Brian Vanderhoff's North Fulton Real Estate Blog

Traton Homes is offering home buyers up to $20,000 in savings of a new home in Atlanta during their 39th Anniversary Sunsational Summer Savings. Through September 21, 2010, prices have been reduced and/or incentives offered on 17 remaining new homes in East Paulding, Cherokee, Cobb and South Forsyth.

The featured homes now range from $189,700 for homesite #129 in Rosewood Park in East Paulding to $462,900 for homesite #34 in Kennesaw’s Paper Chase Farm. At all price points in between, buyers will find sale priced homes in Stonehaven at Vinings in Smyrna; Estates of Fernwood Creek near Roswell; The Pointe at Kirk Farms and Paper Chase Farm in Kennesaw; and Lochshire and the Gates at Parkside Village in Cobb.

The Gates at Parkside Village offers the only townhome on the list, with the three-bedroom end unit at homesite #46 reduced to $249,900. The old world feel of the community is accentuated by luxurious interiors appointed with granite, rich mouldings, hardwood floors and more. Proximity to Kennesaw Mountain Park and the Marietta Square means dining, shopping and recreation are nearby.

One ready to move-in home located in Kennesawy’s Paper Chase Farm is reduced to $462,900 during Traton’s Sunsational Summer Savings. Located in a community where homes are priced up to $1 million, the five-bedroom, four-bath home on homesite 34 has a guest suite on the main level with a luxurious owners suite, three additional bedrooms and a media room upstairs. The home is on a basement lot with a 3-car garage.

Traton Homes is known for offering homebuyers “Altogether More!” with more experience, more impressive architecture, more outstanding features and more rewarding lifestyles. Traton currently has 14 communities throughout Atlanta. With homes in Cobb, Cherokee, Roswell, Fulton, Paulding, South Forsyth and South Fulton, buyers are sure to find the location and features they desire.

If you’re ready to join the nearly 7,000 Atlanta families who come home to their Traton home each and every day (and take advantage of Sunsational Summer Savings before it’s too late), visit the Traton Homes website today.

Labels: Cherokee COunty, Cobb, Cobb County, Forclosures, Foreclosed, foreclosed homes, foreclosed homes for sale, foreclosed land, foreclosed properties, foreclosure, Foreclosures, foreclosures for sale, Forsyth, Forsyth County, marietta, Traton Homes

If you are looking to do a Short Sale or are facing Foreclosure please give us a call and we can discuss your options. We work extensively in the Foreclosure/Short Sale/REO markets and can help you understand the process.

Basically, the definition of the short sale process is when the lender of a property allows the property to be sold for less than the amount due on the mortgage loan.

The obvious benefit to the short sale process is that it allows the seller to avoid the credit report damage associated with a foreclosure. A foreclosure can stay on your credit report for up to 10 years and can take an emotional and financial toll on you and your family.

But the pitfalls of the short sale process should be considered as well. The I.R.S. may consider any debt forgiveness as taxable income, thus resulting in a tax liability. In addition, lenders can often pursue a borrower for the deficiency balance (the difference between the amount owed and the amount paid).

In some cases you may be able to avoid taxation if you can prove you are insolvent. But if insolvency is unsuccessful, and you are faced with a tax liability resulting from the deficiency amount, it may make more financial sense for you to let the lender foreclose.

The Short Sale Process

The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

Because of the documentation required, the short sale process can be lengthy. But if done correctly, it can work well for all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property.

Considering the complexity of the short sale process, you must be educated. If you are considering a short sale, make sure that you discuss your situation with a competent lawyer and accountant. The more educated you are on the process, the easier the transaction will be, and the better the impression you will make on the lender.

Labels: Alpharetta, Cobb County, foreclosure, Forsyth, Fulton County, Georgia, Johns Creek, milton, Roswell, short sale

The answer to this has a lot to do with your income and the amount of your debt load. As a rough rule of thumb, most home buyers purchase houses that cost between 1 1/2 and 2 1/2 times their annual income. For example, a home buyer earning $40,000 per year would buy houses costing between $60,000 and $100,000. There is, however, a degree of variation due to the individual market prices of the area in which you are interested. In some areas, there may not be houses available within that range, so you may need to spend a bit more. In general, however, your monthly mortgage payment cannot exceed approximately 28%-29% of your gross monthly income. Your total debt payments (car payments, credit card payments, etc. plus the monthly mortgage amount) cannot exceed approximately 36%-40% of your gross monthly income. These ratios will depend on the type of mortgage for which you are applying.

Labels: Alpharetta, city of milton, City of Roswell, Cobb County, Forsyth County, Fulton County, how much house can i afford

Cobb County's home sales dropped more than 20.2 percent, while home prices in Cherokee County increased 2.1 percent

It's a buyer's market in Cobb.

Sales of new and used homes dropped more than 20.2 percent in Cobb County in 2007. Still, overall prices eked up 1.3 percent.

Sales of new homes in Cobb fell from 4,125 in 2006 to 3,090 last year, a 25.1 percent decline. Resales were down 18.5 percent in the same period, from 11,467 to 9,350.
Median prices of new homes in Cobb rose 4 percent, from $294,822 to $306,620, while resales fell 1.1 percent, from $188,000 to $186,000, according to data from SmartNumbers for the Atlanta Journal-Constitution's 2008 Home Sales Report.

In adjacent Cherokee County, new home sales dropped 27.1 percent, from 3,214 to 2,344 last year, and resales declined from 3,434 to 2,777, a 19.1 percent drop, according to the report. Median prices for new homes in fast-growing Cherokee rose from $244,950 to $250,000, or 2.1 percent, while resale prices edged up from $182,000 to $187,000, or 2.7 percent.

Total sales were down 21.2 percent in Fulton County, 16.3 percent in Forsyth and 29.6 percent in Gwinnett, according to the SmartNumbers data.

Every ZIP code in Cobb County except for two showed a drop in the number of sales from 2006 to 2007.

And three fourths of the ZIP code areas had lower sales numbers than in 2003.

Smyrna-Vinings, ZIP code 30339, fared best with a 22 percent increase in number of house sales. The total median price in that ZIP rose 57 percent from 2006 to 2007. In resales, fewer than half of Cobb's ZIPs saw a decrease, with 30106 showing the biggest drop, 6 percent, from 2006 to 2007.

Labels: Cherokee COunty, Cobb County, Home Sales

Several motorcycle rights groups were trying to band together Wednesday to force the state to allow their customized bikes on the road. Bikers said new federal emissions standards are being used to unfairly target their one-of-a-kind bikes.

A small but very vocal group of motorcycle enthusiasts insists new state and federal emissions rules are being unfairly used against custom bike owners.

"What we've got to do now is get together and get organized," said Randy Snyder, editor of Full Throttle Magazine.

Hank Young builds high-end choppers for a living and he said the new rules will hurt his business.

"There should be a way they can inspect the bike and issue me a title and registration for my customer. You know, everything boils down to money," said Young.

In the last few weeks, custom bike owners have gone to renew their tags and titles and some have been rejected.

Government officials said the custom bikes may not meet the new stricter rules. The State Department of Revenue issued a statement saying, "We are looking for a reasonable solution that accommodates existing law to find a way to title and register these vehicles. However, new legislation will be required."

"It's like everything is available to me. They'll take my tax money, but I can't register the bike. I don't understand it," said Young.

The coalition of biker groups plans to pressure lawmakers to exempt custom bikes or at least grandfather in the older ones. If that doesn't work, the bikers said they may go to court.

"It's starting now with the custom bikes and the kit bikes and it's not going to be long before it rolls into our custom cars and our hot rods," said Snyder.

Labels: Bikers, Cobb, Cobb County, Emissions, Motorcycle