the norton agency: The Payroll Tax and Increase in Mortgage Fees - 01/12/12 10:26 PM
Another tax is going to be implemented on real estate starting January 1st.
In order to cover the two month "payroll tax holiday" fees will be increased on government backed mortgages from Fannie Mae and Freddie Mac.
The fee will be an additional 0.1 "surcharge" paid monthly on mortgages from both government backed institutions.
A typical $200,000 mortgage will see an approximate increase of $17 per month.
The Payroll Tax is used to fund Social Security. A two month "tax holiday" will take around $33 billion dollars away from the Social Security Trust Fund.
Bottom line: There is not free ride. … (0 comments)
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the norton agency: GAR Contract Changes for 2012 - 01/12/12 10:21 PM
We just completed our 2012 GAR (Georgia Association of Realtors) contract class.Every year we go through this class as GAR continually refines our contracts. Every change helps our buyers and sellers and the amount of protection we offer them in their real estate transaction. The biggest change to the GAR contracts is in reference to access to the actual contracts. Starting this month there some new procedures in place.Real estate agents, who are members of the National association of Realtors and GAR, will continue to have full access to all GAR forms. However if an agent is not a member of … (0 comments)
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the norton agency: Obama Health Care Plan and an Additional Real Estate Tax - 01/12/12 04:48 PM
I just received an email from my Dad about a real estate tax that would be part of the Obama Health Care plan.
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
I have attached two links to the National Association of Realtors website. … (0 comments)
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the norton agency: New Years Predictions: None! - 01/02/12 08:02 AM
After seven years in the real estate industry it would be safe to say that we have an idea what is going on in our local real estate market.
Instead of making bold 2012 real estate predictions I have decided to decline.
Why?
Because every other real estate agent, real estate company, and professional organization has already published theirs! My clients have read some of them but not many.
So my crystal ball stays in the closet with my ouija board, rabbits foot, and all other prognosticating devices that I own.
All I tell my clients is to be realistic and … (3 comments)
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the norton agency: I Have to Practice What I Preach! - 12/12/11 10:51 PM
It is easy to give advice to clients, friends, and family when it does not directly affect you. In this situation I had to practice what I preached.My family has owned a condo in Florida for over five years. We bought this condo to enjoy with our family not as an investment. Then the housing market collapsed. The result: The market value of the property went down by 53% After three attempts at a short sale, loan modifications, and refinancing, we were at a crossroads. Do we continue to put money into the property or cut our losses and move on?It … (2 comments)
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the norton agency: They Took the Doors - 12/12/11 09:55 PM
This market continues to amaze us. It forces people into irrational behavior. Take the case of the latest home to go into foreclosure in my neighborhood. The home had been for sale approximately two years. A custom built home with upgraded appliances, light fixtures, and a pair of handmade antique front doors.
Needless to say the home was advertised for foreclosure at the beginning of December. Our team put a short sale offer on the home two weeks before it was to go into foreclosure. At that point the "owners" had taken the appliances, and changed out the light fixtures. We … (5 comments)
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the norton agency: Why I Did Not File the Deed! - 11/19/11 06:21 PM
After six years I still learn something new everyday!
I have a client who is buying a home from a seller who purchased the home on the courthouse steps. The seller, with his investment group, paid cash for the property.
As we finalized the agreement with the seller we did negotiate with one disadvantage. We did not know what the seller paid for the home. Why? Because the seller had not filed the deed with the county!
After we finalized the agreement I brought up this point with the seller. The seller waited to file the deed because he did not … (4 comments)
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the norton agency: Ten Trends from The Norton Agency - 11/19/11 06:03 PM
We had the opportunity to attend The Norton Agency Advanced Seminar last week. Our President, Frank Norton Jr, gave us a lot of statistics, information, and trends for the national and local real estate market.
Top ten trends, for our area, as identified by The Norton Agency
Expect no upward swing (in regards to prices) Foreclosures have run their course in Georgia Lending is invisible (more lending alternatives) Cash is piled up on the sidelines (folks in a holding pattern) Value price is in Healthcare sector is pumping Agriculture is back (demand for small farms) Function before glamour (in regards to … (2 comments)
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the norton agency: Frustration with Appraisals! - 11/19/11 05:47 PM
I know every agent in this country is feeling the same pain that I feel when it comes to appraisals!
At my weekly Rotary Club meeting I had a friend share his frustration. He recently had his home appraised for refinancing.
His frustration was in the fact that, in his opinion, the appraiser had no idea about the details of the home. When my friend had his home built he spared no expense. Extra insulation, upgraded hardwoods, top of the line fixtures, counter-tops, and extra energy efficiencies throughout.
In a normal market all of these upgrades would weigh on the price … (5 comments)
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the norton agency: HUD Temporary Extension on FHA's Property Flipping Exemption - 11/07/11 11:39 AM
A couple of points:The FHA is extending the availability of the temporary waiver of its regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, until December 31, 2011To use an FHA loan on a home that is being flipped: All transactions must be an arms-length transaction. The home cannot have a pattern of previous flipping activity as evidenced by multiple title transfers within the last 12 months. The property must be marketed open and fairly. If the property is being sold for more than 20% of … (1 comments)
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the norton agency: A Wasteful Effort - 11/07/11 11:00 AM
This recently happened to a friend of mine in the Atlanta area.
A large lending institution advertised that they would be in Atlanta to assist people in modifying, or refinancing, their existing mortgages. Part of this program was a result of the new initiatives passed at the White House.
My friend went online to make an appointment to meet with the lender. No appointments were available. My friend then went to downtown Atlanta on the day of the event to wait in line for three hours! After a long wait my friend finally met with a lender representative. This was one … (0 comments)
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the norton agency: The Difficulty of Moving Up a Closing - 10/08/11 12:17 AM
Your buyer is anxious to move up the closing. The lender says that they are ready, the buyer is ready, BUT: This is a short sale or a foreclosure!
What does that mean?
It means that the lender has to approve the HUD 48 hours prior to closing. It means having the HUD perfect. It means waiting for the title to arrive, via courier, to the attorney.
When The Wells Team works with a buyer or seller in this situation we become a second set of attorneys. We check on the status of financing, liens, paperwork from the selling institution, paperwork from … (0 comments)
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the norton agency: Realtionships Still Work - 10/07/11 11:51 PM
We were approached by a company offering an internet lead capture system.
I know that they are great systems but The Wells Team obtains their business the old fashioned way: Personal Realtionships.
We are going to have a successful year despite the tough real estate market. The majority of our business is from personal relationships.
The Wells Team has made it a point to be active in the local community, participate in local organizations, and donate to local groups that need assistance.
I realize this is very basic but, after six years in the business, relationships remain a fundamental part of … (1 comments)
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the norton agency: The Norton Agency Has an App for Your Cellphone - 10/06/11 11:03 PM
The Norton Agency is a local company with its dominant presence in North Georgia. Even though we are local, our company keeps up with the latest technology.
If you go the website below, you will be able to download an app that features The Norton Agency. The app will take you to our website where you can search the latest residential and commercial properties available. You will also see the additional services the company provides including property management, Homeworks, insurance, and our affiliations with closing attorneys and title companies.
http://www.wdun.com/accesswdunapp/
The Norton Agency: Local knowledge with both a national and international … (0 comments)
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the norton agency: Presidents Speech Thursday Night - 09/10/11 03:15 PM
Maybe you can mention a point that I missed from the President's speech Thursday night. His speech was to discuss jobs and his strategy for creating job growth.
If I am not mistaken I only heard one reference to the housing market and ideas to strengthen it.
What I am seeing in the North Atlanta Metro area is probably the same thing you are seeing in your area: Builders are scrambling for work, neighbors continue to foreclose, neighbors cannot refinance because of the decline of their home values, neighbors cannot accept other jobs because they cannot sell their home. Pretty basic observation.
… (2 comments)
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the norton agency: Communications, Still a Real Estate Basic - 09/09/11 10:23 AM
Yes communications is still a basic in the real estate world!
This is another lesson learned from dealing directly with clients.
Our sellers had asked us to lower the price of their home. Months later we received our FIRST offer! After submitting this offer to our seller we were met with a less than enthusiastic response! Our seller was not coming down off of his price! Matter of fact he had a change of strategy and would be taking the home off of the market!
This was a big breakdown in communications!
Lesson learned: Before I make any changes to any … (0 comments)
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the norton agency: FHA Lowers Loan Amounts in Atlanta area - 08/30/11 11:05 AM
I just received some information about FHA loans. This will have an effect on some of my clients. Overall this is still a great program with 3% required downpayment. 3% down in combination with low interest rates (3.75% last week) makes this is a great product.
Here is the breakdown for the North Atlanta Metro area effective September 1st
FHA has lowered the maximum loan amount from $346,250 to $320,850 in Metro Atlanta counties (includes Forsyth and Dawson)
HallCounty remains at $271,050 max loan amount
The Wells Team has a list of lenders that we have worked with in the … (0 comments)
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the norton agency: The Norton Agency and its Invest in America Campaign! - 08/18/11 02:49 PM
We are at an interesting and somewhat frightening era in America. The stock market and world markets change daily and we watch our 401K’s and investments vacillate. With all this in mind, The Norton Agency has launched its new mantra – INVEST IN AMERICA – BUY REAL ESTATE. Despite the down turn in the real estate market over the past four years, it is still one of the best ways to invest your money. Interest rates are at an all time low – 3.75% for FHA and VA and as low as 3.5% for a 15 year Conventional.
… (0 comments)
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the norton agency: Sometimes you have to throw in the towel - 07/19/11 11:12 PM
This is something all Realtors dread doing: Throwing in the towel! In this case it involved friends/clients of mine who had their home listed with me.
The home appeared to be priced correctly but as time went on that did not appear to be the case. We watched other houses around them go for lower prices. My clients grew more frustrated because buyers would not appreciate all of the extras that were put into the home. (does any buyer appreciate this)
After four months of multiple showings (the most we have ever had), plus two offers that did not work out, … (4 comments)
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the norton agency: Now this is what I call service! - 06/27/11 11:23 PM
I admit it. I have another career besides real estate. Yes I have been an airline pilot for 20 years. I have been in real estate for 6 years. This was a chance to combine the two and give incredible service to a client.
The night my clients were leaving for a two week vacation to England I received an offer on their home. Figures! They really wanted to enjoy their vacation and not endure the stress of constant emails, counteroffers, and the other joys of negotiating.
Instead I happened to be flying to London on a scheduled trip for the … (6 comments)
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