If this program does not suit you or you want to explore other financing options, visit this link for more information on Bank of America’s Doctor program: http://sandyspringsnow.com/2011/02/special-mortgage-financing-for-medical-professionals/

However, if you are interested in more details about Fidelity’s Doctor Loan?   Feel free to contact places2love@gmail.com for more details.  Happy House Hunting!

Ready to take advantage of the low home prices of today’s real estate market?

Here are the top 10 things NOT to do when buying a home in order to qualify for a mortgage according to John Norwood, president of Metro Atlanta’s own Neighborhood Mortgage, Inc.:
1. Don’t change your job before applying for a home loan.  Now is not the right time to become self-employed or quit your job. You want to show stability, which means you’ll be less likely to default on the loan.

2. Don’t change banks.  Like your employment, you want your banking history to show stability.

3. Do not finance another vehicle.  Doing this may increases your debt-to-income ratio.

4. Don’t finance furniture or appliances.  Like financing a car, charging big-ticket items increases your debt-to-income ratio and now is not the time.

5. Make sure you pay your credit cards on time and do not charge excessively.  You need a track record of responsibility and show that you can manage your money.

6. Don’t make large deposits into your bank accounts.  Lenders want to see that your down payment has been in your account for at least two months.

7. Don’t lie on your loan application or think about bending the truth on your income or debts.  It’s FRAUD!

8. Don’t co-sign a loan for anyone.  Even if you’re not the one making the payments on that loan, it increases your debt-to-income ratio.

9. Don’t have inquiries made into your credit.  Looking for new credit translates into higher risk for lenders. If your inquiries are related to your mortgage search, it usually doesn’t affect your credit score because the assumption is you are rate shopping. But opening credit accounts within a short period of time represents some risk and your credit could take a hit. It’s probably not a huge factor in your ability to repay a loan but why take chances?

10. SAVE, SAVE, SAVE!  Part of the price of financing a loan is the closing costs and you’ll likely have the responsibility for paying for all or at least some of them. Make sure you have enough for your share of the obligation.

Want more of the dos and don’ts of purchasing a home?  For more information on navigating today’s financing market or on purchasing a home, contact John Norwood at 678-549-9371 or john@nloans.net.  Happy house hunting!

Before going into the appeal process, if you did not know the City Council is considering how to treat certain real estate properties in Sandy Springs that have been indicated by Sandy Springs engineers to be at risk of flooding.  Approximately 170 homes in Sandy Springs are located in a “gray” area that gives the City Council some choice on how those areas are rated for flood insurance purposes.  View the Sandy Springs flood map here: flood map.

So, what does the City Council have to decide?  Sandy Springs’ City Council has an option to decide the flood zone rating for federal insurance purposes for these 170 homes in the gray areas.  If left to FEMA, all 170 pieces of real estate would be deemed to be in the “high risk” zones.  However,  Sandy Springs may elect to rate these home high risk or not.  The practical effect is that the higher the risk zone, the greater the insurance premium under the federal program.

 
Real estate properties that are placed in a high risk zone have a right to appeal that determination in the first 90 days after Sandy Springs adopts the final flood maps.  Even after that time, if the real estate property owner can demonstrate with a proper elevation survey that the house is not in the determined flood plain then an adjustment can be made by the City of Sandy Springs.  However, the real estate property owner must bear the expense of the survey.  You may contact Ms. Angela Parker (angela.parker@sandyspringsga.gov or 770-730-5600) at the City of Sandy Springs if you have questions.

Here are the updates as of this month:

T-0001 Abernathy Road/Johnson Ferry Road
The contractor is currently working on the second phase of bridge construction. Asphalt construction is taking place from Wright Road to Roswell Road on Abernathy. Construction is scheduled to be complete by December.

T-0002 Abernathy Linear Park
Phase III  Construction is to be complete by early March 2012.  Phase IV is planned to be bid for construction in spring 2012. This phase will utilize a Georgia Department of Transportation (GDOT) Transportation Enhancement (TE) grant to partially fund construction.

T-0011 Johnson Ferry Road
This project is in concept/environmental development stage.  A peer review of the roundabout design has been completed and the City’s consultant is evaluating the summary report.

T-0024 Hammond Drive
This project is currently in concept/environmental development stage. Project received $500,000 Earmark and a GDOT project number. The project has also been included in the Transportation Investment Act (TIA) list for funding ($10M).

T-0031 Roswell Road Bridge widening project
The bids were opened on April 22, 2011.  The low bidder for the project was C.W. Matthews with a bid of $3,578,726.50. Construction has begun with foundation work along I-285.  The Roswell Road/SR 9 work is expected to begin in March 2012.  Construction is scheduled to be complete by October 2012.

T-0037 Northridge Road
This project is in concept development stage with GDOT.  A public information meeting was held at City Hall on Monday, December 5th from 6-8 pm. The project is scheduled to be let for design/build procurement by August of 2012. The concept displays and feedback form can be accessed from GDOT’s website.

Do you want to have input in how the Town Center/Downtown area of Sandy Springs is developed?

At this meeting, Sandy Springs’ efforts to develop a Master Plan for our Town Center will be discussed.   The March 22nd meeting will occur at the Sandy Springs’ City Hall building located at 7840 Roswell Rd., Building 500, Sandy Springs, GA 30350.

Glenridge Heights, Pulte Homes newest 2011-2012 development in Sandy Springs, is conveniently located near GA-400, I-285, I-85, Perimeter and Pill Hill and just minutes from Lenox Mall, Phipps Plaza, The Prado and Perimeter Mall—you can walk to play or walk to work.  The townhouses are designed to feel like single-family homes in the interior with little to no maintenance on the exterior.   Glenridge Heights will showcase a variety of unique and desirable floor plan features such as an owner’s suite or guest bedroom on the main, kitchens overlooking family rooms, roommate layouts, Jack -N-Jill bathrooms, walk-in closets, coffered ceilings, master sitting rooms with optional fireplaces, and more.

Want more information on Glenridge Heights?  Email places2love@gmail.com or call 404.444.5777.  Happy House Hunting!

Here in Sandy Springs, GA, we residents are spoiled by the numerous nearby and savory restaurants

Double Zero is Sandy Springs’ own rival to the well-liked Fritti in Inman Park.  If you are in the mood for southern Italian cuisine, Double Zero is worth a double-take especially since it is conveniently located off Roswell Road just north of I-285.  I have become a fan of Fritti and it’s authentic Neopolitan Pizza but the 25-minute trek has just been reduced to 5 minutes thanks to Double Zero.  Moreover, with Double Zero I can have a scrumptious Cannoli to finish off my meal (but I am not sure if my workout partner will see that as a blessing or a curse).

Interested in giving Double Zero a try?  You can easily view Double Zero’s menu, see their hours and make reservations on their website at http://www.doublezeroatl.com.  Happy Dining!

You may be a buyer who has heard the horror stories associated with a Short Sale and may be fearful of them.  However, there is no need to be as Short Sales Can Be Your Best Buy.  The key to navigating a Short Sale is understanding the oddities associated with purchasing a Short Sale to minimize your frustration with the process.

As with anything in life, when you have the proper expectations, you are better able to cope with the challenges that may arise.  Here are some things to keep in mind with a Short Sale:

1.  In your initial offer, ask for your due diligence period to begin after the Short Sale has been approved.

Why pay for inspections and appraisals only to find out that the Short Sale Bank is not going to approve the purchase price or other terms of your contract?  Request in your initial offer that your due diligence period (which is the time for you to have your inspections and appraisal done) begin after the Short Sale approval has been issued.

2. After receiving an executed contract by the Homeowner/Seller, expect the approval for a non-approved short sale to take any where from 2 months to 6 months depending on who the Short Sale bank is and how experienced the listing agent is.

For some of the banks that are using Equator (or a similar system) and have streamlined their processes in the last year or so, you can expect your turn-around time to be on the shorter end of that scale (2-4 months).  In some cases, even despite the bank’s short sale system, if you have an experienced or just aggressive & responsive listing agent (who is staying in contact with the Short Sale bank at least weekly and sometimes every other day), then you can also be hopefully to receive an approval back quicker.

While you are waiting for the Short Sale to be approved, keep looking at what else is on the market.  If something happens where the Short Sale is not approved, if you have kept looking and made other offers, the time lost is minimized.

3.  After receiving the approval from the Short Sale bank, expect to be required to close in 30 days.

I know this seems insane that you may have just waited 4 months to get an approval but now you only have 30 days to close (and in some fortunate instances you are given 45-60 days to close) but this is the reality in many cases that you should expect.  If you are paying cash, then this is not much of a challenge but if you are getting a loan it is vital to get your lender on board with this timeframe really when you first sign the contract to purchase the home.  This way if there are any special documentations needed (i.e. a gift letter if you are receiving a down-payment gift from parents, student loan deferment information, credit inquiries, etc.), your lender can already have that information gathered as to not cause a delay.  Unfortunately, many times the Short Sale approval is issued just 30 – 60 days before the home is schedule to foreclose so time is truly of the essence for you to get to the closing table.

4.  Prepare to pay for repairs required to close.

With most Short Sales, the Seller is not in the financial position to make any repairs and the Short Sale Bank may not be willing to make any either.  However, especially if you are getting a loan, their may be repairs required for you to take title of the home.  If possible, have a mental budget of what you are willing to spend when making an offer on a home in case their are any required repairs once your inspections and appraisal are completed.  By having a mental budget, the shock value will not be as great if repairs are required.

If you do not have additional money to pay out of pocket for repairs, consider if the repairs can be made using a renovation loan (such as the 203k Rehab Loan, etc.).  Ask your lender about the possibilities of this while you are making the offer so that you can set your expectations properly, especially if the home has obvious repair needs.

5.  Ask for more but expect the Short Sale bank to pay only 0 to 1% of the purchase price towards your closing costs.

I highly recommend in your offer requesting the total amount of closing costs customarily paid in your area for closing cost (in Metro Atlanta 3- 6% of the purchase price is standard), however, remember this blog entry is about helping you set proper expectations.  Therefore, although you have asked for the maximum allowable amount, recognize that the Short Sale bank may only give you 1% (and 0 in really bad instances).   Plan for this and even change your initial offer amount if need be so this while not cause you to lose your fantastic real estate find.

**Buyer beware – if Bank of America is the Short Sale Bank, they are know to only concede 1% in many instances so try to determine what is standard for the Short Sale bank you are working with while you are presenting your offer.

6.  Prepare for the Seller to need a few days after closing to move out of the home.

For many Sellers, the Short Sale process is so disenchanting that they have lost hope that their home will ever sell.  So imagine their surprise when not only have they gotten the Short Sale approval, but the buyer has actually hung around to the end and is ready to close.  In some cases, the Seller may be scrambling to move so ideally advise your intentions of still closing once you have completed your due diligence period.

7.  If the Homeowner/Seller is present at the closing, expect this to be bitter-sweet.

Sadly, you know that your great deal is predicated upon someone’s loss, who may be sitting directly in front of you at the closing table.  But know that you have helped the Seller avoid foreclosure and start a new chapter in his/her/their life with one less burden.

For more information on purchasing a short sale, feel free to contact places2love@gmail.com with questions.  Happy house hunting!

About The REAL Houses of Atlanta

The American dream – traditionally it has included home-ownership.  But far too many of us experienced with the real estate bust a rude-awakening from the dreams of grandeur.  Real estate, however, is not our enemy but how we obtain and dispose of it needs to be based in the now-present reality.  This is a journal of purchasing, selling and renting REAL houses in metro Atlanta – no fluff, no props, no makeup just real houses in a real city.

Welcome to The REAL Houses of Atlanta!