Lenders won’t make loans for home purchases (hey – this is important even if you buy a property for cash) unless title is clean and title insurance policy can be issued on the property. This survey guarantees property can be insured.
However, it has been a recent practice for most lenders and closing attorneys in Georgia to require an “enhanced” level of title insurance be issued to cover losses and legal challenges for many of the possible disputes that a Land Survey would reveal. Therefore, many homes (except for new homes, larger lot sizes, and others lender identify) seldom require a land survey for lenders to make loans.
Spray foam insulation unfortunately provides termites with a dense,
spongy place to build their colonies, and it is very easy for them to
tunnel through. It does not attract termites, but it does provide them a
nice home if they find it.
A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage.
Situation: A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage. As instructed, the broker arranged to have an asset management company “trash out” and dispose of the contents by sale or destruction. A for sale sign was then placed in the yard and the lock on the front door was changed. Problem: It was the wrong property.
I found these on the web through different source and I am not sure how much use they will be or the simplest or you to use, but don’t feel obligated to use any services advertised on this website. I will also continue to post any others I encounter.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
References to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate. You should perform your own “due diligence and investigate” whether the information provided is valid, or the product or service is right for you. I welcome any or all comments that would help others.
Posted inUncategorized|Comments Off on Georgia Landlord-Tenant Handbook (Georgia laws regarding residential rentals)
When an agent and broker partner together for a transaction, it’s extremely important for both parties to do their own due diligence. Because even if you don’t directly make the mistake, you could still be at fault. This actual scenario teaches us two lessons. First, don’t falsely advertise your expertise or claim you know an area of real estate that you don’t. And second, when working with another party, make sure you develop procedures and ask questions to prevent a lawsuit from occurring.
Posted inUncategorized|Comments Off on Are You at Fault? Developing Procedures Could Save You from Litigation
Cobb DA Reynolds to Head GBI… It’s true that Reynolds has focused on gang prosecutions. He targeted sex trafficking, as well, pulling together different branches of law enforcement to carry out arrests and rescue victims.
Update 4-7-2012: Georgia Governor Nathan Deal is asking (and planning to sign into law effective 7-1-2012) the Georgia Bureau of Investigations (who now maintains the state’s official database of registered sex offenders in Georgia) to assume duties of the current state board (under the Department of Behavioral Health and Development Disabilities) of determining the threat level of each of the sex offenders. Apparently, there is a 4,000 case backlog of reviews. Reviews determine the relative level of possibility that the sex offender will repeat the crime. A lower level is less likely to repeat an offense a a higher level.
Broker’s Comment: What a heavy burden it is for the state to determine the threat levels of these criminals. Can anyone know the thought in each person’s mind, especially at least 4,000 minds?
As a potential resident in certain areas, you are obligated to perform due diligence to discover information about the areas you plan to live. I hope his information answers some questions.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
UReferences to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate. You should perform your own “due diligence and investigate” whether the information provided is valid, or the product or service is right for you. I welcome any or all comments that would help others. I
Mortgage fraud comes in various shapes and sizes…CoreLogic, which claims to possess the nation’s largest mortgage application database and owns patented risk analytics that incorporate a predictive scoring technology, works to identify and reduce the risk of fraud for its consortium members.
Some first time homebuyer tips….There are some “hidden costs” associated with buying a home. Closing costs, or fees included at the closing of a real estate transaction, can include a number of charges such as appraisal and attorney fees, recording fees, title and escrow charges.
Metro Atlanta cities wrestle with whether to ban Airbnb or cash in… As Atlanta’s tourism booms, so too does the market for short-term rental stays through services like Airbnb, VRBO and HomeAway. But some city governments have tightened their grip on the services, making homeowners apply for a permit and pay taxes like a hotel or motel.
Selling a home without a real estate agent.In retrospect, Mansinghani said, he would’ve done one thing differently. On the MLS listing, he had stated that he would pay only a 1 percent commission to the buyer’s agent, rather than the usual 2.5 to 3 percent.
Renters more likely to be ‘cost burdened’ than homeowners…What it means is that homeowners are less “cost burdened” than renters. Around 27% of homeowners with a mortgage were considered to be cost burdened in 2017, which is defined as spending 30% or more of their income on housing expenses. But 46% of renters also fall into that category, CoreLogic said.
Taxing Issues in the World of Real Estate Investors… The basics of real estate investing taxes are quite simple—organization and preparation. Tax Cuts & Jobs Act of 2017 introduced a new 20 percent pass-through deduction allowing certain business owners to deduct 20 percent of qualified business income if your taxable income is below $157,500 if single, or $315,000 if married.
Zillow begins buying and selling homes in Dallas… “Zillow Offers is helping transform the real estate transaction by giving consumers more of what they want – a seamless, convenient way to sell and buy a home, and on a timetable that they control,” said Zillow Brand President Jeremy Wacksman.
5 Things Real Estate Agents Should Know About New Construction Projects… For buyers, purchasing new construction can be intimidating. Often, they will deal with the builder’s own sales agent. The buyers, in turn, need their own agent who will look after their best interests. Without one, they will be exposing themselves to a lot of risks with what is usually their most significant investment.
Real estate has no plans for effect of climate chang…the real estate industry has been slow to adopt standards to deal with the rising threat, according to a study published this week by the Urban Land Institute, a nonprofit education and research institute and Heitman, a real estate investment firm.
I signed my house over to my daughter. How do I reverse that?Many people forget to actively transfer the title to their home into their living trusts. If they forget to take this last step, the title remains in their name; when they die, the property usually will have to go through probate court to transfer the title of the home.
6 Things Your Real Estate Agent Won’t Tell You… 1. You Can Get a Better Mortgage Rate Shopping Around 2. Open Houses Aren’t That Effective 3. Bigger Agents Means Less Attention 4. You Can’t Sell Your Home Without an Agent 5. Your Home Is Priced Too High 6. The Real Estate Commission Is Negotiable
Georgia House Bill 346, which when signed by Governor Kemp, will attempt to protect the tenant against retaliatory actions by a landlord who has not sufficiently provided a clean, safe living space to the tenant? We only hope so…time will tell….Landlord-Tenant rules in Georgia
Some thoughts… Start the mortgage process of reviewing various mortgage lenders to see if any favorable specific programs fit your specific situation, how the interest rates, closing fees and costs, and other stipulations you will comply with under different loans. Rule of thumb, see as many lenders as you can within a 2 week period and the hit to your credit score will be minimal. Also, don’t overextend yourself and borrow more than you can reasonably afford. In addition, if you plan to be in the home for a long time, consider the option of “buying down” your interest rate at closing – ask your lender early about the cost of how you can reduce your interest rate by paying a small lumpo sum to reduce the interest rate.
FHA getting a bit too risky…“We have continued to endorse loans with more and more credit risk,” said FHA’s Chief Risk Officer Keith Becker. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.”
Builder Confidence Holds Steady After Recovering From 2018 Lows… NAHB says affordability still remains a key concern for builders. The skilled worker shortage, lack of buildable lots and stiff zoning restrictions in many major metro markets are among the challenges builders face as they strive to construct homes that can sell at affordable price points.
Here are five important things to consider and questions this generation can ask themselves to figure it out:
How long you plan to live there.
The online marketplace.
The lawyers who took on Big Tobacco are aiming at Realtors and their 6% fee… The suit was filed in Chicago on behalf of anyone who sold a home through one of 20 of the largest listing services in the country over the past five years. It charges that the mighty Washington-based lobby National Association of Realtors, as well as the four largest national real estate brokerages, and the Multiple Listing Services they use, have conspired to require anyone selling a home to pay the commission of the broker representing their buyer “at an inflated amount,” in violation of federal antitrust law.
The first time most homebuyers ever see a real estate purchase contract is at the time of submission to make an offer. The standard contract Georgia realtors use is about 6-8 pages. If you can review a form before you make an offer, be sure to know what you are and are not obligated to do. Also, be sure to understand the dates and deadlines for each contingency and milestone in the contract and record those dates in your calendar. Ask a real estate professional
Water damage is a growing problem in older homes…Flooding is becoming a major problem in older homes, but not because of inclement weather conditions. Instead, faulty pipes and valves, worn out hoses in washing machines, and poorly maintained connections to appliances that use water are to blame.
Mortgage Rates Drop to New 14-Month Lows …Finally, the 10yr Treasury auction is a good gauge of demand for bonds. Higher demand for bonds means lower rates. The results of the auction were strong, which led to bond market improvement in the afternoon. After a certain amount of bond gains, mortgage lenders will typically reissue their rates for the day (with better terms, as was the case this afternoon).
NAR Slams Wall Street Journal Op-Ed, Defends REALTOR® Value agents are no longer worth their present commission fees because “most buyers do the work themselves, spending months on the internet identifying attractive neighborhoods and homes before calling a real estate agent simply to open the door.
NAR and Real Estate Brokerages face Class Action Lawsuit-National Association of Realtors (NAR) and four prominent real estate brokerage firms—Warren Buffett’s HomeServices of America, Keller Williams, Realogy and RE/MAX. The lawsuit charges NAR and the companies with violating the Sherman Act by only allowing listing brokers to list a property on an MLS if the listing broker makes a unilateral, non-negotiable offer of compensation on the MLS to buyer brokers. Real estate brokers cannot disclose from disclosing commissions offered on MLS, the lawsuit adds, and also allows brokers to take both buyer and seller commissions, if the buyer is not represented by a broker.
Federal Home Loan Mortgage : Private Investors Encroach on Fannie and Freddie’s Domain…another bubble brewing? About 45% of mortgages originated in the January-to-September period last year went into Fannie and Freddie securities, according to the Urban Institute, a think tank. At its most recent peak in 2008, that proportion was 65%. Amherst Pierpont estimated that about 10% of Fannie- and Freddie-eligible loans issued in September 2018 could be more cheaply pooled into private-label deals.
How “Amazon HQ2” Might Impact Real Estate… Property database curator ATTOM Data Solutions looked at a potential addition of 25,000 high-wage jobs in New York’s Long Island City neighborhood, and concluded that the move would have indeed provided real estate investors with new opportunities.
Find out the real value of your house, for free… Realtor.com is very easy to use. Select Sell, enter your complete address, and then, Get Estimate. This site offers a cool feature. You can see potential profit or losses by breaking down several factors, such as the sale price minus real estate agent commission, or the balance owed on your mortgage.
2019’s Property Taxes by State… The average American household spends $2,279 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $440.
What is a market appraisal? It is important to note that any market appraisal is not a proper valuation. They can’t be used with any prospective lenders to establish the market value of your property.
Real Estate Advice: Don’t go for interest-only mortgage… After the first few, say five, years the interest on the loan, which is higher to start with, rises and your payments soar because you now have to cover not only the interest, but also the principal, at a rate that will retire the loan over the remainder of the 30-year term.
Energy Efficient Mortgage Program…careful how simple this spunds…FHA’s Energy Efficient Mortgage program (EEM) helps families save money on their utility bills by enabling them to finance energy efficient improvements with their FHA-insured mortgage.
Let FHA Loans Help You…straight from the HUD.GOV website…FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.
How Do I Find My Property Lines?…Even if your property doesn’t have visible corner markers, you may be able to go hunting for those buried markers with a metal detector. The metal poles, often made of rebar, can be buried up to 10 inches below the surface. Use a metal detector until it indicates metal is there, then dig to be sure what you’ve found is the marker.
U.S. Housing Inventory Trends Now Favor Buyers in 2019… According to a new report by Zillow, after falling for nearly four consecutive years, housing inventory has turned a corner, growing on an annual basis in four of the past five months. U.S. for-sale home inventory grew 1.2% year-over-year. There were 19,455 more homes for sale nationwide in January compared to a year earlier.
The housing market data released in January indicated that sales activity tapered off near the end of 2018. In December, sales of previously owned (existing) homes unexpectedly fell 6% from November and were 10% lower than a year ago. Overall, 2018 was the weakest year for home sales since 2015, as the effects of rising mortgage rates, high home prices, stock market volatility, and the government shutdown were felt late in the year.
Private companies as guarantors for the timely repayment of
principal and interest to investors of eligible mortgages that are
securitized through a platform operated by Ginnie Mae.
Changing the Federal Housing Finance Agency’s
(FHFA’s) structure to run it as a bipartisan board of directors instead
of a single Director to charter, regulate, and supervise the guarantors
Utilizing Ginnie Mae to guarantee timely repayment of principal and
interest on securities that receive credit enhancement from guarantors
that are approved and regulated by the FHFA
Putting a cap on the percentage of all outstanding guaranteed
eligible mortgages that a guarantor is permitted within a stipulated
timeline as well as ensuring a timeline within which all guarantors are
required to be fully capitalized after the enactment of the legislation
Replacing the current affordable housing goals and duty-to-serve
requirements with a new Market Access Fund which will provide grants,
loans, and credit enhancements to address the homeownership and rental
housing needs of the underserved and low-income communities
What’s old is new and borrowed isn’t blue hair ladies…it’s the golden girls…even though this is a 2+ year old story doesn’t mean it has stopped working… Senior housing organizations across the nation are reporting a surge in demand from the young and old alike to move into the spare rooms of lonely and often lower-income elderly homeowners.
Real estate Q&A: I have a reverse mortgage — can I still sell my house… However, if your home is worth more than the mortgage balance, that extra amount, known as your equity, belongs to you or your heirs. If the balance tips the other way and the loan is more than your home’s value, you or your heirs will have to turn over the house, but will not be responsible for any extra.
Unconventional Mortgages Predicting Housing Crisis? Unlikely, Experts Say… [Unconventional mortgages] allow for lower income ratios, higher debt-to-income ratios and alternative ways to come up with income for a loan (e.g., 12-month bank statements or even using assets to derive more income via formulas)…you know, otherwise risky borrowers leading to more defaults!
Aging-in-Place Trend Contributing to Tight Inventories…Freddie Mac’ research finds that today’s seniors (persons born after 1931) are staying in their homes longer, and aging in place. While Millennials have historically low rates of homeownership the rates among seniors are high relative to previous generations.
Here’s How Much Real Estate Agents Earn In Every State…As of January 2019, the average annual earnings for real estate sales agents was $41,289, according to salary.com. How much money real estate agents make per year, however, depends on several of factors, such as number of real estate transactions, and commission fees.
Appraisal Threshold for Residential Real Estate Loans. The Appraisal NPR (Notice of Proposed Rulemaking) proposes to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Evaluations would be required for transactions exempted as a result of the proposed threshold.
Home office expenses, such as printer paper and ink, and internet costs Costs relating to commuting and driving clients around, including auto insurance, maintenance and repairs, as well as gas mileage, parking and new car or leased car costs Business travel-related costs, such as airfare, meals and lodging Expenses related to marketing, such as signs and flyers for open houses and mailings, as well as website development and maintenance Real estate education-related expenses such as coaching and training
Home-Price Growth Continues to Slow…The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 5.2% in the year ending in November, down from a 5.3% increase reported in October.
Who controls the data that fuels real estate deals?…One of the elements of the arrangement was increased access to data from local and regional multiple listing services for nontraditional real estate brokerages, which has helped propel the growth of online portals like Redfin, Zillow and Trulia.
House-flipping is down, Wall Street Journal frets. If the speculative bubbles deflate naturally and gradually, there is much less risk of a recession or worse. The more speculators who get into the market for anything, the worse it is for the public who would like to buy a house without chasing the market.
The Supreme Court of Georgia found that “when a closing lawyer purports to act merely as a witness” they are in violation of Georgia’s ethical rules governing attorneys.
O.C.G.A 15-19-53 states: …nothing contained in this Code section shall authorize any person, corporation, or voluntary association other than an attorney at law to express, render, or issue any legal opinion as to the status of the title to real or personal property.
Denver is the fourth market
where Zillow now directly buys homes, prepares them for showings and
quickly lists them for resale. Zillow Offers is currently available in Phoenix, Las Vegas and Atlanta, and will launch in two North Carolina markets – Charlotte and Raleigh – this winter.
Opportunity Zones allow investors to obtain massive tax advantages if they invest capital gains—money made on the sale of assets like a home, a business, or a piece of art—into “distressed” areas of the country where the post-financial crisis recovery passed by.
But there are other factors at work as well: some 17%, for instance,
reported a closing delay due to a USDA loan, 13% reporting a delay due
to IRS income verification and 9% reported a closing delay due to a hang
up for their FHA loan, all showing the outsized role the federal
government plays in the housing market.
Parents who can afford to help their children are not standing idly by
as housing costs have increased. Around 8% of millennials who are no
longer in school get help from their parents on the monthly rent,
according to a March report from Apartment List.
“One option clients have taken advantage of is the J.P. Morgan Pledged Asset Mortgage” This mortgage strategy allows clients to pledge assets in their J.P. Morgan portfolios in lieu of a cash down payment. With the securities and home as collateral, borrowers may qualify for up to 100% financing. “We’re seeing a number of clients turn to the Pledged Asset Mortgage as part of their estate planning strategy,” adds Mr. Stewart.
the housing market is seemingly entering a new chapter. Home sales are lagging, the pace of home price appreciation is slowing, and inventory that’s been stubbornly low across the country has seen spikes in certain markets, particularly on the West Coast. Can these companies still thrive if the housing market goes from a seller’s market to a neutral or buyer’s market?
Real estate database company Zillow Group expects mortgage rates will rise significantly in the new year, predicting the 30-year fixed mortgage rate will reach 5.8% by the end of 2019. The rate currently stands at 4.55%, according to mortgage buyer Freddie Mac.
“We’re still seeing above-trend GDP growth that is likely to slow as the impact of last year’s tax cuts wears off with higher interest rates,” said Calvin Schnure, the National Association of Real Estate Investment Trusts’ senior vice president of research and economic analysis.