Ball Ground Ga real estate - Foreclosure homes land for sale

Thursday, December 3, 2009

Oboma Administration to Up Mininmum Down Payment for FHA Loans In 2010

A bill was introduced in October (HR 3706) will require underwritters to raise the minimum upfront cash for FHA backed mortgages from 3.5% to 5%. In addition the minimum credit score will be raised as well. Currently the minimum fico score is 580 on an FHA, which is considerably lower than the average coventional mortgage required by banks which is 620.
Personally I believe this just another stupid move by our government which will push home ownership out of the reach of many buyers at a time when the economy needs the boost of home sales the worst. However, unfortinatley the bill has 27 co sponsors and will likley pass.

Thu, December 3, 2009 | link

Wednesday, July 15, 2009

First Time Home Buyers $8,000 Tax Credit Going Away

As many possible first time home buyers may be aware, our government (FHA) is now offering a 10% or up to $8,000 tax credit to first time buyers as an insentive to buy a home.
However you may not be aware that this great insentive expires on November 30, 2009. The senate is kicking around the idea of extending the tax credit. However at this point, it doesn't look at all like it's going to get done. So this opportunity may very well slip through the fingers of many first time buyers who procrastinate any longer.

In order to recieve the credit which expires 11/30/09 you must close on your home before this date. Typically an FHA mortgage takes aproximately 30 days from contract to close. putting the deadline to get a contract on or before 09/30/2009.

This is one of the best insentives ever offered by FHA in my opinion. One of the best features of the program is the buyers ability to use the tax credit or at least a portion of it, towards down payment. The bad news is this may go away soon. BUT the good news is, theres still time to take advantage of it for those buyers who move now.

Wed, July 15, 2009 | link

Tuesday, June 23, 2009

Foreclosure Pifalls to Avoid

Foreclosures are a very large part of todays real estate market. Buyers of foreclosure homes are enjoying great deals. However, some unfortunate, uninformed buyers fail to do the proper due dilligence and are getting caught up in some of the pitfalls that sometimes come along with the purchase of a foreclosure home. Here are three common issues to be aware of if you're considering a foreclosure purchase.

1. Delinquent taxes or leans. When a homeowner gets behind on payments, odds are good that the property taxes are also delinquent. Make sure that any unpaid taxes or leins are either paid or negotiated in your contract before signing, or be sure your covered by contingencies.

2. Normally foreclosures are sold with no disclosure. Reapir issues can be a huge problem. Many issues with a home such as electrical and plumbing are not apparent in a visual inspection. Be sure to inspect the home thoroughly or hire a professional inspector.

3. Unpaid utility bills. This is sometimes a big expense. If the utilities are not on, it may be because a huge bill is unpaid and the new owner (You) could get stuck with paying the bill before the utility company will turn on service.

The foreclosure market offers great opportunity. However if you are not experienced or working with an agent, or someone who is experienced, you should be aware of all the possible catches and be thorough in your due dilligence.

Tue, June 23, 2009 | link

Thursday, April 30, 2009

Pickens Commercial Real Estate Market

I've been getting questions about commercial investment opportunity in our area recently. Most are asking if opportunity exist in todays market? My answer is yes.

While most sectors of the commercial market have erododed in most of the country as well as parts of our own state, I believe that Great Opportunities are available NOW to invest or locate a business in Cherokee, Pickens and Gilmer counties. Growth has slowed in our area; however the commercial retail market which has been hit the hardest in most parts of the country has remained reasonably stable here; especially along the hwy 575 corridor in Cherokee Pickens and Gilmer Counties.

As evidence, Projects completed this year include a large power center off the hwy 20 exit in Canton, several additions to the Walmart center in Ellijay and construction has begun on a Walmart center in Jasper.

I believe that demographics show that our area is still a great place to get in on the ground floor of commercial development.

Thu, April 30, 2009 | link

Saturday, November 22, 2008

Cherokee Pickens Housing Stats for October 2008

PICKENS: 93 new listings came on the market in October and 17 homes sold. Average sale price was $205,000 this is an average of 92.4% of the original list price of those homes that sold. Average number of days on market was 62.
This is 8 less homes than were sold in the same month in 2007 however the number of days on market is 52% lower than 2007. Average sale price was down 9% compared to October 2007

NORTH CHEROKEE: 136 new listings hit the market in October and 15 homes sold. Average sale price was $191,000 this was an average of 97.08% of the original lsit price and the average days on market was 76. this is 8% lower than the same month in 2007. Average sale price was down 8.5%

As you can see prices are down in both counties; however the days on market seem to indicate that the bargin prices are begining to bring out the buyers. With the very low number of new homes being built, this could mean inventory reduction and a possible stablization of prices in the comming year.

Sat, November 22, 2008 | link

2009.12.01 | 2009.07.01 | 2009.06.01 | 2009.04.01 | 2008.11.01 | 2008.05.01

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