Georgia Real Estate

Cash For Clunkers is Over But What about Cash for LSV's

Eric Reid (Renaissance Realty Group ) — Sat, 31 Oct 2009 21:00:18 -0500

Cash for Clunkers is over, but the opportunity to cash in continues. A new tax credit promises to pay you handsomely for a buying a vehicle some say only sees time on a golf course. Nicknamed "Cash for Clubbers" by critics, the new plan causing protesters and profiteers to move quickly

It sits at a golf cart shop on a golf cart lot, but don't call it a golf cart.

"This is an LSV," explained Bob Hill, with The Cart Shed. "It is actually an automobile - an electric automobile."

LSVs, or low speed vehicles, arrived quietly about 10 years ago. But, 10 months ago the American Relief and Recovery Act put them in the limelight offering a tax credit that was hard to miss.

"It's big money...$4,300 and it's someone's ability to claim that $4,300 on this car," said Hill.

To qualify for the program, purchase and delivery of your LSV must be made by December 31st. You will be eligible for whatever amount of credit your vehicle qualifies for when you file your 2009 federal income tax documents

$24,000 cash for clunkers --

Eric Reid (Renaissance Realty Group ) — Sat, 31 Oct 2009 20:42:05 -0500

Cash for Clunkers cost $24,000 per car

An analysis released yesterday by the automotive Web site Edmunds.com has tallied up the taxpayer bill for the Cash for Clunkers program, and it comes in at a whopping $24,ooo per car with very little to show for it. In fact, only 125,000 of those were vehicles that would not have been sold anyway. The program gave car buyers rebates of up to $4,500 if they traded in less fuel-efficient vehicles for new vehicles that met certain fuel economy requirements. A total of $3 billion was allotted for the rebates. The average rebate was $4,000, but if the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, it means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales. Of course the Department of Transportation (DOT) disagrees: "It is unfortunate that Edmunds.com has had nothing but negative things to say about a wildly successful program that sold nearly 250,000 cars in its first four days alone," said Bill Adams, spokesman for the DOT. "There can be no doubt that CARS drummed up more business for car dealers at a time when they needed help the most." Edmunds.com's estimate of the sales increase generally matches what industry experts had thought, said George Pipas, a sales analyst with Ford Motor Co.

Bank Owned Foreclosure Buford, GA 6BR/4.5BA Single Family House

Eric Reid (Renaissance Realty Group ) — Sat, 31 Oct 2009 20:34:59 -0500

Renaissance Realty Group, Inc. | Renaissance Realty Group | 770-277-6652

2820 Drayton Hall Dr., Buford, GA

Bank Owned Foreclosure. Highly prestigious private subdivision. 4-sided brick w/ heated inground pool.

6BR/4.5BA Single Family House

offered at $625,000

Year Built	2006
Sq Footage	6,445
Bedrooms	6
Bathrooms	4 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	0.92 acres
HOA/Maint	$0 per month

DESCRIPTION

Bank owned foreclosure in beautiful and highly prestigious gated community. 4-sided brick construction with stone accents. 3-car, side entry garage. 0.92 acre corner lot includes heated inground pool, waterfall and heated tub.
Large master suite w/ fireplace, jetted tub, separate shower, granite his and her vanities.
Beautiful luxury details throughout. Unfinished daylight basement.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Granite countertop	- Attic
- Basement	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard	- Swimming pool	- Jacuzzi/Whirlpool

OTHER SPECIAL FEATURES

- Gated Community

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 8, 2009, 10:35am PDT

JUST REDUCED!! FORECLOSURE South Forysth

Eric Reid (Renaissance Realty Group ) — Sat, 31 Oct 2009 20:30:08 -0500

Renaissance Realty Group, Inc. | Renaissance Realty Group | 770-277-6652

2445 Bexford View, Cumming, GA

JUST REDUCED! Great swim/tennis community. Full basement w/ BR, Bath & 2nd Kitchen. Beautiful details. Bank Owned Foreclosure.

5BR/3.5BA Single Family House

offered at $266,000

Year Built	1995
Sq Footage	2,468
Bedrooms	5
Bathrooms	3 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	0.6 acres
HOA/Maint	$38 per month

DESCRIPTION

JUST REDUCED!! FORECLOSURE Sale! Beautiful architectural details throughout. Great 5 bedroom 3.5 bath home on .6 acre lot in a prestigious swim/tennis subdivision. Master suite on Main with office/library. 3 guest rooms up. Teen/in-law suite on terrace level with full bath and 2nd kitchen along with multiple bonus rooms. This home has just been listed for sale and is priced AS IS. 7 day due diligence inspection period ok.

Note: Buyers who are engaged in a buyer brokerage agreement must have their agent contract our office to schedule showings and buyer's agent must be present for all showings or seller does not pay agent fees.
Unrepresented buyers may contact our office directly for property information, to schedule a tour of this home, or for offer instructions.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Family room	- Bonus/Rec room	- Office/Den
- Dining room	- Breakfast nook	- Dishwasher
- Microwave	- Granite countertop	- Basement
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Swimming pool(s)

- Tennis court(s)

- Playground

OTHER SPECIAL FEATURES

- MASTER SUITE ON MAIN

- LIBRARY/OFFICE WITH BUILT IN SHELVING

- 2ND KITCHEN & FULL BATH IN FINISHED BASEMENT

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 31, 2009, 5:18pm PDT

HOME BUYER TAX CREDIT -- WATCH -- UPDATE - LOOKS LIKE THE EXTENSION IS

Eric Reid (Renaissance Realty Group ) — Wed, 28 Oct 2009 20:57:08 -0500

YES or I should say a soon to be a YES

Here is what USA Today had to say about today's announcements:

"Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Details to follow...

HOME BUYER TAX CREDIT -- WATCH -- UPDATE - LOOKS LIKE THE EXTENSION IS

Mark today as a Mile Stone Day ... and help me happy dance.

Eric Reid (Renaissance Realty Group ) — Wed, 28 Oct 2009 17:49:19 -0500

As I look back to my first coaching call with Coach Tim when he asked -- what have you done today to build your business ? - after what I thought was a great answer he then asked about my "numbers" you know current listing, listing in escrow, pending new listing, total closed units, and on and on ..

Now those of you that have had a Coach, know that at some point they are going to turn on you .. Well it took Coach Tim about 10 minutes before I heard .. Hmmm sounds like a pretty LAZY 6 months ..After I got my breath back and tried one more time to tell Coach Tim how HARD I was working he said .. "Dude" your doing like 2 maybe 3 closings every 45 days and have no future business,and your pipe line is dry, you might want to think about another line of work ... OUCH...

What Coach Tim .. did was slap the reality back into me.. and made me realize the difference between being an "agent" and being a business - a profitable business.

That call on May 25th 2009 -- Set The Challenge

Close 36 in 6 months and take 62 listing

I am PROUD to say .. Today I put number 36 under contract and have taken 57 new listing in the process.

I share this with you all to say .. MAKE BIG GOALS and GO FOR THEM

But PLEASE PLEASE don't tell Coach Tim Harris or he will say Dude -- told you it be a piece of cake why not get to work and Go For 50 by New Years Eve... I am so looking forward to taking the next 2 months off.

HOME BUYER TAX CREDIT EXTENSION - NEW WATCH UPDATE

Eric Reid (Renaissance Realty Group ) — Wed, 28 Oct 2009 10:31:54 -0500

Now comes a post this morning from the mortgage chatline from someone who apparently has some very detailed information. I will quote it verbatum, again with the understanding that this has not been confirmed but somewhat reliable:

"The Home Buyer tax credit has apparently been extended, and eligibility expanded to include some move-up buyers. Details: Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples. For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples. There is a minimum 5 year residency requirement - in their current home - for move-up home buyers. The tax credit is the lesser of $7,290 or 10% of the purchase price. The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow) Expect bill to be signed by Friday, packaged with the unemployment benefit extension."

HOME BUYER TAX CREDIT EXTENSION - NEW WATCH UPDATE

HOME BUYER TAX CREDIT GEORGIA - Lawrenceville GA

MOVE UP BUYERS TAX CREDIT IN THE WORKS FOR 2010

Eric Reid (Renaissance Realty Group ) — Wed, 28 Oct 2009 09:10:31 -0500

Senate Close to Deal Replacing Homebuyer Tax Credit

Oct. 27 (Bloomberg) -- U.S. Senate leaders moved closer to an agreement replacing an expiring $8,000 tax credit for first- time homebuyers with a smaller one that would expand access to so-called step-up purchasers, two people familiar with the matter said.

The deal would reduce the size of the tax credit to 10 percent of the sale's price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.

The new agreement, which is still being negotiated and may change, would grant the credit to borrowers who have lived in their current home for at least five years. Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.

This will You opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out and provide a strong 1st quarter for 2010 .

Reverse Mortgages - Good ? Bad ?

Eric Reid (Renaissance Realty Group ) — Tue, 27 Oct 2009 20:14:47 -0500

Reverse mortgages have hidden dangers

Panelists at the Information Management Networks 15th annual ABS East gathering in Miami Beach conference said that in the last two years reverse mortgages have moved beyond the needs-based senior and now see a significant mix of borrowers tapping into the market. This year alone, the percentage of owners with homes valued at above $400,000 is increasing to up to 39% of the reverse mortgage claims in some markets. The panel also said the market is set to grow dramatically, with predictions that the next leg of growth in structured finance will come by way of reverse mortgage resecuritizations, despite warnings that the product is particularly vulnerable to misuse and even fraud.

Annual reverse mortgage volume has topped 110,000 units and $17bn, with top banks like Wells Fargo and Bank of America and large insurance companies like Genworth and MetLife leading the way. Despite a slowdown in originations due to the recession, reverse mortgage originations are continuing at a record pace. In the reverse mortgage market, seniors face some of the same aggressive lending practices that were common in the subprime lending boom, said Tara Twomey, an NCLC attorney and author of the report. Well-funded marketing campaigns and perverse incentives to brokers are targeting seniors home equity and using reverse mortgages as their tools.

Fannie Mae announces relief for investors

Eric Reid (Renaissance Realty Group ) — Tue, 27 Oct 2009 20:09:11 -0500

Fannie Mae announces relief for investors

Fannie Mae announced that its new Payment Reduction Plan (PRP) will provide forbearance for borrowers who are ineligible for the Home Affordable Modification Program (HAMP). The mortgage principal and interest payments will be reduced by up to 30% for borrowers qualified for PRP, which replaces Fannies HomeSaver Forbearance program. PRP reduces the payments by 30% rather than the previous 50% under HomeSaver Forbearance, because permanent solutions are closer to 30%, Faith said. Faith added that non-owner-occupied properties became eligible under PRP, and owners will receive new options and support for their investment properties and second homes even though they do not fit under the HAMP umbrella. The US Treasury Department provides capped incentives to servicers for the modification of eligible loans on the verge of foreclosure through HAMP. The PRP will grant transitional support for borrowers who do not qualify for HAMP while more permanent mortgage solutions ar e determined, according to Brian Faith, a vice president at Fannie Mae.

case-Shiller reports Home Prices Rise

Eric Reid (Renaissance Realty Group ) — Tue, 27 Oct 2009 20:04:51 -0500

Home prices rise - Case-Shiller

The Standard & Poor's/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February. It shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June. "If the increases are consistent across the markets, this is key," said Susan Wachter, Wharton School real estate professor, before the index was released. "Then we're seeing the formation of a bottom." However, rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales. The real estate industry is lobbying Congress to extend the credit past the Nov. 30 deadline. Top Democrats in the Senate are pressing a plan that would prolong the credit but gradually phase it out over the next year.

Twingate Dr., Alpharetta, GA Elegant home in Doublegate

Eric Reid (Renaissance Realty Group ) — Sat, 24 Oct 2009 21:56:29 -0500

Renaissance Realty Group, Inc. | Renaissance Realty Group | 770-277-6652

10140 Twingate Dr., Alpharetta, GA

REDUCED!! Come see this elegant home in Doublegate swim/tennis community. Beautifully maintained w/ full finished basement. Hardwoods on most of main

5BR/4.5BA Single Family House

offered at $399,000

Year Built	1992
Sq Footage	3,092
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	Unspecified
Parking	2 Car garage
Lot Size	0.4359 acres
HOA/Maint	$0 per month

DESCRIPTION

JUST REDUCED!! Beautifully maintained home inside and out. Interior features hardwood flooring in 2-story entry, solarium/sunroom, kitchen and formal dining room. Main level also includes formal living room and family room. Kitchen offers granite counters, wall ovens, dishwasher, disposal, center island, storage pantry, and large breakfast area.

With front and back entry stairways, the upper level offers a generous master suite with his and her closets, jetted garden tub, separate shower, and his and her vanity. There are three additional guest rooms on the upper level.

Basement is fully finished and includes a full guest bath, kitchenette, and multiple bonus rooms.

There is a terrace level covered patio, a large upper deck, and low maintenance landscaping.

Located in the prestigious Doublegate swim/tennis community, this home is convenient to major interstates.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Family room	- Living room	- Bonus/Rec room
- Dining room	- Breakfast nook	- Dishwasher
- Stove/Oven	- Granite countertop	- Attic
- Basement	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

COMMUNITY FEATURES

- Swimming pool(s)

- Tennis court(s)

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 19, 2009, 8:13am PDT

6BR/4.5BA Single Family House Bank Owned Foreclosure

Eric Reid (Renaissance Realty Group ) — Sat, 24 Oct 2009 21:50:47 -0500

Renaissance Realty Group, Inc. | Renaissance Realty Group | 770-277-6652

2820 Drayton Hall Dr., Buford, GA

Bank Owned Foreclosure. Highly prestigious private subdivision. 4-sided brick w/ heated inground pool.

6BR/4.5BA Single Family House

offered at $625,000

Year Built	2006
Sq Footage	6,445
Bedrooms	6
Bathrooms	4 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	0.92 acres
HOA/Maint	$0 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Granite countertop	- Attic
- Basement	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard	- Swimming pool	- Jacuzzi/Whirlpool

OTHER SPECIAL FEATURES

- Gated Community

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 8, 2009, 10:35am PDT

Freddie Mac - increased delinquencies

Eric Reid (Renaissance Realty Group ) — Sat, 24 Oct 2009 21:42:45 -0500

Freddie Mac announced today that its mortgage investment portfolio grew by an annualized 7.3 percent rate in September, while delinquencies on loans it guarantees accelerated. The portfolio increased to $784.2 billion, for an annualized 3.4 percent decrease year to date, and delinquencies, which increase stress on the company's capital, jumped to 3.33 percent of its book of business in September from 3.13 percent in August and 1.22 percent in September 2008. The multifamily delinquency rate accelerated slightly in September to 0.11 percent from 0.10 percent in August. A year earlier it was 0.01 percent.

2010 is shaping up for a weak recovery

Eric Reid (Renaissance Realty Group ) — Sat, 24 Oct 2009 21:38:22 -0500

2010 is shaping up for a weak recovery The Federal Reserve is in no rush to pull back its extensive economic life support measures. Chicago Federal Reserve President Charles Evans said: We have to think about our exit policy and are looking at it very carefully, but at the moment, that's not our first order concern, at the moment, its policy accommodation. I think that the recovery is going to be very unsatisfactory in 2010. Evans, who will vote on the Fed's policy-setting panel in 2010, said he expects unemployment to rise above ten percent. The Fed has cut rates to near zero and pledged to hold rates there for an extended period. Its next policy-setting meeting is Nov. 3-4 and it is not expected to signal any movement toward an exit then. High unemployment and low inflation rates both indicate that policy accommodation is in order, and with economic growth, household spending will be restrained and businesses will face weaker demand for their goods and services, Evans said. "It is not going to feel l ike a recovery for some time.

Commercial Real Estate - Facing Foreclosure Crises

Eric Reid (Renaissance Realty Group ) — Sat, 24 Oct 2009 21:35:13 -0500

If theres another real estate collapse on the way, its in commercial real estate, and the FDIC closing Chicago's Corus Bank last month may have signaled the beginning of it. Corus, whose balance sheet full of bad construction loans, was just one of many banks that have this type of debt on their books, and refinancing the $2 trillion in commercial mortgages is going to be tough as property values decline. In this new age of cautious lending, few banks are willing to refinance loans. Michael Haas, a real estate attorney at Jones Day, says, "There is a hesitancy to extend credit when there is a real possibility that the real estate may be worth less than it was a few years ago." In a situation similar to the subprime crisis, we may be looking for a wave of foreclosures and loan defaults that could, in turn, trigger a collapse in the market of the structured bonds backed by commercial real estate and construction debt.

Commercial Real Estate - Facing Foreclosure Crises

Shadow Foreclosures -- is it real or myth ?

Eric Reid (Renaissance Realty Group ) — Tue, 20 Oct 2009 20:15:23 -0500

This report lead one to think it is more real than o=anyine want to let out of the bag.

RBS says 2.7 million more distressed sales in pipeline

Royal Bank of Scotland (RBS) economists say that recent months of nascent housing recovery remain overshadowed by the delinquency pipeline that threatens to put as many as 2.7m distressed sales on the market in the US. Given the lag time between a start and a completion, homebuilders and new home buyers probably had to act by July in order to feel confident that they would be able to claim the credit, said RBS chief economist Stephen Stanley, explaining the surge in sales earlier this year. So, a portion of the increase in both starts and sales in recent months likely reflected activity being pulled forward into the summer. According to the report, resales are likely to be soft in coming months if the tax credit expires and is not extended as some industry groups are calling for Congress to do. The inventory of existing homes held at 3.622m in August, 21% below the 4.575m peak in July 08. The dip may be due to various foreclosure moratoria as well as a delay in the process of foreclosed properties to reaching the market, RBS said. The typical foreclosure timeline is doubled in some cases from 12 months to 24 months. A housing market that is just beginning to climb from the ashes would be unable to handle influx of nearly 3 million additional homes for sale all at once, RBS economists said.

Fannie Mae and Freddie Mac will purchase housing bonds issued by the finance agencies.

Eric Reid (Renaissance Realty Group ) — Tue, 20 Oct 2009 20:09:45 -0500

The Obama administration announced another initiative to aid state and local housing finance agencies in providing mortgages to first-time and lower-income homebuyers and to assist in the development or rehabilitation of rental properties. Officials declined to put a price tag on the program, but said there would be no cost to taxpayers. Under the initiative, the Treasury Department, along with Fannie Mae and Freddie Mac will purchase housing bonds issued by the finance agencies. This will give the groups the funding needed to make new loans. The government will also provide a temporary credit program to allow the agencies to refinance their existing bonds to more favorable terms. Agencies will pay fees to participate in the program, which officials say will cover its cost. They are still working with the agencies to determine the extent of support needed. the initiative could cost as much as $35 billion. Treasury Secretary Tim Geithner explains: "This initiative is critical to helping working families maintain access to affordable rental housing and homeownership in tough economic times."

Housing Starts up 0.5%

Eric Reid (Renaissance Realty Group ) — Tue, 20 Oct 2009 19:37:19 -0500

Housing starts lower than expected

The Commerce Department announced today that Housing starts increased to a seasonally-adjusted annual rate of 590,000 last month, up 0.5% above a revised 587,000 in October, but down 28.2% from September 2008, and less than the 610,000 forecast by Briefing.com. New construction of single-family homes, the key sector of the housing market, increased 3.9% to an annual rate of 501,000 versus 482,000 in August. Starts fell by 1.7% in both the South and the West, and new home construction was flat in the Northeast at 62,000 units, and in the Midwest at 100,000 units. Multi-family homes increased despite the overall housing starts drop, and new construction of buildings with 5 or more units increased to an annual rate of 104,000, up 7.2% from 97,000 in August. Applications for building permits also missed predictions; permit applications fell 1.2% to a seasonally adjusted annual rate of 573,000. Economists had expected permits to rise to 595,000.

The Question Is How Strong Will the "Recovery" be ?

Eric Reid (Renaissance Realty Group ) — Mon, 19 Oct 2009 21:18:19 -0500

Housing: How Strong a Recovery?

The U.S. housing slump is levelling off, but whether it grows into a lasting recovery will depend on how heavily the housing market is leaning on the government's crutches, and how long Washington is willing to keep those supports in place. Barclays Capital economist Michelle Meyer puts it this way: The debate has shifted from 'Is the housing market recovering?' to "How strong will the recovery be?" Despite the recent reassuring signs, Barclays still expects the S&P Case-Shiller home price gauge to drop another 8 percent through the first quarter of 2010, bringing the total decline to 36 percent since the housing market peaked. Between the quasi-nationalization of housing finance companies Fannie Mae and Freddie Mac, the Federal Reserve's $1.45 trillion commitment to buy mortgage-related assets, and an $8,000 tax credit offered to entice first-time home buyers, the amount of public money propping up housing is massive. Three reports due this week are likely to sh ow these efforts are helping to reduce the glut of unsold homes and restore at least some confidence: The National Association of Home Builders releases its U.S. housing market index, and its expected to be better; figures on September housing starts and building permits are expected to inch up; and existing home sales for September is also expected to be up a bit.

Do You Tell The Short Sale Lender "Buyer Walked"?

Eric Reid (Renaissance Realty Group ) — Mon, 19 Oct 2009 21:13:28 -0500

Real Life Advice From a Great Short Sale Coach / Broker / Agent -

Via Wendy Rulnick "Its Wendy!" Destin Short Sales (Rulnick Realty, Inc.):

Karla Leahy started an interesting discussion on www.ShortSaleSuperstars.com. She asked "Do you inform the short sale lender when you no longer have an offer?"

From what I’ve seen the thought process behind not divulging the buyer walked is:

1. The lender will complete an appraisal or BPO that will speed up the next approval

2. The seller’s pre-qualification may be completed and ready for the next attempt

3. With some lenders, you can sneak in a substitute buyer

Bottom line, it “saves time” for the next buyer, the one you hope closes.

BUT--  IS IT RIGHT TO NOT DISCLOSE THE BUYER WALKED? Why should the short sale system be clogged because you are trying to speed up your next offer? Is it right to allow the lender to continue to work on an approval when there is no longer a contract? Sometimes there is another twist on trying to speed up an approval. “Fake” or “starter” offers are sent in to the lenders to get an appraisal ordered, when the “buyer” has no intention of closing. The “buyer” might even be the real estate agent.

Some of the lenders have a few hundred thousand offers in process. HOW MANY ARE LEGITIMATE OFFERS? The “real” buyers (and the sellers) suffer through longer wait times because others have tried to game the system, "dead" deals are being processed or offers with no hope for approval have been submitted.  If lenders were only processing contracts that could actually close, all short sales would be speeded up, right?

So, I ask "Would YOU call the short sale lender and tell them to stop working on the sale if your buyer walked?"

It's Wendy!

Available Short Sale Agent Training:

The Negotiator Interview $27.00
Short Sale Agent Training Webinars 8 Hours of training and materials for $97.00

Short Sale Listing/Submission Package $27.00 Click for details

www.ShortSaleSuperstars.com FREE

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

$8000 Tax Credit extension likely?

Eric Reid (Renaissance Realty Group ) — Mon, 19 Oct 2009 21:06:04 -0500

$8000 Tax Credit extension likely?

CNBC insider reports maybe YES

Diana Olick, CNBCs Real Estate Reporter, thinks the administration is going to extend the $8000 Home Buyers Credit. I was on the fence for a while as to whether Congress would extend the $8000 first time home buyer tax credit and whether the Administration would stand behind that, but I'm getting some clues that have pushed me over the side, Olick says. I think it may happen. She names a couple of insiders who deflected her questions about an extension, but cites Secretary Geithner as saying, We're not going to make the mistake many countries made in the past of putting the brakes on too early and creating risk that we have a, you know, weaker recovery with even higher levels of unemployment going forward. And Geithner again: [we are] looking at a set of programs like unemployment insurance, other sets of things that have--that are set to expire. And there's a good case for extending them. And I think a lot of support fundamentally for doing

it. Olick also cites a report by the Joint Committee on Taxation on extending and even broadening the credit that Capital's Washington Research Group says, "strongly suggests that a mere extension of the program will be much less and refutes whispers in Washington that an extension alone could cost more than $15 billion.

Call for Inerest Only Loan Mods - Rejected

Eric Reid (Renaissance Realty Group ) — Mon, 19 Oct 2009 21:00:15 -0500

No to Interest-Only Mods

The Mortgage Investors Coalition, a trade group of asset managers holding more than $100bn in residential mortgage-backed securitizations (RMBS) on behalf of pension funds, college endowments, and other investors, is calling on the Treasury Department to reject a proposal to offer distressed borrowers interest-only payments for a certain length of time as part of the terms of a Making Home Affordable Modification Program (HAMP) workout. The coalition said the proposal fails to address the issue of negative equity, and that it is not in the best interest of the housing industry and consumers. Modifying homeowners into mortgages that have future payment increases and adjustable interest rates will not improve a homeowners situation, said Micah Green, a partner at Patton Boggs and coalition spokesman. Doing so would ignore the fact that many of these homeowners are already in interest-only or other non-traditional mortgages and owe more on their mortgage than their home is currently worth

CITY OF LAWRENCEVILLE ELECTION

Eric Reid (Renaissance Realty Group ) — Sat, 17 Oct 2009 20:24:08 -0500

Municipal general election to be held at the Lawrenceville City Hall, 70 South Clayton Street, Lawrenceville, Georgia, on Tuesday, November 3, 2009, to elect two members of the City Council. The poll will be open from 7:00 a.m. to 7:00 p.m. The posts for this election are currently occupied by Councilmembers Robert Clark and Peter "P.K." Martin, IV.

Those residents desiring to vote in the election who are not now registered as a qualified voter must register to vote no later than the close of business on October 5, 2009.

JUST VOTE

Beautiful Contemporary Ranch with Full Guest House. Incredible 1 acre lot.

Eric Reid (Renaissance Realty Group ) — Sat, 17 Oct 2009 20:11:08 -0500

Renaissance Realty Group, Inc. | Renaissance Realty Group | 770-277-6652

1684 Herrington Road, Lawrenceville, GA

PRICE REDUCTION! Beautiful Contemporary Ranch with Full Guest House. Incredible 1 acre lot.

4BR/3BA Single Family House

offered at $264,900

Year Built	1968
Sq Footage	2,639
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	1
Parking	4+ Covered spaces
Lot Size	1 acres
HOA/Maint	$0 per month

DESCRIPTION

JUST REDUCED!! Beautiful green-friendly home that has been fully remodeled! Main house offers hardwood flooring, 3 bedrooms 2 baths, family room, modern upgraded kitchen, den w/ fireplace, formal dining room. There's also a screened front porch plus a decked breezeway leading to the guest house.

The guest house is handicap-friendly, and includes a full eat-in kitchen, family room, large bedroom with walk-in closet, and full bath. It has separate HVAC system/meter and electical meter.

You must see this incredible wooded lot w/ lush, natural landscaping. This home is well-loved and maintained. Perfect for anyone who enjoys a private home life while having easy access to shopping, restaurants, theaters, concerts, and major interstates. Less than 5 minutes to I85 and to all that Gwinnett has to offer.

Note: Owner requests showings by appointment only. Please have agent follow showing instructions in FMLS or MLS. Buyer's agent must be present at initial showing or buyer pays commission. If you do not have agent/broker representation, please contact our office directly for showings and/or offer instructions.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Hardwood floor	- Tile floor
- Family room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Stove/Oven
- Attic	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 16, 2009, 11:29am PDT