Coweta Fayette Real Estate & Newnan Homes for sale blog by Richard Weisser of Better Homes and Gardens Real Estate Metro Brokers

In our area of Newnan Georgia, we have a lot of distressed properties for sale. And the savvy buyer has an excellent opportunity to acquire a good house at a great price.

There are, however, some buyers that insist on getting exactly what they want at exactly the price that they want to pay. And since that combination of value and fulfillment rarely exists, the endless pursuit for perfection goes on and on.

We have even had some buyers throw up their hands and quit the search. Several of them had even made some offers that were accepted and they backed out during the diligence period.

And every one of these forsaken contracts was such great a deal that they were instantly snagged by another anxious, albeit less cautious, buyer.

Compromise is the key when one is searching for true value. And many, many times, the prudent buyer can really give up a little and gain a lot.

As long as they are willing to expand their focus and see the big picture!

Most economists agree that recent rashes of government spending will ultimately lead to significant inflation. The constant infusion of cash that is intended as a short-term solution will eventually have a long-term effect on the value of a dollar.

One of the best hedges against this expected phenomenon is the purchase of a home during one of the best buyer’s markets in history. With low, low property prices and record low fixed interest rates, there has never been a better time to buy a home.

But if one takes into consideration the fact that a mortgage may be repaid with inflated dollars, the deal only gets better and better. By fixing housing expenses now in terms of the 2010 dollar of today, home buyers will be immune from contrary inflationary economic forces for as long as they own their property.

It’s a tremendous way to protect wealth and to meet your housing needs for decades to come.

Regulation “Z” has been around for a long time. The name is a little misleading, because it is not a single rule, but an entire section of code that stipulates required disclosures when offering credit to a borrowing consumer.

And although the law has been revised many times, (the latest changes went into effect July 1, 2010.) some of the very basic tenets that apply to real estate advertising still exist.

Simply stated, there are still certain “trigger” words, that when used in advertising, require complete disclosure of all of the terms of the loan. These trigger terms include:

1) The amount or percentage of any downpayment.
2) The number of payments or period of repayment.
3) The amount of any payment.
4) The amount of any finance charge.

If any of these words are used in any form of advertising, complete disclosure is required under law.

So I am usually more than  a little irritated when I see a large sign in the front yard of a HUD home for sale that says “$100 DOWN” in huge letters. Why is the government immune from its own regulations?

It seems to me that the business of governing should be prosecuted without any hint of reproach. If the rule is indeed designed to protect consumers, then let’s protect them, fair and square.

Even if the government REALLY does need the money!

(Source of terms FDIC)

It was a typical summertime Friday night in the South. It was hot and humid, and the old watering hole was more reminiscent of a scene in a 1950’s “B” movie than a contemporary night spot.

The plastic fans were whirring, but the air was barely moving and the heat was stifling. But we were there to make music that is exactly what we did.

I am not certain if I was delirious from the sultry heat or affected by the attempted remedy of cold beverages, but the music was awesome.

And the crowd actually multiplied over the course of the evening, as the melodic strains wafted through open windows onto the two-lane highway and drew them them away from the comfort of their air conditioned vehicles.

The point is, that hen you are committed to doing something, even the most adverse conditions cannot prevent you from succeeding.

And if you do you best rather than trying to just “get by” the rewards are sure to follow.

If price was the only thing that mattered when purchasing real estate, sales contracts would only be a few paragraphs long. But in reality, sales contracts can be ponderous instruments exceeding thirty pages of legal language.

The terms and conditions of a transaction are equally as important as the price that is being paid.

Terms such as the length of an inspection period, and the conditions of the resolution process if defects are discovered can add a tremendous amount of value over an “as-is” purchase.

Even the projected closing date can affect the value of the property. If a buyer needs the property in 30 days, but the seller needs 90 days to move, the value of the property may become diminished to the buyer.

Contingencies such as ability to obtain financing or the appraised value of the property meeting the purchase price can add peace of mind and added value to the purchaser.

So when a buyer or a buyer’s agent calls and asks if a seller will take “X” dollars for their property, the question is too vague for a direct answer. Until one examines all the terms and conditions of an offer, it is impossible to determine the true bottom line of the deal.

I have often seen buyers pay more and add value to their purchase by getting much more in return in concessions from the seller.

It’s not rocket science; it’s the art of the deal!

It seems that as real estate agents we spend a lot more time in the car these days. As more and more sellers dictate title companies and require hand delivery of earnest money and other documents, it is not unusual to drive over 200 miles in a day.

We get to visit places “across town” that we not have seen in years. Heck, sometimes we go to places that we have NEVER been.

There are times when I think that some evil genius has deliberately constructed a program that selects the servicers that are as far away from the subject property as possible. You just don’t know how many times I’ve heard the closer ask: “Newnan, where is that?”

As a result, those of us here in the Atlanta metropolitan area circle I-285 like planets around the sun, awaiting the robotic drone of the GPS to give us further instructions.

And we get to see a lot more of our city in a whole new light!

I had an interesting situation come up recently. A buyer had made a cash offer on a property owned by a quasi-government privately owned mortgage corporation. The offer was accepted, but the seller delayed in getting the executed contracts delivered.

And so the SELLER asked for an extension on the closing date to ensure enough time to get the title work done. The buyer agreed, the extension was executed, and then signed and stamped by all parties.

Here’s where the story gets interesting: On the day of closing, the buyer wires the money to the title company’s office. But after driving 50 miles, and after having done everything correctly, the buyer is told that the contract fell “out of the system,” and that the offer process would have to start all over again.

Of course I protested. I don’t care about this mysterious “system” and what’s in it and what is not. We had a perfectly good, legally binding contract already and I felt that it could compromise my client’s position to start over with a new contract.

The response I got was the typical” “Do you want to close or not?”

My client acquiesced, and we closed a week later. But the title company held all of the purchase money the whole time!

My client did not understand how he could have paid the money and not owned the house. He had worked hard all of his life and saved every penny to purchase a home for his family. He followed all of the rules. He didn’t try to “beat the system.”

Instead, the “system” beat him.

As many qualified would-be buyers are opting to rent instead of committing to a real estate purchase, it seems to me that many are missing out on one of the most incredible opportunities in the last 100 years.

Many agonize about trying to determine exactly when the market has or will have bottomed out. They don’t want to invest in a property that could lose some monetary value in the near future.

But a home is not a stock or a bond. A home has intrinsic value that goes way beyond money. It is a place where dreams are fulfilled and memories are created.

Home is a place where we change the paint colors to suit our personalities, and where we tend our gardens that will mature and age more gracefully than us! The longer that we own a home, the more it becomes a part of us and the more it reflects who we are as a distinct human entity.

What kind of price would you set on the value of carrying your new bride across the threshold, or bringing a newborn infant home from the hospital or a greeting a returning serviceman or servicewoman and then uttering two of the most beautiful words in the English language:

“Welcome home!”

On July 1, 2010 a new law went into effect in Georgia that prohibits the practice of texting while operating a motor vehicle.

And although it should be considered common sense, “driving while distracted” now carries some hefty fines.

Drivers that are cited and convicted of the offense will be penalized $150 and have a point added to their driving record.

It’s a shame that safe driving has to be codified, but there are still a lot of drivers that haven’t gotten the message yet. Hopefully, this new law will save lives and a lot of unnecessary suffering statewide!

No texting while driving. It is now the law in Georgia!

With temperatures in the 90’s and very high humidity, Summer is in full swing in Newnan Georgia.

But working in real estate was even hotter today for agents at my office, as the air conditioner cried “uncle” and decided to quit working. And as the temperature rose inside, so did the frenzy of activity.

Everyone was up for the challenge. After all, our clients come first and if that means if we have to work in the heat, so be it.

Fax machines faxed, copiers copied, and printers printed continuously as the offers and signed contracts made their way from office to client to office to another office! We were all working furiously and oblivious to the less than pleasant conditions.

So when I say that the real estate business was hot in Newnan today, I mean both literally and figuratively.

And hopefully, tomorrow will be even hotter!

During the past week, I have encountered several individuals that expressed interest in getting into real estate as a profession.

In years past, that was not an unusual occurrence. Real estate was red hot and was seen as the path to easy money and a life of luxury. And even though most new real estate agents failed in their first year, every pre-license class was packed!

The real estate business of today is vastly different than it was three years ago. Even the most experienced agents struggle to get buyers and sellers to the closing table.

So why would anyone want to get into this crazy business now?

I think that in many cases, that although the real estate profession is very demanding, it is also very interesting and challenging. Every day brings a new situation that makes the job exciting and gets the adrenaline flowing.

And those that wish to accept the challenge today are going in with eyes wide open, fully aware of  current state of the real estate market.

I haven’t seen any statistics to confirm this, but I’ll bet that the failure rate of agents that get into the business now will be significantly less than in the heyday of the buying frenzy.

Because they know in advance that it’s going to take determination, dedication, and a strong work ethic to succeed!

Note: If you love in the Newnan / Coweta County area and would like to learn more about real estate as a career, please call or email me! I'll be glad to help.

The weather report last night was a monotonous string of temperatures in the 90’s with high humidity. That would be totally normal for July in Newnan Georgia, but it’s a bit hot for early June.

But with the hot Summer weather come the beautiful Summer blooms. I love summer flowers because they are more durable that the fragile fleeting flowers of Spring. It’s time for hydrangeas, crape myrtles, lantana and butterfly bushes to do their best to attract hummingbirds and honeybees to the yard.

Fortunately, the occasional thunderstorm that is associated with heat and humidity has kept everything green and vigorous! The downside is that it’s pretty muggy out there, which is a hard word to really describe unless you are experiencing it!

Summer in the South. You gotta love it!

Construction of the new Newnan Piedmont Hospital has been resumed after a long period of inactivity.

The Poplar Road site was a period of heavy activity when the project commenced last year, but was halted due to issues related to the downturn in the Coweta County economy.

Officials are optimistic that the facility will be fully operational by Fall of 2011. The hospital will be one of the largest employers in the county, and is considered to be an integral key to economic recovery in the county!

And that’s good news for all Cowetians!

Memorial Day is typically regarded as the first day of Summer. For many, it’s the first barbeque of the season, and it is often celebrated with family and friends.

It’s the day when swimming pools open, and for planting the last annuals and vegetables before the climate makes it impractical.

Many retail stores offer “Memorial Day” sales that entice consumers to purchase new grills and patio furniture. The home improvement stores are packed with do-it-yourselfers that are busily involved in seasonal projects.

But it is important that we take time to remember the reason for the holiday. Memorial Day is the day that we pay tribute to the men and women that have paid the ultimate price to preserve our Republic and our American way of life.

We honor their courage, their commitment, and their unselfish dedication to their country. They are heroes in the truest sense of the word, putting the well-being of others ahead of their own survival.

And this is also a time to remember the families of those that have endured the loss of a loved one on the field of battle. They too have paid a high price for freedom, and their sacrifice needs to be recognized.

We must never forget. We must never abandon them. We must never cease to offer gratitude and consolation.

Happy Memorial Day to all.

Note: Newnan Georgia Memorial Day commemoration 11:00 A.M. at the Veteran's Plaza , located at the intersection of Temple Avenue and Jackson Street.

One of the advantages of purchasing a Coweta County HUD home for sale is that many buyers qualify for a down payment as low as $100.

You must be buying as an owner-occupant, and you must be able to qualify for an FHA loan for the amount of the bid, plus any rolled in expensed such as the 2.25% up-front mortgage premium.

The one caveat that buyers need to be aware of is that a $500 earnest money deposit is required for bids up to $50,000 and $1,000 for houses over $50,000.  This deposit will be applied as a credit towards the $100 down payment and any closing costs that are not paid by HUD.

For more information contact a Realtor that is experienced in HUD sales!

The current real estate market in Newnan and Coweta Georgia is dominated by foreclosures and bank-owned properties. And although there are foreclosures in nearly every price range, the hottest market continues to be houses under $150,000.

If a property is listed under $100,000. there is even more demand. On top of that, many buyers seek low down payment opportunities, such as $100 down HUD homes that also offer a $1000 bonus to the owner-occupant buyers.

USDA loans are also very popular in qualifying areas of the county, but funding for these loans are uncertain at this time. Hopefully, the program will remain available to those buyers looking for homes in the outlying areas of the county.

Overall, the market in Newnan and Coweta County is active and robust, and hopes are optimistic for good sales this summer.

If you are interested in purchasing a Coweta County HUD home, you need to understand that bids must be entered before the deadline!

And typically, those deadline days of the week follow a specific pattern. When a HUD home is placed on the market, the bid period is typically until 11:59 P.M. on the second Sunday following the initial listing.

If a HUD bid is awarded, and the property comes back on the market before it is closed, the deadline day is typically the first Tuesday following placing the property back on the market. Occasionally, if the property comes back on the market early in the week, the deadline could be on Thursday night.

If NO bid is accepted by HUD and the deadline expires, the property goes on day-today status, with bids accepted until 11:58 P.M. by either owner occupants or investors. This will continue every day until an offer is accepted.

The best way to correctly bid on a HUD home is to work with a buyer’s agent experienced in HUD transactions. They can guide you through the process from start to finish.

For more information on Coweta County HUD homes visit CowetaFayetteRealty.com or call today!

Bidding on HUD homes for sale in Newnan Georgia is still competitive, even after the expiration of federal tax credits. There are several reasons why a HUD home should be considered by a prospective home purchaser.

First and foremost HUD homes are correctly priced based on a recent appraisal and inspection performed on the property.

Second, the bidding process is both fair and unambiguous. All owner-occupants have the same change of acquiring the property based on their bid!

Third, homes that qualify for an insured loan can be purchased with as little as $100 down by owner-occupants. In most cases, these purchasers will also qualify for a $1000 bonus! And HUD will also pay up to 3% of the purchase price for closing costs!

For more information on Coweta County HUD homes visit CowetaFayetteRealty.com or call today!

A friend and I made arrangements to meet at “The Hollow” restaurant for lunch the other day. When we got there, the parking lot was completely empty. We were wondering if the restaurant had decided to stop serving lunch

As we climbed the steps to the entrance, we noticed a letter taped to the door. The letter indicated that after 24 years in business, the restaurant had permanently closed due to the current economic climate. The letter also thanked their customers for their patronage,

We were taken completely by surprise. The last few times that we had eaten there, it appeared to us that business was picking up. We thought that all was well and that the business would continue in operation.

Even long established businesses are not immune to the negative forces of the economic downturn. It’s a struggle for many just to keep their doors open.

And every time we lose one of them, our community is diminished, and there is a void that will not be filled any time soon.

In Newnan Georgia, the competition for HUD properties can be fierce, and sometimes the bidding can get a little out of hand. But often, those seeking to purchase a property with only $100 down make a serious tactical error:

They don’t realize that the HUD price listed is not a suggested bid price, but is set based on a true appraisal of the property. Which means that any on bids over the list price  an insured loan will be limited to that amount, plus an escrow items listed by the appraiser.

So those seeking insured loans that are awarded bids over the list price plus escrows must come up with the difference in cash.

When bidding on a HUD property, it is important to be armed with knowledge rather than passion. A real estate agent that is experienced in HUD bidding can be an invaluable asset for those vying for HUD properties!

After all. it isn’t just about the money, it’s about the ability to get the money!