Real estate blog entries tagged with buyer by Lane Bailey, Realtor & Car Guy (Century 21 Results Realty)

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buyer: Where in the World is Lilburn, GA? - 12/09/09 03:18 PM

And more importantly, why does it matter?
A little about Lilburn...
Lilburn is a little city in the suburbs of Atlanta, GA, in southern Gwinnett County. It is the home of Parkview High School and Berkmar High School. And while the City of Lilburn has about 11,000 people (as of the 2000 Census... it has grown since then), there are a couple time that many people with a Lilburn mailing address. In fact, the most recent numbers show over 53,000 people residing in 30047, Lilburn's ZIP code.
The City of Lilburn was founded by the Seabord Airline Railway in 1890, but … (5 comments)

buyer: Customer? Client? - 12/05/09 07:31 AM

One area of consumer confusion revolves around the use of the words Client and Customer in regards to a real estate transaction. And there are some VERY important differences between the two.
Let's start with the basics...(this applies specifically to GA, but might be true in some other states)
What is a Client?
A Client in a real estate transaction is the person that a particular agent represents. That means the client has a written contract with the agent to represent the Client's best interests. In essence, the agent is required to put the best interests of the client above their … (2 comments)

buyer: Absorption Rate? What is this about? - 12/04/09 11:22 PM

There are some terms that we toss around in the real estate industry as if people knew what we were talking about... Absorption Rate is one of those terms.
It isn't complicated, but if you are unfamiliar with the term, if can be confusing. And unlike "Bacon Double Cheeseburger", it isn't really self explanatory.
What is Absorption Rate?
There are a couple of components to Absorption Rates.
Inventory Level Sales Pace over a specified time period How long the inventory would take to be "used up" at the current level and pace... That is it in a nutshell. But, let's look … (31 comments)

buyer: Gwinnett Market Reports for November - 12/02/09 03:20 PM

We have just introduced a new format for our Gwinnett County Market Reports. In addition to the traditional report covering the entire county, we have added reports for several of the cities in Gwinnett. They are viewable here:
Lilburn, GALawrenceville, GADuluth, GASuwanee, GASugar Hill, GABuford, GANorcross, GA
Of course, market stats can get kind of dry, so there are a lot of types of information on each city's page.
Zillow Market Value Graph (with a lot of interesting data...) Photos from Flickr A short history An interpretation of the market data Selection of recently sold homes in the city Links to … (3 comments)

buyer: (Get a) Home for the Holidays... - 11/29/09 03:55 PM

I was talking with one of my mortgage guys a few days ago, and the subject of mortgage timelines came up… and there is still time to get your dream home for the holidays… OK, not Thanksgiving… but Christmas is still possible for a few days… New Year’s is possible for about a week.
Image via Wikipedia But think about this for a minute…
You could start the New Year with a New Home…
Happy New Home! Don’t forget, there are a couple of presents that you might find under your tree…
Uncle Sam is giving a First Time Home Buyer’s … (4 comments)

buyer: Short Sales, Bank Owned Properties and Credit Pulls - 11/19/09 09:55 AM

A few days ago I wrote about how the purchase offering process is having issues… issues that are especially apparent on Bank-Owned Properties (we call them REOs).
Banks are often requiring that ALL offers be accompanied by pre-qualification letters from specific approved lenders (perhaps even from their own loan department). In other cases, the brokers representing the properties are interjecting this “requirement” on their own.
This morning, local (and nationally syndicated) radio talk show host, Clark Howard mentioned one of the reasons that these things chap my hide. The specific reason he doesn’t like them is that the “credit pulls” for … (4 comments)

buyer: Job Loss/Mortgage Payment Insurance for Buyers! - 11/16/09 12:54 PM

We are pleased and excited to announce the roll-out of a new program for buyers... Job Loss Insurance.
This is a cool program to take a little bit of apprehension out of buying a home. In effect, it is an insurance policy that protects the buyer in case of job loss. The policy will make up to 6 payments during the first year of ownership if you lose your job involuntarily (two periods up to 3 months each). It is available with coverages up to $2000/mo.
In addition to the year of job loss/mortgage payment protection, the policy also offers two … (3 comments)

buyer: Go ahead and get mad now... - 11/16/09 08:07 AM

It doesn't matter whether you agree or disagree... You'll probably be mad about this, so go ahead and get fired up.
The vast majority of real estate agents are honest, ethical and hard-working. But there are some that don't hit all of those points... either by choice or by circumstance. And those people need to be rooted out. Their behavior needs to be corrected or they need to find another line of work.
One very easy way that incompetent or unethical agents show themselves in in the presentation of offers.
§ 10-6A-5. Duties and responsibilities of broker engaged by seller … (54 comments)

buyer: First Time Home Buyer Tax Credit... Extended and Expanded - 11/15/09 02:41 PM

The First Time Home Buyer Tax Credit isn't just for First Time Home Buyers anymore.
Previously the credit only applied to purchasers that hadn't owned a home during the previous 36 months, and that restriction still applies for crediting the full $8000. Here is a little bit about the old credit.
The new credit was expanded:
It is still 10% of the purchase price, up to $8000 for first time buyer and up to $6500 for move-up buyers. The income limits have been raised from $75,000 up to $125,000 for singles or $225,000 for couples. The deadline is now April 30th, … (2 comments)

buyer: Foreclosure Stripping? - 11/15/09 04:16 AM

Clark Howard was talking about this a couple of days ago, and Fox News is talking about it today. And it doesn't involve a pole...
Foreclosure Stripping...
In effect, some folks that are losing their homes are "fighting back" in their own little way. Prior to departure, these folks are looking to get as much cash from the house as they can before they are out. They are removing items from the home and selling them via Craigslist and other means:
Appliances Countertops Cabinetry Flooring Light fixtures Wiring Plumbing... including copper pipes Wood from the deck Most of us in real … (14 comments)

buyer: But with the Tax Credit Extension... I can wait to buy... - 11/08/09 03:54 PM

AgainWell, yes, you can.
The question is "Should you?"
There are a few things to keep in mind as you decide about timing on purchases using the First Time Home Buyers Tax Credit (up to $8000)... and Move Up Buyers Tax Credit( up to $6500).
How is the inventory in your local market? Will it be going up or down over the next several months? Here in the Atlanta area, inventories generally increase in the spring and decrease around the holidays. This means that there are more homes to choose from during the spring and early summer.
What about buyer competition? … (10 comments)

buyer: Holy Crap... It's Almost November... FTHBTC... Extended? - 10/28/09 12:12 PM

Do you know what those initials (FTHBTC) stand for?
First Time Home Buyer Tax Credit...
If you aren't already familiar with it, it might be gone before you get a chance to get more familiar... It is currently slated to expire at the end of November. And the clock is ticking.
In a nutshell, the First Time Home Buyer Tax Credit is the governments way to push a few first time home buyers (people that haven't owned a home for 36+ months) off of the fence and get them buying sooner rather than later. It is $8000, in form of a … (4 comments)

buyer: Let's increase the Home Buyer Tax Credit to $100,000... - 10/03/09 04:40 PM

And while we are at it, why don't we expand it to cover everyone. Do you think the NAR would get behind this?
Honestly, I bet that they would see that this would be ludicrous. Not that it wouldn't be GREAT for real estate agents, we would be rolling in it. But, obviously it would cost WAY too much money, and it would destroy the real estate market... Let's examine how?
It would inflate prices... Sellers would KNOW that people buying were getting $100k in free money. Prices would go up by nearly that amount... Buyers would push prices up by … (142 comments)

buyer: First Time Home Buyers... I just found a REAL bargain... - 09/24/09 03:22 PM

The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The third point was about the realities of "bargains".
There are absolutely some bargains in the market... But, often those properties that are the real bargains are NOT the ones that have rock-bottom prices.
The HECK you say...
Really... I have been in some pretty cheap properties in the last few months. It seems that a house priced at $25,000 in a neighborhood or $150,000 homes would be a slam-dunk, right? That deal starts to look WAY less … (7 comments)

buyer: First Time Home Buyers... I need to see all of the options. - 09/24/09 10:27 AM

The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The second point was about excessive caution, and buyer, especially new buyers, wanting to see "everything on the market".
I have to admit... the writer at Realtor Magazine got another solid base hit. I have worked with buyers that wanted to see a LOT of houses... even houses that really didn't suit their purposes... even houses that they KNEW didn't suit their purposes prior to wanting to see them. And there are a LOT of houses on the … (2 comments)

buyer: First Time Home Buyers... Is the market weak? - 09/23/09 04:42 PM

The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The first point was about the weakness of the housing market.
They are absolutely correct that we can't flip on the TV, radio or computer, nor pick up a newspaper or magazine... or even sit in a restaurant without hearing about the tremendous "Buyer's Market" taking place right now. Quickly, the common wisdom is that since there are few buyers in the market, the ones that are there can beat sellers into incredible deals...
Of course, there is some … (0 comments)

buyer: Water, Water, Everywhere... Trashing the House... - 09/17/09 01:40 PM

Water is essential for life. Without it, everything dies. But... sometimes it can be a pain in the butt... like when it is in the wrong place in the house... or outside of the house...
I have a buyer that is under contract on a beautiful home... or more accurately, a home that could be beautiful. But it has problems. Water.
The biggest issue is one that people usually don't think of...
Gutters
There are several damaged gutters around the house, and some that we suspect are clogged. Furthermore, the downspouts are in less than great condition... blocked, broken or poorly … (6 comments)

buyer: Is this the time to buy your first house? - 09/12/09 09:50 AM

Maybe... Maybe not...
Make no mistake, there are some deals in the market. And combined with the $8000 First Time Home Buyer Tax Credit (FTHBTC), this can be a great time to buy a first home. Interest rates have remained low... despite a LOT of predictions to the contrary. In fact, with a projected deficit THIS year of $1.8T for the federal government, there is still an expectation that rates will have to rise because of the pressure on the available investors.
In fact, that would be the case laid out by those that say THIS is the time. The FTHBTC … (5 comments)

buyer: Deal or No Deal... - 09/10/09 03:30 PM

It isn't just a TV show with Howie Mandel and a bunch of hotties holding briefcases. It is daily life in real estate...
And one of the issues that buyers face is the Deal or No Deal mindset. It boils down to this...
Do you want a deal?
Many buyers see the news or listen to reports about how much of a buyer's market we are in. They hear radio ads about being able to buy wonderful homes in great neighborhoods for "pennies on the dollar"... and one goes so far as to say "and she bought this beautiful home for … (2 comments)

buyer: Over-Updated, Under-Updated... - 09/05/09 03:55 PM

I visited a home recently that had an interesting mix of over and under updated features.
Overall, the home was quite beautiful. The finishes were well done and attractive. Honestly, it showed better than the photos... and that is a good thing, the photos weren't bad.
The yard was amazing. The only issue I could find is that it would require too much care for MY lifestyle, but it was wonderful to walk around the paths and see the ponds, gardens and various areas.
But then there was the kitchen... 1990 called and they want their kitchen back... It didn't live … (4 comments)

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