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When a home buyer is gifted cash for a downpayment, there is a right way and a wrong way to receive the funds.
The right way includes:
The wrong way is to ignore the rules that mortgage lenders clearly spell out for you.
Mortgage lenders watch gifts closely because they want to make sure that the "gift" is not really a loan-in-disguise. If it's a loan, the total dollar amount must be counted against the home's total loan-to-value and higher loan-to-values typically increase lender risk.
If it's a gift, a signed and dated gift letter should accompany the home loan application. An example:
I am the [relationship to recipient] of [name of recipient] and this letter serves as evidence that I am gifting [name of recipient] [amount of gift] to be used for the purchase of the home at [complete address of property].
This is a gift -- not a loan -- and there is no expectation of repayment.
Signed,
[Signature of donor]
For additional evidence that the gift is legitimate, the recipient should make sure that deposited funds are not commingled at the bank. If the gift is for $12,000, for example, then the recipient's bank deposit receipt should indicate that a $12,000 deposit was made.
There may be legal and tax liabilities when gifting funds between family members so if you're unsure about how donating or receiving a gift may impact you, call or email me. If I can't answer your question, I can certainly refer you to somebody that can.
Radon is the number one cause of lung cancer among non-smokers and 1 out of 15 homes has elevated levels of the radioactive gas seeping into it.
Despite the risks, however, radon is a potential problem that many homeowners ignore.
Radon can enter a home at many different points. A partial list includes:
But, because radon is odorless, colorless, and scentless, it's impossible to detect without the use of tools.
There are do-it-yourself, at-home radon testing kits which can be purchased at Lowe's for less than $20, or you can hire an EPA-approved professional to site-test for you.
If the tests are positive for radon, fixing the problem in your home can cost anywhere from $800 to $2,500, depending on the home's architecture.
According to the Environmental Protection Agency, nearly one million homeowners have taken radon-reducing steps in their homes over the years, saving 6,000 lives.
Source
My $1,200 Radon Job
Gwendolyn Bounds
We specialize in the following area's ... Atlanta Real Estate, Ashford Park, Brookhaven Homes, Chamblee Homes, Dunwoody Real Estate, Sandy Springs Real Estate. http://www.homesourcegroup.net/
The Wall Street Journal Online http://online.wsj.com/article/SB120855599410427459.html
There is no such thing as a "national real estate market".
Real estate is local.
We know this is true because even cities don't have their own real estate market.
This chart shows how home prices have diverged across adjacent zip codes over the last 12 months.
Some influencing factors:
Stories about "The U.S. Real Estate Market" are irrelevant. In each city in America -- and on a street by street level -- real estate markets can be vastly different.
(Image courtesy: Wall Street Journal)
We specialize in the following areas ... Atlanta Real Estate, Brookhaven Real Estate, Chamblee Real Estate, Dunwoody Real Estate, Sandy Springs Real Estate, Ashford Park Real Estate. http//www.HomeSourceGroup.net
If you only read headlines this past week, you may have missed two very important points.
The first story relates to Housing Starts. Housing Starts measure the number of new homes entering the construction phase. The headline blared "Housing starts plunge to 16-year low".
If you are a homeowner, this is terrific news.
Because home values are governed by Supply and Demand, fewer homes built means that home demand has a chance to rebalance against home supply.
This places upward pressure on home prices nationwide.
When Housing Starts drop, it says more about weakness in builder sentiment that it does about the state of the housing nationwide. Housing Starts are at all-time lows because builders want to sell the product they have before putting more product on the market.
The second story was yesterday's New Home Sales figures.
The headline read that "US new-home sales slide in record plunge" but, again, let's look a little deeper.
New Home Sales are defined as homes that are newly built. Stated differently, it specifically counts the number of homes sold that were once classified as "Housing Starts".
If Housing Starts falls, therefore, we can expect New Home Sales to fall, too. The two data points count the same housing inventory at two different points along a timeline.
These two stories are related but neither should be construed as bad news. As builders cut back on the supply of homes, it should create an increase in relative demand.
For homeowners, this is a positive development.
(Image courtesy: New York Times)
Bring the Blog to Atlanta, Ashford Park, Brookhaven, Chamblee, Dunwoody and Sandy Springs at www.activerain.com/waders . We can help you find your next home in the Atlanta, Georgia area!
Certified Residential Specialists 
Accredited Buyers Representative
Welcome to the Home Source Group of Atlanta. Combined Experience of more than 25 years in Atlanta Real Estate. We serve Ashford Park, Brookhaven, Chamblee, East Cobb, Dunwoody, and Sandy Springs Georgia Residential Real Estate. We serve the following counties in Georgia - Cobb County, DeKalb County, and Fulton County Gerogia. "OUR EXPERIENCE DOES NOT COST YOU EXTRA ! " Our goal is to supply you the very best in customer satisfaction and to keep you inform daily on what is going on in you market area. Our web presents is second to none. FreeAtlantaHomeSearch.com. We look foward to serving you in the near future. You can email us at ActiveRain@HomesourceGroup.net.
Take care,
Wade Morris and Becky Veal
Certified Residential Specialists 
Accredited Buyers Representative
We specialize in the following Atlanta areas - Ashford Park, Brookhaven, Chamblee, East Cobb, Dunwoody, and Sandy Springs Georgia Real Estate. The Georgia counties that we serve are Cobb County, DeKalb County, and Fulton County. We are both Buyers and Seller agents in the above areas. Visit our web site at FreeAtlantaHomeSearch.com. We Sell Atlanta Homes fron $200,000 to over $10,000,000. Hire a Georgia Real Estate Agent with credentials. "OUR EXPERIENCE DOES NOT COST EXTRA!"
"I highly recommend the Home Source Group as a real estate professional!"
I was in an unusual position of having a rental property in another state that I hadn't seen in fourteen years. When I decided to sell, I knew I would need an aggressive, knowledgeable realtor who I could trust to lead me through Georgia legalities - by phone and by mail. I spoke with a number of Realtors and decided to meet personally with the two who had impressed me most. Wade met me at the property, made sound suggestions, and displayed a firm grasp of the current real estate market. His experience, contacts, and professionalism convinved me to list my property with him. Some repairs and clean-up were necessary prior to showing the property. Wade advised me what was needed and cost-effective, and he arranged for the work to be done on my behalf. Wade began aggressively showing the property and secured three contracts within weeks. Not only was I an out-of-state owner, but I was on vacation many miles away. He kept in close phone and fax contact, answered questions clearly, and consummated the sale - at a sales price higher than my expectations. The closing went as smoothly as each step in the sales process, all by phone, fax and mail. I could not be more pleased with my choice of realtor.
David B. Mahlert, Tallahassee, Florida
"I have worked with a lot of realtors in the past and have never had one as helpful as you have been "
I just wanted to send you a note to thank you for all your help this past weekend. I'm looking forward to working with you to close this deal. I have worked with a lot of realtors in the past and have never had one as helpful as you have been.
Mike Neal, Naples Florida
"What impressed us most of all, was your readiness to "stay with us" even when the purchase was completed"
Dear Wade,
We both wanted to reiterate our sincere appreciation for all you did for us during our search for and purchase of a condominium in Atlanta. Coming as we were not just from out-of-state, but also from out-of-country, we were particularly grateful for all the time and special effort you took to the difficult task of handling negotiations from a distance.
We very much appreciated as well the obvious professional care you took in preparation for our two "home search" visits to Atlanta. You were ready, in person or by phone, to provide us with fast and thorough responses to our seemingly endless inquiries. And yet at no time did we feel any pressure to
limit our search or come to a decision at other than our own speed. Your careful counseling and direct personal assistance through the final stages of the offer process gave us the necessary confidence to carry through to completion a purchase with which we are absolutely delighted.
What impressed us most of all, I guess, was your readiness to "stay with us" even when the purchase was completed. Your advice on handling various local arrangements - from home warranty to trades people - has been a critical aspect in making our transition virtually stress-free.
We look forward to the prospect of spending our winters in this beautiful city. Our sincere thanks for your very central role in having made this transition not only possible, but also pleasurable.
Sincerely,
Dr. Alexander D. Gregor & Dr. Joan S. Walters
Winnipeg, Canada
"Anytime we have the opportunity to mention a realtor"
Hi Wade,
I wanted to follow up with you and let you know how much Sandrine and I appreciated your help with our party. Everyone had a great time, and your help in taking photos, grilling, hosting and more was noticed and appreciated by all. Anytime we have the opportunity to mention a realtor to one of our friends, know that you will get a enthusiastic recommendation!
I hope all is well with you - life here is great. Timo is growing and is a happy little camper, and CollectiveGood is also growing (making me very happy and proud of my favorite two projects!). Sandrine says hi, and we hope you will free to just "pop in" if you are in the area!
Sincerely,
Seth Heine
"I was so impressed with them professionally"
I want to tell you about Wade Morris whom I first met when I sold my house at 2272 Dunhaven Court. Wade is very impressive - he knew where all the documents were when we needed to research facts about the house. He knew all the facts we needed to make an offer. He cheerfully showed up every time he was asked to do so. He handled all the sale details carefully. He truly exemplified the characteristics needed for a Listing Agent. He made my job as the Selling Agent a breeze.
In short, anyone who gets him as the agent to list his or her house will be a lucky Seller. I was so impressed with him professionally. I really believe an agent like Wade is worth every penny of his commission.
Lynn B. Friedman, Broker, ODAT Realty Services, Inc.
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