Real Estate Now - Brandi Wells

Let’s Talk Property TAX – Homestead Exemption

Brandi Wells (Colony Realty Company) — Wed, 06 Apr 2011 16:49:01 -0700

Homestead Exemption

Generally, a homeowner is entitled to a homestead exemption on their home and land underneath provided the home was owned by the homeowner and was their legal residence as of January 1 of the taxable year. (O.C.G.A. § 48-5-40)

Application for Homestead Exemption

To be granted a homestead exemption, a person must actually occupy the home, and the home is considered their legal residence for all purposes. Persons that are away from their home because of health reasons will not be denied homestead exemption. A family member or friend can notify the tax receiver or tax commissioner and the homestead exemption will be granted. (O.C.G.A. § 48-5-40)

Application for homestead exemption must be filed with the tax commissioner's office, or in some counties the tax assessor's office has been delegated to receive applications for homestead exemption.

A homeowner can file an application for homestead exemption for their home and land any time during the calendar year. To receive the homestead exemption for the current tax year, the homeowner must have owned the property on January 1 and filed the homestead application by the same date property tax returns are due in the county. Property tax returns are required to be filed by April 1. Homestead applications that are filed after this date will not be granted until the next calendar year. (O.C.G.A. § 48-5-45)

Failure to apply by the deadline will result in loss of the exemption for that year. (O.C.G.A. § 48-5-45) REFERENCE

Exemptions Offered by the State and Counties

The State of Georgia offers homestead exemptions to all qualifying homeowners. In some counties they have increased the amounts of their homestead exemptions by local legislation above the amounts offered by the State. As a general rule the exemptions offered by the county are more beneficial to the homeowner.

Homestead Exemptions Offered by the State

Standard Homestead Exemption
The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead. The owner of a dwelling house of a farm that is granted a homestead exemption may also claim a homestead exemption in participation with the program of rural housing under contract with the local housing authority. (O.C.G.A. § 48-5-44)

FOR MORE EXEMPTIONS CLICK HERE

WALTON COUNTY TAX COMMISSIONER

Who decides how much my property is worth for tax purposes?
The Board of Assessors and their staff have the responsibility of determining the value of property in Walton County. Each year between January 1 and April 1 every property owner has the ability to declare a proposed value for their property. (O.C.G.A. § 48-5-9) These values are declared in the manner of ‘filing a return'. Returns for real estate are filed in the Tax Assessor's office and returns for personal property are filed with the Board of Assessors. The Board of Assessors will review your proposed value and if they disagree, an assessment notice with the Boards' value will be mailed to you.

What if I disagree with the Tax Assessors' value?
Taxpayers may challenge an assessment by Walton County Board of Tax Assessors by appealing to Walton County Board of Equalization or to an arbitrator(s) within 45 days from the date of the assessment notice. Once the county board of equalization or the arbitrator(s) has rendered a decision, the taxpayer may continue their appeal to the superior court by mailing or filing with Walton County Board of Tax Assessors a written notice wishing to continue the appeal.

What is the difference between fair market value and assessed value?
Assessed value is defined as being 40% of the fair market value. Property in Georgia is taxed on the assessed value.

What is a millage rate?
The tax rate, or millage rate, is set annually by the Walton County Commissioners and the Walton County Board of Education. A tax rate of one mill represents a tax liability of one dollar per $1,000 of assessed value. Each governing authority estimates their total revenue from other sources. This figure is subtracted from their overall budgetary needs, and then a millage rate is set that will generate the necessary revenues to fulfill budgetary requirements.

How is my tax bill calculated?
Once the property owner and the Board of Assessors have come to terms with an appropriate value, this value is provided to the Tax Commissioner for tax bill calculation. To calculate a tax bill, you must first deduct any exemptions that many apply from the assessed value; thus generating a net assessed (taxable) value. Next you multiply the net assessed value by the millage rate.

What is and how do I file for homestead exemption?
Homestead exemption is the system developed by the State of Georgia that exempts from taxation a specified amount of assessed value of your home. To apply for homestead exemption bring a copy of your warranty deed to the Tax Assessor's office between January 2 and March 1. To qualify you must both own and occupy your home as of January 1. Once you have qualified for homestead exemption and remain in the same house you do not need to reapply. However, if you move, you are required to reapply for the exemption for the new location. Beginning June 1, 2005 application for homestead exemption may be submitted any time during the year but must be received before April 1 of the taxable year to qualify for the exemption that year. If received after April 1, the Tax Assessor will activate the exemption the following year.

Tax Assessors, Telephone# 770-267-1352, Fax# 770-267-1007

Patricia Malcom, Walton County Tax Commissioner, 303 South Hammond Drive, Walton County Government Building, Monroe, Georgia 30655, Fax: 770-267-1416, Phone: 770-267-1335

GWINNETT COUNTY TAX ASSESSOR

To apply for a Homestead Exemption, first search and select your property as directed below.When you click on your address, the Homestead Application will appear. The online application is available for the Regular Homestead Exemption (S1R) and Value Offset Exemption (VOE).

Other exemptions require additional documentation that must be mailed to our office. While it is possible to apply for these exemptions online, we encourage those applying for special exemptions to request an application or print the online application and mail it with any required documents to ensure proper handling of the application.

If you have trouble accessing or printing your application, or if you need to request to be sent an application, please click here or call 770-822-8800. Applications are also available by request at all Gwinnett County Tax Commissioner's offices.

Send your completed application and documentation to this address: Gwinnett County Tax Commissioner, Department of Property Tax, P.O. Box 372, Lawrenceville, GA 30046

SEARCH FOR PROPERTY

ROCKDALE COUNTY TAX ASSESSOR

Homestead Exemptions are value exemptions that are subtracted from your personal residence's assessed value. The exemption lowers your property tax bill.

To qualify for a homestead exemption, you must own and be occupying your personal residence as of January 1. By state law, your homestead becomes your legal residence for all purposes in the state of Georgia, including vehicle registration and voting. You may qualify for only one homestead exemption in the state. You must apply for the exemption in person at the Board of Assessors Office by April 1 of the applicable tax year. You only need to apply once for the exemption. If your situation changes and you qualify for a different exemption, you will need to return to the Assessors Office to apply for the new exemption.

Department Location & Mailing Address: 981 Milstead Avenue (mail not received at this address), Conyers, Georgia 30012 Telephone: 770-278-7676, Fax: 770-278-8906 Contacts: Director, Lamar Sims, To Request Property Information: boa@rockdalecounty.org

NEWTON COUNTY TAX

Homestead, School, Disabled Veterans, and Preferential Agriculture:

Property tax is one of the primary sources of revenue for Newton County. It is used to fund police and fire services, education, roads, bridges, water, parks, and other county services. The basis for property tax is the fair market value of the property, which is established on January 1 of each year. The tax is levied on the assessment value, which by law is established at 40 percent of fair market value. The amount of tax is determined by the millage rate. (One mill of tax is equal to $1 per $1,000 of assessed value.)

You must file for a homestead exemption in person by March 1st and you must have owned and occupied the property as of January 1st in which year you are seeking the exemption. Once you have applied for an exemption, you do not need to reapply unless you move to another location.

Chief Appraiser: Tommy Knight, Asst. Chief Appraiser: Marcus Jordan
Address: 1113 Usher Street Suite 102, Covington, GA 30014
PHONE: 770-784-2030, FAX: 770-784-2162

HENRY COUNTY TAX ASSESSOR

When and how do I file for Homestead Exemptions?
Homestead exemptions are requested through the Tax Commissioners Office. Documentation of ownership is required. Call the Tax Commissioners Office for full details.

Henry County Assessors Office
Chief Appraiser, Laurence Street, 140 Henry Parkway, McDonough, GA 30253
Phone: (770) 288-7999, Fax: (770) 288-7961, E-Mail

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Insurance - Do you REALLY know your stuff?

Brandi Wells (Colony Realty Company) — Mon, 14 Mar 2011 09:25:29 -0700

With the recent devastation around the world in mind, it's a good idea this week to take a look at your homeowner's policy. Make sure that you, your home and its contents are truly covered, ask about lower rates and savings you may qualify for as well. For a checklist and questions to ask your agent consider the exceptional resources from the Insurance Information Institute. (www.iii.org)

FOR SELLERS/OWNERS

Here is an AWESOME TOOL to make taking home inventory EASY -

http://ezasset.appspot.com/viewOnlyNoLogin.do?page=front_kys&brand=iii

III - Know Your Stuff® - Home Inventory Software

www2.iii.org

FOR BUYERS

When it comes time to buy that dream house, the cost to insure it is often overlooked. The I.I.I. has created a checklist of important factors to consider before deciding to purchase a new home. Spokesperson: Jeanne M. Salvatore, senior vice president and consumer spokesperson, Insurance Information Institute.

Insurance Information Institute

www.iii.org

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Home Not Selling? It’s Not Personal, It’s Probably Price

Brandi Wells (Colony Realty Company) — Mon, 27 Sep 2010 08:51:29 -0700

Home sellers face a new reality as they look to move up, down, in or out of their American dream in today's market. Consumers, particularly those who purchased their homes within the last five years, often find their options limited by a lack of equity. Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday's valuations with today's reality.

    Many home sellers have dug in on price hoping to lose no additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price. Buyer sentiment has shifted as well, centered on maximum value with abundant amenities - resulting in stalemates and homes languishing on the market. Both sides should be realistic as comparable sales and local-market dynamics still determine fair-market value.

    And there are compelling reasons to be realistic and make a move now. Sellers, assuming their objective is to buy another home, can capitalize on some of the lowest mortgage interest rates on record and an inventory of homes at attractive prices. So while they will sell for less, they will also buy for less and with significantly cheaper borrowing costs.

    Of course, professional sales representation is essential in this transitioning market or any other. The Prudential Real Estate Network, recently recognized for "Highest Overall Satisfaction for Home Sellers Among National Full Service Real Estate Firms" in J.D. Power and Associates' 2010 Home Buyer/Seller Study^SM, is composed of true, local-market experts whose experience, analysis and consultation generate results in all market conditions.

    As the local experts, they'll help set fair-market prices using factual reference points, such as an appraisal, comparable sales and personal knowledge to help estimate market value. Today, a house priced at or slightly below market value will attract the interest of real estate professionals and buyers, while overpricing chases them away. Even if the sellers adjust their prices later, it's difficult to recapture buyer interest.

    Sales professionals develop comprehensive marketing strategies to sell a home. They generally use open houses, yard signs, Internet exposure, MLS, newspaper ads, brochures and other means to market properties.

    Beyond that, they counsel sellers on other conditions that may keep sellers' homes on the market, including:

· Condition and appearance. Sellers shouldn't rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful. This invariably means rearranging and eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area.

• Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can't live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.

• Incentives. Offering incentives can be just the impetus a potential buyer needs a buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If the buyer knows up front there is allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty, or pay closing costs.

Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today's market conditions. A qualified real estate professional will help you navigate the market, protect your interests and keep you moving toward your housing dreams.

Brandi Wells can be reached at 404-402-1489. Prudential Colony Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Make One Final Inspection

Brandi Wells (Colony Realty Company) — Thu, 12 Aug 2010 08:51:34 -0700

In the sales contract, the sellers of your new home agreed to leave the custom blinds, refrigerator, built-in entertainment system and those fine cabinets and workbench in the garage. But when you show up on moving day, all of those amenities are long gone. Moreover, the lock on the back door is broken; there is a huge gouge in the drywall near the front bathroom.

Although these circumstances are extreme, they could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you, one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover-even after closing-that the condition of the home is not as it should be. Of course, the best time to identify problems is before closing when the seller will be motivated to correct any deficiencies to close the transaction.

Typically, a buyer takes possession of a property one to three months after signing the sales agreement. And a lot can happen before the actual move-in. Appliances and fixtures can break, and walls, carpets and doors can be damaged during the seller's final weeks in the house, particularly during move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.

If possible, schedule the inspection right before the closing, such as the day before. Ask your real estate professional to attend the inspection with you. Here's what to do:

Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.
Test each appliance to make sure they work properly. Bring along an electrical clock or radio to test each electrical outlet. Test all electrical switches and the garage door opener. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.

If you discover that something is damaged or missing, make a note of it and inform your real estate professional immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer's time.

Other inspections to consider

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Laurel Oaks, Social Circle GA - Market Report

Brandi Wells (Colony Realty Company) — Sat, 07 Aug 2010 16:44:37 -0700

There have been 6 sales in the subdivision listed in GAMLS this year. They are listed below from $130k-154,120. There are 5 others active for $119,900 - 165,000 and 1 under contract that was listed at $121,500.

This market is not going to allow for much of an appreciation from the other homes selling. You may see a slight increase due to the total gross finished living area however functional utility and the principal of substitution still typically prevail.

Here is a link to the full reports for the homes below >CLICK HERE for your report. Note: the (sold) price in red on the full report on the main page is the list price not the sale price. You'll need to click the "see more details" to view the actual sold price on the left; or use the snapshot below.

Here is the sold analysis for the past 6 months for social circle residential property. 45% of sales listed in GAMLS and sold in the past 6 months in Social Circle were under $100k.

http://www.waltoncountymaps.com/

Brandi Wells - Realtor^®Cell (404) 402-1489 | Fax (770) 860-0305
Brandi@BrandiWells.com | www.brandiwells.com
Prudential Colony Realty | 7197 Hwy 278, Covington, GA 30014

Ofc (770) 786-2000 | Fax (770) 786-1777

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Second Homes Make Sense for Many in the Current Market

Brandi Wells (Colony Realty Company) — Sat, 07 Aug 2010 16:41:28 -0700

If you're a late "Boomer" or a "Gen X" or "Gen Y'er," you're likely looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens.

Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across America and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It's a "ground floor" opportunity that comes with doors, windows, a roof and potential for many great moments and memories.

Long-term demand for second homes looks strong, as there are large numbers of people in the prime buying years for second/vacation homes. Late Boomers? There are roughly 40 million of these potential second-home buyers, and another 85 million between the ages of 30 and 49. For all, second homes suitable for play now and retirement later have significant appeal.

U.S. vacation-home sales rose 8% last year to 553,000, according to the National Association of Realtors (NAR). Though well below a 2006 peak of 1.067 million sales, it represents the first gain in three years. Median price for a vacation home increased 12.6 in 2009, perhaps reflecting movement higher-end markets, said NAR Chief Economist Lawrence Yun.

How you use a second home is up to you, but if it's something you've been considering, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home, for example.

For many, a second home in a vacation or resort area can be an income property when not in use. Once again, a real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace of mind.

Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the Hamptons. San Franciscans retreat to Lake Tahoe and Angelenos head for Palm Springs or Big Bear. Many people who live in the West also have second homes there. Yet, the biggest feeder market for second homes in the South are buyers from the Northeast.

What makes a second home location ideal? Natural beauty is great, but don't forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities.

Second homes are a discretionary purchase, and everyone wants to feel secure in their environment. That's why gated and guarded residential communities will continue their appeal. And locations such as Sante Fe, New Mexico, and Coeur d'Alene, Idaho, which are removed from most urban problems, continue to be attractive.

Nevertheless, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. Since you know this area, chances are you'll make a better real estate investment closer to home. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Boomers can play in today and retire in tomorrow.

Once you've narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.

There are many factors involved in selecting the right community for you and your family. Discuss your options with your real estate professional. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

Brandi Wells can be reached at (404-402-1489). Prudential Colony Realty is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

What....INSPECTIONS?

Brandi Wells (Colony Realty Company) — Sun, 18 Jul 2010 08:16:28 -0700

INSPECTIONS

This is not an all-inclusive list of inspections for buyers/sellers. The following are provided as a point of reference and to highlight the importance of having property thoroughly inspected.

Radon Gas. Resource - A citizen's guide to radon. A colorless, odorless, tasteless radioactive gas.
Mold. Resource - Mold, moisture, and your home.
Lead Based Paint. Resource - Protect your family from lead in your home.
Home Inspection. Resource - An objective and independent inspection to provide you with a comprehensive analysis of the home's major systems and components.
Appraisal. The process of estimating, fixing, or setting the market value of real property.
Structural. An assessment of the structure (roof system, foundation, etc.).
Termite. An inspection contained in an Official Georgia Wood Infestation Report which among other things identifies areas in the house where there is evidence of both past and present infestation of termites and other wood destroying organisms.
Survey. The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of structures in a lot including the determination of any existing encroachments or easements.
Systems. Electrical, HVAC, plumbing/septic, pool/amenities, landscaping/irrigation - the home inspection can provide suggestions to have systems checked by licensed professionals.

The lender in a transaction for a mortgage (loan) will require some inspection(s). The loan type may even dictate additional requirements. It is important for you to understand as much as possible about the home you are purchasing. Unwanted surprises from lack of due diligence can be very costly. Not all inspections are necessary for every type of purchase. Your REALTOR® can assist with details, cost and time estimates for completing inspections and referrals for independent expert advice relative to issues.

Brandi Wells - Realtor^®Cell (404) 402-1489 | Fax (770) 860-0305
Brandi@BrandiWells.com | www.brandiwells.com

Contact Me
Prudential Colony Realty | 7197 Hwy 278, Covington, GA 30014

Ofc (770) 786-2000 | Ofc Fax (770) 786-1777

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Look What We May Have Started with The ActiveRain Point System

Brandi Wells (Colony Realty Company) — Fri, 04 Jun 2010 15:39:37 -0700

Via Brad Andersohn ~ Community Manager (ActiveRain):

It's not a game, but some may think it is...
Now before you watch this video, (and I know it's longer than most would prefer) take special note of the message at the very end. Although very subtle, it will make you really think about how "any point system" ties into business and our personal lives. The message received here may vary from viewer to viewer, but the "Points" should still be the same.

Download The ActiveRain "HELP" Toolbar for your Browser

ActiveRain University Calendar Real Estate RainCamp The ActiveRain Manual

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Luxury Homes – What does $10 Million Buy?

Brandi Wells (Colony Realty Company) — Tue, 01 Jun 2010 14:00:37 -0700

Currently there are 240 homes actively listed for $2.5 to $28 million dollars.

Whether you want privacy, views, lake/water access, luxury appointments, maximum square footage, exceptional entertaining space, true chef's kitchen, working farm, subdivision or home in the city, the Metro Atlanta and surrounding area has plenty to offer.

From country living at its best with a hand crafted cypress log home on 388 acres in Ellijay ($5.5M) to a classic Jerry Bonner/Norm Askins fully furnished home on 72+ acres in Cumming ($28M) to the Atlanta Magazine Dream Home (2005) in the Country Club of the South, Alpharetta ($4.9M), you definitely have a great selection.

Bank foreclosures can open the door for tremendous opportunity and possibilities of huge returns on your investment in the future. This market with abounding inventory is prime and ready for you to get the deal of a lifetime! Interest rates are still low and the carrying cost along with the amount of reserves required to hold a multi-million dollar property can give you superb leverage and negotiating power.

Take a look at some of the options

$2.5-5M

$5-10M

$10-20M

$20M+

Full Report

For Sellers in this high-end market the presentation and overall coverage of your home plays a crucial part in a successful sale. Today, most buyers begin their search for a home online. With the technology available they want accurate data, extensive detailed photos, visual tours, video, seller notes, neighborhood information and of course a competitive or reasonable price. Your home's online presence needs to show enough to bring them to a on site visit/showing. Postings on a wide variety of search platforms and a Google hit should also be priority. Neighbors need to be enlisted in the search for a buyer, as they know about the area, amenities, and homes. Their excitement to provide positive information and first hand point of views can lead a buyer right to your door.

The goal is SOLD and to get there typically requires a buyer and cooperating agent. Ease of access is a high priority for buyer's agents. This doesn't mean they call 5 minutes before they want to show, however they should be able to reach and receive a response from your agent within 12-24 hrs. (7 days a week). They should be given detailed directions via email, gate codes if applicable, and seller's property disclosure statements so that questions can be answered immediately. A list of amenities, special assessments, HOA and other costs should also be outlined. Comprehensive coverage of your property raises its marketing potential and provides engagement openings for you to receive the buyer's attention and interest. Give your home the power to present!

Brandi Wells Prudential Colony Realty 404-402-1489 or Brandi@BrandiWells.com

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

What is a HomePath Mortgage? – Fannie Mae

Brandi Wells (Colony Realty Company) — Sun, 30 May 2010 11:08:00 -0700

It is important for you to understand the mortgage process and all of the options available to you. Rate are low, inventory is high and there are many types of homes for sale: foreclosures, short sales and resales. You should interview several lenders (bankers, brokers, etc) prior to your home search.

You need to know:

What your purchasing power is - how much house can you get for the monthly payment you want?
Understand the costs of buying - cost of the loan, attorney's fees, downpayment, cash to close, apprasial.
What is the difference in APR and APY?
What is PMI?

Below is a summary for Fannie Mae's HomePath Program. This is an option you may encounter on your home search.

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
No mortgage insurance*
No appraisal fees
Also eligible for HomePath Renovation Mortgage (see details below)
HomePath Mortgage financing is available from a variety of lenders - both local and national.

For more info or to search for homes visit http://www.homepath.com/

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Havenstone, Snellville, Gwinnett County

Brandi Wells (Colony Realty Company) — Sun, 30 May 2010 09:51:52 -0700

Havenstone is a six+ year old community in Snellville. It's located east of Atlanta off Webb Gin House Rd in Snellville convenient to shopping, dining, schools and entertainment. Highway 78 is within 3 miles and Interstate 285 within 15. There are approximately 243 properties in the subdivision with 225 homes. The average square footage is 3904; maximum 7244 square feet. Average lot size is 0.47 acre.

January - May

Sales (3) $380,888 - $555,000
Current Active Listings (17) $350,000 - $739,000
Expired Listings (4) $325,000 - $479,000

Here is what has sold in Havenstone since 1/1/2010.

Amenities

Gated Entry
Clubhouse
Competition Sized Swimming Pool
4 Lighted Tennis Courts
Pavilion, Playground & Trails

Data source Georgia Multiple Listing Service.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Fannie Mae, Freddie Mac to Deploy Appraisal Complaint Process

Brandi Wells (Colony Realty Company) — Thu, 20 May 2010 12:17:11 -0700

Washington, DC - Fannie Mae and Freddie Mac will deploy a complaint process for violations of the Home Valuation Code of Conduct (HVCC), according to a letter from FHFA Acting Director Edward J. DeMarco to New York Attorney General Andrew Cuomo. The letter, which outlines developments with the HVCC and related agreements, states that Fannie Mae and Freddie Mac, now in conservatorship, will not be funding the Independent Valuation Protection Institute (IVPI).

"As conservator of Fannie Mae and Freddie Mac, our priority is to keep the Enterprises focused on the important role they play in supporting the mortgage market," said DeMarco. "The need for a complaint process is being addressed in a way that we believe is more practical than with the Institute."

Fannie Mae and Freddie Mac will deploy a complaint process to address suspected code violations including a mechanism for providing pertinent information to state and federal regulatory and enforcement departments. The process will be put in place within the next few weeks.

The letter from FHFA to Attorney General Cuomo also addresses some of the benefits the HVCC has brought to the appraisal process including insulating appraisers from undue pressure.

"The Code has improved the independence of the valuation process-a critical element in assuring homeowners pay a fair price for properties and that investors have confidence in mortgages backing securities they purchase," said DeMarco. "The Code has also aided efforts to combat mortgage fraud, a leading contributor to the housing finance crisis."

Full News Release

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Path to a more affordable mortgage

Brandi Wells (Colony Realty Company) — Mon, 17 May 2010 15:07:55 -0700

More and more short sale resources are becoming available. Training, certifications and on the job experience are on the rise as well. Video is an easy way to communicate to potential short sale candidates. This one provides enough detail to get the process started.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Tax Credit Time-line.....6 weeks left!

Brandi Wells (Colony Realty Company) — Fri, 19 Mar 2010 09:01:56 -0700

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

It's a Buyers' Market for Real Estate Investors, too

Brandi Wells (Colony Realty Company) — Fri, 19 Mar 2010 08:56:49 -0700

Turn on any financial news program and at some point you'll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.

In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don't trend in the same direction, have triggered a buyer's market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.

While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.

Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment's notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.
Consider cash flow. You'll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.
Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.
Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.
Inspect the home you're considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can't always predict problems, try to set aside some of the rental income for unexpected repairs.
Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter's needs. If you're not prepared to be a hands-on landlord, consider hiring a property management firm.
See your tax advisor for related planning and laws that can affect your investment decisions.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.

Brandi Wells can be reached at (404) 402-1489. Prudential Colony Realty is an independently owned and operated member of The Prudential Real Estate and Relocation Services, a Prudential company. Equal Housing Opportunity.

Contact me to request a list of property available in your area in any price range.
Click here for a sample.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Take advantage of the tax credit.....deadline April 30, 2010

Brandi Wells (Colony Realty Company) — Fri, 19 Mar 2010 08:43:00 -0700

Tax Credit Time-line

You need to be under contract for the home you want to purchase by April 30, 2010. This means you've got about 6 weeks now. With the number of homes on the market, it could take you awhile to find the right one especially if you can only look or preview the homes on the weekend.

Ok, first things first...how much home can I afford? Well, you need to talk with a mortgage consultant (lender, banker, etc.).

Who do I talk to? My advice is to speak to several (at least 3). There are different types of lenders with varying programs, costs, etc. You will want to compare and utilize what you learn by speaking with them. This is your time; you are interviewing them for your business. This is one of the largest financial decisions in your lifetime (typically) and you will want to work with someone you can trust, as the loan process is in control most of the transaction time.

What do I need to know before I call a lender? General information concerning your income, expenses (debt - credit cards, loans, lines of credit, etc.), assets, etc. The lender will request supporting documents from you in order to process the loan. Some of which may include: w-2's, tax returns, pay stubs, bank statements...You will eventually be asked to complete a mortgage application; preview a sample.

It is important to know your purchasing power and also to have a commitment from a lender. Many foreclosure sellers will require a letter from the lender stating your approval with your offer to purchase. If you do not have this in place your offer may be rejected and you could loose out on the home you want.

Timing is critical! Good deals come and go quickly. The inventory is vast but all the more reason to be ready when you find the right home. Now is a great time to buy!

Video

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Trouble making the payments?

Brandi Wells (Colony Realty Company) — Sun, 24 Jan 2010 07:48:35 -0800

If you are having difficulty making your mortgage payments you may feel as if there are little or no options. It is a strain both financially and emotionally. Trying to work through a hard time with your home and the uncertainty of where you and your family will be living in the future can be overwhelming.

It is important that you take action. The situation typically will not resolve itself and the sooner you can get some answers the better you will feel. Call your lender, mortgage company or bank and let them know that you have a hardship which can include: illness, relocation, reduced income, divorce, death, payment increase or mortgage adjustment, job loss, business failure, mortgage fraud and so many more.

Once you have opened the lines of communication you will be able to ask questions to find out what options there are for you and an outline of what or how they work.

Some Mortgage Loan Workout Options include:

Forbearance
Reinstatement
Repayment plans
Loan Modification

Other options include:

Refinance
Deed in lieu of foreclosure
Short sale
Foreclosure

These terms may make you feel uneasy or unqualified to deal with the lender. It is advisable that you seek legal, financial and tax advice from qualified professionals. Contacting more than one source is also a good idea. You are looking for the full picture of your liability and the possible outcomes of each option.

It will take some effort. You will have to contact the lender more than once. It is also a good idea to do some research or reading so that you are familiar with the alternatives and more comfortable in your conversations. Below are some sites that can provide additional details.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

How to Use the EnergyGuide Label

Brandi Wells (Colony Realty Company) — Mon, 18 Jan 2010 15:30:03 -0800

Most of us are energy conscious on some level. Weather that be "turn the water off while you brush", "close the refrigerator", "why is every light in the house on" or a related remark we tend to care about wasting energy. Wasting energy, wastes money and that is the bottom line for the majority. There is a gradual progression toward energy-efficient lighting, appliances, window coverings and other cost conserving items for the average consumer.

Marketing efforts to make you feel better about the choice you've made for your purchase and it's effects on the environment work for some and yet for others it's all cost related. No matter what motivates you, information is key. Learning to read the EnergyGuide Label may be the first step to opening your eyes to more efficient products and closing your wallet to wasting energy.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Dealing with Debt Video from FTC

Brandi Wells (Colony Realty Company) — Mon, 18 Jan 2010 12:18:41 -0800

http://www.ftc.gov/multimedia/video/credit/debt/debt-collection.shtm

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Five Ways to Create Curb Appeal

Brandi Wells (Colony Realty Company) — Sun, 10 Jan 2010 19:38:20 -0800

A sale can be made or lost as a direct result of your home's curb appeal. When it comes to selling your home, the first impression is probably the most important impression. If the outside of the property doesn't create interest or appear well-maintained, a buyer may choose to not even come inside the home. Here are five ways to create curb appeal.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry. Re-condition your deck. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain.
Manicure the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home's roof or outer walls. Add some color to your landscape by planting annuals and placing planters of flowers in strategic spots. You can even spruce up the property by hanging flowering baskets. Add flowering plants in the back yard, too.
Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Make sure winter's cold weather didn't leave any gutters sagging or loose. Replace any missing shingles from the roof. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don't forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.
Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting. Put away gardening tools and toys. Clean up the barbecue area. Eliminate any "evidence" of pets, and restrict them to the back yard when showing the home. Move extra vehicles from the view of passersby.
Clean. Clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.

The old saying about making a good first impression couldn't be truer than when you are selling your home. Even the smallest enhancements can make a big difference in creating love at first sight for buyers.

Brandi Wells can be reached at (404-402-1489). Prudential Colony Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Great Networking Structure & Business Building Ideas

Brandi Wells (Colony Realty Company) — Sat, 09 Jan 2010 09:31:37 -0800

Click here to view SuccessNet Online on the web



To read the January 2010 edition of SuccessNet Online, sponsored by AskIvanMisner.com, visit here. In this edition, you'll find: "Business Networking Predictions for 2010" by Dr. Ivan Misner. Technology is key, but relationships are king. "Social Media Etiquette" by Sue Henry. Remember your manners when networking online. "Social Networking" by Penny Power. A new route to market, a new way to create business friends. 2010 International Networking Week Video. Words of Wisdom from Brian Tracy. This month's topic: "Associate with the Right People." Plus, coverage of BNI happenings from across the globe, and testimonials from members like you. Be sure to take a moment to submit a comment to my article or to post your own BNI story. Sincerely, Ivan R. Misner BNI Founder & Chairman www.BNI.com
Copyright © 2009 BNI \| Published by CZ Marketing

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

2009-2010 Homebuyer Tax Credits

Brandi Wells (Colony Realty Company) — Fri, 08 Jan 2010 19:13:32 -0800

Full Report

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Timing Couldn't Be Much Better for First-time Buyers

Brandi Wells (Colony Realty Company) — Fri, 08 Jan 2010 19:12:12 -0800

First-time homebuyers dominated the U.S. real estate market in 2009, accounting for roughly half of all residential transaction, according to the National Association of REALTORS^®.

That trend is likely to continue well into the new year. That's because interest rates are hovering near all-time lows, home-price affordability is near all-time highs and a third factor - Congress' extension of the first-time homebuyer tax credit until April 30, 2010 - make conditions quite favorable for those considering homeownership for the first time.

Still, with the prospect of making one of the largest investments you'll ever make in your life, you can easily become overwhelmed. Some of the questions you may be asking are: Will I be able to afford the home of my dreams? Do I have enough money for a down payment? Will I qualify for the tax credit? Will I make smart home buying decisions? If you go into the process prepared, your first purchase - like the current timing - can be just right.

Resources--Before starting out, educate yourself on the process. Attend a homebuyer seminar in your market, and check out myriad real estate resources online. Among those helpful online resources is prudentialrealestate.com, through which you can access millions of property listings and gain environmental reports, property profiles and value-range estimates for just about any residence in America.

Your real estate professional also is a great resource. Don't hesitate to let him or her know that you are new to the process. Your real estate professional will expect you to have questions at each step, from house hunting to making an offer through closing.

The costs involved in the purchase of a home can seem overwhelming to first-time homebuyers. There are mortgage costs, the down payment, and closing costs to think about.

Affordability--By looking at your income and debt ratio, your sales professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, homeowner association dues, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance, more commonly referred to as PMI.

Mortgage payment--Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To lessen the stress, you may want to get pre-approved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage where there are multiple offers for a specific property. In addition, the fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. If you don't have a specific mortgage lender in mind, ask your sales professional for a recommendation.

Down payment--The down payment amount varies depending on the value of the home you choose and your mortgage lender. Your real estate professional will be able to explain the different options available to you.

Tax credit--The first-time homebuyer tax credit, a key component of the American Recovery and Reinvestment Act of 2009, equates to as much as $8,000, or 10% of a principal residence's purchase price, and is available to those who have not owned a principal residence in the past three years. You can use the tax credit to help purchase your home or help pay for its closing costs, or the credit can be used to remodel, refurnish and repair your property. See your tax advisor for details about the tax-credit program and how you may benefit.

Making offers--Don't feel pressured into making an offer on the first home you see. This is a common mistake of many first-time homebuyers. Make sure you view different homes to get a feel for the marketplace. When you decide on a home to make a bid on, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

Above all, remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction. Your real estate professional can be an invaluable asset in helping you make educated decisions so that your first home purchase is a rewarding experience.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Rockdale County Launches New Website

Brandi Wells (Colony Realty Company) — Fri, 08 Jan 2010 19:09:40 -0800

Rockdale County in an effort for more transparent information and community involvement has launched a new website. The site is easier to use and contains much needed information for those living, working and moving to Rockdale.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Solutions for 2010

Brandi Wells (Colony Realty Company) — Fri, 08 Jan 2010 19:06:48 -0800

Here are some project idea and supplier links for some solutions for you and your home.

Brandi Wells ~ Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com