Alpharetta Cumming Lake Lanier Real Estate Blog: July 2010

OLD SOLDIER’S DAY PARADE
58th Old Soldier's Day Parade
Alpharetta City Hall
Saturday, August 7, 2010

8:45 am Band / 9:30 am Program / 10:00 am Parade

RAIN OR SHINE EVENT

The City of Alpharetta and the American Legion Post 201 will hold the 58th Annual Old Soldiers Day Parade. The parade is just one way that our country’s war veterans are recognized for the service. A Memorial Service will begin on Main Street in front of City Hall at 8:45 am music, 9:30 am program and 10:15 am parade. It will end at the American Legion Post 201 on Wills Road for free food and activities.

The Old Soldiers Day Parade began years ago as a tribute to veterans of the war between the states, but was discontinued after a few years.Twenty–eight years later, in 1952, a small group of men in Alpharetta re-dedicated Old Soldiers Day Parade in Alpharetta and started having a parade through downtown Alpharetta. Thanks to these few men and their belief in keeping this memorable tradition alive, this parade has become an annual celebration to all veterans of all wars.; this year marking 58 years.

Along with the program and parade, this celebration will also feature floats, bands, entertainment, children’s activities, and prizes. Free hot dogs and soft drinks will be available at the American Legion at 201 Wills Road. With so much to celebrate, take this day to recognize the living memory of all veterans of war.

*For more information call 678-297-6078

Road Closure Plan
Approx. 7:00am - 11:45 am

• Highway 9-Southbound Lanes from Welcome Center to Canton St. Extension

• Old Milton Parkway will close from Highway 9 to Wills Road at 6:45 am for the road race and will remain closed until the end of the parade.

• Highway 9 from Academy Street to Old Milton Parkway will close at 9:00 am for the parade.

• Southbound lane of Highway 9 from Canton Street Extension to Academy Street will close at 8:00 am for the parade line-up.

• Southbound traffic on Highway 9 will be re-routed to turn right on Canton Street Extension, left onto Hopewell Rd, right on Milton Avenue, and left on Wills Road to Highway 9 during the parade.

• At approx. 8:30 am, northbound traffic on Highway 9 will be re-routed at Highway 9 and Old Milton Parkway to turn right on Old Milton Parkway, left on Haynes Bridge Road, left on Academy Street, and right on Highway 9 during the parade.

• Milton Ave. & Old Canton St. will be closed from Highway 9 to Roswell/Canton St. for parade line-up.

• Attempts will be made to open Roswell Street from Milton Avenue to Highway 9 between end of road race and the start of the parade to allow traffic to flow.

• Milton Avenue from Highway 9 to Roswell/Canton Street; Old Canton St.

Taste of the town is Saturday at BJ’s

Event showcases local restaurants

The BJ’s Taste of the Town event is set for 11 a.m.-2 p.m. Saturday at BJ’s Membership Club, 1725 Market Place Blvd. in Cumming. For more information, call (770) 781-8735 or visit www.bjs.com.

BJ’s Membership Club in Cumming will be the Taste of the Town on Saturday.

The club will welcome about a dozen Cumming restaurants and food vendors to its Market Place Boulevard location for the inaugural event.

Taste of the Town originated about two years ago at a Florida BJ’s location. This year, all eight stores in Georgia will participate.

Doors are open to the public, including non-members, and there is no charge to sample foods, said BJ’s spokeswoman Susie Meacham.

“When people come in, we give them a plate at the door and they just go around to each of the restaurants and they’ll give them a free sample,” she said.

Food vendors include Atlanta Bread, Bello Italian, CiCi’s Pizza, Creations Bakery, Edible Arrangements, Firewater Chophouse, Honey Baked Ham,
Lenny’s Sub Shop, Outback Steakhouse, Panda Express and Stars and Strikes.

The event will take place inside the store, noting that “it’s too hot to be doing this outside in Georgia.”

In addition to food, the event will include activities for children. It is anticipated that about 800 people will attend.

Labels: cumming gerogia

We recently had a client that was moving to the Alpharetta area from Florida. He had been transferred by his company. He had fairly normal requirements for the house he wanted, 4 bedrooms and 3 baths. What was not so normal was that he wanted to be within 2 miles of his new office and he only wanted to make right turns to get to work and if possible only right turns to get home.

I thought this was a bit strange so I asked him why only right turns? He said it made it easier and quicker in the traffic. Well we took the can do approach and were able to find him the perfect home 1.5 miles from his office. He turned right out of his subdivision, right on the main street and right on the street he worked on and right into his parking lot. I showed him that he could exit right out of his parking lot, turn right on the next major street, right again to get to his main street, then right on it and right on it into his subdivision.

So there we have it, a can do attitude, all right turns to and from work and only 1.5 miles from his office, well it was 2.1 miles on his way home if he only wanted to turn right.

The next time you are looking for a home call Mike and Melody Vanderhoff, the Realtors with a Can Do Attitude and a track record to prove it.

Labels: alpharetta homes for sale, homes for sale in cumming

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.375% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.375% amortized; 3.75% interest only
Conforming 7/1: 3.75% amortized
HOT PRODUCT Conforming 10/1: 4.125% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 4.375%
7/1 ARM =4.625%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.25%
NEW! FHA 5/1 ARM: 3.375% Qualify at Start Rate

Call Me Now For More Details!
*Based on pricing as of Friday, July 23rd, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals.
Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774

Labels: alpharetta homes for sale, homes for sale in cumming, low mortgage rates

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.

NBC's The Today Show picked up the story as well, as shown in the 3-minute clip. Click here for the video

The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time. The loss of income can raise a household's debt-to-income ratio to unlendable levels.
Now, your loan officer cannot ask you about a pregnancy; such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to broach the topic. And you should. If you're found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid.

Across both pieces, though, the prevailing message is this: Families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their loan officers. Financing is often still available for families expecting an addition - there's just some extra paperwork though which to work. Be prepared for that paperwork and you're more likely to get your loan.

Call Mike and Melody to find a lender that will help you.

Labels: alpharetta homes for sale, buying a home, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, milton homes for sale, moving up

There are several reports that have been issued over the past month indicating that we have past the bottom price levels in the housing market here in metro Atlanta and that we are on our way back up. Several factors can lead us to believe this. Pending Sales have increased dramatically over the last month. New listings coming on the market are down. When the pending sales close this means there will be less on the market kicking in the old supply and demand rules.

Don't wait until it's to late. Now is a great time to buy. Check out the homes available on our website. It does not require your registration and shows virtually all homes for sale in the metro area. If you have any questions or find one you want to see give Mike and Melody a call.

Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, milton homes for sale

Dateline: AJC 07/19/2010

Starting Aug 1, Georgia will launch a 30 day speeding ticket frenzy. The state estimates that 9 million dollars will be generated in speeding tickets. 1 million will go to pay state troopers' overtime. The rest to help with dwindling budgets. There will be 50 state troopers on duty at all times patrolling the 7 main intersections and highways. They are the following:

I-20 east and west
I-75 north and south
I-85 north and south
I-675 north and south
GA-985 north and south
GA-316 east and west
GA-400 north and south

5 mph above the limit can justify a ticket and every state trooper is supposed to pull a car over and write a ticket every 10 to 20 minutes. They have issued 30 brand new unmarked Dodge Charger Police cruisers and are bringing in all of their part timers on full time. If you work in the Atlanta area, you will probably take one of these highways. It's up to you how fast you are going when they clock you.

WSB and WXIA & CBS confirmed all of this. So be safe and don't forget speeding tickets are on you.

Look for city and county governments to adopt similar polices in the near future.

Forsyth County Property Tax Increase Approved at Lower Than Proposed Rate

The Forsyth County Board of Commissioners adopted an increase in the county's millage rate during a special called meeting Thursday, July 22, at a rate lower than the advertised, proposed increase. The vote followed the third of three public hearings held regarding the millage rate.

The approved Maintenance and Operation rate is 4.734 mills, up from 3.834 mills in 2009. The approved Fire rate is 1.975 mills, up from 1.841 mills in 2009. The increase in these rates was approved to help offset projected deficits in the county's 2011 preliminary budget and the Fire Department's 2011 preliminary budget.

The approved Bond rate is 0.947 mills, down from 1.196 mills in 2009. The reduced Bond millage rate reflects the debt service requirements for bonds in 2011.

These approved rates represent a total county millage increase of 0.785 mills, compared to the advertised, proposed total increase of 1.48 mills.

The millage rates adopted July 22 will fund the county's 2011 budget, which will be adopted toward the end of 2010.

Labels: cumming homes for sale, forsyth county homes for sale, forsyth county property tax

Meet the newest addition to the Vanderhoff Team. Her name is Baby. She doesn't sell real estate, but in her first month at the house she sure showed us how she could take control of the place.









She has learned how to go up and down the stairs but still can't seem to get potty box right.







Now if we can get her to mind and come when we call her things will be great.

Labels: a new pet in the household, alpharetta homes for sale, dawsonville homes for sale, homes for sale in cumming, johns creek homes for sale, milton homes for sale

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.375% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.375% amortized; 3.75% interest only
Conforming 7/1: 3.75% amortized
HOT PRODUCT Conforming 10/1: 4.25% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 4.375%
7/1 ARM =4.625%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.25%
NEW! FHA 5/1 ARM: 3.5% Qualify at Start Rate

Call Me Now For More Details!
*Based on pricing as of Friday, July 16th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals.
Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774


For More Information Call or Email

Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790

Labels: low mortgage rates, time to buy a home

Whether you’re planning to sell your home in the next few months or just studying up for that eventuality, there’s no time like now to prepare. If buying a house seems complicated, selling involves even more responsibilities and expenses.

The very first thing you need to do is to realistically determine what is the current value of your home. Not what you want it to be worth or not what you owe on it, but the actual value in today's market. Your real estate agent can help you with that by preparing a Competitive Market Analysis (CMA).

More than likely you won't like his or her numbers...but remember don't be angry at the messenger. If the numbers are workable for you then it is time to start the work of getting your house ready to sell.

If the numbers are not workable for you then it is not time to sell. The biggest mistake you can make is to go find another agent that tells you what you want to hear. If you do that you will end up putting your home on the market at a price that nobody will pay or ever bother to look at. So if the number will not work for you and your have to move on from your current location, you might consider leasing your home or talking to your bank about a possible short sale if you owe more than it is worth.

Our previous blogs explains short sales and the potential consequences of a short sale. In some cases a lender will allow a short sale if you can prove hardship and in other cases they will approve a short sale but will hold you responsible for the difference, this happens when you can't prove a financial hardship or have a substantial income that will allow you to pay back the difference.

Be sure to see our blog tomorrow that tells you the steps you need to follow if you decide the time is right to put your home on the market.

Labels: cma, homes for sale, preparing your home for sale, short sales

(Third message in the continuing series)

Number of Short Sale Offers Received

Homes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know how many offers you are up against.

Here's how it generally works:
•When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
•The second, at list price.
•The third offer will be slightly higher, maybe by a $1,000 or $2,000.
•The fourth offer will be significantly more.
You want to make an offer that will beat the competition yet still be below market, or don't waste your time.


The Listing Agent's Short Sale Procedures

Although REALTORS are required by the REALTOR Code of Ethics to treat everybody fairly, not every agent is a REALTOR. This means the short sale listing agent may decide to submit only the first offer to the bank and withhold all other offers.

Withholding other offers could be considered to be a violation of the fiduciary relationship formed between the listing agent and the seller. The seller is entitled to receive the highest and best price. Realize that even if your offer is submitted to the bank, as time marches by while waiting for short sale approval, another buyer could outbid you.

You can live and learn or you can through your experiences or you can put your trust in the hands of an experienced agent. Mike and Melody Vanderhoff have been through many short sales and have learned these facts through their own experiences. Give us a call, we are Your Bridge To Success in Short Sales.

Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, lake lanier homes for sale, milton homes for sale, short sales

(Short Sales continued from yesterdays blog)

Mortgage Amounts, Number of Loans and Lenders

Ask your buyers agent to research how much is owed against the home and find out the number of loans that are recorded. A second or third mortgage lender will receive peanuts as compared to the amount a senior lender in first position will get.

Moreover, some lenders, deserving or not, get a reputation for being difficult to work with. If your agent is an experienced short sale agent, as we are, he or she will know who these lenders are and can advise you of the difficulty you may encounter.

If your offer is 50% of the mortgaged amount, it is unlikely that your offer will see the light of day on the negotiator's desk.


Short Sale Listing Agent's Track Record

A listing agent who is advertising a short sale but has never closed a short sale is a risky proposition for you. That's because it's up to the listing agent to submit the short sale package to the lender and negotiate. Your buyer's agent can't talk to the bank. So it is really important that you make sure your buyers agent has the understanding to ask the right questions of the listing agent.

Some listing agents hire outside companies to do their job, and the results of those negotiations are sketchy at best. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?


Short Sale Seller Qualifications

Your buyers agent also needs to find out if the listing agent has received a completed short sale package from the seller. A complete short sale package consists, at minimum, of the following:


•Sellers' hardship letter
•Tax returns
•W-2s
•Payroll stubs
•Financial statement
•Bank statements
Some sellers do not want to cooperate and are slow to return these documents. Others have never been told by their agent that these documents are mandatory. You don't want your short sale purchase delayed because the listing agent doesn't have the required documents.

More information to follow in tomorrows blog.

If you just can't wait give Mike or Melody a call. They are always available to help.

Labels: alpharetta homes for sale, cumming homes for sale, foreclosures, johns creek homes for sale, milton homes for sale, short sales

When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call us. We need to research that short sale listing first.

In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject to lender approval), nor does it mean it will sell at the advertised price. Here are a couple of things you need to know before trying to buy that short sale.


Comparable Sales For That Short Sale House
The short sales we list in North Fulton and Forsyth Counties are all priced below comparable sales, yet they are priced in line with pending sales. Why? Because short sales take anywhere from 2 to 4 months, on average, to close, and pending sales will become the comparable sales at closing.

Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a lowball short-sale listing, then pass.

Short sales can be a real bargain but if you are on a defined time line to move they are usually not the answer. Tomorrow we will have more information on short sales.

Mike and Melody Vanderhoff Your Bridge To Success.

Labels: alpharetta homes for sale, cumming homes for sale, short sales

Buying a foreclosure can be very rewarding or total frustration. We have guided many clients thru the process of purchasing a foreclosure. In Georgia there is no right of redemption as there is in some states, so when you buy the property you are assured that it will remain yours as long as you pay for it.

Some properties are total disasters, others are in pristine condition, but most are some where in between. There are two basic types of foreclosure buyers. One the investor looking for a great deal, the other a person looking for a new residence at a good price or one they can invest some sweat equity to have a nice home at a good price.

If your the investor type there are no emotions involved. It is almost like a game, your in it to win which means buying the property at the lowest price possible.

If your a person looking for a new home there are emotions involved. Many times when you submit your offer, you get a notice back telling you that there are multiple offers on the property. You are asked to submit you highest and best offer. One of my clients said he hated this part because he felt like he was bidding against himself. That may be how you feel, but in reality you are bidding against other buyers.

What should be your highest and best offer? I always advise my clients to submit a number that is the most they would be comfortable paying for the property. We supply them with statistics on recent sales and what we believe to be the current value of the property, but it is ultimately up to the buyer to determine the highest and best number. Sometimes you win other times you loose. It can be a real emotional roller coaster. This is why it worthwhile to have a good agent you are working with that can help you thru this process.

If you are considering investing in a foreclosure or purchasing one for a new residence for yourself, call Mike and Melody your bridge to success in purchasing a foreclosure.

Clients are always asking me have the prices hit bottom yet? I wish I had a crystal ball so I could give them the right answer. But I do know that I have seen asking prices and sale prices begin to increase. So it appears that the low was a month ago or so. Not sure what it will do in the future, but there are some real bargains to be had out there today. I have seen homes in excellent condition over 7000 square feet selling for under $500,000. I am also seeing homes in nice small subdivision that were selling in the $300, 000 range new selling closer to $200,000. If you are looking to purchase Mike and Melody are here ready to help you find the perfect home at a great price. Give us a call at 770-888-9269

Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, lake lanier homes for sale, milton homes for sale