There has been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.
Good news for FHA loans! As of last week, there are new maximum loan limits that are available due to the American Recovery & Reinvestment Act. These new loan limits are for new and existing loan applications that are submitted with credit approval on or after March 12, 2009.
Here is a list of the 2009 FHA Maximum Mortgage Limits*:
$729,750 for one-unit properties
$934,200 for two-unit properties
$1,129,250 for three-unit properties
$1,403,400 for four-unit properties
These new limits open up the possibilities for many new buyers! Now lenders can go as high as a $729,750 …
I hope you had fun at this weekend’s 127th annual St Patrick’s Day parade, and the Underground Atlanta festival. We certainly know how to celebrate here in Atlanta! For today, St. Patrick’s Day, festivities continue. Enjoy the day. While you are celebrating green, just keep in mind that it has never been a better time for you to buy an Atlanta condo.
You can get a great deal with an Atlanta foreclosure, but you have to be aware of a few things. One – the property may be in less than prime condition and you may not have a chance to really thoroughly inspect it before bidding. With repairs and paying all liens, back taxes, and obligations, you may wind up paying more than the house is worth – not such a great bargain. Two – you may have difficulty evicting the occupants and require the assistance of law enforcement. Three – you need to have your financing lined up and your down payment ready at an auction. Atlanta foreclosures are a great opportunity, but don’t go into the venture alone
Another Atlanta condo auction will take place on March 29. The Horizon near Cobb Parkway will auction 40 units at the W Perimeter in Atlanta. Check in begins at 12:00 that day, and the auction begins at 1:00 pm. There is NO BUYER’S PREMIUM. Contact me about previewing these incredible Atlanta condo residences before this opportunity is gone.
The first time home buyer tax credit of $8000 is generating a lot of interest among potential Atlanta Condo buyers – and a lot of questions. What’s interesting for all home buyers is the various initiatives in states right now.
We’ve posted about auctions for Atlanta Condos, but here at CondoDomain, we also know that foreclosures offer our buyers tremendous savings. We have partnered with RealtyTrac to give our buyers great opportunities to save on Atlanta Foreclosures. Looking through the data we now have on our site, here’s a few Atlanta foreclosure opportunities I really like for buyers.
Properties at The Element at Atlantic Station were auctioned by the developer this weekend, and Atlanta condo buyers got some very attractive deals. One of the best things about any real estate auction is that you get to determine the true market price. But you have to be registered – and ready – to bid on Atlanta condos at any auction. Just like with an Atlanta foreclosure, you need to be ready to seal the deal.
The Astoria at the Aramore recently announced that they’ve just had their first closing of a sale, with more expected to follow soon. This Atlanta condominium is a midrise with 70 residences in historic Peachtree Battle. With 15 different floor plans to choose from, your Astoria at the Aramore residence is appointed with luxurious finishes, to suit your exquisite lifestyle.
Lets talk about the “f” word – Foreclosure. We’ve seen a lot of attention lately to President Obama’s plan to help distressed home owners avoid foreclosure, and relieve the pressure of those drastically reduced priced homes on the market. What does this mean for you, the buyer of a condo here in Atlanta? Is an Atlanta Foreclosure a good deal for you? Will action by Congress keep you from getting an unbelievably good deal, or sweeten the deal more for you?
A limited number of residences are still available at The Manhattan at Perimeter Place. This is an opportunity for Atlanta condo luxury living at prices below the luxury level. Your luxury Atlanta condo at The Manhattan is in the heart of the city, in the central Perimeter area. You are around the corner from the Perimeter Mall, grocery stores, dry cleaners, banks, churches, and Northside Hospital. You are also steps away from boutique condos, specialty shops, and fine dining.
It’s a new day, a new opportunity for home buyers. And The Cosmopolitan at Lindbergh is a brownstone neighborhood in what is about to become Atlanta’s new hot center – Lindbergh. You’re between Buckhead and Midtown – convenient, but without the prices. And of course, the opportunities are yours. Best of all, prices start in the 170s – and these Atlanta condominiums are selling.
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