Relevant Real Estate Issues

 

Agent’s Fall into Two Groups

Many agents that get into the real estate business have little or no experience.  Their lack of experience will allow you to overprice a home.  I recently had a call from a friend who had a house in the Decatur area.  The home was listed for $469,000; my analysis suggested that it should be listed for $372,000.  It was listed for $100,000 over what it should have been. The process included routinely decreasing the price.

When you meet an agent that has years in the business, the agent will not allow for a home to be overpriced.  This will ensure that the agent is an advocate for you.

Overpriced Homes will Lead to Fewer Showings

When a home is listed, the buyers have options for searching for homes in

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Once a common practice at closings, buyers today rarely obtain a survey of the property they are purchasing.   Before, if a buyer needed a loan to purchase property, their lender required that a new survey is obtained in order to proceed with the closing.  However, some time ago, title insurance companies created a lenders title insurance policy that protected the lender against any claims that may result from any boundary line dispute or other matter that would be disclosed by a current survey. Since their collateral was already protected by this insurance policy, lenders no longer required buyers to obtain a survey. 

Thereafter, title insurance companies created a new owners title insurance policy that offered “some” protection to the buyer for

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The Worst Appraisal In 34 Years

There are things that the appraiser needs to do to have a good appraisal.  These all require more attention to the appraisal so that the appraisal is one that meets the appraisal standards.  There are numerous things that the appraiser needs to consider when appraising a property.  This is the worst appraisal that we have ever received.  I will define some of the items that the appraiser defaulted on.

Problem #1

This ranch was built with brick in 1971 with 2071 square feet.  The appraiser used 2 stories and neglected the ranches that were also built with brick.  A requirement of appraising a home is that they have to be similar in structure.  To be similar they have to have 10% greater or less in square

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Sellers and buyers will both benefit from having a better understanding of where a home fits into the overall pricing structure of a community. As a buyer by following these simple guidelines you can increase the likelihood that the offer you make will represent a good value to you, and if a seller you won't be inclined to turn down an offer that you should accept.

First- Have your agent provide you a list of all of the homes like the one you are considering, that is either under contract, or that have sold within the last 3-4 months. 

Second- Upon review, you will begin to notice that they can be arranged into three categories.  Let’s call these categories A, B, and C. Now separate each of the properties into one of the three categories. 

 

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Fidelity offers borrowers an affordable option that could help you qualify for a home loan. Whether you want to purchase or refinance, we are able to help lower your initial monthly mortgage payment with a temporary mortgage rate buydown.

The principle behind the 2/1 buydown loan using the standard 15 and 30-year terms, is to decrease your mortgage payment ratio, and overall debt ratio. This loan option is beneficial for those who might not otherwise have the necessary ratios for qualifying. 

The temporary buydown option allows you to prepay some of the interest on a 30-year fixed-rate mortgage in exchange for a discounted interest rate for the first one-to-three years of your mortgage. The rate will gradually increase to the agreed-upon

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Prior to the closing on the purchase of a piece of property in Georgia, an attorney performs a title examination of the property.  This examination includes researching all of the title documents that are recorded in the Superior Court Clerk’s office for the county in which the property is located.   The attorney uses this examination to identify any mortgages, liens, judgments or other encumbrances which need to be satisfied or corrected at the closing.

However, this title search will not identify over 100 possible defects in the title that could arise at any time in the future.  For example, this title search will not identify: 1) any prior documents in the chain of title that have been forged, lost or misfiled, 2) any documents that have

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  • What is Asset Dissipation? (A/KA Asset Depletion)

    Using assets for qualifying income to demonstrate an ability to make mortgage payments. Asset depletion mortgages, also known as asset dissipation mortgages, enable borrowers to use liquid assets to qualify for a mortgage.  Asset depletion mortgages are good for borrowers with relatively minimal income or no verifiable employment but significant assets such as funds in a bank, investment or retirement account.  Examples of potentially applicable borrowers include the self-employed, retired (or almost retired) and wealthy.

    Fidelity Bank Mortgage uses a formula to calculate the income that could be generated by depleting a borrower’s liquid assets over a fixed period of time and use that

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When is the best time to list and sell your home?  When you consider the various times of the year you will have to consider the impact of prior sales on your home.  This is the major consideration when you would consider listing and selling your home.

List & Sell Your Home in the Fall

Fall begins September 22 and lasts through December 21.  As you consider the Fall as a time to list and sell your home; this is a good time to do so.  In the Fall when an appraisal is done on your home you have the benefit of the highest sales of the year.  This means that you will benefit from the sales that have occurred in the Spring and Summer.  Most appraisals will use comps to evaluate your home that has occurred in the last six months.

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There are a number of things that will affect your appraisal.  These items listed below are not the complete list of items that will affect your appraisal.  But they are some of the most significant.  Each of these will require an adjustment on your appraisal.

Being the First Home in the Community

This has occurred multiple times over the years.  Sellers do not necessarily agree with it. 

We had done our Market Analysis on a home in Braselton a couple of years ago.  It was the first home in the subdivision.  Our analysis determined that the home would sell for about $25,000 less than an interior home would sell for.  Our analysis suggested the home was worth around $295,000 before our adjustment for being the first home in the

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As an active duty service member, Veteran, or surviving spouse of a Veteran, you have sacrificed and served our country well. Fidelity Bank Mortgage appreciates your service! We’re here to thank you for your sacrifice and contribution with our VA loans. You deserve the home of your dreams and we offer a VA loan that can help you get there.

What is a VA Loan?

A VA loan is insured by the U.S. Department of Veterans Affairs and issued by VA approved lenders. This government guaranteed loan enables these approved lenders to lend with more flexible and lenient qualifying guidelines. Since this military loan guarantee program was first created in 1944, more than 20 million Veterans and their families have been helped with affordable home financing.

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