Atlanta Real Estate Services

Last month’s article wasn’t meant to frighten anyone. It was simply my way of letting you know what the heck is going on in the mortgage industry and what got the market in the situation we’re in these days. Let me set the tone for this article by mentioning a few things from last month’s: “The market is correcting itself.” “It’s just in a slump.” “Guidelines are changing.” “The industry will always find ways to make home-buying affordable.” Many of you probably ask how can there be options. I personally think things will get back to normal sooner than most think because my idea of normal goes back much farther than anyone who has been in the housing market within the past 5 years as a homeowner, realtor, investor or mortgage loan officer. When I got into this business in 1982, 30 year fixed rate mortgage interest rates commonly   were  in the double digits (something we won’t see). You had to put 10–20 percent down, and pulling equity out of your home was   taboo ...

HUD sells properties at reduced prices that you might want to buy! What is a "HUD Home"? When someone with a HUD-insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed, and HUD takes ownership of the home। Then sell it at market value as quickly as possible Frequently Asked Questions About HUD Homes Who can buy a HUD home? Answer: Anyone! If you have the cash or can qualify for a mortgage, you can purchase a HUD home. Are HUD Homes meant for people with low incomes? Answer: HUD homes range in price, but most are affordable for low-and moderate-income Americans. Is it true I can get a HUD Home for a dollar?  Answer: No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area. If the HUD Home needs repairs, will HUD make them? Answer: HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any...

In an instance where the real estate transaction is a cash deal (cash closing)। The transaction can be consummated by executing a handful of documents such as a Settlement Statement, Seller’s and Purchaser’s Affidavits, and Transfer Tax Form। However: a transaction which the buyer takes out a mortgage can require execution of many more documents. These documents will be prepared by the closing attorney’s office and Lender. The documents furnished by the Lender will include Federal, State, and a host of others ranging forms including various affidavits to taxes. The following is a list of typical documents found in a loan package at the closing. Keep in mind that that this list is not conclusive. Each loan is unique. So, documents may vary somewhat according to the type of loan a buyer is getting. Pertain to the buyer(s) HUD-1 Settlement Statement:  Developed by the U.S. Department of Housing and Urban Development, this document itemizes the services provided, fees, a...