Alpharetta Cumming Lake Lanier Real Estate Blog

Beware of Foreclosure Rescue Scams - Help Is Free! Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.

• Assistance from a HUD-approved housing counselor is FREE.
• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

If you need information regarding the Making Home Affordable Program, make sure to get your facts straight. Visit www.makinghomeaffordable.gov, or call 1-888-995-HOPE.

Labels: 2009, assistance, foreclosure, government, loan modification, making home affordable, program, scam

In today's real estate market there are a lot of good deals out there, but the process can be complicated. Between pre-foreclosures and short sales, sheriffs' sales and post-foreclosures it is difficult to know how, and oftentimes risky to purchase one of these properties.

A home goes into pre-foreclosure when a borrower has fallen behind on the payments, but the house has yet to be auctioned off. Many owners are open to doing a short sale in this type of situation. A short sale is when a buyer pays less for a house than the mortgage that is owed on it. Lenders must agree to a short sale, and will then forgive the rest of the debt.

In the next stage of foreclosure, homes in default are auctioned off on the county courthouse steps. These homes can be real bargains, but the process is incredibly risky. Bidders can't inspect the property, so there's no telling how much work it needs. There could also be liens against the home, due to unpaid taxes and so forth, which can also increase the cost of these homes. Additionally, buyers need to come with cash, ready to put 10%-20% down on the spot, and be able to fund the rest within a few days.

Post-foreclosures are when a lender has taken back a house and the property goes back on the market as what's called an REO (real estate owned) property. These are treated like ordinary sales and listed with a broker. Typically, bargains are not as sharp, but the process is a lot easier and neater. You have the right to make an offer with a right to inspect and walk away if anything too severe is discovered. The title will generally be clear and the property is delivered vacant.

If you are not a pro, but are looking to find a good deal in a great market, contact us today. Mike & Melody Vanderhoff have been in the real estate business for years. Let them share their experience with you, and help you navigate the complicated process of buying your next home at a great price.

Also check out our new "Foreclosure" link on our website which will show you all available foreclosures listed in the area. Call us today, and let us be your bridge to success in your next real estate transaction.

Labels: auction, buyer, foreclosure, Home, sheriffs sale, short sale

ASSOCIATED PRESS: The US Housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows. Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.

Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.

In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.

And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said.

Labels: foreclosure, home sales, housing market, inventory, recovery

Are you taking advantage of the $8000 new home buyer tax credit? The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.

Here are the basics to this specific tax credit:

* The home must be your primary residence
* The home must be purchased in 2009
* The homebuyer must not have owned another primary residence for at least 3 years
* The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
* You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
* Single filers are limited to income of $75,000 and $150,000 for joint filers.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area, especially since you may also qualify for the new $1800 home buyer tax credit passed in Georgia.

The new Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. For more information on the Georgia Tax Credit click here.

Call us today! It's a great time to buy in Georgia! Also, check out the foreclosure listings in the area through a special link on our website.

Labels: buyer, federal, first time, foreclosure, georgia, listing, new home, real estate, tax credit, vanderhoff

In today's rough economy I am always looking for a deal. Not just in the housing market, for I do love to hunt down great deals on homes on a daily basis. But I also enjoy finding the unexpected freebie in the market place during my daily activities. While keeping up with events in Cumming, I often refer to a great website called CummingHome.com. Just in the past week I have seen many great deals and coupons on their site for local businesses. Some examples are, "Buy One Get One Free" Breakfast at the Foster House in Downtown Cumming. Another spot for free food is Lenny's Subs. Just mention their ad on CummingHome.com and get a free drink and chips with your sub purchase. You can also find free admission to local activities such as the Lakewood Antiques Market which is open the 3rd weekend of each month. Check it out at www.CummingHome.com!

And, if you're like me and love to hunt down some great deals in the housing market, visit the property search page on our website. There is no obligation to sign up, just freely browse all available listings in the area. We also have a great page to freely search all available foreclosures in the area. We just ask that you consider choosing our team at Vanderhoff Real Estate to help with your next real estate sale or purchase.

Thanks and Happy Deal Hunting!

Labels: coupons, cumming, cumminghome.com, deals, foreclosure, forsyth county, foster house, free food, freebies, Lakewood Antiques Market, lenny's subs, property search, real estate, vanderhoff

Are you taking advantage of the $8000 new home buyer tax credit? The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.

Here are the basics to this specific tax credit:

* The home must be your primary residence
* The home must be purchased in 2009
* The homebuyer must not have owned another primary residence for at least 3 years
* The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
* You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
* Single filers are limited to income of $75,000 and $150,000 for joint filers.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area, especially since you may also qualify for the new $1800 home buyer tax credit passed in Georgia.

The new Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. For more information on the Georgia Tax Credit click here.

Call us today! It's a great time to buy in Georgia! Also, check out the foreclosure listings in the area through a special link on our website.

Labels: Alpharetta, cumming, federal, first time, foreclosure, georgia, home buyer, lake lanier, tax credit

Forbes Magazine made some good predictions for Atlanta homebuilders and residents last week. While other cities, like Las Vegas and Phoenix are expected to see home prices decrease by up to 50%, Atlanta is predicted to see significant increases as early as 2009. (This reiterates that NOW is the time to buy Atlanta Real Estate. Discounts on current new home inventory are available now. They won't last forever!)

Although Forbes mentions the number of Atlanta foreclosures in early 2008, our continued steady job growth rate promises an end to our housing slump. In fact, next year home starts are expected to jump up by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by as much as 18.4% and job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number nine in the group of ten "lucky cities" that are predicted to experience long term recovery that will begin next year. Other cities where home prices are expected to rise include Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte, and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the Atlanta housing market once again.

Labels: atlanta, forbes, foreclosure, housing market, recovery

The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.

Here are the basics to this specific tax credit:

• The home must be your primary residence
• The home must be purchased in 2009
• The homebuyer must not have owned another primary residence for at least 3 years
• The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
• You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
• Single filers are limited to income of $75,000 and $150,000 for joint filers.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Also, check out the foreclosure listings in the area through a special link on our website.

Labels: $8000, 2009, Alpharetta, cumming, foreclosure, lake lanier, tax credit

The massive foreclosure prevention program announced today is aimed at stabilizing the housing market and includes two initiatives. One is a refinancing program aimed at homeowners with less than 20 percent equity in their home or even owe more than their home is worth; the other program is aimed at homeowners at risk of losing their home and attempts to lower their monthly payments to affordable levels. To read an in-depth article outlining the program, and what it means for you, click here for a good article from the Washington Post.

Labels: foreclosure, homeowner affordability and stability plan, housing, housing plan, Prevention

Here is a look at what items will effect the housing market in the Stimulis package AND the Treasury's package as a whole according to the National Association of Realtors' president Charles McMillan.

New Items
1) the loan limits will be raised to $727,000 in high cost areas
2) the tax credit will be raised to $8,000 with NO payback [a true credit]
3) interest rates have come down 125-150 basis points
4) the bill has over $50 billion in it for foreclosure mitigation: Geitners Treasury plan signals that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

Maintained Items
1) mortgage interest deductability
2) real estate tax deductability
3) $250,000/$500,000 cap gains exclusion

Labels: foreclosure, housing, stimulis package, TALF, TARP, tax credit, treasury's package

3 bedroom / 2 bath ranch home on 7.9 acres for $170,000. Beautiful horse country in the former North Alpharetta area, now in the City of Milton and located at 2360 Birmingham Rd. This is a foreclosure sold AS-IS with no disclosures. Approximately 50 percent of the land is in a flood plain. Perfect for horse farm, nursery or future estate home. Click on address above for more listing details and photos. To search other foreclosures in the area visit our website at www.vanderhoffrealestate.com. Contact us today and we'll help you find your next home or investment property.

Labels: Alpharetta, birmingham road, city of milton, foreclosure, just listed, vanderhoff real estate

In yet another effort to prevent more foreclosures, Fannie Mae (FNM: 0.67, -0.05, -6.95%), Freddie Mac (FRE: 0.83, -0.05, -5.69%) in conjunction with U.S. government officials, are speeding up the modification of home loans held by financial companies.

Sources told FOX Business Network that Fannie Mae, Freddie Mac and U.S. government officials will announce later Tuesday that they will hasten efforts to modify hundreds of thousands of loans that are past due. The goal is to bring the ratio of household debt to income for the borrowers down to 38%. U.S. government officials also plan to encourage large banks that hold loans to take similar steps.

The program will be an extension of HOPE NOW alliance, which was announced last year and is designed to prevent foreclosures by reworking the terms of mortgages.

The Wall Street Journal reported the announcement will come at a 2:00 p.m. press conference at the Federal Housing Finance Agency.

Financial industry sources told FOX Business Network that the White House rejected the FDIC’s proposal to prevent foreclosures for up to 3 million home owners. That more ambitious proposal would have provided some type of loan guaranteed for hundreds of billions of restructured mortgages.

Labels: fannie mae, foreclosure, freddie mac, home loans, mortgage

In today's real estate market there are a lot of good deals out there, but the process can be complicated. Between pre-foreclosures and short sales, sheriffs' sales and post-foreclosures it is difficult to know how, and oftentimes risky to purchase one of these properties.

A home goes into pre-foreclosure when a borrower has fallen behind on the payments, but the house has yet to be auctioned off. Many owners are open to doing a short sale in this type of situation. A short sale is when a buyer pays less for a house than the mortgage that is owed on it. Lenders must agree to a short sale, and will then forgive the rest of the debt.

In the next stage of foreclosure, homes in default are auctioned off on the county courthouse steps. These homes can be real bargains, but the process is incredibly risky. Bidders can't inspect the property, so there's no telling how much work it needs. There could also be liens against the home, due to unpaid taxes and so forth, which can also increase the cost of these homes. Additionally, buyers need to come with cash, ready to put 10%-20% down on the spot, and be able to fund the rest within a few days.

Post-foreclosures are when a lender has taken back a house and the property goes back on the market as what's called an REO (real estate owned) property. These are treated like ordinary sales and listed with a broker. Typically, bargains are not as sharp, but the process is a lot easier and neater. You have the right to make an offer with a right to inspect and walk away if anything too severe is discovered. The title will generally be clear and the property is delivered vacant.

If you are not a pro, but are looking to find a good deal in a great market for Buyer's & Investors, contact us today. Mike & Melody with Vanderhoff Real Estate have been in the real estate business for years. Let them share their experience with you, and help you navigate the complicated process of buying your next home at a great price.

Also check out our new "Foreclosure" link on our website which will show you all available foreclosures listed in the area. Call us today, and let us be your bridge to success in your next real estate transaction.

Labels: auction, bank owned, courthouse, foreclosure, sheriffs sale, short sale, vanderhoff real estate

Just Sold: 3855 Bishops Walk, Cumming 30041 in Adam's Landing. This foreclosure was priced well below market value for a quick sale - 5 bedrooms, 5 baths, full finished basement with media room and 2nd kitchen, hardwoods, Cherry Cabinets in Kitchen with Granite countertops & 3 car garage. Adams Landing Subdivision is located off GA 400 and Exit 16.

Listed at only $289,000 - this home sold for $395,000 in 2005.

Click on the property address above to view more information and photos of this property. If you would like to see other foreclosures or bank owned properties at a great price, contact us today. Our team at Vanderhoff Real Estate would like to help you find your next home or investment property. Also check out our new "Foreclosure" link on our website which will show you all available foreclosures in the area.

Labels: adams landing, bank owned, cumming, foreclosure, investment properties, pilgrim mill, vanderhoff real estate

The Housing and Economic Recovery Act of 2008 is a hot topic and is expected to be signed by the President this week. So what will the bill do? Here's a look at some key points to help understand the bill.

— Give the Treasury Department the power to extend Fannie Mae and Freddie Mac an unspecified line of credit and to buy their stock, if necessary, to prop up the mortgage companies. The two companies back or own $5 trillion in U.S. mortgages — nearly half the nation's total.

— Allow qualified homeowners facing foreclosure to apply for lower fixed-rate, 30-year mortgages backed by loan guarantees from the Federal Housing Administration. The original lenders would have to agree to take a loss on their loans.

— Create an independent regulator to oversee Fannie Mae and Freddie Mac. The regulator could establish minimum capital requirements for the two companies and limits on their portfolios. It would also have approval power over the pay packages of Fannie Mae and Freddie Mac executives.

— Provide $3.9 billion in grants to communities with the highest foreclosure rates to buy foreclosed and abandoned properties.

— Give about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time homebuyers who bought homes between April 9, 2008, and July 1, 2009.

— Put a cap of $625,500 on the loans Fannie Mae and Freddie Mac can buy in certain high-priced areas, and a cap in other areas of up to 15 percent above the median home price.

— Count any federal infusion for the mortgage giants under the debt limit, essentially capping how much the government could spend to stabilize the companies without further approval from Congress. As of Tuesday, the national debt that counts toward the limit stood at about $9.5 trillion, roughly $360 billion below the statutory ceiling.

— It also includes important changes that will dramatically affect senior citizens through modifications to the standard Federal Housing Administration HECM reverse mortgage product.

Labels: fannie mae, foreclosure, Foreclosure Prevention Act of 2008, freddie mac, housing bill, stimulus, The Housing and Economic Recovery Act of 2008

Just Listed! Bank owned foreclosure in highly sought after Alpharetta location. This townhome is located at 3536 Spring View Ct, Alpharetta 30004 in the neighborhood of Spring Valley. Great schools include Manning Oaks Elementary, Hopewell Middle & Alpharetta High.

This 2 story townhome was built in 2002 and has 4 bedrooms, 3 baths and a single car garage. It features an open floorplan with a lot of space. The kitchen open to the family room with a fireplace. There is a guest bedroom on the main level with a full bath. Large Master bedroom and 2 additional bedrooms upstairs. Private patio area in the back. This home is listed for $145,000.

Click on the property address above to view more information and photos about this home. If you would like to see this property, or need assistance finding your next home or investment property, contact us today. Our team at Vanderhoff Real Estate would like to help you find your next home at a great price. Also check out our new "Foreclosure" link on our website which will show you all available foreclosures in the area.

Labels: Alpharetta, alpharetta high, bank owned, foreclosure, hopewell middle, manning oaks, short sale, spring valley, townhome, vanderhoff real estate

Fannie Mae is introducing several new and updated policies that pertain to bankruptcy and foreclosure. To read Fannie Mae's current and new policies for loans related to the time period that must elapse before borrowers can demonstrate they have reestablished an acceptable credit history after the occurrence of the bankruptcy or foreclosure click on the link below. The table also includes new "Additional requirements" that apply to foreclosures.

Fannie Mae Policy Change

If you have any questions regarding how these policy changes could affect you, please feel free to contact Phil Blankstein with Covenant Mortgage. Thanks to Phil for keeping us updated with the constantly evolving economic policies that effect the housing market and our clients.

At Vanderhoff Real Estate, we work with a great team of professionals that will help your next real estate transaction go smoothly from start to finish. Give us a call today, and let us know how we can help you!

Labels: bankruptcy, covenant mortgage, fannie mae, foreclosure, policy change, vanderhoff real estate

After months of debate on Capitol Hill, the Senate seemed poised Thursday to finally pass a comprehensive housing and foreclosure prevention bill this week. The measure, which would create a new government-backed foreclosure prevention program and strengthen oversight of Fannie Mae and Freddie Mac.

The omnibus housing package attempts to address the housing crisis in several ways. Among them is providing more relief for some borrowers facing foreclosure; increasing access to mortgages in higher-cost areas; modernizing the loan guidelines for the Federal Housing Administration (FHA); and more stringently regulating Fannie and Freddie, the government-sponsored enterprises that have taken a beating this week amidst concern over how well funded they are.

To read more in depth about this bill click here for an article from CNNMoney.com

Labels: fannie mae, FHA, foreclosure, freddie mac, omnibus housing package, prevention bill, senate

On May 13, 2008 Governor Sonny Perdue signed into law Senate Bill 531. The bill increases the notice to a homeowner before a lender can foreclose on a home.

The foreclosure process has been governed by a law that has been on the books in Georgia since 1981. Many of the legislators who supported SB 531 felt that out of fairness, a homeowner should receive notice before the advertisement auctioning their home is published, and that 15 days was not a sufficient amount of time. SB 531 therefore lengthens the notice period to at least 30 days prior to the scheduled foreclosure sale.

SB 531 also requires:
· That the certified letter giving the homeowner notice of the foreclosure sale include the name, address, and telephone number of the "individual or entity who shall have full authority to negotiate, amend, and modify all terms of the mortgage with the debtor".
· Requires that the current holder of the mortgage loan record the assignment of the security deed, which shows the present owner of the mortgage loan, in the public deed records before conducting the foreclosure sale.

This new law makes it easier for individuals and families to locate and contact the holder of the debt in order to negotiate a way to keep their home.

Labels: foreclosure, law, SB 531

Vanderhoff Real Estate makes the search for short sales, foreclosures and bank owned properties in the Cumming, Alpharetta & Dawsonville areas even easier. Due to the high volume and increased demand for these properties, Vanderhoff Real Estate has created a new search page on our website that exclusively features properties that are bank owned, foreclosures or subject to short sale. This will make it easier for many of you to limit your search to properties that fall into these special circumstances. You can access this web page through our main website at www.VanderhoffRealEstate.com.

Please feel free to use our website to search all available listings in the area. Our website is specifically designed so that you may search available homes without signing onto our site. We know many of our buyers and sellers like to remain anonymous and do their research before contacting an agent, and we thank you for choosing our site. We just ask that once you are ready to move forward with your next real estate transaction, that you consider giving us the opportunity to be your bridge to success.

Labels: Alpharetta, bank owned, cumming, dawsonville, foreclosure, short sale