road map to success in times of difficulty, but this country has once before realized a housing crisis every bit as bad as the one we have today and economic troubles every bit as dangerous,” Isakson said. “We have a pervasive housing problem, and we have a historical precedent that works. I am proud this Senate has joined together, learned from history and repeated a method that worked by adopting this amendment.”

In the mid-1970s, America faced a similar housing crisis when a period of easy credit and loose underwriting flooded the market with new construction. Interest rates rose, the economy slowed and America was left with a three-year supply of vacant homes. Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson said he believes the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

This morning, I met a nice man in an elevator. Because I had my name tag on, he asked me about the Atlanta home market.

Are you in a quandary about who to call or where to turn? Look around you: there are many Realtors, wearing name badges, who would love to help you. I recommend that you use a Realtor, and not just an agent. There is a big difference in the two (of course, you should know that I would be happy to tell you what that difference is!).

But getting back to my elevator meeting: this nice man is thinking of buying a home for his family and wanted information. We made a connection and we may work together to find a home for his family. I doubt that when he went to work today, he said “I’m going to start to live the American dream”. But, through our chance meeting, I may have the opportunity to help this family find their Atlanta home! And it all started, by his asking me about the Atlanta home market!

May we help you find your dream home? Call us – we’d love to help you Experience True Experience!

Have you ever wondered why the City of Sandy Springs has such quirky turtle sculptures in its shopping malls, business parks, pocket parks, schools, and restaurants? There are 75 painted, life-sized fiberglass turtles, donated by individuals and groups, that have made their homes throughout Sandy Springs.

The Sandy Springs Society  presented the Town Turtles of Sandy Springs as a fundraising and public art event in 2005 . The purpose was to enable artists, sponsors, businesses and social groups to work together to enrich the community, by contributing not only to its needs but also by promoting the arts and community spirit. All proceeds were distributed to a variety of Sandy Springs charities.

If you want to buy or sell a Sandy Springs home, call us. Experience True Experience!

Download a copy of  Town Turtles and their locations:     Turtles!

1.     Look for statements from your mortgage company showing interest, property taxes, PMI and hazard
insurance paid for last year. You’ll need this information for your tax return;

2.     Check your county tax website to confirm that all taxes have been paid (watch for additional bills
or appeal resolutions);

 3.     If you bought or sold last year, check www.GSCCCA.org to confirm that your deed was recorded
(December closings may not be recorded and indexed until February);

 4.     File for homestead exemption if you bought last year and occupy a new residence . You may need to refile
if you signed any new deeds or received any new deeds as part of a divorce or refinance;

 5.     Check your credit to confirm that paid-off mortgages and other loans are shown properly;

 6.     If you sold property in a short sale or lost property in a foreclosure, be prepared for 1099 income
forms that will come from the old lenders – debt forgiveness may be taxable;

 7.     Gather all mortgage info for your tax preparer:  any closing statements from sales or refinances, property
tax statements, and mortgage interest statements.