Renaissance Realty Group’s Blog: Georgia: Suwanee

When it time to sell your home it's time to start painting the town or at least the house Beigh,I t may not be your favorite color but selling you home is not about you, it's about the buyer and no buyer can say they hate clean fresh neutral newly painted walls.

Start by check all the ceilings for water stains, whether the leak is caused by plumbing or a faulty roof. Find the leak and repair it and make sure a proper job is done. Nothing irritates a buyer more than finding out - after the fact - about plumbing or roofing leaks. They will be talking about calling a lawyer faster than your car engine starts when you turn the ignition key.

If a water stain is left after something you have already repaired, do the cosmetic work necessary to improve the desirability of your home. That means painting.

You may have to paint anyway, especially if dirt has accumulated in spots or you have an outdated color scheme. Painting makes a home look fresh and new on the inside and never fails to impress.

Painting can be your best investment when selling your home. It is not a very expensive operation and often you can do it yourself. Do not choose colors based on your own preferences, but based on what would appeal to the widest possible number of buyers. You should almost always choose an off-white color because white helps your rooms appear bright and spacious.

Carpet and Flooring

Unless your carpet appears old and worn, or it is definitely an outdated style or color, you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color.

Repair or replace broken floor tiles, but do not spend a lot of money on anything. Remember, you are not fixing up the place for yourself. You want to move. Your goal is simply to have few negative impressions upon those who may want to purchase your property.

Will the bank just take  back my house instead of do a Foreclosure.

The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.

The U.S. Treasury Department initially promoted the financial rescue package approved by Congress last month as a vehicle to buy illiquid mortgage assets from banks and other institutions to spur fresh lending.

that plan never got off the ground and U.S. Treasury Secretary Henry Paulson told a news conference asset purchases were not the most effective use of the funds.

Paulson was unapologetic, saying that by the time the rescue bill was passed on October 3, it was clear the asset purchase plan would take too long and would not be sufficient to calm roiling markets

So what are the solutions and where should the money be spent? I can assure you that between today and January 5th we will hear wild idea after wild idea and more then a few CEO and CFO's will hop on their "private" jets to head to Washington to ask for a little handout  opps I mean bailout.

However, for Mr. and Ms Homeowner -- it will always to be late, if we wait for government to take action and save the drowning man .. the lake will die up and dust will blow across the bones of all those that waited for Hope and a lifeline.

Mr. and Mrs Homeowner Please Don't Wait --take action -- call your Leander -- for a work out -- list your home as for a short sale-- do something --dog paddle your way to shore NOW. There are solution and resources, call me lets see what we can do together starting now.

 

 As a result of the recent flood of foreclosure and short sales, home owners are askign at almost every closing how do I file to have the Tax Assessment Reduced or really how soon can I file to have my property taxs reduced on this house. We I read this great articele at REALTOR.ORG/realtormag and wanted to pass it along. I have made a hard copy to now include with each closing package along with a list of the county tax assessors web site and phone number to help my clients get started on saving a little on their tax dollars .  
 

Time to Appeal That Tax Bill?By John Garippa <script type="text/javascript"></script> | November 2008 

Evaluating Your Assessment

 The vast majority of taxing jurisdictions throughout the United States assess residential property based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property's assessment will never be 100 percent of market value. 

 To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 50 percent would be assessed at $50,000. Home owners can obtain their equalization ratio from local taxing authorities.

 If, after a review with a residential broker or appraiser, a home's assessed value seems out of line with current market values, the home owner should undertake an investigation to determine what might have caused the incorrect valuation. Here are some steps for your client to follow.

 1. Arrange a visit with the local tax assessor and request a complete copy of the home's tax records. Property record cards are public records and are universally available.

 2.Pay particular attention to the market comparables listed on the property record card. These recently sold homes are the basis for the assessor's valuation of your client's home. Visit those houses or view them online, and compare them to the client's house.

 3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, your client should file a tax appeal.

  Filing an Appeal

 Most home owners should be able to properly file the appeal without counsel, but most jurisdictions require a licensed real estate appraiser to prepare an expert analysis of local market values for the local tax board.

 Home owners should work closely with the appraiser to review all the amenities and issues that might affect the valuation of their home. Many times an appraiser may not be aware of construction, zoning, or general neighborhood issues that negatively affect value. 

 Real estate brokers familiar with the property and the area may also be a valuable resource for this type of information. They may also be able to assist the appraiser in determining which properties are the best comparables for a particular home. All of the appraiser's conclusions need to be properly documented with supporting evidence in the appraisal report that will be submitted with other supporting paperwork prior to the hearing.

 In addition to compiling evidence, the taxpayer should take care to learn and follow the rules of the local board of assessment review. Each taxing jurisdiction has appropriate appeal forms. It is also critical to determine the deadline for filing an appeal.

 The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. The home owners and the appraiser should prepare a script detailing the important points that need to be made during the appraiser's testimony in order to prove a lower market value and assessment. 

 The key focus should be comparing the home in question with every presented comparable. The appraiser should be prepared to analyze each important amenity and discuss how it positively or negatively affects value.

 During uncertain economic times, the effort of appealing a property tax bill reduction may prove well worth the time and effort involved.

For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that's resetting higher), up to now the only option was, well, letting the bank foreclose. That's not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a "short sale." This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank's blessing, they agree to eat the loss. (although they could still demand the homeowner make some kind of payment or share the loss).

To make the whole thing work you'll probably need to find a real estate agent willing to work 3 times as hard for the same or sometimes smaller commission (which makes the bank a little more willing to absorb the loss). You will also need to be willing to do some of the paper work required for final short sale approval, including provide finical statements and tax records. and you'll also need to scale back your own spending.

The best option is to find some way to stay in the house-by first, seeing if the lender is willing to restructure the loan, or forgo a couple of monthly payments to help you get back on your feet. More and more lenders are willing to make accommodations to avoid taking the property back. Banks hate to take over homes, especially in a declining market, so you shouldn't underestimate the willingness of a bank to make concessions

If you need help to work your way through the the confusion give me a call.

Short Sale -- A simple definition

 The Pre-Foreclosure Process

The pre-foreclosure period can range anywhere from one month to a year, depending on local law and custom. Often times, homeowners who cannot pay off their default debt will turn to selling their property during this period as a SHORT SALE For buyers, this can be a great opportunity to find significant discounts, as most homeowners look to sell for reduced prices simply to raise enough to pay off their remaining loan debt. Buying a pre-foreclosure involves dealing directly with the homeowner, and oftentimes this means approaching homeowners and actively seeking out the deals. However, the results can be quite rewarding in today's market.If you are thinking of Buying a "Short Sale" you do need an Realtor to get this most diffecult deal done. Call me today to get started in selling or buying a Pre- Forclosure

What you'll need when you apply for a mortgage

When you apply for a mortgage, the lender will want a lot of information about you (and, at some point, about the house you'll buy) to determine your loan eligibility. Here's what you'll need to provide:

• The name and address of your bank, your account numbers, and statements for the past three months
• Investment statements for the past three months
• Pay stubs, W-2 withholding forms, or other proof of employment and income
• Balance sheets and tax returns, if you're self-employed
• Information on consumer debt (account numbers and amounts due)
• Divorce settlement papers, if applicable

You'll sign authorizations that allow the lender to verify your income and bank accounts, and to obtain a copy of your credit report. If you've already made an offer on a house or condo, you'll need to give the lender a purchase contract and a receipt for any good-faith deposit that you might have given the seller.

The City of Suwanee will host a History Open House Monday and Tuesday, August 18 and 19, at the Suwanee Crossroads Center, 323 Buford Highway. City staff members are asking citizens' assistance in identifying photos and other historic artifacts, reviewing and adding to a historical timeline, and considering a draft of a newly developed, self-guided historical walking tour.

Brogdon's General Store, circa 1920

"We've got lots of great photos from the 1950s," Larson says, "but we have no idea who's in the photos, where they are, or even if they're in Suwanee. We hope that some of our residents can help us identify these photos."

The City also is hoping that residents may be willing to share their own photos and artifacts (documents, programs/flyers from events, trinkets, etc.) from the Suwanee of yesterday. Photos and items from before 1950, especially if they can be identified, would be "gems," says Larson. The City also is particularly interested in photos and items from the 1960s and 1970s.

Ultimately, the City hopes to create a historic display for the new City Hall. The display would be a permanent exhibit in a hallway off the grand foyer tentatively named "Hall of History."

The History Open House will be 3-7 p.m. August 18 and 10 a.m.-3 p.m. August 19.