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Wow, what a year it was! 2009 definately had it's challenges, which is why we are even more pleased, thrilled really, to be awarded the number ONE team in Keller Williams Realty Consultants, Roswell, GA! This is a fantastic office full of many top producers so we are in excellent company. I think this office will continue to feed off of each others current successes. We listen to each other, brainstorm with each other and want each other to succeed! It never ceases to amaze me the open atmosphere at Keller Williams.
Our team is also among the top 10 teams in North Fulton and Forsyth Counties (North Atlanta areas). In a time period where many of the largest teams are selling foreclosures, it is comforting for us (and our clients) to know that we can still be extremely productive without selling foreclosures. We did close several short sales last year and helped our clients avoid foreclosure but the vast majority of our sales were traditional resales. We helped our clients sell their current homes and move into new ones. What a great time to buy! For our clients that were moving up in price point, just think of the investment! We made sure they stood to gain much more in their new house than the loss they may have taken in their current home. We won't sell a house we know we can't resell easily. We want our clients homes to be the investments they should be!
As for 2010, we plan to increase sales yet again and help more homeowners make a move that benefits them! Know someone ready to make a move? Call the team that is making it happen!
Here's to 2010!!
Sherry and Maria
www.sherryandmariateam.com
sherry@sherryandmariateam.com
If you are struggling to make mortgage payments, you have two options. First, we counsel clients in how to go back to their lender and renegotiate the terms of their loan. With the initiation of the Homeowner Affordability and Stability Plan, part of the recent stimulus bill, homeowners have the option of refinancing even if their loan to value ratio is above 80%, the current guideline for conforming loans. There are also options for those that have had their income reduced. The new plan allows for government and investment banks to work together to lower interest rates on loans and thus lower payments for those with either reduced income or reduced equity in their homes. The bill is somewhat complicated. Make sure you are talking to a mortgage broker or bank that is staying on top of these changes.
If you do not qualify for these new programs either because your income is now too low or you are too upside down on your home (you owe considerably more than what your home is worth), you may qualify for a short sale. This is when the bank is "shorted" what they are due according to the mortgage terms. It does reduce your credit score but looks better than walking away from the home and allowing it to go to foreclosure. According to RC Thielemann, of Capital Mortgage, a short sale will drop your credit score about 100 points, where a foreclosure will drop your score 300 points and make it very difficult for you to purchase again. The added benefit is that you have a place to live while you are selling your home. If you think this is an option for you or someone you know, please call us. We don't want to see anyone lose their home but if they must, this is a better way to do it.
TOP 5 REASONS NOT TO FORECLOSE!!
1. THE HOMEOWNER WILL ALWAYS HAVE TO DISCLOSE THAT THEY HAVE HAD A FORECLOSURE ON ANY MORTGAGE APPLICATION. FOREVER!!! NOT JUST 7-10 YEARS.THE MORTGAGE APPLICATION ASKS IF YOU HAVE "EVER" HAD A FORECLOSURE.
2. CREDIT SCORES WILL BE LOWERED BY 300 PLUS POINTS AFFECTING THE ABILITY TO GET A CAR, APARTMENT, CREDIT CARDS, EVEN CAR INSURANCE. SHORT SALES LOWER YOUR SCORE ON AVERAGE ABOUT 100 POINTS. YOU MAY BE ABLE TO BUY ANOTHER HOME A YEAR LATER.
3. A FORECLOSURE IS THE ONE CREDIT REPORT ITEM THAT IS ALMOST IMPOSSIBLE TO "REPAIR".
4. MILITARY AND GOVERNMENT SECURITY CLEARANCE COULD BE AT RISK WITH FORECLOSURE.
5. MANY EMPLOYERS RUN CREDIT CHECKS ON PROSPECTIVE EMPLOYEES AND FORECLOSURE IS ONE OF THE TOP ITEMS THAT WILL PUT A POTENTIAL NEW HIRE IN JEOPARDY.
AGAIN, IF YOU ARE STRUGGLING, YOU AREN'T ALONE. JUST CALL AN AGENT THAT IS EXPERIENCED AND CAN HELP YOU THROUGH THE PROCESS. WE'RE REO CERTIFIED (DISTRESSED PROPERTIES) AND HAVE NOT LOST ONE SHORT SALE YET TO FORECLOSURE! AND WE DON'T INTEND TO START NOW!
This is what we've been waiting for! If you've been on the fence about moving, now is the time. Rates are still low, home prices are stabilizing, which means they will be going back up, and now you may just qualify for a tax credit of $6,500 to $8,000! Here's how it works:
$6,500 Tax Credit: If you have owned your home for at least 5 of the last 8 years (yeah, not really sure where they came up with that stipulation), sell your current home and purchase another (may be more or less in value than your current home) by June 30, 2010 (must be under contract by April 30, 2010), you may qualify for the $6,500 tax credit. A tax credit is different than a tax deduction in that it takes the full amount right off of the amount of tax you owe. For example, if you would normally owe $9,000 in taxes for the year, you will only owe $2,500. If you would only owe $5,000 in taxes, you will get a REFUND check of $1,500. Nice! There is an income limit of $125,000 for single taxpayers and $225,000 for married filing jointly taxpayer. For more information go to www.federalhousingtaxcredit.com or ask your accountant.
$8,000 Tax Credit: This is available to first time home buyers. First time home buyers are those purchasing their first home or those that have not owned a home for the last 3 years. So if you know someone that has been out of the market for a while, now is the time to buy!! The same income limits as above tax credit apply.
Both tax credits apply to purchasing your principal residence (sorry investors) and the home must be at or under $800,000. Parents, you are allowed to co-sign for your children and they will still be eligible for the tax credit as long as they meet the other stipulations (income, price point of home, etc.)
I can't imagine a better time to move than now. Watch the rates... as the stock market continues to improve, rates will increase. This is due in part to the fact that mortgage rates follow bond rates. Rates are lowest when bonds are highest (an inverse reaction). As the stock market improves, people pull money out of bonds and into stocks, decreasing the value of the bonds. Don't wait too long! Call us today.
Here are a few ways you can help with donations to Haiti:
1) Hope for Haiti Program: www.hopeforhaiti.com
2) Text HAITI to 90999 on your cell phone to donate $10 to the Red Cross. Your donation is billed directly to your cell phone.
3) Partners in Health Program: http://pih.org/what/PIHmodel.html
At this current time, over 4 million dollars has been raised from option #2 Texting HAITI to 90999.
The Sherry & Maria Team
Keller Williams Realty
Sherry 678.283.1710
Maria 678.548.5513
www.sherryandmaria.com
www.sherryandmariateam.com
Top Ten Team, North Fulton & Forsyth Counties
We're never too busy for your referrals!
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Maria Livingston- Sherry Ajluni - Alpharetta, Cumming, Johns Creek Realtor
Johns Creek,
GA
More about me…
Keller Williams Realty
Office Phone: (770) 287-4800
Cell Phone: (678) 548-5513
Email Me
For the latest Real Estate information on the North Atlanta area, check out our North Atlanta Real Estate Blog. You may also visit our website at www.SherryandMaria.com.
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