Alpharetta Cumming Lake Lanier Real Estate Blog: March 2008

Fulton County residents will see stricter watering regulations than Forsyth County residents. Department of Public Works Director Angela Parker has unveiled a Fulton County water use plan with tougher water use restrictions than those allowed under the Georgia Environmental Protection Division’s (EPD) February 11, 2008, outdoor water use resolution.

Under the EPD mandate, beginning April 1, 2008, Fulton will be required to reduce water use by 10 percent based on a water production baseline established during the months between April and September 2007, Parker told the Board fo Commissioners in a meeting.

The EPD resolution also includes exemptions from the Drought Level Four restrictions; however, in order for Fulton County to meet the mandated production limits established by EPD, tighter outdoor water use restrictions are required.

Fulton’s water use restrictions are as follows:

-- Residents can hand-water outdoors for 25 minutes per day, one day per week, on an odd-even schedule, while EPD will allow three-day-a-week hand-watering. Even- numbered addresses may water on Saturday between midnight and 10 a.m., and odd-numbered addresses may water on Sunday between midnight and 10 a.m. Hand-watering is defined as one person with one garden hose with a spray nozzle that shuts off when released.

-- Citizens can take advantage of a one-time, 30-day exemption for watering newly installed landscaping. The exemption requires customers to register online through the EPD Outdoor Water Use Registration Program hosted by the Urban Agricultural Council. The Fulton County plan contrasts with the EPD resolution, which allows residents to water newly installed landscape three days a week from midnight to 10 a.m. for 10 weeks, based on the odd/even schedule and registration with the Agricultural Council.

-- Residents can fill outdoor swimming pools as the state exemption allows.

Parker also told Commissioners that the County will continue to monitor water use and additional restrictions may be required as the summer proceeds.

Fulton County's Water Utility includes approximately 70,000 customers north of the city of Sandy Springs.

For more information on Fulton County's Water restrictions call 404-612-8097 or visit www.fultoncountyga.gov.

If you are a Forsyth County resident, please visit www.forsythco.com for the updated water restrictions that will be effective April 1, 2008.

Cincinnati, OH, March 20, 2008 – A top 50 national ranking of school districts, indicating which districts keep students safest when searching on the Internet, was released today. Forsyth County School District in suburban Atlanta finished first, with nearly 6 million safe searches for the 2006-2007 school year.

The Educational Safe Search Index was administered by Thinkronize (http://ntdi.nettrekker.com/index.php?page=top50), a leader in the digital delivery of K-12 educational content and developers of netTrekker d.i., the #1 safe educational search engine. netTrekker d.i. is now used by over 11 million students, 600,000 teachers and 20,000 schools in all 50 states in the United States.

Schools are increasingly seeking ways to keep students Web-safe while, at the same time, helping them achieve. netTrekker d.i.’s solution offers a "humans-plus-tech" approach—a search engine built from the ground up by a hundreds-strong team of educators who have eliminated links to any pornographic, offensive, useless or commercial sites. The key: going back to basics by having educators hand-pick only academically relevant, standards-aligned sites and marrying that human review to potent proprietary technology that scrubs the entire Web for what kids don't need to see. The end result: students stay on task and stay focused on the content they’re learning.

“We congratulate and thank Forsyth County School District—and all of our top 50 school districts—for stepping up and providing kids with safe, relevant digital content,” said Thinkronize CEO Randy Wilhelm. “Using regular search engines means sifting through thousands of non-educational and sometimes inappropriate Web sites. We are proud to deliver a solution that is helping educators make significant headway in turning things around so that every child can benefit from valuable online content, delivered at his or her individual learning level.”

Forsyth County School District will be awarded with the equivalent of a $5000 prize package, including two days of professional development/integration workshops, two Webinars and assorted netTrekker d.i. premium items.

According to Forsyth County School District Director of Instructional Technology Jill Hobson, “We saw a need to provide a safe and reliable search tool for our elementary, middle and high school students. netTrekker d.i. is the homepage for the Web browser on the more than 13,000 computers throughout the Forsyth County school system.” Hobson continued, “Implementing netTrekker d.i. began with training for each of our instructional technology specialists, who redelivered training to teachers. In order to support a standards-based approach to designing quality units of instruction, we also found netTrekker d.i. to be a very valuable tool for our teachers.”

The number of safe searches by district ranged from over 560,000 searches a year to nearly 6 million (top user). School districts in the top ten:

1. Forsyth County School District, GA
2. Sacramento City Unified School District, CA
3. Ysleta Independent School District, TX
4. El Paso Independent School District, TX
5. Orange County Public Schools, FL
6. Fort Bend Independent School District, TX
7. Stockton Unified School District, CA
8. Atlanta Public Schools, GA
9. Cobb County School District, GA
10. Davis School District, UT

Thinkronize will release the national ranking for the 2007-2008 school year, broken out by small-, medium- and large-sized districts, in the fall of 2008.

Check out the Weekend Rates provided by Covenant Mortgage Corporation:

Conforming Loans: Loan amounts $417,000 & under
30 Year Fixed - 5.875%
15 Year Fixed - 5.375%
5/1 Arm - 5.50%

Jumbo Loans: Loan amounts over $417,000
30 Year Fixed - 7.25%
5/1 ARM - 6.375%
3/1 ARM - 6.125%

And, please note that Atlanta's new FHA loan limit is now $346,250.00.

For more information regarding rates and the various loan options now available, visit www.mycovenantmortgage.com.

"Long-term mortgage rates were mixed, but relatively unchanged in the past week as the latest economic indicators came in much as expected," said Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing.

If you would like help with your next real estate transaction, please contact our team at Vanderhoff Real Estate today. We can be your bridge to success!

ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo said that prospective home buyers will be protected from fraudulently inflated home prices under a new agreement with government-sponsored lenders Fannie Mae and Freddie Mac.

Cuomo said lenders have pressured appraisers to bump up the listed value of homes, contributing to a national mortgage crisis that is forcing families into foreclosure.

Under the agreement, which ends Cuomo's investigation into the two companies, lenders won't be allowed to use in-house staff for initial appraisals and will be prohibited from using appraisal management companies that they own or control.

Fannie Mae and Freddie Mac purchase nearly 80% of all home loans originated in the United States, Cuomo said in a phone interview.

"We believe the appraisals were often fraudulent because of a conflict of interest and pressure on the appraisers," Cuomo said. "To us, this issue was a pervasive issue that needed to be solved."

The companies acknowledged no wrongdoing, and said the agreement will benefit everyone.

Reliable appraisals "We are pleased to work with regulators to do our part to ensure sound, accurate, independent and reliable appraisals," Fannie Mae General Counsel Beth Wilkinson said in a prepared statement.

She said Fannie Mae will make sure appraisals are independent and that home valuations are accurate under the Home Valuation Protection Code.

The companies will require all lenders to conform with the code beginning in 2009.

"It's going to create massive change," said Brian Chappelle, a partner at Potomac Partners in Washington, D.C., a consulting firm to the mortgage industry.

He said mortgage lenders that own appraisal companies -- such as Wells Fargo & Co. and Countrywide Financial Corp. -- may have to spin off those divisions because of new prohibitions against in-house appraisals.

Fannie Mae and Freddie Mac will pay $24 million to create an institute that will monitor adherence to the valuation code.

"These initiatives clearly serve the interests of the nation's homebuyers, the housing markets and the broader economy," said Robert Bostrom, Freddie Mac's general counsel.

A nationwide hot line will be set up for consumers who suspect fraudulent appraisals or fraud. Appraisers who feel pressure to pad valuations can also contact the institute, under the agreement.

The institute will report every six months to the attorney general and the Office of Federal Housing Enterprise Oversight -- the federal office that regulates Fannie Mae and Freddie Mac.

Cuomo has been investigating billions in home loans that Fannie and Freddie bought from banks, including the largest U.S. savings and loan, Washington Mutual Inc.

"I believe consumer confidence should be restored," Cuomo said. "With these reforms we will have a safer, better evaluation process."

In November, after Cuomo issued subpoenas to Fannie Mae (FNM) and Freddie Mac (FMC), Federal Housing Enterprise Oversight Director James Lockhart accused Cuomo of overstating the risks the two government-sponsored companies faced from faulty home appraisals. Lockhart objected to Cuomo's suggesting that Fannie and Freddie could no longer afford to continue buying mortgages from Washington Mutual (WM, Fortune 500) unless they could verify that the loans were based on trustworthy appraisals.

Lockhart, who has often criticized Fannie and Freddie as they have recovered from multibillion-dollar accounting scandals in recent years, said the companies don't have an incentive to knowingly buy mortgages with inflated appraisals. Unlike other companies that issue mortgage-backed securities, they retain the credit risk on the underlying mortgages by guaranteeing repayment to holders of the securities.

Please join us at The Sixth Annual Horizon Christian Academy Auction on Friday, March 28, 2008 at 6pm. This evening of fun, fellowship and fund raising will include both live and silent auctions, dinner and live musical entertainment provided by One Tree Hill. There will also be a raffle to win a 46” Sharp Aquos flat screen LCD HDTV. The auction will be held at Horizon Christian Academy located at 2160 Freedom Parkway, Cumming, GA. Tickets are only $30 per person. For tickets, to donate an item for the auction, or to enter the raffle, please contact Dawn Mehler at dmehler@horizonchristian.org. Come and experience this special evening and become a part of the HCA family!

Alpharetta Recreation & Parks will host a Children's Easter Egg Hunt for kids 10 and under on Saturday at North Park softball fields 1-4. The hunt will begin at 9 a.m. The Easter Bunny will be available for photos. For more information, call 678-297-6140.

Not enough eggs in your basket? Then head over to Alpharetta First United Methodist Church after that for the church's Kid's Easter Egg-stravaganza. The church's Egg-stravaganza will be Saturday from 10 a.m. to noon at the large field toward the back of the property, also known as the AMCA Soccer field. The Easter Bunny will visit, and three moonwalks will be available for three different age groups.Airbrush face painting also will be offered. Organizers promise a lot more Easter Eggs for the age-divided hunts, which begin promptly at 10:30 a.m.

Happy Hunting!

In Atlanta and the metro area, over 4,000 EarthCraft House single family homes and over 1,500 EarthCraft Multifamily dwelling units have been certified, providing a long term pollution prevention impact. Developers working with EarthCraft House to promote environmental policies on a larger scale, have created six EarthCraft Communities in the Greater Atlanta region. EarthCraft House,™ created in 1999, is a residential green building program of the Greater Atlanta Home Builders Association in partnership with Southface. This program serves as a blueprint for energy- and resource -efficient homes. For more information about EarthCraft House, finding an EarthCraft Builder, and resources on a more energy efficient home visit www.earthcrafthouse.com.

Also, as the tax deadline approaches, think about energy efficient changes or upgrades to your current home as you may be eligible for a federal tax credit. Many are becoming proactive about making their homes more energy efficient. These tax credits can help recoup some of the cost for certain efficiency upgrades. Tax credits are available for many types of home improvements, including adding insulation, replacing windows, and certain high efficiency heating and cooling equipment. For more information and details on how to file for your federal tax credit, please visit Energy Star online at www.energystar.gov. There you will find the appropriate forms and a list of frequently asked questions.

Think Green! Happy St. Patrick's Day!

Check out the Weekend Rates provided by Covenant Mortgage Corporation:

Conforming Loans: Loan amounts $417,000 & under
30 Year Fixed - 6.00%
15 Year Fixed - 5.375%
30 Year FHA - 5.875%

Jumbo Loans: Loan amounts over $417,000
7/1 ARM - 6.50%
10/1 ARM - 6.75%
30 Year Fixed - 7.125%

For more information regarding rates and the various loan options now available, visit www.mycovenantmortgage.com.

"Average mortgage rates were up for all loan products reported," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005.

"The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers. The National Association of Realtors® reported that January's Pending Home Sales Index held unchanged from December, contrary to the consensus expectation of a 1 percent slide, signaling that existing home sales in February could hold steady from January's level."

If you would like help with your next real estate transaction, please contact our team at Vanderhoff Real Estate today. We can be your bridge to success!

Water Restrictions to Change April 1, 2008
Effective April 1, 2008, Forsyth County will modify its outdoor water use restrictions, allowing for the filling of swimming pools and for limited hand watering. The Forsyth County Board of Commissioners approved the revisions at their March 6 meeting.

Swimming Pools
Starting April 1, the filling of installed pools is permitted.

Hand Watering
Starting April 1, each household, business or other institution/property owner will be allowed to hand water existing landscaping using one garden hose for 25 minutes a day within the hours of midnight to 10 a.m. on designated days. The hose must be hand held during watering and equipped with a standard spray nozzle that automatically turns off when not hand held.

· Odd-numbered addresses (addresses ending with the number 1, 3, 5, 7 or 9) may hand water on Tuesdays, Thursdays and Sundays.

· Even-numbered addresses (addresses ending with the number 0, 2, 4, 6, 8 or no number) may hand water on Mondays, Wednesdays and Saturdays.

· No watering is allowed on Fridays.

Also at their March 6th meeting, the Forsyth County Board of Commissioners adopted an amendment to Chapter 18, Article VI of the Forsyth County Code of Ordinances (Ordinance #88 – Water Use Ordinance) to modify the enforcement provisions for violations of the Code and for other lawful purposes. These revised penalties became effective March 7, 2008.

The approved modifications allow for the levying of administrative fines for water restriction violations. Fines are cumulative for a 24-month period and will appear on customer’s water bills.

First Violation: Written notice posted at the property where the violation occurred
Second Violation: $100 administrative penalty placed upon water bill of the service address where violation occurred
Third Violation: $500 administrative penalty placed upon water bill of the service address where violation occurred
Fourth and Subsequent Violations: $1,000 administrative penalty placed upon water bill of the service address where violation occurred and service termination, plus applicable charges for reconnection of service.

Any administrative penalties imposed shall be payable to the Water and Sewer Department as part of the customer’s regular bill for water service and shall not be affected by the filing of any appeal. Any customer receiving such a penalty may request and be granted an appeal hearing before the Forsyth County Zoning Board of Appeals. The appellate fee is set at $50.

For additional details, visit www.forsythco.com.

From: James McCoy, President & CEO, Cumming-Forsyth County Chamber of Commerce

Quality of life is a key determinant in the economic prosperity of a community. How “quality of life” is defined, however, can vary. Our community has been named to several “lists” recently, including wealthiest. Those monikers are not necessarily indicators of a strong economy and a forward-moving community that has benefits for all its residents. I am pleased to share with you Forsyth County’s most recent distinction, No. 2 on Forbes’ BEST PLACES TO GET AHEAD!

This is an important milestone for Forsyth County because the two determinants are increases in the affluence and also job growth. In other words, our community is experiencing a rising tide not just for the wealthy who use Forsyth County as a bedroom but also for those who want to live, work and play right here in our own backyards.

This distinction was determined by compiling income and job data from the U.S. Census and Department of Labor Statistics. Forbes.com looked at every county in the U.S., starting with data from the year 2000, and ranked where median income was rising the most quickly. They limited the list to counties where the median income was at least $75,000 in order to highlight places where people are well-off and getting ahead, as opposed to counties that went from low income to average income. They then went back to 2000 to look at job growth data.

What they found was the places that experienced prolonged income and job booms since 2000 are often satellite economies of larger cities. Within a metropolitan area, the central city is typically the driving force of the economy. But as suburban counties develop, they often turn into secondary economic centers with their own industry and jobs which is the case of our community.

I hope you will join me in celebrating this important distinction. It further emphasizes that the direction that you have pointed our Chamber and, therefore, community in by calling for initiatives that balance the tax digest by increasing commercial and industrial job growth is the right one. And, more importantly, we are succeeding.

Don't forget to set your clocks forward tonight before going to bed. Daylight Saving Time begins early Sunday, March 9th. Please also read another helpful reminder from the Forsyth County Fire Department below:

The Forsyth County Fire Department reminds citizens to take a few minutes to check the batteries in their smoke and carbon monoxide detectors when they change their clocks as daylight-saving time begins Sunday, March 9.

“While you’re changing the clocks in your home, taking the time to replace the batteries in your smoke detectors and carbon monoxide detectors could potentially prove life-saving,” said Fire Chief Danny Bowman. “It’s simple to remember. Change your clocks, change your batteries.”

The Forsyth County Fire Department recommends testing smoke and carbon monoxide detectors at least once a month and replacing the batteries every six months. The units themselves should be replaced every eight to ten years.

The Fire Department also reminds citizens of the following safety precautions:
· Install a smoke detector on every level of their home
· Ensure smoke detectors are clean and free of dust
· Dial 911 in case of any emergency

The Forsyth County Fire Department is eager to help those who may need smoke detectors in their residence. The department’s Public Safety Education Division provides smoke detectors free of charge for senior citizens and needy residents; they will also install those detectors. To receive details on this program, call Public Safety Educator Bob Westbrook at Fire Department Headquarters at 770.781.2180

Effective April 1, 2008, Forsyth County will modify its outdoor water use restrictions, allowing for the filling of installed pools and for limited hand watering. The Forsyth County Board of Commissioners approved the revisions, along with modifications to the administrative process for water restriction violations, at their March 6 meeting. Additional information regarding these modifications will be posted soon on the Forsyth County Government's website at www.forsythco.com.

River Rock in North Forsyth County is the one of the latest projects of Georgia's largest developer, Pathway Communities. Pathway Communities has been a premier developer in Metro Atlanta for more than 30 years. Peachtree City, their first development, has become one of America's most successful master-planned cities. Pathway has also developed two other notable Forsyth County communites: Lake Forest and Lake Astoria.

The River Rock site plan includes one mile of frontage on the Etowah River and 250 homes from Atlanta's top custom builders . Featured builders are ASL Builders, Crabapple Communities, Lionheart Classic Homes & T.G. Builders, Inc. Additionally, 40% of the land has been preserved as open space and natural areas.

The stunning amenities include a beautiful clubhouse with river views and a media room, plus two saline pools. But River Rock's most unique amenity would have to be the concert area. In a peaceful hollow you will discover a natural amphitheater with a stunning view of the Etowah River. Homes start in the upper $300's. Choose from one of the "move-in ready" homes, or choose a site ready for building.

If you plan on visiting River Rock, or any new home subdivision, please make sure to seek out your own Buyer Representation. New Construction on-site agents will be happy to fill our your paperwork, but they do not represent you or your interests. They are representatives of the seller / builder. Make sure to protect your rights and interests by choosing a real estate agent to represent you.

Please consider the Vanderhoff Real Estate Team to help you succeed in your next real estate transaction. We can be your Bridge To Success!

A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. Whether you are able to do a short sale or end up in foreclosure, the delinquent mortgage will negatively affect your credit rating. So, what are the advantages of a short sale?

According to sources in the mortgage industry, people who agree to a short sale with the lender do far less damage to their credit rating than those who go through foreclosure. With foreclosure you end up with "debt discharged due to foreclosure" on your credit report which can reduce your credit score by over 250 points. You could also have to wait up to three years to qualify for a mortgage at a reasonable rate.

Short sales show up on a credit report as a "pre-foreclosure in redemption" status and can result in a credit score reduction of 100 points or less. After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months. So, if buying a home is a future goal, then a short sale can be the better option for many.

So, what are the disadvantages to a short sale? Homeowners cannot simply decide that they want to unload a home with a short sale; the lender must agree to it. The key to getting a lender to go along is to demonstrate two things: that you have no other financial resources to pay the mortgage, and that the sale price the buyer is willing to pay is the fair price the market will bear. If a lender believes it can get more for the house by taking possession of it and selling it themselves, then they will not go along with a short sale. Also, you must be careful and fully understand what the lender offers. Ideally, they would agree to cancel the entire deficiency balance, but, they can also try and collect the difference after you close. Make sure you are clear on their offer.

People who want to go this route should contact a local real estate firm and ask to work with a real estate agent who has actual experience with short sales. These specially trained agents will know the process and deliver the documentation that the lender requires to authorize the short sale. The agent can also find a buyer that is qualified to complete the transaction.

If all goes as planned, the lender will receive all of the proceeds, typically not enough to pay off the loan. The remaining balance of the loan is discharged. But a homeowner agreeing to a short sale should also get legal advice to protect his or herself from future claims of the lender. In some states, only purchase mortgages are fully discharged. For all other types of debt (equity loans, refinancing, etc), the homeowner can be held personally liable for repayment in the future. For this reason, a lawyer's advice will include getting the lender to agree to fully discharge all mortgage debt involved in the short sale.

Another disadvantage of a short sale is the possibility of added taxable income. The IRS considers any canceled mortgage debt ordinary income. This means that the amount forgiven is taxed at the same rate — somewhere between 15 percent and 30 percent — as the sellers’ salaries. In addition, because the IRS requires the lender to file a 1099-C form stating the amount of the canceled debt, the IRS will have a record of the exact amount of the debt that was cancelled. A seller will also receive a copy of the 1099-C to use in filing income taxes. The seller’s home state would also consider the cancelled debt as ordinary income.

So is it right for you? Before proceding, make sure to get all the facts. Seek professional advice from the lender, a real estate short-sale specialist, tax advisor, etc.. Only then can you decide what is the right decision for you.

Check out the Weekend Rates provided by Covenant Mortgage Corporation:

Conforming Loans: Loan amounts $417,000 & under
30 Year Fixed - 5.875%
15 Year Fixed - 5.00%
5/1 ARM - 4.75%
7/1 ARM - 5.00%

Jumbo Loans: Loan amounts over $417,000
5/1 ARM - 5.625%
10/1 ARM - 6.375%

For more information regarding rates and the various loan options now available, visit www.mycovenantmortgage.com.