New Listing: 106 Leigh Lane Carrollton, GA 30117 *Short Sale*

This 3 bedroom 1 ½ bath home is in great condition and a terrific quiet neighborhood.  It features all laminate wood floors with no carpet, a large, open kitchen and large dining area.  This 4 sided brick ranch has a big fenced yard.

106 Leigh Lane is priced at $63,500.  Call us today for more details at 770-606-0054!

New Listing: 556 S. Fortune Way Dallas, GA 30157 *Foreclosure*

This is a lovely and spacious 4 bedroom, 2 ½ bath home with a wide open floor plan.  It is perfect for a large family and ideal for entertaining.  It features a super-sized kitchen, formal separate dining room plus a very large walk in laundry.  556 S. Fortune is nicely maintained with superior amenities including a clubhouse, pool, tennis courts and playground area.  This home is priced to sell at $121,900.

This is a Fannie Mae Home Path Property.  Purchase this home for as little as 3% down.  Approved for Home Path Mortgage Financing and Home Path renovation mortgage financing. 

Call us today for more details at 770-606-0054.

Adairsville, GA Real Estate

What an opportunity to buy an adorable 3 beroom, 2 1/2 bath cottage!  The George Street Cottages in Adairsville, GA are currently listed as short sales which means they could be a great deal for you.  These homes were built in 2006 and feature 1 car garages.  The master bedroom is on the main and the homes include gas heat, fireplace, formal dining room, and breakfast bar.  These homes reside in the city limits of Adairsville which make them easy acces to I-75 and the city schools.  They have an Old English cottage feel with all of the craftsman style amenities. 

2 Georgian Circle, 3 Georgian Circle, 5 Georgian Circle, 7 Georgian Circle, 13 Georgian Circle, and 16 Georgian Circle are being offered for $94,850.  Don’t miss out on this great opportunity!

For more information or for directions, call our office at (770) 606-0054 or visit our listings at www.mullinaxteam.com/properties

Since its inception in 1935, the Federal Housing Administration, or FHA, as it is commonly called, was intended to provide affordable loan programs to homebuyers. These consumers were mainly underserved American families. FHA was created by President Roosevelt. During tough times or otherwise, FHA has always been considered a good financing option for consumers during tough times, especially, FHA historically has been good for Americans and good for our mortgage markets in the USA. Earlier this week HUD Secretary Shaun Donovan testified before the US House of Representatives Committee on Financial Services. He explained how FHA has helped the housing market and the US economy begin recovery. This year alone, more than 75% of FHA’s purchase loans have been first time homebuyers. FHA, he testified, is the leader in helping minorities purchase homes. FHA has always been consumer friendly. For example, in the past, credit scores were not important. The agency was very flexible with a borrower’s credit history. Up until the fall of 2008, down payment could even be financed rendering a borrower’s cash out of pocket to virtually zero in many cases. Based on Secretary Donovan’s testimony, it appears several changes are in the works for FHA. Regrettably, these expected changes won’t be very homebuyer friendly. This is my opinion after 21 years of originating home loans.

At some point in the near future, FHA is expected to reduce the amount of money a seller may contribute to a transaction from 6% to 3%. This means many homebuyers in lower price ranges will not only need a down payment but also will have to pay a significant amount of their transactional costs. So, a homebuyer’s cash investment is going to increase. The current 3.5% down payment is expected to increase, though just how much is not known as yet. FHA is also considering increasing the up front mortgage insurance premium which currently is at 1.75%. By doing so, HUD raises capital in order to protect against future uncertainty in the market. Finally, an increase in minimum credit scores is almost certain. Currently most lenders require a borrower to have a middle score of 620. Before long, that score is most likely going to be 640. So, it appears FHA loans will not go away but will become more stringent for a homebuyer. Good news and bad news.

The wisest and best action for a prospective homebuyer is to prepare properly for buying a home, and that means safeguarding credit and saving money.

Post courtesy of Rena Rogers with Pine State Mortgage Corp.

12/3/09-12/5/09 Las Vegas, NV

We joined 180 of the top real estate professionals across the US and Canada to discuss the trends in the current real estate market.  It was a great time of networking, sharing ideas and learning what has been succesful.  Discussions were focused on the state of the real estate economy, the short sale and foreclosure markets, as well as staying abreast of social media marketing.

GREAT LOCATION! CLOSE TO I-75 w/EASY ACESS.  3 BEDROOMS, 3 BATHS, BEAUTIFUL HARDWOOD FLOORS IN KITCHEN w/LARGE DINING AREA. THE BASEMENT IS EXPANSIVE & COMPLETELY FINISHED w/BED, BATH & LARGE RECREATION ROOM, PLUS OFFICE OR 4^TH BEDROOM. WHAT A BUY IN THE REMINGTON OAKS SUBDIVISION!

TOO PERFECT TO DESCRIBE!! 6 BEDROOMS, 5 FULL BATHS, 2 HALF BATHS, BANQUET SIZE DINING, GOURMET KIT W/KEEPING RM,MASTER STE W/SITTING AREA,MORNING RM, & FRENCH DOORS TO UPPER TERRACE,HIS/HER CLOSETS, UPSTAIRS BONUS,FIN TERRACE W/BR,1.5 BAs,KITCHENETTE,HOME THEATRE,INGROUND POOL,INTERCOM SYS,APPROX 600’ OF ETOWAH RIVER FRONTAGE,WiFi ACCESS,AN ELECTRONIC PARADISE!  CURRENTLY LISTED AT $2,300,000.

Bonnie Mullinax of Keller Williams Northwest

launches website and marketing plan specific to homeowners facing

foreclosure hardship in the Bartow/Cobb real estate market

Cartersville, GA— Bonnie Mullinax of Keller Williams Northwest, a Cobb/Bartow County real estate specialist, has developed a marketing strategy and website that is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process. As an expert in foreclosures and short sales, a real estate transaction option that banks will consider instead of foreclosure with specific guidelines, Mullinax is determined to provide essential knowledge to homeowners in Bartow and Cobb County facing this unfortunate circumstance.

Visitors to www.AvoidBankForeclosureNow.com website will find information regarding the process of foreclosure, what effects foreclosure has on a homeowner, and ways to prevent the foreclosure process from continuing. The website features easy-to-understand informational tools such as a list of frequently asked questions, a glossary of terms and free reports as well as resources that allow the homeowner to get their questions addressed in a confidential manner. In addition, the website offers the homeowner information regarding short sales, often a viable solution to foreclosure that can save a distressed homeowner from the damaging effects foreclosure has on their credit.

“I feel that it is important in today’s economic conditions for homeowners to know that they have options other than the foreclosure route,” says Mullinax. “Statistics show that 50% of homeowners facing this stressful situation often ignore the issue and that doesn’t have to be. There are options such as a short sale, especially if the homeowner works with an experienced REALTOR® to provide them assistance in showing the lender the hardship situation and other real estate documentation.”

Mullinax’s new website provides visitors with a description of how the short sale process works, how it compares to a foreclosure, and how a homeowner may be able to qualify for a short sale. As a Certified Distressed Property Expert (CDPE), Mullinax has taken the initiative to become an educated and prepared advocate on the behalf of a homeowner in distress. Earned by completing detailed and thorough coursework via the Distressed Property Institute, real estate agents with the CDPE designation are armed with the necessary tools and information to help distressed property owners avoid foreclosure and continue their lives.

For more information about foreclosures and short sales in your area, please feel free to visit the website at www.AvoidBankForeclosureNow.com, or to contact Mullinax directly at (770) 606-0054 or by emailing Info@AvoidBankForeclosureNow.com.

The NEW (up to) $8000 Tax Credit is for purchases between January 1, 2009 and November 30, 2009.

Expanded Tax Break Available for 2009 First-Time Homebuyers Expanded Tax Break Available for 2009 First-Time Homebuyers IR-2009-14, Feb. 25, 2009 WASHINGTON – The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit,” said IRS Commissioner Doug Shulman.

“This important change gives qualifying homebuyers cash they do not have to pay back.”

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009.

The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for

36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

http://www.irs.gov/newsroom/article/0,,id=204672,00.html

 For more information on the tax break in the Bartow County area, contact our local Pine State Mortgage Lender, Steve Duvall or Rena Rogers at 770.382.4504 or visit the website at www.pinestate.com

Question: We have a number of vacant homes in our homeowner association. Does the HOA have a responsibility to secure and protect them?

Answer: This is more of an issue in HOAs that have attached or common wall housing like condominiums and townhomes. Most of the damage to vacant units is caused by rodents, freezing pipes that cause flooding, and vandalism. An unheated unit could have pipes freeze which causes flooding to it and neighboring units. This could be disastrous in a high rise condominium.

Controlling the freezing issue is extremely important in units vacant for long periods of time. While most HOAs have the legal right to have access to vacant units for emergencies, the HOA needs to pre-plan by being aware of specific units which are vacant and know whether they are abandoned or merely temporarily vacant.

If a unit has been abandoned due to foreclosure, the HOA should take proactive measures to ensure that the unit is winterized (pipes, toilets and hot water heater drained). Beyond that, the HOA is not responsible to damage the unit interior may suffer due to extended vacancy. Abandoned units are usually in some stage of foreclosure, so at some point a lender will take measures to secure and protect their collateral. Until then, the HOA needs to do what is necessary to protect neighboring units.

Question: Our governing documents are over 20 years old and outdated. What process should we use to bring them up to date?

Answer: You should always use a knowledgeable HOA attorney when amending documents to ensure they comply with proper form, current statutes and get properly recorded. Amendments to the governing documents require an appropriate vote (as defined by the governing documents) of the members which varies sometimes depending on the type of amendment. In other words, some amendments may require a larger or smaller number of “yes” votes. If you plan many or some sweeping changes, break out the individual amendments and vote on them individually.

Question: Do you have information regarding the Americans with Disability Act and its affect on HOAs?

Answer: In general, HOAs are required to provide “reasonable accommodations” to persons with verified (like a doctor’s letter) disabilities. That means the board needs to allow necessary installations like ramps to a unit or reassign HOA controlled parking spaces to disabled residents for easier access to their unit. The HOA is not required to pay for these installations and can require reasonable quality standards.

That said, if a majority or sizeable number of members have disabilities (like many senior residents who can’t climb stairs), it is certainly permissible to have the HOA pay for and maintain commonly used ramps, handrails and other installations which many would use.

Question: We recently received notice of a $300 special assessment which is due in 30 days. This special assessment was necessary due to a number of foreclosures that made some past due accounts uncollectible. Why should the other members have to pay for this?

Answer: You are describing a fundamental reality of HOA living: If all members don’t pay their fair share, the rest have to fill the gap. That is why it is so critically important to have an aggressive collection policy that includes filing liens to protect the HOA’s interests. “Aggressive” means that any amount that is at least 10 days past due should receive a late notice and late fee. Any 30 days past due, should receive a 10 day notice to pay or the matter will be turned over to an attorney for collection. All legal and collection costs should be charged to the delinquent owner. There are other important collection considerations.

For more innovative homeowner association management strategies, see Regenesis.net.

Written by Richard Thompson