Andre L. Allen, REALTOR®, e-PRO

2. Check the Property Taxes

In many cases, the homeowner who suffered the foreclosure was not aware they were eligible to file with the county for a Homestead Exemption. This exemption is a 60% discount in the property tax rate, and only owner occupants are eligible to file. Secondarily, investors cannot claim the exemption, so former rental or other investment property will have abnormally high property taxes. If one of these scenarios applies to the property you want to purchase, you will need to be able to qualify for the loan with the additional escrows that will be required during the first two calendar years of ownership. In some cases it can add $50-100 to your monthly payment. This may disqualify you from purchasing certain foreclosure properties. Check with your Real Estate Agent and Loan Officer to be sure.

This is the second installment, so stay tuned as I continue to bring you information on purchasing a forclosed property in Metro Atlanta.

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.

1. Be Prepared for What is Behind the Door - Viewing Foreclosed Properties

Losing a home is a painful experience and many homeowners feel as though they have been taken advantage of by the bank. As a result, they often take the appliances, lighting, and sometimes the plumbing fixtures. They will break windows, steal doors, and punch holes in the walls. More often than not, the carpet will have to be replaced and the home painted, primarily due to neglect. You can never be sure what you will see behind the door.

Stay tuned as I continue to bring you information on purchasing a forclosed property in Metro Atlanta.

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.

Back in March I posted the Georgia House passes housing tax credit. Well it seems that the moons and stars did align, with the exception of a few (refer to the March post to get this). On May 11, 2009 Governor Sonny Purdue signed the bill in law (House Bill 261). This bill will allow ANY Georgia taxpayer to get a tax credit of 1.2 percent of the purchase price of a single-family home (including condominiums), capping out at $1,800. The amount of this credit will be spread over a three year period.

So when does it go into effect?

I am glad you were thinking of this question. Like I stated, this is FOR A LIMITED TIME ONLY!!! The effective date of this bill is June 1, 2009. In order to qualify for tax credit, you must submit documentation showing you closed on or before November 30, 2009.

As a first-time homebuyer, can I take advantage of this and the $8,000 Federal Tax Credit?

You are on the ball!!! The answer to your question is YES!!! I don't want to jump to any conclusions, but I think the House and Governor knew what they were doing when they set the end date of November 30, 2009. This is the same end date for eligibility of the Federal Tax Credit.

Up to $9,800 in tax credits!!! WOW!!! This is great news for Georgia taxpayers.

Do you think this will help to further stimulate Georgia's real estate market?

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.

Fear: I can’t afford to buy a home right now.

Fact: Actually, you can’t afford not to buy a home right now…low interest rates, tax credit and affordable homes.

Fear: I should wait until the real estate market gets better.

Fact: There is never a wrong time to buy the right home.

Fear: I don’t have the money for the down payment.

Fact: There are a variety of down payment options available to you.

Fear: I can’t afford to buy my dream home.

Fact: The best way to get closer to buying your dream home is to buy your first home.

Fear: I am afraid of losing my job in this economy.

Fact: Real estate is still the most stable investment and losing your job can happen in any market. You still have to pay to live somewhere.

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty – Atlanta Partners serving the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.

With this being Earth Day, I am offering you or someone you know some GREEN!!!

LOOKING FOR A REASON TO BUY A HOME NOW?
Recent legislation gives first time home buyers a huge tax credit!

- $8,000 tax credit on the purchase of any home on or after January 1, 2009 and before December 1, 2009.
- All homes, whether single-family, town home, condominiums and new construction will qualify.
- Income limits apply - $75,000 for single; $150,000 for married couple filing jointly.
- You DO NOT have to repay the credit, provided the home remains their main home for 36 months after the purchase date.
- You can claim 10% of the purchase price up to $8,000 or $40,000 for married individuals filing separately.

If you know someone that is able to take advantage of this tax credit, please forward this information on to them. Please give me a call or e-mail me with questions. I look forward to assisting you.

If you are thinking about buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.