Louise Scoggins' Blog: All Categories

A recent industry report cites that nearly 50% of all homes sales in 2009 were from first time homebuyers, undoubtedly fueled by the $8,000 first time homebuyer tax credit that was implemented earlier in the year. That’s a staggering fact, with first time homebuyer sales increasing 6% in 2009 versus 2008.

NAR Chief Economist Lawrence Yun states that the tax credit is working better that first expected, with an anticipated 2.3 - 2.4 million first time homebuyers this year. Yun also says with the tax credit being extended through next year – and opened up to repeat buyers as well – home values will rise between 3 and 5 % in 2010 (providing nothing unforeseen affects the current economy).

**Note: all you buyers on the fence waiting for it to bottom out,…

Today I am frustrated. I have a cash buyer who has made an offer on a foreclosed property in desperate need of a total overhaul. And when I say total overhaul, I mean total overhaul…there’s no kitchen (no cabinets, counters, sink, appliances…nothing...it's all gone), all the bathrooms need renovating, the home needs all new windows, trim, and siding, all new carpet, new paint, the deck is not to code and unsafe to walk on, there’s moisture in the basement, and the basement is only half-way finished. In my experience, without a kitchen, the home won’t qualify for standard FHA financing and perhaps not even for conventional financing. It would only qualify for some sort of renovation loan, most of which have a cap on the repair allowance (in the $30,000…

On Wednesday, Cobb County School Board voted 4-3 to implement a more balanced calendar for students starting in 2010. The new calendar adopts a shorter summer, but gives a 1-week vacation in September, February, and April (in addition to usual Winter Break). School will start the first week of August and end just before Memorial Day.

Parents in opposition of the new calendar cited reasons of this hurting the ability for a student to find a summer job. Others said athletes wouldn’t have as much time to practice. But I think students will like the new calendar. I grew up on a “year-round” school system, and it was perfect. You would go to school for a 2 months, then have a week off, and still have a generous summer break. It is definitely more balanced,…

The latest reports show that nearly 800 students in Cherokee County have confirmed cases of Type A Flu, with the CDC citing that 90% of all Type A flu cases are in fact H1N1. Twelve schools county wide have sent letters home to parents, informing them of the possibly presence of H1N1, and 4-5 staff members have come down with flu like symptoms as well. Schools will send home a letter when a certain number of students confirm that they have the flu: 3 cases in one homeroom, 10% of an entire grade level, or 5% of total school enrollment must show signs of viral infection before the letter will be sent out to parents.

Cherokee County is taking preventative measures against the spread of the flu, by providing students with easy access to tissues, soap and…

After much anticipation, the extension of the $8,000 homebuyer tax credit will be signed by the President as early as Tuesday, providing a sigh of relief to homebuyers desperately trying to close on a home in time to receive the credit, and a new wave of excitement for homebuyers who thought the ship had sailed.

The new homebuyer tax credit will be applied as $8,000 for first time homebuyers closing on a home before April 30th, 2010. Additionally, if you are under contract on something by April 30th, 2010, then you would have until June 30th, 2010 to get the home closed and still get the credit. The $8,000 is literally like cash in hand on your next tax return.

The bill also implements a “move-up buyer” portion. If you are buying your second home, and…

The residents of Walden Chase apartments off Dupree Road are no strangers to flooding…the complex has flooded twice in the past 4 years, leaving residents to be rescued by boats and their apartments totally destroyed. The complex runs along the banks of Noonday Creek, which flooded over an unprecedented amount of area between Highway 92 and Towne Lake in Woodstock this past September. Though the complex owner’s flood insurance should cover the cost to rebuild the damaged apartments, the City of Woodstock is applying for a federal grant to knock the complex down in entirety. The City inspector has declared the complex a “total loss”, and Woodstock’s City Manager says paying to flood-proof the complex would be cost-prohibitive. Rebuilding a property in a…

With the recent catastrophic floods in the Atlanta area, many residents have been left wondering what to do with their severely damaged homes. Facing major repairs and no flood insurance, what options do you have? I recently heard of a couple that had just spent their life savings renovating their home in East Cobb. Sadly, the home was destroyed in the floods. Without flood insurance and not having any money in the bank, they feared their only option was to let the home go into foreclosure. What a devastating realization! Not only to lose your home and all of your possessions, but to be forced into foreclosure. It’s a terribly sad thing to think about, yet alone to be faced with.

Hearing about this sparked my thinking into the hundreds of homes that were…

September 1st brought some major changes to the lending industry with both FHA Loan Qualifications as well as some changes to Fannie and Freddie Mac guidelines. These changes are sure to effect a LOT of buyers out there. Agents and Buyers alike: pay attention!

With the demise of yet another major lending institution, Taylor Bean and Whitaker, it’s now highly likely that lenders are going to raise the minimum score required to qualify for an FHA loan. Previously, the minimum score required was 620. It is now likely to be raised to 640. Why, you ask? Well, Taylor Bean and Whitaker held a very large percentage of those 620-score FHA loans, and with them going under, other servicers don’t want those loans. They don’t want to put themselves at risk and…