Lee Davenport

Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important to guard against walking into a money pit, where you end up paying more for the home do to repairs or other problems.

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)

November 11, 2009 by Lee Davenport (Edit)

Thank you to all those that have served this country in the military! Please take advance of these freebies designated to honor you as a veteran:

Applebee's Veterans Day Special offers free meals to veterans and active military members on Wednesday, Nov. 11. The restaurant asks that people offer proof of military service. Here is more information about Applebee's free meals on Veterans Day: http://www.applebees.com/vetsday/

Golden Corral will be holding its 9th annual Military Appreciation Monday Dinner on Monday, Nov. 16, 2009 from 5 p.m. to 9 p.m. Veterans and active military members will receive a complimentary dinner buffet and beverage. Golden Corral says that no ID is required for the service member. While family members are welcome to join, the free meal deal is limited to military personnel and veterans.

Happy Veteran's Day!

Fulton County has received an additional supply of the H1N1 nasal spray vaccine to provide protection against the flu virus. The nasal spray vaccine is available for healthy 2-49 year olds with no out-of- pocket cost for the client. Sandy Springs residents can get their vaccine starting today between 10 a.m.-5 p.m. in Room 102 at the North Fulton Government Annex located at 7741 Roswell Road in Sandy Springs.

Room 102 at the North Annex is on the bottom floor where the old Business License office was located. There will be 8 public health nurses which will dramatically cut down on waiting time from the single nurse experience in the limited space that was available at the Sandy Springs Health Center on Johnson Ferry Road.
For more information about vaccine availability in Fulton County, log-on to www.fultoncountygahealth.org or contact the Georgia H1N1 Information Line at 1-888-416-1463

Hooray - The House and the Senate this week passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.

The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.

"REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners," says NAR President Charles McMillan. "As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation's housing market."

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Compare the current tax credit with the newly passed version on REALTOR.org.

More on the credit is available from NAR.

Source: The Associated Press (11/5/2009)

HGTV's real estate Web site Frontdoor.com has identified what it calls the "tricks and treats" of buying a foreclosure:

Tricks to avoid:
**Just because a foreclosure has a low price tag doesn't mean it's a bargain. Many need lots of expensive repairs.

**Buying a foreclosure property isn't for amateurs. Buyers need a knowledgeable real estate practitioner to guide them through the process.

Foreclosure treats:
**Well-maintained foreclosures priced at 50 percent or less of their market value make home-ownership very affordable.

**Building a relationship with a lender's REO (real estate owned) department can help when it's time to make a deal.

Source: Frontdoor.com (10/29/2009)