Last year, 27 percent of first-time home buyers received a financial gift from relatives or friends that they applied toward a down payment on a new home - up from 22 percent in 2009, according to data from the National Association of REALTORS®. While gift-giving a down payment has increased, those who receive such gifts need to make sure they follow IRS and banks' gift-giving rules.
1. Home owners still need to come up with at least some of the down payment on their own. A spokesperson with Freddie Mac told Newsday that loans backed by Freddie Mac require that when the loan-to-value is greater than 80%, the buyer will need to come up with at least 5% of the purchase price. For Fannie Mae loans, Fannie allows all down payment funds to come as a gift on one-unit principal residences. The thing that is tricky is few people know whether the loan will get sold to Fannie or Freddie.
2. You may need to document where the down payment money came from. "A gift letter should be signed and dated and include the giver's name, address, and telephone number, along with his or her relationship to the borrower," according to the Newsday article.
3. If you've had the gift for a long time, you likely won't need to document it. If the gift has been in your bank account for three months or longer, it's considered "seasoned" and doesn't require a gift letter, lenders say.
We have many homes for sale in the Buford GA, Lake Lanier Real Estate and surrounding areas for sale. There has never been a better time to purchase a home. We have the answers so call me now 770-757-7200 It would be my pleasure to help you personally.
I listed a client’s property in November 2010. This family of 5 lost one income and the other income was severely reduced. I put this home on the market at a reasonable price, counseled with my clients on their options and determined that a short sale was their best option.
I do my best to educate all of my clients on the process of a short sale. The most important information that a home owner needs to understand is communication. I cannot stress enough how important it is to keep an open line of communication with the mortgage company as well as your Real Estate Professional during this process.
Mortgage companies employ hundreds of people located in call centers all over the United States. The short sale specialist (Realtor) works with the Loss Mitigation department. The Collection Department will continue to call the homeowner for updates. They do not call the Realtor. The only way the Collection Department knows what has happened and why a home loan is past due is through notes that are posted in a logging system. If you ignore them they put that in the system too.
Having done many short sales, our Brokerage’s philosophy is to communicate with the mortgage companies once a week on homes we have qualified buyers for and every 2 weeks on homes that have not gotten offers.
When I learned of a foreclosure notice sent to my client (2 weeks after it was received) the only way the foreclosure could be stopped was if I had an offer from a buyer for this property. We were fortunate enough to receive an offer 24 hours before foreclosure. We stayed on the phone well into the evening and were on the phone fifteen minutes before it was due to be auctioned and learned we received an extension.
There were 92,000 foreclosure homes in Georgia reported in January 2011, 2,039 homes in Gwinnett and Hall Counties and 369 in Buford. The mortgage companies do not want your house. They want to know that you are doing everything you can to help yourself and the investor to minimize the loss. If you don’t talk to them, they will put your home on the fast track to foreclosure.
I do many short sales in my area, not just in Buford. Your home doesn’t have to be a Buford Ga Real Estate short sale or a Lake Lanier Real Estate short sale for us to help. When searching for options to foreclosure find a specialist that works primarily in that field. Every investor has different required processes and anything can happen. This Realtor should be able to advise you of all the options available. Do your homework. Use the power of the internet to learn everything you can about your rights. Then ask for assistance from your trusted adviser (the short sale specialist) and PLEASE once you have made your choice listen and follow their advice.
If you or you know of anyone that needs help with foreclosure prevention, please call or email me Virginia@AtlantaHomeConnections.com 678-546-7387. All information obtained is held strictly confidential. We are you trusted advisers.
Lake Lanier Real Estate and Holiday Marina Buford, Ga
Lake Lanier, one of the most popular places to live and play, floats a Marina called Holiday Marina.
This fabulous Marina is located on Lake Lanier and just 3 miles from Buford Georgia. With 38,000 acres of water, 692 miles of shoreline including Lake Lanier Islands, Buford, Ga real estate and Lake Lanier real estate is an exciting place to live. This great marina offers a private boat launch ramp, marina store, 3 facility bath houses and a restaurant. Holiday, open 7 days a week, is the largest floating dock marina in the south east offering 1300 slips.Holiday Marina, known for having some of the most expensive houseboats in the world, offers covered and open slips that can accommodate boats from 22’ to 100’ in length all with shore power connections.
People come from all over the metro Atlanta area to socialize with their dock mates for slow cooker events, overnight tie ups or just to be together on the dock.
Most of these serious boaters either live there year around or visit every weekend. What I love the most about this social outlet is you’re all friends on the dock. You don’t have to live on Lake Lanier to enjoy all the wonderful things Buford, Ga Real estate offers because your 10 minutes away.
If you are looking for a place to live where socializing is a must, contact us, we specialize in Lake Lanier Real Estate and Buford Ga Real Estate. Call or email me now and I’ll tell you all about the available homes. The lake is one more reason why I live and sell Buford Georgia Real Estate and Lake Lanier Real estate! Oh, and we have foreclosures too!
1. Many short sales continue to be maintained by the homeowner through the short sale process.
2. Many of these homes have not been sitting unoccupied for months which could cause a multitude of problems not just plumbing.
3. Most of them come with a property disclosure. (not going to happen with a foreclosure)
4. The buyer can get a general warranty deed. (foreclosures are only special warranty deeds)
Now, I'm not saying that foreclosures are not a good deal and worth pursuing I sell many of them. You just need to be aware of the problems and legal issues surrounding a foreclosure sale. Short sales on the other hand are also a good deal. It may take a little longer to close on one but you're also helping a homeowner in distress. Homeowners that lose their homes to foreclosure run the risk that the bank could come after them for a deficiency judgement (the balance of the unpaid debt) with most short sales the bank will forgive them of the debt if they at least try and sell. Remember, the investor loses a lot more money if the home goes into foreclosure. It's getting easier to get one closed these days. The banks have figured out that a short sale stops the bleeding. Lake Lanier Real Estate and Buford GA Real Estate.
Step 3: Organize your personal documents and information. No matter what form of foreclosure alternative you decide upon, it is important that assemble the following documents.
2. Mortgage Statements
3. Your last 2 employment pay stubs
4. Past 2 years of tax returns
5. Hardship letter (I can help you with that)
Having this information ready will greatly increase the process and show the lender you are ready and willing to work with them to resolve your mortgage issues.
Step 4: Contact your lender
No matter what you have heard, Lenders do not want to foreclose on your home. They are not in the home selling business they are in the money lending business. Foreclosures add significant cost to the lender, they are eager to work out a situation. In addition, keep your agent informed. When open lines of communication is established the process is more efficient and challenges can be handled quickly and effectively.
Know your options so to make an informed decision for what is best for you and your family. No one is alone in the process there are millions of families in distress. Please contact someone that knows and understands your options to help. Contact me directly or one of our agents to help. click here for more information on foreclosure help. Buford Ga Real Estate
This event encompassed a Halloween party that included a halloween contest, dancing with a great band, food and great fun. this is the first time that the Islands have started including boaters. As a result this series has made a good profit for the Islands and will most likely continue. Just another reason why you should make your home in Buford and Lake Lanier. More on this later!