About Fulton County, GA

Ah, the 1970's when lease with an option to buy was common (until that went through the courts - can you say due on sale clause?) Today there are several kinds of lease purchases such as lease with an option to buy and a straight lease/purchase and any variation you can work out among the parties through an attorney. Many people today would love to do a lease purchase, but they don't understand that they will still need to put down non-refundable earnest/option money because the seller is taking the property off the market making it impossible for the seller to work any other lease purchase or sale.

Let me go over some very basic concepts of today's lease purchase, most especially because these purchasers also don't understand that at the end of the term, they must buy the house or vacate, and forfeit their earnest money and applied monthly escow. A lease/purchase contract is not an "option to buy contract" where you put down non-refundable money and at the end of the term if you don't like the house, schools, neighborhood, or whatever you opt, you don't have to go through the final purchase process:

1. The deposit money is nonrefundable because no one else can purchase the property during the term of the contract.

2. The buyer cannot assign the lease purchase agreement (unless the seller approves and they won't). This is not a rental sub-lease.

3. Buyers will generally be responsible for maintaining the property and paying all expenses which includes taxes and insurance.

4. The buyer is obligated to buy.*

*If the buyer defaults, the buyer will not receive any portion of the option money (deposit), the portion of the lease payments that were paid which would have gone toward down payment, and the seller has the right to sue for specific performance and report your default to the credit bureaus.

Here are some tips for anyone navigating the foreclosure market:

1. Don't pay too much. You may think, "duh!" but with so many exuberant buyers, bidding up a property beyond its worth can be easy to do. Don't allow the thrill of competition sway you -decide on your maximum price point before the offer is even made.

2. Get to know the banks (or have a real estate agent who does). Practitioners who establish relationships with asset managers at banks can facilitate good communication.

3. Factor in fix-up costs. Most banks would rather sell a property as-is, meaning no repairs, no allowances, nothing. Buyers should consider what shouldering that responsibility will cost. Touring the properties with a contractor can be a good plan.

4. Bid smartly. A good real estate agent should help the buyer get the inside track by gathering as much information as possible about other bids.

Source: CNNMoney.com, Les Christie (11/19/2009)

A lot of folks in real estate today complain bitterly how hard things are today. Yes there is a lot of change, and both real estate agents and companies are going out of business. In that sense real estate is not different than it was years ago. Today we have incredible mortgage rates, yet agents want buyers to have down payment assistance DPA and 100% financing. Things were not easy for years while buyers had to save their down payments. You had to nurture them along. Your contact manager was a box of index cards with hand written notes,a dn dates on it.

As for doing business...things were much more difficult. The real estate business required a lot more driving while hand delivering contracts, and marketing materials. Real estate back then was a lot more time consuming, and there was even wear and tear on the autos while running errands. There was no such thing as multiple color photos, virtual tours, and BING or Google maps to make your showing day eaiser! We had to drive around wihta real estate map book that more often than not was useless. You had to preview what you were showing! So real estate in the good old days was not as good as many make it out to be. There was however a lot of unproductive wasted time, waiting, and not as much commission from fewer closed sales. It was a lot more costly to market yourself and services. However, I prefer real estate the way it is done today. More closings even is a lousy market is an everyday reality since the advent of the Internet. Despite all the bellyaching, we've never had it easier in the real estate industry. Contracts on-line, PDF files, emails, e-fax, GPS, cell phones, Blackberry's, personal computers, access to the MLS at home and cell phones, electronic lock boxes that notify you when the home is shown, websites, office intranets, emails, attachments, personal color laser printers, label maker printers, and so much more! Do you miss the old days? I don't!

REMEMBER WHEN:

• 20-30% down-payment was routinely required?
• You paid your own closing costs?
• Buyers or sellers walked into your office regularly for help?
• Buyers used to come to agents to buy a home?
• Buyers used to get pre-qualified by the real estate agent in depth before they were given the name of a loan officer?
• Buyers were loyal?
• When Buyers appreciated your knowledge and thanked you for working on their behalf?
• When buyers referred other buyers to you because they appreciated your honesty even if they did not buy?
• When buyers read classified ads and real estate books?
• When buyers asked for addresses to the new listing ads, you did not give out the addresses until you first obtained a meeting with them?
• Desk duty?
• Thermal Faxes that curled up and were almost illegible within a week?
• MLS books, and the black ink on your fingers?
• MLS Map Books?
• Black and white photos?
• Going to the office to use a computer or access the MLS?
• Paper MLS listings you filed?
• When everybody represented the sellers?
• When they fined someone for trying to manipulate the MLS with wrong areas, addresses?
• Pay phones and rolls of quarters.
• Pagers?
• Realtors took the NAR Code of Ethics seriously?
• Multiple offers?
• Loan officers that referred business to you?
• You would get the HUD-1 before closing?
• Merrill Lynch Realty?
• 18.5% 30 year fixed rate mortgages in 1981?
• WRAP mortgages?
• 20.5% Prime Rate in 1981?
• Picking up the keys at an office to show a listing?
• Buying Film?
• Taking pictures of new listings?
• Waiting for the the developing pictures of listings?
• Literally cutting and pasting flyers and photos for a listing?
• Going to a printer for brochures?
• Waiting for printed marketing materials?
• Knocking doors for listings?
• Legal sized page contracts?
• Carbon Paper?
• Bulk mailings?
• Address Labels?
• Postage tongue?
• Previewing homes?
• 2 Page Contracts?
• The days before sellers property disclosures?
• The Days before homes were inspected?

Supporting other small business persons and friends like ourselves is a smart way to begin healing our local communitis. We feel Realtors can be at the center of the fix in he economy because we come in contact with so many individuals. We're calling this Blog Type "A Shout Out!" So this is the second of a few Local Blogs "Shout Outs" The Blog was written by my wife Ellen!

By Ellen Crawford

Custom Auto Reconditioning C.A.R. by our own resident magician Dan Merrill. Did you ever get home from the mall and find a ding that definitely wasn't there that morning? Do you want to purchase spinning rims for your son's tires for his birthday? Want the best overall reconditioning your car has ever had? How about repairing scratches; have you ever sent away for the stuff on TV only to realize it was clear nail polish or just plain bogus? Drop by Dan's CAR garage at 245 S. Main Street and have him give you some great ideas on how to inexpensively repair your bumper where you took down my mailbox - he'll be glad to meet you and dazzle you with his excellent work. http://customautorecon.com/contact.html

* This is not an ad, or endorsement, but rather a support of local businesses we've used. We were very satisfied on the two cars Dan worked on for us! He does gret work!

Ellen and I were discussing how we can support the economy in Atlanta.  A lot of it is going to be by going local.  Supporting other small business persons and friends like ourselves is a smart way to begin.  We feel Realtors can be at the center of the fix in he economy because we come in contact  with so many individuals.  We're calling this Blog Type "A Shout Out!"  So this is the first of a few Local Blogs "Shout Outs"  to start that off.  The Blog was written by my wife Ellen!

By Ellen Crawford

I had lunch the other day with Jeanny Elmquist and her children Luke and Victoria.  Jeanny is a Corporate Travel Consultant at Travel Office LLC, but don't be under the incorrect assumption she can't do individuals or families because Jeanny's middle name is Family so to speak.  Usually the first half hour of our conversations are about her sisters, brothers, Mom, nieces, nephews, and their children scattered everywhere.  She would have to be a travel consultant with that large extended family!  Her in-laws live in Pennsylvania and her husband has family in Malmo, Sweden where my nephew lives with his new Swedish wife.  In other words, with my granddad also originating from Pennsylvania, Jeanny and I have a lot in common.  While the kids played, we were talking about cruises and she told me about this fabulous concept that UCLA has partnered with the cruise lines she represents.  When you're on a cruise, your child can take a fun, informative, hands on science course, I just loved that.  I was counting on my two hands the number of things a multi-aged family can do on a cruise line and at 38, Jeanny had just gotten started.  Across the entire age spectrum, in addition to the usual swimming, shuffleboard, exercising, dancing, movie theater, eating, drinking and general merry making, it would be impossible not to have a great time no matter where your destination.  She sent three ebrochures to my email so I could take a look at rates, free stuff, and programs.  Ask her for more details, but the best part was the pricing and many include free upgrades - some cruises are only $80 a night and one fit for a royal honeymoon was only $249 a night.  Tell her your dream cruise and she can make it happen.  If your personnel office is looking for a new corporate travel agent, she's the gal for you.  Alaska anyone? Her email address is  your_travel_agent@email.princess.com and her site is http://jeanny.agenthub.net/contact.php,