Georgia Real Estate

Fannie Mae increases credit requirements

Eric Reid (Renaissance Realty Group ) — Fri, 04 Dec 2009 11:26:09 -0600

Fannie Mae increases credit requirements

Fannie Mae has increased the minimum borrower credit score from 580 to 620. Brian Faith, a spokesperson at Fannie, confirmed the minimum hike, adding that the adjustment reflects a careful analysis of borrowers ability to repay their mortgage obligations over the life of the loan. Our experience with recently delivered loans with credit scores below 620 is that they reached a level of serious delinquency at a rate approximately nine times higher than other acquisitions during the same period, Faith said in a statement. Fannie also reduced the allowable debt-to-income (DTI) ratio to 45% when executing loss mitigation efforts under the Home Affordable Modification Program (HAMP). Under HAMP, the US Treasury Department provides allocated capped incentives to servicers for the modification of loans on the verge of foreclosure. Faith said that high DTI ratio loans also have higher levels of serious delinquency. Its not enough to help borrowers buy a home w

e must also ensure that they can stay in the home over the long term, Faith said.

More foreclosures coming..

Eric Reid (Renaissance Realty Group ) — Fri, 04 Dec 2009 11:24:28 -0600

More foreclosures coming

Diana Olick has climbed on board with an increasing number of people who thinks foreclosures are still going to hit us like a ton of bricks, driving home prices even further down. She quotes Lender Processing Services: "The November Mortgage Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), reveals a nationwide loan deterioration ratio higher than 3:1 - indicating that for every one loan improved, three more loans are deteriorating... The number of foreclosures on the market continues to stall as foreclosure timelines extend. Nearly 30 percent of properties that have been in foreclosure for 12 months have not yet been put on the market for sale - twice the level of the prior year. Foreclosure inventories continued to climb to record levels. October's foreclosure rate stood at 3.14 percent, a month-over-month increase of 0.7 percent and a year-over-year increase of 85.1 percent." And she quotes Mark Zandi, who we quoted yesterday: "This lull in forec losure sales has resulted in the price gains in the past few months," he told Reuters. "Foreclosure sales will increase, and home prices will resume their decline by early 2010 as mortgage servicers figure out who will not qualify for a modification."

Auto delinquencies up in 3rd quarter - sign of things to come again?

Eric Reid (Renaissance Realty Group ) — Tue, 01 Dec 2009 11:37:19 -0600

Auto delinquencies up in 3rd quarter

According to credit reporting agency TransUnion, auto delinquency rate -- the rate at which payments fell behind 60 days or more -- edged up in the July-to-September quarter to 0.81%, from 0.80 in the same period last year. Car loan payments that are 60 days or more late are considered a precursor to default because of the difficulty consumers face in getting caught up. TransUnion culls its data from approximately 27 million individual credit files in its database. The small increase in auto delinquencies compared with 2008 also reflects the fact that loans are harder to get, because banks and finance companies have raised their lending standards, and consumers are looking for fewer loans as they tighten their belts. Those factors led to a drop in average auto debt in the third quarter. Nationally, the amount outstanding on the average car loan dipped 2.5% to $12,542, from $12,861 last year. Loans taken out as part of this summer's Cash for Clunkers program had not start ed to appear on most credit reports when the quarter ended. As those new loans show up on credit files, there is a good possibility average auto debt will increase. But since lenders offered loans only to stronger applicants, those loans are less likely to end up delinquent, according to Peter Turek, automotive vice president in TransUnion's financial services group. TransUnion forecasts the fourth-quarter auto delinquency rate will rise to almost 0.9%. Fourth-quarter rates are typically higher, as consumers divert money to holiday spending. The weak labor market will also continue to weigh on consumers

End of the Year Tax Tips

Eric Reid (Renaissance Realty Group ) — Tue, 01 Dec 2009 11:34:13 -0600

End of the Year Tax Tips

It's that time of the year; no, we aren't talking about holiday shopping or gift giving guides...it's time to put those last minute tax strategies into place before the end of the year. Act now and chances are you will have just enough time to implement these money saving tips:

1. Transfer Assets: Have a high income with a stay-at-home spouse? Talk to your accountant about transferring income-producing assets into their name instead of yours. For example, if you currently own investment properties worth $500,000 which produce an income of 5 percent or $25,000 annually you could be hit with a tax bill of up to $12,500 for high income earners. On the other hand, by transferring these to your spouse, it may be possible to save half or more in taxes alone.

2. Buy Now - Sell Later: High net worth individuals may find it beneficial to close on short sale property prior to the end of the year and/or hold of selling until the beginning of 2010 in order to reduce 2009 taxes. Likewise, purchase supplies and materials needed to renovate or sell a property as well as office equipment before the end of the year.

3. Pay Property Taxes & Insurance Early: Strategically time the payment of property taxes and insurance to get maximum impact; most locations allow property taxes to be paid between November and April...by delaying payment or paying early, it is often possible to show two payments in one year thereby offsetting a high income year. Just remember, should you exercise this option you will not have any deduction the following year. However, it's a great way to help reduce high income years for short sale investors that have several properties under contract.

4. Make Contributions: Don't forget to make pension contributions prior to the end of the year. If you've had an especially good year be sure to maximize contributions.

5. Donate to Charity: Rather than tossing away building supplies, old office equipment and even personal belongings put them to good use by donating to charity. Not only will it help others in need but can also help offset taxes.

6. Take Write-Off's & Make Large Gifts Now: If you intend to help family or friends with the purchase of a large item or cash gift, do it sooner rather than later. Under the current guidelines, you can give up to $12,000 tax free to any individual making it a great way to distribute assets rather than leaving it for estate taxes. Remember, even debt forgiveness has tax consequences. Be sure to document everything.

7. Review Family Trusts: Depending upon your individual circumstances, family trusts make great financial sense but be sure to review them annually to determine when to begin drawing down benefits or make further contributions.

8. Take a Loss: Many short sale investors have had a very profitable year but nearly everyone has at least one under-performing investment lingering around their portfolio. Whether it's a cherished stock you've been holding or dismal bonds of some near bankrupt company - offset taxes by taking a loss now.

9. Verify Tax Credits: First-time homeowners aren't the only people who may qualify for some form of tax credit so be sure to check. College expenses, continuing education courses, new car purchase and even energy efficient upgrades are just a few of the potential tax credits that may be of interest to short sale investors.

10. Begin Planning for 2010: The last thing you want to think about is next year's taxes but it's never too early to get organized. In fact, that new PDA, NeatReceipt Scanner and other helpful gadgets may just qualify for additional write-offs!

Regional banks hold 25% of their assets in commercial real estate

Eric Reid (Renaissance Realty Group ) — Tue, 01 Dec 2009 11:30:37 -0600

Prices for commercial real estate have already fallen by about 40%, but the problem is that lots of owners are in negative equity now, said Richard LeFrak, president of the LeFrak Organization. Malls are also likely to suffer, as "the new norm is that nobody goes shopping, everybody is saving," LeFrak said, adding that mall vacancy rates run at about 11-12%. Owners don't sell because "the bottom line is there's more debt than there's value," Zell added. However, debt makes up about 80 or 90% of commercial real estate projects in the US and because of the recession, unemployed people "need little retail space," Wilbur Ross, chairman and CEO of WL Ross & Co., said. Owners don't sell because "the bottom line is there's more debt than there's value," Zell added. However, debt makes up about 80 or 90% of commercial real estate projects in the US and because of the recession, unemployed people "need little retail space," Wilbur Ross, chairman and CEO of WL Ross & Co., said. "

I think it's going to be a long, hard struggle even without new construction," Ross said. "I think it is going to be tragic for the equity owners and for some of the lenders." Typical regional banks in the US would have 25% of their assets in commercial property loans. "I think the biggest victims are going to be the regional banks."

Commercial real estate defaults double

Eric Reid (Renaissance Realty Group ) — Tue, 01 Dec 2009 11:28:42 -0600

Real Estate Econometrics LLC says commercial mortgage default rate on loans held by U.S. banks more than doubled to 3.4% in the third quarter as vacancies rose and rents declined. Defaults climbed from 1.37% a year earlier and from 2.88% in the second quarter, the New York-based property research firm said today in a report. Default rates in the first three quarters of 2009 have been the highest since 1993, the firm said. Mortgages originated in 2006 and 2007 are experiencing the most significant shortfalls in current cash flow relative to current debt-service obligations, Sam Chandan, chief economist of the firm, said in the report. Federal Reserve Chairman Ben S. Bernanke said in a Nov. 16 speech that the fallout for banks from commercial real estate could slow the nations economic recovery. Defaults on bank-owned commercial property mortgages posted the biggest quarterly jump from the previous quarter in six years of FDIC data analyzed by Real Estate Eco nometrics.

Home Sales up ?

Eric Reid (Renaissance Realty Group ) — Mon, 23 Nov 2009 15:38:53 -0600

Existing home sales up?

The National Association of Realtors' report is scheduled for release today, and home resales for October are projected to rise to the highest level in more than two years as first-time buyers, anticipating that a tax credit would soon expire, rushed to beat the clock. Sales are expected to show a 1.4 percent increase to a seasonally adjusted annual rate of 5.65 million, up from 5.57 million in September, according to economists polled by Thomson Reuters. If this turns out to be true, it would be the best month for home sales since July 2007.

But sales are likely to drop over the winter as buyers hibernate for a few months without the looming tax credit deadline, said Pat Lashinsky, chief executive of online real estate brokerage ZipRealty Inc. Over the summer, the housing market started to rebound from the worst downturn in decades, aided by aggressive federal interventions to lower mortgage rates and bring more buyers into the market. But experts forecast that prices will fall again. Most say they will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market. Foreclosures also are a growing problem. The Mortgage Bankers Association said last week that a record-high 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. Driven by rising unemployment, fixed-rate loans made to borrowers with good credit accounted for nearly 33 percent of new foreclosures last quarter. That compares with 21 perce nt a year ago.

Home Affordable Modification Program (HAMP) is it working ?

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 19:06:23 -0600

Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's Home Affordable Modification Program (HAMP), raising concerns about the effectiveness of the $75 billion effort. Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30. More broadly, the figures are even lower. As of Sept. 1, only 1.26% of all trial adjustments were made permanent after three months, reported the Congressional Oversight Panel, which monitors the government's use of bailout funds. The preliminary data, which has not been widely reported, underscores the next big problem facing the government's effort: Officials have leaned on banks to offer more homeowners trial modifications, but the real test will be whether homeowners will receive lasting help.

"No one is really sure why the conversion rate is so low," said Mike Zoller, assistant economist at Moody's Economy.com. "We're concerned these loans will eventually become foreclosures." Guy Cecela, publisher of Inside Mortgage Finance, a trade publication, says, "Everyone is going to be shocked at the low conversion rates from trial modifications to permanent modifications." The president's program "won't result in a significant number of loans being modified and won't put a significant dent in foreclosure rates."

The next Foreclosure Wave ?

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 19:04:19 -0600

In a lead story, the Wall Street Journal (WSJ) paints a dismal picture of the housing market in 2010. Uncertainty over the extension of a home-buyer tax credit sent new-home starts in October crashing down a full 10.6% from September, and starts of single-family houses fell 6.8%. That's the lowest level since April, the Commerce Department said. This news suggests that foreclosures are not only going to keep rolling in, but that they may actually increase. Richard Dugas, chief executive of Pulte Homes Inc., the nation's largest home builder, warned investors: "As we look out to 2010, we are expecting difficult conditions to continue." Wednesday's data prompted some economists to revise their fourth-quarter forecasts down slightly. Macroeconomic Advisers moved its GDP estimate down to 3% from 3.2% and Nomura Securities predicts 3.4% growth, down from 3.6%. The data adds to the suggestion "that the recovery is a little bit rickety," said Zach Pandl, an economist from Nomu

ra. Given that 3.4% of U.S. households -- or about 1.9 million homeowners -- are 120 days or more overdue on their payments, and that millions of homes are expected to go through foreclosure over the next few years, adding to supply, it's a fair bet that foreclosure problem won't be gone anytime soon.

Mortgage rates at record lows

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:59:20 -0600

Mortgage rates at record lows

Freddie Macs weekly survey of average interest rates put the 30-year fixed-rate mortgage (FRM) at 4.83% with an average 0.7 points for the week ending Nov. 12, down from the average rate of 4.91% the previous week. Thats a mere 5 basis points shy of Freddie Macs record low of 30-year FRM rates, reached twice in April this year. Last year, the rate was 6.04%. Freddie Mac put the 15-year FRM at 4.32% with an average 0.6 points, down from last weeks 4.4% and the lowest rate for the product since Freddie Mac began its 15-year FRM survey in 1991. A year ago, the average rate for the loan was 5.73%. Bankrate.coms survey of large US banks and thrifts put the 30-year FRM at 5.06%, the lowest in the surveys 24-year history and down 13 basis points from the previous week. The previous low on the Bankrate survey was 5.13% in April. Bankrate.com put the average rate for a 15-year FRM at 4.48%, down 13 basis points from the previous week. Low fixed rates throughout

the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan, said Freddie Mac vice president and chief economist Frank Nothaft. Moreover, for the fourth consecutive quarter, more than 95% of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year

Why are foreclosures up?

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:57:11 -0600

Why are foreclosures up?

Jay Brinkmann, MBAs Chief Economist, says it's jobs. Despite the recession ending in mid-summer, the decline in mortgage performance continues. Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP. Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07% to 1.42%. Brinkmann says it's prime and FHA mortgages that are taking the worst beating. Prime fixed-rate loans continue to represent the largest share of foreclosures started and the biggest driver of the increase in foreclosures. 33% of foreclosures started in the third quarter were on prime fixed-rate and loans and those loans were 44% of the quarterly increase in foreclosures. The foreclosure numbers for prime fixed-rate loans wi ll get worse because those loans represented 54% of the quarterly increase in loans 90 days or more past due but not yet in foreclosure. The performance of prime adjustable rate loans, which include pay-option ARMs in the MBA survey, continue to deteriorate with the foreclosure rate on those loans for the first time exceeding the rate for subprime fixed-rate loans. In contrast, both subprime fixed-rate and subprime adjustable rate loans saw decreases in foreclosures."

Foreclosures hit record highs

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:55:30 -0600

Foreclosures hit record highs

According to the Mortgage Bankers Associations (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64% of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from the second quarter of 2009, and up 265 basis points from one year ago. The non-seasonally adjusted delinquency rate increased 108 basis points from 8.86% in the second quarter of 2009 to 9.94% this quarter. The delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the third quarter was 4.47%, an increase of 17 basis points from the second quarter of 2009 and 150 basis points from one year ago. The combined percentage of loans in foreclosure or at least one payment past due was 14.41% on a non-seasonally adjusted basis, the hi

ghest ever recorded in the MBA delinquency survey. The percentage of loans on which foreclosure actions were started during the third quarter was 1.42%, up six basis points from last quarter and up 35 basis points from one year ago. The percentages of loans 90 days or more past due, loans in foreclosure, and foreclosures started all set new record highs. The percentage of loans 30 days past due is still below the record set in the second quarter of 1985.

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

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:49:14 -0600

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

2820 Drayton Hall Dr., Buford, GA

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

6BR/4.5BA Single Family House

offered at $600,000

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 1
Photo 2	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: Nov 9, 2009, 9:36am PST

$10K BROKER BONUS w/binding contract 2305 Masters Road, Dacula, GA

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:39:49 -0600

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

2305 Masters Road, Dacula, GA

$10K to be paid to Broker w/binding contract by 10-31-09!!

7BR/7.5BA Single Family House

offered at $745,000

Year Built	2007
Sq Footage	8,781
Bedrooms	7
Bathrooms	7 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	2.3 acres
HOA/Maint	$0 per month

DESCRIPTION

Elegance throughout with Custom details! 4-sided brick construction on 2.3 acre corner lot, convenient to schools, shopping and interstates. Two-story formal entry with hardwood and marble flooring. Dental and crown moldings throughout. Hardwood flooring on main level. Formal dining room with seating for 12+. 2-story great room with coffered ceiling, fireplace, and built-in's. Gourmet-style kitchen with full breakfast room, granite counter tops, beautiful wood cabinets, walk-in pantry, all stainless steel appliances. Whole house central vacuum. Security Alarm. Sound system includes upper and terrace level exterior. Air Conditioned: Dual/Zoned Central Electric, Levels: 2, Heating: Dual/Zoned Forced Air-Gas, Fireplace: Gas, Flooring: Hardwoods on Main. Carpet in Bedrooms.

see additional photos below

PROPERTY FEATURES

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

OTHER SPECIAL FEATURES

- 24-hr Recorded Info: 1-800-214-4994 Code 2015

- Over 2 acres private lot. NO HOA DUES!!!!

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: Nov 9, 2009, 10:08am PST

Saxon Valley Circle, Atlanta, GA Bank Owned Foreclosure. Luxury home in Buckhead

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:36:02 -0600

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

Saxon Valley Circle, Atlanta, GA

Bank Owned Foreclosure. Luxury home in Buckhead

4BR/3.5BA Single Family House

offered at $460,000

Year Built	2003
Sq Footage	2,250
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Beautiful and unique. This bank owned foreclosure is offered at a fraction of the orginal selling price and is move in ready. Home features two living levels with great room, dining room, 4 bedrooms and 3.5 baths. There's also an upper level covered patio with indoor service area, and a partial finished basement. Beautiful hardwood flooring, granite counter tops, cabinetry, and stainless appliances in kitchen.

see additional photos below

PROPERTY FEATURES

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

COMMUNITY FEATURES

- Gated property

OTHER SPECIAL FEATURES

- Buckhead Place Subdivision

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: Nov 9, 2009, 10:12am PST

Beechum Woods Ct, Lawrenceville, GA 3BR/2BA Single Family House

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:33:27 -0600

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

Beechum Woods Ct, Lawrenceville, GA

Beautiful 3 Bed 2 Bath Ranch in quiet cul de sac.

3BR/2BA Single Family House

offered at $174,900

Year Built	1999
Sq Footage	2,003
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	.39 acres
HOA/Maint	$31 per month

DESCRIPTION

Beautiful ranch in cul-se-sac of quiet subdivision. Lots of beautiful architectural details throughout. Master on main features sitting room, master bath w/ sep shower, whirlpool tub. Bonus second level room could serve as bonus, office, or 4th bedroom. This home is move in ready and priced to sell quickly.

see additional photos below

PROPERTY FEATURES

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

COMMUNITY FEATURES

- Swimming pool(s)

- Tennis court(s)

OTHER SPECIAL FEATURES

- Bonus or 4th Bedroom on Upper Level

- Master suite w/ sitting room, whirlpool tub, sep shower.

- Fenced backyard

- Thermal pane windows

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: Nov 9, 2009, 11:06am PST

Bank Owned Foreclosure. Colony Square complex in the heart of Atlanta

Eric Reid (Renaissance Realty Group ) — Sat, 21 Nov 2009 18:31:25 -0600

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

15th St NE, Atlanta, GA

Bank Owned Foreclosure. Colony Square complex in the heart of Atlanta!

2BR/2.5BA Condo

offered at $279,900

Year Built	1972
Sq Footage	1,724
Bedrooms	2
Bathrooms	2 full, 1 partial
Floors	1
Parking	2 Covered spaces
Lot Size	Unspecified
HOA/Maint	$550 per month

DESCRIPTION

Bank Owned Foreclosure. Great 2 bed 2 bath condo in the prestigious Colony House complex at Colony Square. Kitchen with granite counter tops, pantry, lots of white cabinets. Great roommate floorplan. Within walking distance of entertainment, arts, dining, and the best of Atlanta.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Hardwood floor
- Bonus/Rec room	- Dishwasher	- Stove/Oven
- Microwave	- Granite countertop

COMMUNITY FEATURES

- Covered parking	- Guest parking	- Fitness center
- Secured entry	- Elevator

ADDITIONAL PHOTOS

Photo 1	Photo 4
Photo 1

Contact info:

Renaissance Realty Group, Inc.

Renaissance Realty Group

770-277-6652

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 9, 2009, 11:44am PST

Thank you Sesame Street.. and Happy 40th Birthday.

Eric Reid (Renaissance Realty Group ) — Tue, 10 Nov 2009 08:25:37 -0600

Thank you Sesame Street.. and Happy 40th Birthday.

Oh all the firends that lived on my street when I was growing up, there was Grandpa Mudcat, Grandmama Bear,Hero Guy,Kermit the Frog (to be a freind to all),Wally and Ralph,Baby Bear,Bert and Ernie (best friends for life no matter what) ,Big Bird (alwasy ready to learn),Cookie Monster (who tought me to love life full out),Count von Count (who tought us to have PRIDE in what we could do and show off every chance we got),Elmo,Dorothy,Grover,MS Piggy( who told us to love ourselfs regardless of what other said)

I miss my Friends maybe I go back today for a visit ...

Who ways your BFF on Sesame Street ?

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

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