Warner Robins Georgia Real Estate News & Listings Presented By Elite Realtors of Middle Georgia

Foreclosure deal: Closer, but not there yet

Mon, 06 Feb 2012 03:00:00 GMT

By Jennifer Liberto @CNNMoney February 6, 2012: 4:01 PM ET
retrieved from http://money.cnn.com/2012/02/06/news/economy/mortgage_settlement/index.htm?hpt=hp_t1

WASHINGTON (CNNMoney.com) -- States have until the close of the business day to agree to the latest draft deal aimed at relieving homeowners struggling with mortgages bigger than their home's value.

Attorneys general from California and New York, who had been cold to the deal in past weeks, are now involved in talks that could signal their participation.

A source close to the talks told CNN that California Attorney General Kamala Harris is now inclined to sign on to the deal.

New York Attorney General Eric Schneiderman is also talking with negotiators, sources say.

Federal officials and state attorneys general could announce -- perhaps as early as this week -- a deal with some of the nation's largest banks that could yield up to $25 billion for those homeowners. That would be more than any housing relief program has produced since the financial crisis began.

Obama proposes new home refinancing plan

Under the latest draft, about 1 million U.S. homeowners who are "underwater" on their mortgages -- with principal exceeding the home's value -- could be eligible for as much as $20,000 in relief of principal owed, according to U.S. Housing and Urban Development Secretary Shaun Donovan.

In return, mortgage servicers in states that agree to the deal would get immunity from future state servicing and originating claims -- although homeowners could pursue claims against banks and states could still pursue criminal investigations, according to reports.

Driving the deal originally were allegations that mortgage servicers cut corners and enlisted robo-signers that improperly foreclosed on homeowners. However, the deal under negotiation now wouldn't be able to return houses to those who have already been foreclosed on, according to reports.

What the deal would do is ensure that mortgage servicers agree to communicate better, avoid delays and give homeowners who are late on mortgage payments a fairer shake.

The big question is how much money would be available to help homeowners, but that depends on how many states agree to the deal. If all 50 states sign on, the mortgage servicing settlement has the potential to offer as much as $25 billion. But without California, the nation's largest state, the pot would be several billion dollars smaller.

Last week, California's Harris and Attorney General Beau Biden of Delaware said the deal, as drafted, wasn't good enough for their states.

New York's Schneiderman was tight-lipped about his participation when asked. Calls to his office on Monday weren't returned.

Generally, the attorneys general have said they're worried they if they agree to the deal it would cripple their own investigations into mortgage cases.

But California's Harris is more comfortable that the deal will leave her room to pursue her own investigations and lawsuits, a source close to the talks told CNN.

At least one consumer advocacy group, the Center for Responsible Lending, has said the deal -- while "no silver bullet" -- leaves room to hold banks accountable in other mortgage probes, said Kathleen Day, a spokeswoman for the nonprofit.

The negotiations are between federal agencies, including the U.S. Department of Justice and the U.S. Department of Housing and Urban Development, as well as the state attorneys general and the five largest mortgage servicers:Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Ally Financial (GJM). A few other regional banks that service mortgages are reportedly considering signing on as well.

The big banks aren't as keen to sign off on a multi-state deal that doesn't include immunity from mortgage servicing claims from California's and New York's attorneys general, said a source familiar with the deals.

And left-leaning groups, including Move On and the New Bottom Line, are continuing to urge states to hold out for a big criminal investigation and a $300 billion settlement award.

-- CNN's Jessica Yellin and CNNMoney's Erica Fink contributed to this report.

Schedule A Form: 6 Home Deduction Traps

Sat, 04 Feb 2012 03:00:00 GMT

By: Barbara Eisner Bayer

Published: January 5, 2012

Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation.

Trap #1: Line 6 - real estate taxes

Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.

The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.

Example:

Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes

Your annual property tax bill: $5,500

Now do the math:

Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.

Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.

Trap #2: Line 6 - tax calculations for recent buyers and sellers

If you bought or sold a home in the middle of 2011, figuring out what to put on line 6 of your Schedule A Form is tricky.

Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.

Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.

Trap #3: Line 10 - properly deducting points

You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.

Trap #4: Line 10 - HELOC limits

If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.

For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.

Trap #5: line 13 - Private mortgage insurance

You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. Unless Congress acts to extend the PMI deduction, however, 2011 is the last year for which you can take this deduction. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)

Trap #6: line 20 - casualty and theft losses

You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:

Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).

Fill out Form 4684, which involves complex calculations for the cost basis and fair market value. This form gives you the number you need for line 20.

Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Down Payment Gift a Leg Up to Home Ownership, But Know Tax Rules

Thu, 02 Feb 2012 03:00:00 GMT

By: Dona DeZube

Published: December 28, 2011

We explain the tax details around giving the gift of a home down payment.

With lots of inventory and low home prices, your gift of a down payment to your credit-worthy children can be a stepping stone to getting into a first or next house. A nice thought at this time of year. (I’m speaking both of the holidays and the upcoming tax season.) Speaking of which, there are rules — like there’s no tax deduction for giving a non-charitable gift. But your gift of up to $13,000 can be given tax-free.

My husband and I used our parents’ generous wedding gift as a down payment rather than spend it all on the wedding. And we’re not the only couple boosted into home ownership by parents, according to blogger Amy Hoak. She says about one-quarter of first-time home buyers get a down payment gift from relatives or friends (note to my friends: My birthday is coming up in February and nothing says you’re my BFF like a down payment!).

“Many times a gift will allow a buyer to make a down payment without severely depleting their savings — a big plus in an uncertain economy,” writes Hoak. “Most lenders will require borrowers to have some money in the bank after closing. And some parents would rather their adult children keep saving for a rainy day than use all of their funds to make a down payment.”

The rules for using down payment gifts differ depending on which lender you use and whether your loan is guaranteed by Fannie Mae, Freddie Mac, or FHA. Hoak outlines the rules for each in her blog.

If you’re the one making the down payment gift, you won’t have to pay federal income tax, nor will the recipient, as long as you give $13,000 or less in 2011 or 2012. You can give up to $13,000 per person without tax implication to any number of people in one year.

In addition, you and your spouse can each give separate gifts to your child. The IRS calls this gift splitting. For instance, if you’re planning to give to your two children, you and your spouse can each give each child up to $13,000 for a total of $52,000 ($13,000 x 4), says CPA Sue Medicus, owner of Liberty Tax Service in Catonsville, Md.

If you want to give more, you still may not owe taxes, but you have to inform the IRS of your gift using Form 709. Check with your tax adviser to see if the amount above $13,000 counts against a lifetime exclusion that we all get to use to pass along assets via gifts and estates, Medicus says.

You can’t deduct the value of gifts you make (other than gifts that are deductible charitable contributions) or any federal gift resulting from making those gifts.

For more, IRS Publication 950 outlines the rules about gift and estate taxes.

What do you think about making down payment gifts to children? Have you done it? Would it have helped you?

648 Trails End Circle, Bonaire, GA 31005

Thu, 02 Feb 2012 01:08:53 GMT

Looking for a basement? This home has it partial finished basement with walk out then an additional 1440 sqft unfinished. Home has lots of upgrades, butlers pantry, huge kitchen with island bar, 2 ac, 2 wh, large lot, country front porch and so much more. Screened in porch on back.

1121 Thornblade, Warner Robins, GA 31088

Tue, 31 Jan 2012 18:56:27 GMT

3 bedroom 2 ba within walking distance to High School. Inground pool, covered back patio.

Finally, Some Talk on Home Ownership; Will Action Follow?

Mon, 30 Jan 2012 03:00:00 GMT

By: Gavin Mathis

Published: January 26, 2012

In his third State of the Union address, President Barack Obama called on Congress to expand refinancing opportunities to millions of Americans.

It was nice to finally hear a politician talking about solving our housing market woes — the bull's-eye in terms of economic recovery.

Aiming to strike a populist chord with voters, President Barack Obama asked Congress Tuesday night during the State of the Union address to pass a mass refinancing effort that would help home owners take advantage of today’s lower mortgage rates.

“I’m sending this Congress a plan that gives every responsible home owner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates,” the president said. “No more red tape. No more runaround from the banks."

The proposal is an extension of the administration’s Home Affordable Refinance Program, which made it easier for home owners with loans owned or backed by Freddie Mac and Fannie Mae to refinance at record low interest rates. The proposal would broaden refinancing opportunities to home owners whose loans aren’t backed by the federal government.

To pay for the plan, Obama said that a small fee on the nation’s financial institutions would be implemented to ensure that the plan is deficit neutral.

Although Obama’s words were music to the ears of many home owners (especially since politicians on both sides of the aisle have been relatively mute on housing issues) — more needs to be done to help underwater home owners modify their loans and encourage banks to streamline the lending process. In the weeks ahead, Obama needs to leverage his refinancing proposal by emphasizing it on the campaign trail and letting every home owner know how easier rules and lower interest rates will help them.

Housing is a key driver of the economy. The NATIONAL ASSOCIATION OF REALTORS® estimates that for every two homes sold, one job is created. Plus, housing accounts for more than 15% of the U.S. gross domestic product. In past recessions, a rebound in housing has usually been one of the first signs that economic conditions are improving.

Besides stepping up refinancing efforts with banks, the president outlined the creation of a new mortgage fraud unit to investigate misconduct by lenders. “This new unit will hold accountable those who broke the law, speed assistance to home owners, and help turn the page on an era of recklessness that hurt so many Americans,” Obama said.

As we get closer to Election Day, the need for comprehensive housing solutions must not become just populist rhetoric in a speech. Effective housing policy is too important to too many Americans to be lost in election year jockeying.

In fact, housing and mortgage issues are make-or-break election issues for many voters and perilous territory for politicians. In a recent survey of voters, 60% believe dealing with mortgage and foreclosure issues is key to stabilizing the economy, including 57% of Republicans and 66% of Democrats.

The clearest way for Obama and his Republican opposition to prove to the American people that they’re fighting for the interests of their fellow Americans is to help home owners by making housing a priority.

What did you think of the comments President Obama made about housing issues and mortgage lending?

A Clean Slate

Tue, 24 Jan 2012 03:00:00 GMT

Clearing the nation's inventory of short sales and foreclosures will require fortitude and business savvy. Take an in-depth look at how practitioners are making distressed sales work.

January 2012 | By Ken Fears

Until the amount of distressed inventory returns to a normal level, under 5 percent, real estate pros face the unenviable task of clearing these sales as efficiently as possible.

Distressed listings typically sell for 15 to 20 percent below market value, which can cause a drag on home prices overall, according to data assembled by the NATIONAL ASSOCIATION OF REALTORS®.

The sharp price discount on today’s distressed sales is a symptom of an inbalanced housing market. In better times, a distressed property might be snapped up at market value. Consequently, the market needs stronger home sales volumes to reduce the number of homes on the market and to stabilize prices. As rising prices allow troubled and underwater home owners, who account for roughly 22 percent of mortgaged home owners, to refinance, their hopes are raised. Robust home sales and home price growth also breed confidence in the market for would-be buyers.

By far the best remedy for the ailing housing market is a stronger economy. Job growth and stock market gains are closely tied to consumer confidence, with consumers commonly citing concerns about jobs as the main reason for not purchasing a home.

Behind the Drag

Ongoing concerns that Europe’s debt crisis could spread and reduce domestic economic growth, a lack of consensus in Congress over the deficit reduction plan, and a major revision to economic growth in the first half of 2011 combined to send stocks on a roller coaster ride in the second half of 2011. In August, consumer confidence fell to its lowest level since the recession began in 2007, and neither businesses nor consumers appear willing to drive the economy. Indeed, job creation has averaged less than 150,000 jobs per month over the last year, below the amount needed to absorb college and high school graduates entering the workforce.

The economy isn’t the only factor restraining the demand for housing. Credit standards and down payment requirements have been ratcheted up in recent years at the FHA and government-sponsored enterprises, but banks have raised their standards even further in an attempt to limit potential lawsuits. As a result, FICO scores on loans backed by Fannie Mae rose from an average of 719 in 2005 to a peak average of 756 in the second quarter of 2011. Likewise, FICO scores on loans originated through the FHA averaged 632 in the second quarter of 2007 but reached 700 in the second quarter of 2011. And anecdotal evidence suggests that down payments greater than 20 percent are the norm outside of the FHA. Although traditional credit standards are a good thing, the pendulum has swung too far in this direction. Punishing quality borrowers for the mistakes of the past is not good for the health of the markets or the economy.

Another factor keeping the level of distressed properties high is the so-called “shadow inventory,” the cache of homes not yet on the market but already—or likely to end up—on the balance sheets of banks, the FHA, Fannie Mae, or Freddie Mac and thus for sale.

Rain Delay

On the bright side, both MLS inventories and shadow inventory showed signs of easing in 2011. In September 2011, an estimated 3.5 million homes appeared on MLSs across the country, 13 percent fewer than a year earlier. Meanwhile, from February 2010 to July 2011, the shadow inventory dropped from 1.9 million to 1.6 million, according to calculations by NAR researcher Selma Hepp. The reduced inventory was partly a result of firming home prices and employment growth that carried into 2011. Taken together, these factors lowered the national 90-day delinquency rate from 5 percent of all mortgages in the first quarter of 2010 to 3.5 percent in the third quarter of 2011. However, the foreclosure rate remains historically high. Not only that, the temporary moratorium on foreclosure sales by many large banks in the latter half of 2010 and early 2011 to correct processing problems held up the sale of a large number of properties that will eventually be sold.

In all, short sales rose by 26,000 last year while foreclosures fell by 255,000, according to Hope Now, a mortgage industry alliance. September 2011 marked the 12th straight month in which foreclosure activity decreased on a year-over-year basis, according to RealtyTrac. In October, however, filings spiked 7 percent from the previous month, and the month-over-month activity was much higher in the housing markets of California, Nevada, Arizona, and Florida, where the downturn was sharpest, as well as in markets where the judicial process held up foreclosure sales. In a Nov. 10 press release, RealtyTrac CEO James Saccacio said, “The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year."

Government programs aimed at helping struggling home owners haven't had the effect many hoped for, but some retooling is underway. In November, the Home Affordable Refinance Program program was revised with relaxed criteria that observers hope will double the number of home owners who’ll eventually benefit. Meanwhile, private loan modifiers have shifted their strategy to focus on reducing monthly payments; the share of loans that are six or more months in default 12 months after modification has improved, from 58.1 percent in 2008 to 26.6 percent in 2010.

It’s not too late to make distressed sales part of your repertoire. This special report looks at how these sales have changed since the wild, wooly days of 2008 and provides insights on how to run a successful short sale or foreclosure operation.

Ken Fears
Ken Fears is manager of regional economics for the National Association of REALTOR®.

Beautiful 4BR/2.5BA in Warner Robins, GA

Fri, 20 Jan 2012 17:31:18 GMT

Wow, This updated 4 bedroom, 2.5 bath home has everything you are looking for in your next home. Great screened back porch, large laundry room, real hardwood flooring.

Tax Rules Encourage Short Sales Sooner, Rather than Later

Fri, 20 Jan 2012 03:00:00 GMT

By: Dona DeZube

Published: January 18, 2012

Tax rules that let you escape paying federal income tax after a short sale expire this year.

If you can’t afford your mortgage and know you’re going to eventually have to sell your home via short sale, you might want to get going on that sooner rather than later.

If you complete your short sale in 2012, you won’t owe federal taxes on the transaction. If you wait until 2013, you could owe a hefty federal tax.

In a short sale, the lender lets you sell your house for less than what you owe on the mortgage.

For example:

You have $200,000 left on your mortgage.

You can sell your house for $150,000.

Your lender agrees to let you sell the house and takes $150,000 instead of the $200,000 you owe.

Your lender forgives the $50,000 difference between the $200,000 you owe and the $150,000 you sold your house for.

If you did the short sale in this example this year, you wouldn’t owe taxes on the $50,000 the lender forgave. That’s because in 2007 and again in 2008, Congress told the IRS to stop collecting taxes on forgiven debt until 2013.

Before the 2007 law passed, you had to pay federal income tax on forgiven debt. If your lender forgave $50,000, the IRS said that $50,000 was income. If you were in a 28% tax bracket you’d owe $14,000 (.28 x $50,000) in federal income taxes.

Here we are 12 months away from the deadline, and it’s anybody’s guess whether Congress will renew that no-taxes-on-forgiven-debt rule. It’s just one of literally trillions of dollars of tax benefits expiring at the end of this year, and there’s no signal yet as to what, if anything, Congress will do about any of them.

And if that’s not confusing enough, states have their own tax laws on debt forgiveness that you have to consider, too.

Silver tax lining for 2013?

If you end up having to short sale in 2013, you may be able to escape taxes another way. If what you owe all your creditors exceeds the value of everything you own, you may not owe tax. Read about the insolvency rule in Publication 4681. (Note: The IRS includes all your assets in determining if you’re insolvent before the short sale.)

Despite its name, a short sale often takes a long time to complete. To ensure you have short sale success before the tax rule changes, work with a real estate agent who has done short sales, promptly give your lender any paperwork it asks for, and pray for patience. You’ll need it.

Did you buy or sell in a short sale? How long did your transaction take?

103 Weston Cove, Warner Robins, GA 31088

Wed, 18 Jan 2012 01:08:20 GMT

4 BR 2 BA home in Harvest Pointe, this home features a large great room with fireplace, Master has a large garden tub, shower. Kitchen has lots of cabinets and radiant top stove. Home is located on a cul-de-sac. Property sold AS-IS WHERE-IS no repairs to be completed.

Foreclosures fall to lowest level since 2007

Thu, 12 Jan 2012 03:00:00 GMT

By Les Christie @CNNMoney January 12, 2012: 8:18 AM ET

NEW YORK (CNNMoney) -- Foreclosure filings and repossessions fell to their lowest level since 2007 last year.

Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.

One in every 69 homes had at least one foreclosure filing during the year, while 804,000 homes were repossessed. That's a significant improvement from the peaks reached in 2010 -- when 1.05 million homes were repossessed -- and the lowest levels seen since 2007.

More than 4 million homes have been lost to foreclosure over the past five years.

While the declines seem like good news for the housing market, where a flood of foreclosed homes has depressed home prices, much of it is due to processing delays caused by fall-out from the "robo-signing" scandal that broke in late 2010.

During the year, banks spent more time making sure paperwork was legal and proper, creating a backlog in the foreclosure pipeline. As a result, the average time it took to process a foreclosure climbed to 348 days during the fourth quarter, up from 305 days a year earlier.

"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," said Brandon Moore, chief executive officer of RealtyTrac.

However, Moore said there were "strong signs" during the second half of the year that lenders are working through foreclosure backlogs in certain markets. He expects foreclosure activity to rise above 2011's level but remain below the peak hit in 2010.

Low rates offer some help for homeowners

Early in 2011, many forecasters were predicting a wave of foreclosures due to resetting adjustable-rate mortgages, but low mortgage rates helped many borrowers refinance into more affordable loans, said Moore.

The government helped as well, through efforts like the Home Affordable Refinance Program (HARP), which made refinancing easier for borrowers who owe more on their mortgage than their homes are worth.

Government foreclosure prevention programs, including HARP and the Home Affordable Modification Program (HAMP), have started about 5.5 million mortgage modifications since April 2009, according to the U.S. Department of Housing and Urban Development.

"Programs like HAMP and HARP have definitely made a dent in the foreclosure problem," said Moore "However, they are certainly not living up to their billing of preventing several million foreclosures. In addition, many [HAMP] homeowners fall back into foreclosure later on."

Of course, there were still plenty of factors working against homeowners in 2011, including the continued erosion in home prices. Falling prices rob homeowners of home equity, which they can tap if they need emergency cash.

Foreclosure hot spots

Hot spots for foreclosures remain mostly in "bubble states," where speculative investors helped drive up home prices beyond their fundamental values during the mid-2000s housing boom.

Nevada, where one out of every 16 households received some kind of default notice during the year, was the worst hit of all, a distinction it has held for the fifth consecutive year.

Foreclosure free ride: 3 years, no payments

Arizona had the second highest foreclosure rate and California came in third. Florida, which had been running neck-and-neck with the other "Sand States" in past years, fell to seventh, behind Georgia, Utah and Michigan.

Among metro areas, Las Vegas suffered from the highest foreclosure rate in 2011. California put seven cities in the top 10, led by Stockton in the second slot. Other cities in the top 10 included Phoenix, which finished sixth, and Reno, Nev. was eighth.

555 Hummingbird Way, Lizella, GA 31052

Wed, 11 Jan 2012 02:10:58 GMT

Beautiful home on over 17 acres, hardwood floors through out, upgraded insulation, windows & HVAC for engery efficiency, 30 yr arch singles,custom fixtures. Property is fenced for horses and new barn in 2009. 5 acres fenced, 5 acres cleared and ready to be fenced. Owner would consider a lease purchase.

109 Carrington Lane, Byron, GA 31008

Mon, 09 Jan 2012 20:20:07 GMT

Wow, What a great home!! This 4 bedroom, 2 bath home has everything you could want.Great floor plan, granite counter tops in the awesome kitchen, 4th bedroom is upstairs bonus room, wonderful landscaping in the privacy fenced back yard.

How to Use Comparable Sales to Price Your Home

Sun, 08 Jan 2012 03:00:00 GMT

By: Carl Vogel

Published: August 5, 2010

Before you put your home up for sale, use the right comparable sales to find the perfect price.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:

Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

Agents can help adjust price based on insider insights

Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

Are foreclosures and short sales comparables?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.

A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.

How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.

So you have to rely on your REALTOR’s® knowledge of the local market to use a short sale as a comparable sale.

Carl Vogel, a freelance writer and former editor of The Neighborhood Works magazine, lives in a home in Chicago that is not typical of those nearby, so he appreciates a savvy comp.

105 Garden Court - Foreclosure Home in Warner Robins, GA 31088

Wed, 21 Dec 2011 23:37:08 GMT

Wonderful Charming home just waiting for your TLC!. This 3 bedroom, 2 bath home has a great fenced back yard, wonderful floor plan and is in a great, quiet neighborhood, Call today for your personal showing!

105 Lamar, Warner Robins, GA 31088

Mon, 12 Dec 2011 17:42:26 GMT

Great house with new paint and flooring, 2 living 2 dining, large screened in porch, fenced yard. Fire place in den, with built in bookshelves, Kitchen has fridge, new tile flooring. Garage has been turned into a large family room could easily be converted back. all new carpet through out entire house.

Solar Christmas Lights: Should You Make the Switch?

Mon, 12 Dec 2011 03:00:00 GMT

Published: December 01, 2011
By: Alyson McNutt English

Solar Christmas lights don’t cost anything to operate, but the high purchase price might not add up to savings.

In the last few years, energy-efficient LED Christmas lights have largely replaced more wattage-thirsty incandescent strings, resulting in significant savings — LED lights use 70% less energy than their incandescent predecessors, and they last up to 10 times longer as well.

Now there’s a new kid in the string-light neighborhood: LED solar Christmas lights are appearing at retailers around the country, promising grid-free festive lighting for holiday-happy consumers.

Powering up solar Christmas lights

A string of solar Christmas lights uses a small solar panel for power; there are no extension cords that must be plugged into outlets. The panel — about the size of a hockey puck — powers rechargeable batteries that illuminate a 25- to 100-bulb string of LED lights.

Panels come with small stakes so you can put them in the ground, where they can take advantage of the sun. A fully-charged string of lights should glow for 6 to 8 hours after the sun goes down.

Solar lights vs. LED plug-in costs

Most consumers expect new technologies to cost more, but if saving energy and money is your main reason for considering solar-powered LED holiday lights, solar lights may not offer enough cost-saving to offset the higher initial purchase price.

Compare purchase prices:

The average cost for a 100-light string of miniature solar-powered LED lights is about $0.30 per bulb, or about $30 per string.

The average cost for a 100-light string of miniature plug-in LED lights is $0.08 per bulb, or about $8 per string.

Compare costs to operate:

Operating a string of plug-in LED Christmas lights for 300 hours — more than enough hours for an entire holiday season — costs about $0.30, using an average energy cost of $0.11 per kilowatt hour.

Solar-powered Christmas lights, of course, don’t cost anything to operate. That means you’re saving 30 cents per year in energy costs.

Do the math, and you’ll see that it’ll take about 45 years for the energy savings from solar-power to equal the difference in purchase price between a plug-in string and a solar-powered string.

Advantages of solar lights

no extension cords

no need for exterior electrical outlets

withstand cold temperatures and precipitation

zero cost to operate

light output comparable to plug-in lighting

a green option

Disadvantages

higher initial cost to purchase

may not operate under cloudy skies

unproven longevity (too new on the market for results)

101 Todd Road, Perry, GA

Sun, 11 Dec 2011 00:25:50 GMT

Mobile home located on .44 of an acre. This home has 3 BR 2 BA, privacy fenced yard, back deck. Kitchen has center island and pantry. Master suite has garden tub and walk in closet

305 Charlotte Drive, Bonaire, GA 31005

Sun, 11 Dec 2011 00:10:50 GMT

Gorgeous and waiting for you to call this home!! This three bedroom, 2 bath home has all of the upgrades you could want! Beautiful hardwood floors, granite counter tops, lots of crown molding, all brick home with fenced backyard

Top 10 Dream Home Features

Sun, 27 Nov 2011 03:00:00 GMT

Source: Macon Telegraph, 11/27/2011

If you were given a chance to design a dream home, what features would you choose first? Take a look at the most popular wish list in 2011 from Nudura, a leading firm in building technology:

Curb appeal. Home exterior, driveway, and landscaping must attract admiring attention.
Concrete and natural stone, rather than wood framing and brick. These homes (Nudura.com) are not only beautiful, they are stronger, more sound resistant, and far more energy efficient than wood frames and brick.
Maximum energy efficient throughout from top to bottom.
Solar panels in the roof to generate a personal energy source.
A large, designer kitchen with natural stone countertops and futuristic appliances, cabinetry and waterworks.
Natural hardwood flooring like Brazilian cherry and sustainable bamboo.
A sunroom, a front porch, and a backyard finished patio.
Vessel sinks, or free-standing bowls above the bathroom countertop, accompanied by wall-mounted faucets.
Bedroom walk out or balcony.
Designer bathtubs and walk0in shower with marble tile, a seating bench and rainfall showerhead.

At Jon's Custom Homes, we include these ameneties into our homes. We pride ourselves with building energy efficient homes that exceed the GA Energy Efficient Code. Visit us online at Jons Custom Homes or call us about our energy compliant homes.