Mark your Calendars, it’s that time again! These will be the days that Candler Park welcomes all of Atlanta to come enjoy the neighborhood and the park. There are a lot of fun activities planned. There is a 5K road race which kicks off at 9:00 am on the 11th and at 10:00 am there will be a “Tot Trot” at the Candler Park Soccer Field.
The House Committee on Financial Services, with Congressman Barney Frank chairman, has released the text of the draft of The Emergency Economic Stabilization Act of 2008
The bill, widely touted as the “The bailout bill” will go to House of Representatives tomorrow and to the Senate on Wednesday. The speed at which this bill was crafted gives me a profound sense of dread that there is much hinging on the passage of this bill… perhaps much more than they are telling us.
My basic feeling is that if the banks made risky loans and are in danger of going under because of that, we should let them fail. But the speed at which this bill was crafted and the willingness of the proponents of this bill to reach across the isle, leads me to believe that there are some dire consequences brewing, that they are not sharing with the American people. The obvious answer, you might be thinking, is that I am falling for the scare tactics employed by the backers of this bill, but it really doesn’t seem that way to me.
A brief summary of the 110 page draft can be found here: Summary of the “Emergency Economic Stabilization Act of 2008” . Congressman Frank’s office prepared a Section by section Analysis of the Legislation.
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Well this weekend I met a young couple at a home that they found on my website. It wasn’t one of my personal listings, it was listed with another company. They walked through and liked what they saw. This was a foreclosure that was listed for sale for $79,000 and it had three bedrooms and two baths on the main level. As we opened the door the first impression was pretty good. The home had a split foyer so there were steps going up and down from the front door. Up to the main living area and down to the garage level. We went up and the house looked pretty good. The carpet and paint were in pretty good shape. There were still all of the appliances in the kitchen and the home was basically clean. There were three bedrooms and two baths in decent condition. Not your typical foreclosure.
We moved on to the lower level and found a nice surprise. There was a family room and another bedroom and bath, in addition to the two car garage. They liked the whole package. Then, the big question: “How do we get started”?
Well that is a question that defines a Realtor and is not the easiest to answer. I thought it would make a good subject for a blog post. ,
So when you find the house of your dreams, how do you get started?
Well I hear that question a lot! In fact that is probably the single most important question in a Realtor’s day! And I am here to tell you that there is no easy answer. There are some easy questions, that may help you figure it out, but no easy answers. Everyone’s brother tells them not to pay more than 50 cents on the dollar, and to try to get it for 30 cents. But there is something important to understand about rock bottom bargain deals!
Bargains smell like cat.
One of the unfortunate truisms is that there is no free lunch. Yes there are occasionally some killer deals that are in great shape, but the best bargains smell like cat. Well not all of them, some smell like mildew, or need every surface cleaned and painted, foundation work, roof work, mold remediation, and asbestos removal. Some have problems that are tougher to fix; like they back up to the all night bowling alley, or the train, or the power lines, or the expressway. The best deals have rotted gutters and roaches, no insulation and building materials that have been targeted by class action lawsuits. The very best killer deals have the floors caving in. I know you think I’m kidding but I am not. Truthfully there are some pearls that need no repair in this low tide of polluted mollusks, but be forewarned that there are hoards of folks just like you out there looking for them as well. The average low priced foreclosure is pretty beaten up. So it begs the question, can you take a sow’s ear and make it into a silk purse? Are you willing to invest either the sweat equity, or the time it takes to manage others to take care of the issues? So that takes us to the First easy question: Do you like fixin’ stuff up?
Low flow fixtures are now required
for DeKalb County homeowners
who buy and close after Jun. 1, 2008
Due to the recent drought conditions that have plagued Georgia for over a year, a New Ordinance has been passed by the DeKalb County Commissioners. This requires that in all home purchases which occur after June 1st 2008, the plumbing fixtures have to be replaced in order for the new owners to get water in their name. The DeKalb County Department of Watershed Management is enforcing this rule. It applies to everyone who gets their water from DeKalb County. This excludes the parts of the City of Atlanta that fall within DeKalb County, as they get their water from the City of Atlanta.
$1000 Cash Back to Georgia HUD HOME Buyers
There are a few restrictions:
Property must be listed after June 4 2008. These properties must be NEW listings not relistings of homes which had contracts fall through or price reductions
The property must be fully under contract (contract must be signed by HUD) during the first 30 days of it’s listing.
This is only available to OWNER OCCUPIED properties
The type of financing does not affect the allowance.
The $100 downpayment on insured properties is still in effect, so when you combine it with this new incentive, there couldn’t be a better time to buy a HUD Home! There is a lot of inventory and you can probably find one to fit your needs! There are plenty of HUD homes on the market and if you call me at 770-HUD-HOME I can help you get one!