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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
Mountain Real Estate report
This week on the Mountain real estate report we talk about the difference in flipping and investing. We also talk about investing models. We feature the gated community of talking rock creek. The mountain real estate report is heard every Thursday on WYYZ in Jasper Georgia.
2 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • November 05 2009 03:57PMThe Military and Housing
This is not a blog about base housing. Instead our current market today is greatly influenced by the military. Before the G.I. Bill after WW II the housing market was very different. People went to banks and sat down with a banker.
Usually they knew the banker. They usually put down 40 -50 percent. The loans were for 10 -15 years tops. The whole process was very dependent on your relationship with the banker. It was a very subjective process.
The G.I. Bill changed all that. The bill created the environment we are in today. It made for 30 year loans. It set the standard for 20 percent down. It introduced insurance on Mortgages. It created obviously the VA loan. In addition it started to create the standards for credit scores we use today
So as many changes in medicine and technology come out of military necessity and invention so did many of our current housing rules
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
2 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • October 19 2009 07:28AMA lease purchase common mistake
The lease purchase has become something we are dealing with more and more. Causes for this are numerous. But in many cases a buyer has come out of a short sale, or even a foreclosure, and needs some time to build back up their credit score. They find a home they want, like , and can afford so they offer a lease purchase contract.
The seller on the other hand may be in a sluggish market. The seller may have taken a move to preserve a job that they may not be able to get where they are. They now have a house payment, and a rent payment in a new location. So a lease purchase can eliminate a cash flow issue and now becomes an option the seller might not have normally considered.
A Realtor is just as valuable in this type of transaction for a number of reasons. But I am going to list a really common mistake both people acting in good faith can make.
Seller Jones has entered into a lease purchase agreement with Buyer Smith. Buyer Smith has come to know and trsut Seller Jones during the face to face negotiation as neither has an agent. Buyer Smith agrees to give Seller Jones a $5,000 deposit on the house as down payment and leases for 15 months. Everything is fine and Buyer Smith loves the house. Seller Jones has the $5,000 in his bank ready to go. Buyer Smith is going to use an FHA option as 100 percent financing options are not available in his area and he is not a veteran. The house price agreed on is 250,000. Buyer Smith needs $8750, 3.5 % plus closing costs. He goes to Seller Jones for the 5k.
Here is where the problems start. FHA considers that 5k a gift and since Jones and Smith are not related will not allow it. Further more doing conventional doesn't work either as the same problem about a 5K gift arises. Now Jones can either come down on the price, for FHA. or use the 5 k in closing costs only in a conventional setting. Either way both acted in good faith and Smith is stuck.He does not have enough cash to close and the deal falls through.
Is there a correct way to do this? Yes. The money needs to be in an Escrow account clearly earmarked for down payment. If Smith or Jones had used a Realtor this problem would have been avoided and the deal would have gone through.
This is just one example of why even with Lease Purchases you should use a Realtor
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
3 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • October 07 2009 02:35PMGreat New Listing in Ball Ground Ga
We have a great new 3/2 listing in Ball Ground The link to the property is: HTTP://rwrt.us/fik
This home sits on almost an acre and is in a cul-de sac. It is in a great neighborhood and many of the homes in this neighborhood are priced much higher
The main room has a lovely fire place as well as hardwood floors
This very pretty kitchen along with the rest of the home is being priced very attractively at 199,900. Many homes in the area are significantly more!. Address is 2049 Laurel Cove
In Laurel Lakes Ball Ground
We also have a dial number on the sign so that you can send a text message while you are there to get more information. Use our link above or see this great home on FMLS. Your buyers will thank you.
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
3 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • August 28 2009 01:28PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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