The fax machine failed me after 2 attempts – the most that I ever got across was 35 pages and I still got the “NG” error code… Reedonkulous! Email would not take the 8.37 MB file. Regardless, this is the largest file that I’ve ever presented as an initial offer, and nearly 60 pages of it is disclosure that is not really disclosure – merely assessment and acknowledgements…you would have to see it to believe it. It’s a corporate relo deal – stay tuned for every fascinating, excruciating and painstaking initial, signature and ratification. … [Read more...]

In my article yesterday, I reviewed the basic features and benefits of FHA loans. If you missed the article yesterday, and if you have questions, then please read it, or call me! Today, lets look at the details… * the maximum loan amount in metro Atlanta is $346,250 for a one unit property (the rest of Georgia and the the rest of the USA, vary by county and municipality) * 2 unit properties have a $443,250 limit, 3 unit properties have a $535,800 limit, and 4 unit properties have a $665,850 limit * Mortgage insurance is required, as follows – up front, 1% of the loan amount is paid by the buyer and can be financed into the loan, then monthly, 1.15% of the loan amount, divided by 12 is included in the monthly payment * mortgage insurance is reduced with a larger than minimum downpayment – larger than the 3.5% minimum * FHA loans are for primary residences only * there is no pre-payment penalty, so if you pay off the loan more quickly than in 15-30 years, … [Read more...]

I responded to a Trulia Voices question yesterday from Kimberly in Maryland that asked: What is the current shadow inventory for Atlanta, GA? Every economist's estimate appears to be an underestimate lately, wouldn't you agree? The March report from the National Association of Realtors is a pretty deep dive into estimating - I just try to get local and know my submarkets when estimating stuff like this - what is going on in Maryland that merits your curiosity, Kimberly? Wednesday's DM News article is at the web reference - it is entitled: "Shadows Shrink on More Distressed Sales and Fewer Delinquencies" Key words today like "quantitative" and "easing" merit major fudge factoricity...no matter what anybody says about macroeconomics in something as large as "Atlanta,GA," the numbers will never be 100% accurate. "CoreLogic’s April 2011 estimate is 18 percent lower than the shadow inventory peak of 2 million units hit in January 2010. Mark Fleming, chief economist for … [Read more...]