Yesterday I was visiting a property and the trip took me through downtown Duluth GA. As I was driving along I saw the many American Flags lining the street with the names of service personnel along with the war they served in. What a tribute! My thoughts then ran to what is the history of Memorial Day. I thought I would do a little research and share it with you.

Memorial Day was originally called Decoration Day. It was officially proclaimed on May 5, 1868 by General John Logan, national commander of the Grand Army of the Republic and was first observed on May 30, 1868. The initial celebration was to place flowers on the graves of Union and Confederate soldiers at Arlington National Cemetery.

Up to 1971 Memorial Day was observed on May 30 of each year. At that point The National Holiday Act of 1971 changed the holiday to the last Monday of May, ensuring a 3 day weekend for Federal Holidays.

The first state to officially recognize the holiday was New York in 1873. By 1890 it was recognized by all of the northern states. The South however refused to acknowledge the day, honoring their dead on separate days until after World War I. At that time the holiday changed from honoring just those who died fighting in the Civil War to honoring Americans who died fighting in any war. Several southern states still have an additional separate day for honoring the Confederate war dead: January 19 in Texas, April 26 in Alabama, Florida, Georgia, and Mississippi; May 10 in South Carolina; and June 3 (Jefferson Davis’ birthday) in Louisiana and Tennessee.

The importance of Memorial Day has seemed to have diminished over the years. Some may consider it the official start to the summer vacation season, others may just enjoy a day off, and all of us however should find time to Honor Our American Heroes!

Take a few moments this Memorial Day Weekend and remember those who gave their all for our freedom this Memorial Day. Here is a short video of Downtown Duluth with the American Flags proudly displayed.

Happy Memorial Day Everyone! If you have served our country, Thank You Very Much!

Here it is March 1st 2009 and Atlanta is seeing it’s first real snowfall of the year. For those of you who had a White Christmas, I for one am jealous. For those of you who have been covered up with snow since Thanksgiving, perhap you will want to consider relocating to the Greater Atlanta area and enjoy our more temperate climate. Anyway, I hope you will all enjoy the photo. It was taken from my front door looking accross the Cul-De-Sac. Merry Belated White Christmas Atlanta!

Memo

To: Democratic and Republican Senatorial Committees and All Political Candidates
From: Residents of The State of Georgia
Date: November 5, 2008
Subject: Your Recent TV and Radio Ads in Our State

Let me start by saying thank you for the tremendous amount of cash that you recently spent in our state. Someone appreciates it because they got paid. Hopefully our state economy will show a benefit from it. For those of us that did not get paid and had to constantly listen to your half truths and lies we are excited that we do not have to listen to any more of your BS for a while, at least until the next election and hopefully not then.

Before you come up with your ads that do not tell the whole truth, think about the example you are setting. If your children were to talk to you about their grades in school in the same manner that you talk to the voting public in your political ads, you would whip their butts for lying. If the truth is not enough to get you elected, then you don’t deserve to be there. Run on your own merits, I promise we are smart enough to figure it out. For the National parties and committees that ran attack ads here, Please stay away. You set a bad example and we are trying to raise our children and grandchildren to be more responsible and better citizens than that. We teach them that telling the truth is the right thing to do and half truths will get them in trouble.

Here is a thought for you to try, “Honesty is the Best Policy”.

At a meeting this past
Tuesday one of the speakers commented that some of the people who were helping
to stock the Gwinnett County Food Bank last year are in the line seeking food
this year. This also goes for the various church and civic organization food
banks as well. The current economic conditions have taken there toll on many
facets of both business and personal finances.

Who Put That Bag on My Mail
Box

When I pulled in the
driveway this afternoon there was a plastic grocery bag hanging on my mail box.
Now I must admit, normally I wouldn’t even look at what the letter attached to
it said. I would just throw it away. I guess coincidences happen. The letter
was titled “It’s Spooky to be Hungry” and was distributed by Daisie Jones a
resident of my neighborhood, Flowers Crossing at The Mill. Daisie is the
coordinator for our subdivision in this most worthwhile cause. So lets rally
the troops and everyone make whatever contribution you can.

What Is Needed

When Will It Happen

The food drive will take
place on Saturday, October 25, 2008. For residents of Flowers Crossing at The Mill place
the filled grocery bag (you can add more) on your front porch in plain view
from the street. For other Gwinnett County residents you can take your donations to Cannon United Methodist Church which is located at the intersection of Ronald Reagan Parkway and Webb Ginn House Road anytime between 9:00am and 5:00pm Monday –
Friday. Let’s all get together and make this the best food drive Gwinnett County has ever seen! Flowers Crossing at The Mill residents can contact  Daisie at 770-736-4817.

Long lines form quickly around any gas station that is receiving fuel. Over the weekend my wife and I observed a tanker pulling into a gas station only to be followed by numerous cars. It was as though the cars had been following the tanker to see where it was going. When gas is found, not all grades may be available. Some stations will have regular unleaded and nothing else. The one that got me is that some stations will not allow customers to fill up. People are actually waiting in line for 45 minutes to an hour to purchase $20.00 in gas. You guessed it, about 5 gallons.

This Thursday at noon the 2008 Fall Atlanta Home Show kicks off its 25^th year. Presented by The Home Depot Home Services, this years home show will take place at Cobb Galleria Centre. The show schedule is as follows:

• Thursday 9-25 noon to 6:00pm
• Friday 9-26 noon to 8:00pm
• Saturday 9-27 10:00am to 8:00pm
• Sunday 9-28 noon to 6:00pm

Here is you chance to take advantage of comparison shopping for virtually everything you may need or want in a home. Make certain that you check out all the displays where you will find everything from appliances to water purification. Not only will you see the latest home products but panel discussions are also scheduled.

So you have decided to build your new dream home. How do you find the right builder? Are you just going to leave it to chance? I hope not. You are preparing to make what is possibly the largest purchase you will ever make. As a buyer you owe it to yourself to practice your due diligence and find a builder who is qualified to build your dream home as well as being someone that you can communicate with about your wishes and desires in your home.

In the Atlanta Real Estate market, the most common ways for a buyer to find prospective builders are via the internet, their REALTOR, word of mouth from their family and friends or from the local Home Builders Association. Once the candidates have been identified the buyer and their buyer’s agent should begin the due diligence period by asking questions to determine the best fit. Here is a list of possible questions to ask:

• How long have you been building homes? (You are looking for 3+ years)
• Is your primary source of income derived by homebuilding?
• What insurance coverage’s do you carry? (You are looking for general liability, workman’s comp, and builder’s risk.)
• What is your primary source of information regarding changes in building codes? (You are looking for trade associations such as the home builder’s association or various continuing education classes)
• What is your written warranty on the homes you build and can I have a copy of it to review?
• What is your policy on home inspections? (You must be allowed to use a code certified inspector)
• Will you provide me with references from your homeowners?
• Due to today’s economic time and the state of the real estate market, would you be willing to share your financial information with us?
• Why should we select you to build our home?

While these may not include every question that you may need to ask, it should provide a good start. Even if the home you are looking to purchase is already started and at some stage of completion you should still ask questions of the builder. After all you are interviewing as an employer. You are hiring someone to build your home.

If you are having difficulty paying your monthly mortgage payment, you are not alone. Lenders got very creative, even greedy, while inventing mortgage programs that helped families buy their first home or refinance existing mortgages. Many of these programs were for buyers with no money for a down payment or for families with less than perfect credit. These loans were known as subprime loans. One of the most popular of these loan programs were the hybrid adjustable rate mortgage. A hybrid ARM has a low interest rate initially (a teaser rate) which is followed by significant upward adjustments during the remaining years of the loan. Other than lenders, declining or flat markets and tougher economic conditions have contributed to everyone having a more difficult time meeting our monthly obligations.

Recently a new phrase has come into the real estate market, not only in Atlanta, but throughout the nation. That phrase is a short sale.

What is a Short Sale

A short sale is when you have the ability to sell you home, but the proceeds from the sale are less than the actual payoff and expenses involved in selling the home. In a short sale, the mortgage company agrees to accept less than the payoff they are owed. A short sale is an alternative to foreclosure which may benefit both the lender and borrower. Typically a short sale is a better solution for the lender than foreclosure. If the lender had to foreclose on the property, they would be responsible for attorney fees, possible eviction costs, utilities and other various costs associated with a foreclosure. In allowing a short sale the lender may be able to reduce their losses compared to a foreclosure. One important point is that the lenders typically require documentation as to the hardship that has caused the need for a short sale.

What Hardships are Acceptable

Most mortgage companies require a hardship letter prior to discussing a short sale. The hardship letter should present the facts clearly and honestly and must provide the proof regarding the situation that caused the borrower to fall behind on their payments. The following hardships are frequently accepted by mortgage lenders:

• Job Loss or significant loss of income
• Divorce or Separation
• Excessive Medical Bills
• Death of a Spouse
• Military Service
• Adjustment in Mortgage Payment

How Does a Short Sale Affect My Credit

The late payments that lead up to the short sale will, as expected, have a negative impact on your credit. The main advantage to a short sale is avoiding foreclosure. A short sale should be less detrimental on a credit report than either a foreclosure or a deed-in-lieu of foreclosure.

The Mortgage Debt Relief Act of 2007

By signing H.R. 3648, The Mortgage Debt Relief Act of 2007, President Bush changed the tax ramification for anyone selling their home via short sale or owners who are renegotiating their mortgage. Prior to this legislation signed into law any shortage on a full payoff to a lender was considered taxable income.

Work With a Professional

If you are thinking about a short sale on you home, it is recommended that you meet with a professional and discuss you exact circumstances so that you can be given the best guidance for your situation. Working with a REALTOR® who knows how to talk with the Loss Mitigation Departments at the lender as well as being able to guide you on all the proper documentation required for a short sale will make this process easier for you. The actual documentation required by each lender can vary dramatically. To successfully complete a short sale transaction it is necessary for you to have all the elements documented and in place along with having an effective short sale strategy.

I will be happy to meet with you to evaluate your situation and discuss the options that are available to you. Feel free to contact me via email or phone.

Tornado Hits Atlanta 

This past weekend was one of the most interesting weekends the Metro Atlanta area has ever experienced weather wise. Friday evening about 10:00 a tornado touched down in downtown Atlanta. Extensive damage was done to the Georgia Dome, the Georgia World Congress Center and various additional buildings throughout the area. Airborne debris and high winds broke windows and lifted the roofs off of several structures. The SEC Basketball Tournament was suspended Friday Night and then relocated to Alexander Memorial Coliseum on the Georgia Tech Campus when it resumed on Saturday.

Saturday Was Even Worse 

While Friday evening was exciting, Saturday was even more eventful. Starting about noon storm after storm seemed to be like freight trains running through North Central Georgia. Even though it could have been much worse, there were two fatalities. My thoughts and prayers go out to the families effected

Have Your Roof Checked 

The news broadcasts have shown much of the visible destruction. What cannot be seen is the damage that hail can cause to a roof. If your home was in one of the area that received hail, do yourself a favor and have a qualified roofer examine your roof for any hail damage. It is much better to catch it now before you have water damage to your roof and attic.

The Atlanta Real Estate Market has escaped from many of the problems that have affected other major markets. It has been pointed out that the resiliency of the Atlanta market is due to our sector being fueled by jobs and relocation rather than speculative buying as has happened in some of the condominium resort areas. Just how lucky are we? Below you can see one of the policies lenders have adopted that affect buyers in other areas of the county.

In certain areas of the country lenders have implemented what is called a “Declining Markets Policy”. In essence what this policy calls for is for buyers, purchasing property in what the lender has identified as a declining market, to increase their stake in the property. Most lenders are requiring the loan-to-value (LTV) ratio if one loan is being utilized or the combined-loan-to value (CLTV) ratio if multiple loans are being utilized to be reduced by five (5) percent.  An example would be rather than being able to obtain 100% financing in a declining market, a buyer could only obtain 95% financing. The exception to this policy would apply for FHA and VA loans. For these government backed loans a second level underwriter review is called for, thus making qualifying more difficult.

Lenders are identifying the declining markets by both city and county in the various effected states. Several sources are being used to determine which areas are included. Standard and Poors Case-Schiller Home Price Indices, The Federal National Mortgage Association, The Federal Home Loan Mortgage Corporation, The Office of Federal Housing Enterprise Oversight Index along with statistics from The National Association of REALTORS are the most common sources used in identifying these areas.

Not only are there declining markets, but several of the lenders are also looking more closely at what have been identified as “Soft Markets”. While these areas are not as drastically affected, the lenders are requiring a second level underwriting review for soft market identified locations.

In the latest report I have been able to obtain, the Atlanta Market has not been identified as either a declining or soft market as defined by these lender guidelines. This doesn’t mean that the buyers market is gone. It just suggests that the Atlanta Market has not been as decimated as some of the other major metropolitan markets. Conditions remain favorable toward buyers with sellers making considerable concessions and interest rates remaining low. To find more information about Homes for Sale, just let me know what your requirements are. I am here to help.