Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Filing For Georgia Homestead Exemption in 2012

Homeowners may need to provide their Warranty Deed book and page, proof of residence, social security numbers, driver’s license and car tag info

Fulton County – deadline is April 1, 2012                 404-612-6440

http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/TaxReliefInfo.htm

DeKalb County – deadline is April 1, 2012               404-298-4000

http://web.co.dekalb.ga.us/taxcommissioner/homesteadgen.html#applications

Gwinnett County – deadline is April 1, 2012            770-822-8800

http://gwinnetttaxcommissioner.manatron.com/Tabs/Property/HomesteadExemption.aspx

Cobb County – deadline is April 1, 2012                   770-528-8600

http://www.cobbtax.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&LMparent=189

Clayton County – deadline is April 1, 2012               770-477-3311

http://www.claytoncountyga.gov/departments/tax-assessor/residential-property.aspx

Cherokee County – deadline is April 1, 2012            678-493-6122

http://www.cherokeega.com/departments/department.cfm?displaySection=Homestead%20Exemptions.txt&departmentid=30

Henry County – deadline is April 1, 2012                 770-288-8180                 

http://www.co.henry.ga.us/taxcommissioner/PropertyTaxExemptions.shtml

Forsyth County – deadline is April 1, 2012               770-781-2106

 http://www.qpublic.net/ga/forsyth/homestead.html

Douglas County – deadline is April 1, 2012              770-920-7272

http://www.douglastaxcommissioner.com/

Fayette County – deadline is April 1, 2012               770-461-3652

http://www.fayettecountytaxcomm.com/subpages/HOMESTEAd.asp

Paulding County – deadline is April 1, 2012            770-443-7606

http://www.paulding.gov/index.aspx?NID=210

Presented by Leigh Clack, Attorney

Neel & Robinson Attorneys at Law, LLC

5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

Leigh.clack@neelandrobinson.com

404-705-3690         cell:  404-219-9770          fax  404-459-0704

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

This Month in Real Estate for U.S. Market – January 2012

2012 shows signs of an improving housing market as the U.S. economy continues its forward-moving yet slow road to recovery. Although there are economists projecting housing prices will decline further, aided by distressed property sales that sell at a greater discount, these prices are expected to rebound considerably later in the year and continue into 2013.

Factors that continue to impede a speedier recovery in the housing are consumer confidence, job-growth uncertainty, and tough lending standards that keep many otherwise qualified buyers from financing a home purchase. However, consumer confidence may be showing signs of improvement according to a report released by Fannie Mae on December 7, which revealed that consumer sentiment toward home prices is stabilizing and that, for the first time in six months, more people believe that prices will soon begin to rise. This is an encouraging development, as much of our economic vitality depends upon the overall confidence of the consumer, and could trigger even stronger home sales as more people feel confident that prices will go up.

As the new year begins, many consumers appear to be in a holding pattern, waiting to see how the economy reacts to the different demands both here and abroad. Yet with steadily increasing sales and record-breaking affordability, now is the time to take advantage of these opportunities to buy or sell a home.

Sources: Fiserv, Fannie Mae

Home Sales(in millions):

Sales among existing homes rose in November by a seasonally adjusted 4%, to 4.42 million units up from 4.25 million in October, and are 12.2 percent above last year at this time. Lawrence Yun, chief economist for NAR said, “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”

Home Price(in thousands):

While median home prices in November rose to $164,200 from $162,500 in October, they are down 3.5% from a year ago. David Stiff, chief economist at Fiserv, stated, “Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates. The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006—a decline of nearly 40%.” (Based on 2011 Q2 figures)

Inventory- Month’s Supply(in months):

With increased levels of sales, the inventory of homes on the market continued to decrease, falling by 5.8% in November to 2.58 million homes available for sale, or an equivalent of a seven month supply at the current sales pace. This positive sign of increasing sales and lower inventories are keeping the housing market on track for stabilizing home prices and a stronger housing sector.

Mortgage rates continued to push historic lows in November, dropping another .08 points, to 3.99% for a 30-year fixed mortgage. “Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today’s homebuyers are paying over $1,200 less per year on a $200,000 loan,” said Frank Nothaft, Vice President of Freddie Mac.

If one of your New Year’s resolutions is to sell your home, here are a few things to keep in mind:

Although the traditional home-buying season starts in the spring, here are some reasons why listing your home now, rather than waiting, could prove to be a smart decision.

• On average, the number of home sales in January drops almost by half from the previous year’s peak. A house that is priced right and staged well will stand out even more with less competition. 
• Lenders, home inspectors, movers, and other vendors also see a seasonal dip in transactions.  This could mean a quicker, easier, and possibly cheaper time to buy, sell, and move.

Even if you’re not ready quite yet, now is a great time to start the conversation with your local real estate agent. He or she can give you pointers on which repairs and preparations to tackle first, and which ones may not be necessary, saving you time and money. Starting now can help you capture the most buyers by busy season.

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Keller Williams Atlanta Mortgage Update

What’s Ahead For Mortgage Rates This Week : January 3, 2012

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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What To Bring To A Georgia Real Estate Closing & What To Have When You Leave

Georgia Home Buyers should bring:

Photo ID
Confirmation that down payment wire has been sent
Checkbook for last-minute changes or expenses
All purchasers who signed the contract and/or loan application
Proof of sale if recently sold previous home
Any original documents requested, such as Power of Attorney

Georgia Home Sellers should bring:

Photo ID
Wiring instructions for proceeds
Confirmation that any deficit wire has been sent
Any original documents requested, such as Power of Attorney
All people currently on the title to the property, even if they did not all sign the contract

Georgia Home Buyers should leave with:

Copies of important loan papers (HUD-1 statement, note, security deed, truth in lending, first payment info, amortization schedule)
Copy of Warranty Deed (especially if seller is not at closing)
Contact info for the homeowners association or condo association
Owner’s title policy
Home Warranty and Termite info (if purchased or provided)

Georgia Home Sellers should leave with:

HUD-1 settlement statement
1099 form
Proceeds check (if not being wired)

Presented By:

Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
Leigh.clack@neelandrobinson.com;
404-705-3690                  Fax   404-459-0704
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Legal Tip:  Who is responsible when a tree falls?

Trees and tree limbs can fall due to a tornado, hurricane, or just old age and bad health.

Homeowner’s insurance policies may cover some damage and tree removal, but there are certain questions that will be asked to determine which homeowner (and which insurance company) is responsible.

Live, healthy tree:  Each homeowner is responsible for his/her own damage and cleanup, regardless of where the tree trunk is.  No one can predict or prevent a tornado or hurricane.  This is a “damage” claim, so the deductible will apply first.

Old, dying, diseased tree:  Each homeowner should regularly trim or remove the portion of the tree on his/her property AND should notify the neighbor in writing if an unsafe tree is a potential danger to neighboring properties.

Neighbors do not have the right to go onto other neighbors’ property without permission, even to trim or remove a dangerous tree.

However, giving notice of the unsafe condition will help recover insurance proceeds, possibly even from the neighbors’ insurance company. This is a “liability” claim, so there is no deductible.

Leigh Clack, Attorney                   leigh.clack@neelandrobinson.com

Neel & Robinson Attorneys at Law, LLC

5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

404-705-3690                    fax  404-459-0704

**SEARCH FOR ATLANTA HOMES NOW**

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Mortgage Rates Bounce Off All-Time Lows; The Start Of A Trend?

Low mortgage rates are terrific — if you can get them.

One week after posting its lowest mortgage rate in 50 years, Freddie Mac reports that the 30-year fixed rate mortgage rose by an average of 7 basis points nationwide this week to 4.22%. To get the rate, you’ll pay an average of 0.7 “points”.

This week’s rise in the 30-year fixed rate mortgage pulled rates off their all-time lows so either you locked last week’s rock-bottom rates, or you missed it.

Mortgage rates are rising.

As a refinancing homeowner or home buyer in Atlanta , rising mortgage rates are something to watch. This is because, as mortgage rates rise, so do the long-term interest costs of giving a mortgage, increasing your homeownership costs.

For example, if you failed to lock a rate last week when rates were bottomed, and then decided to lock-in only after rates had climbed 0.25 percent, at the new, higher rate, over the life of your loan, you would have responsibility for an extra $5,300 in interest costs for every $100,000 you borrowed.

Rising mortgage rates can be expensive.

For home buyers, rising mortgage rates pose a second problem — they erode your purchasing power. A home that fits your budget at today’s rates may not fit your budget at next week’s rates. And because mortgage rates change quickly, you can sometimes feel like you’re racing the clock.

The hard part about mortgage rates, though, is that we can never know what they’ll do next. On some days they rise, on some days they fall, and on some days they stay the same. Instead of trying to “time the bottom”, therefore, a good strategy can be to lock the first, low rate that fits your budget. Then, if rates are lower in the future, you can look to refinance at that time.

Mortgage rates remain at historical lows. It’s a good time to lock a rate.

   Richard J. Staley

   O: 678-495-2801

    C: 770-351-7553

    E-Fax: 770-406-2716

    NMLS #185131

   www.richardstaley.com

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Termite Bonds Requested in Real Estate Sales Contracts

A common stipulation in Purchase and Sales Contracts is:

“Seller shall provide a one-year termite bond to buyer at closing”.

Even if the seller has a current bond, the bond will have a renewal date based on when the seller started the bond.

The buyer will expect the seller to provide a bond that is paid for a full year from the closing date.

Therefore, in most cases the seller will need to extend the current termite bond for another year and then have the buyer reimburse the seller for any “extra coverage” beyond the one-year term required in the contract.  These payments and prorations can be done on the HUD-1 by the closing attorney.

Some termite companies will also charge a transfer fee to change the owner’s name on the bond, so the sales contract should clarify which party will pay the transfer fee.

 Presented by Leigh Clack, Attorney     leigh.clack@neelandrobinson.com;
Neel & Robinson Attorneys at Law, LLC   404-705-3690  fax 404-459-0704
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

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Real Estate Legal Tip

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Estimated Taxes Shown On Assessments

Most counties have sent out their 2011 property tax assessments, which now include an “estimate” of the 2011 tax bill to be issued later in the year.

These new assessment notices are now being sent to every property owner, based on a new Georgia law that went into effect on July 1, 2010.  In the past, assessment notices were sent to property owners only if the assessment was changing.

The “estimate” of tax due may not be an accurate prediction of the actual bill.  Most counties will wait until they receive and review any appeals of the assessments, and they may need to adjust their millage rate to meet their budget requirements.  For example, DeKalb County just voted to increase their millage rate, which may raise some taxes by as much as 25%.  Even with a reduced assessment, the final tax bill could stay the same or even increase over last year’s bill.

These estimates can not be relied on in prorating and escrowing taxes, and most attorneys and lenders will continue to use last year’s tax bill amounts in preparing the HUD-1.
 
Presented by Leigh Clack, Attorney     leigh.clack@neelandrobinson.com
Neel & Robinson Attorneys at Law, LLC  404-705-3690   fax  404-459-0704 
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

**SEARCH FOR ATLANTA HOMES NOW**

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Closing with Out-of-Town Buyers and Sellers

It’s travel time again – almost summer. Families are relocating, and people are taking vacations and/or their customary “week at the beach”, and although they are buying or selling a house, they have no intention of changing their travel plans.
 
There are two basic alternatives for the out-of-town signers:
 
1.      Power of Attorney (POA) – always best if prepared by the closing attorney, so that the names on title and the legal description are correct.   Most closing attorneys and real estate agents will not serve as the Attorney in Fact (AIF) on the Power of Attorney.  The original POA must be available for closing.
 
a.     Sellers – often given by one co-owner to the other, but if both owners will be gone, they must choose someone else that they trust to be the Attorney in Fact.
b.     Buyers/Borrowers – the use of a POA and the specific form must be approved by the new lender, and again the AIF must be a trusted representative.
 
Many lenders must also approve the use of a seller POA.
 
2.      Mailaway of all closing papers – email or hard copies        
a.     Must be signed at a title company or attorney’s office – additional fees may be charged.
b.     Must have complete loan package and/or seller package to send out.
c.     Must coordinate signature dates and funding dates with escrow agreements.
 
Either alternative above involves additional issues, time, expense, and opportunity for mistakes and missed signatures.  Buyers and sellers should make every reasonable effort to attend closing.
 
Presented by Leigh Clack, Attorney       Neel & Robinson Attorneys at Law, LLC
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342 (New address)
404-705-3690    fax  404-459-0704      leigh.clack@neelandrobinson.com   

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Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

This Month in Real Estate – April 2011

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