A comprehensive guide of property taxes in Atlanta, GA. Before buying your dream home, better equip yourself with this knowledge. Frank Farkas can help.

听If you鈥檙e considering moving to Atlanta,听Georgia,听any time soon, apart from the obvious like听the cost of living, the听best schools, and听where to eat,听you should inform yourself of all things taxes, especially when buying property. Property taxes are something that you should calculate in your budget when moving to another state because they can make or break your budget. This is why here we created a guide on property taxes in Atlanta, Georgia, what property taxes include, how they鈥檙e calculated, and based on that data, how you can lower them, etc.听

What are the Property Taxes in Atlanta, Georgia?

Personal property taxes are also known as property taxes and are fees that you pay for your personal belongings. Namely, private property is defined as any movable property that is not attached to a home or building. The definition, rates, and ways of taxation vary from state to state, but what they all have in common is that those mostly affect businesses.

The amount every homeowner pays depends on the assessed value of their property. This value is usually based on the house鈥檚 value on the market, but that does not mean it is equal to that same value. To determine the true assessed value of each home, assessors in Atlanta first appraise every household in each county. This way, they can determine the market value of each house. Once market value is calculated for each piece of real estate, the Georgia assessment ratio is applied. In Atlanta, as well as in most of the counties in the state assessment ratio of 40% is used. This means that if your home鈥檚 market value is $200,000, the assessed value is $80,000.

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1. The Optimist
Seafood Restaurant

is housed at 914 Howell Mill Road, in a building that was once a stark warehouse in a gritty West Midtown area.

Today, The Optimist is the Numero Uno of Ford Fry, and the Food King behind over ten restaurants. You can enjoy great tasty meals at The Optimist anytime you walk in.

One of the most delicious menu items here is the lobster roll, rated by many to be one of the best dishes in the city, period.

The Optimist also has one of the city鈥檚 best happy hours from Monday through Friday from 5 p.m. to 6 p.m. It also runs through Saturday and Sunday from 3 p.m. to 5 p.m. with $1 Oysters and $5 punch cups.

2. Staplehouse
New American Restaurant

Overseen by Chef Ryan Smith, is still one of Atlanta鈥檚 restaurants with the hardest-to-get reservations.

While the frenzy is slowly losing momentum, now you can book just a few weeks in advance if you鈥檙e interested in eating early or late. Staplehouse opened in 2015 with a tasting menu, changed over to a la carte, and then reintroduced a 10-course tasting menu all over again.

Don鈥檛 expect the same menu from one night to the next. But some of the regulars are Smith鈥檚 famous chicken liver tart, decadent potato bread, and exceptional vegetable dishes like a light fennel soup. Others are monkfish with lemon and ginger dressing.

One of the best news about Staplehouse is that profits from the restaurant go to The Giving Kitchen (a nonprofit initiated by the Hidingers to provide support to Atlanta-area restaurant employees facing sudden hardship.

3. JCT. Kitchen & Bar鈥檚 Fried Chicken
Southern Restaurant

Fried chicken is one of the iconic dishes of the South if you鈥檙e looking for the best spot to enjoy it, head for . How the super-tasty chicken made is stunning.

First, the Georgia-raised Springer Mountain Farms chickens are soaked overnight in a salt and herb brine, dipped in a buttermilk-egg mixture, dredged in seasoned flour, deep-fried and crisped in a cast-iron skillet. Once it鈥檚 ready, the delicious chicken served with house-made hot sauce and collard greens.

Though there are other spots in Atlanta producing great-tasty chickens (like Matthews Cafeteria and The Colonnade), JCT symbolizes the present guard of Southern-style dining with super cocktails, a lengthy wine list and excellent service all available in an industrial elegant dining room. 听

4. Umi
Japanese Restaurant

is one of the most favorite spots for Celebrities visiting Atlanta. The restaurant has a delightful menu created by Chef Fuyuhiko Ito.

One of such tasty meals is the madai (Japanese red snapper) carpaccio, often dressed with sea salt, lemon, olive oil and yuzukosho, or the thinly sliced yellowtail, with cilantro, ponzu and jalapeno peppers.

The two tasty meals are outstanding examples of Ito鈥檚 command and skill. If you don鈥檛 enjoy raw, you can order the lobster toban-yaki, which is served with its petite griddle over blue-hot flames.

You can also enjoy nuggets of sweet lobster meat soaked in creamy soy-butter sauce and left to sizzle until golden and caramelized. And guess who the restaurant鈥檚 pastry chef is? Chef Ito鈥檚 wife, Lisa! She is famous for her legendary green tea souffl茅.

5. Antico Pizza Napoletana
Pizza Restaurant

Always emulated but never fully equaled, the pies at are famous for being legendary. The experience is often described as being Classic Naples, which is true since the apple doesn鈥檛 fall too far from the tree. The restaurant鈥檚 founding brothers Giuseppe and Giovanni Di Palma鈥檚 family are from Italy.

The restaurant鈥檚 kitchen wall is lined with three custom wood-burning Acunto ovens, each producing a blazing heat of 900 degrees, so the pizzas only need just 60 seconds to get the charred crust and airy light interior.

Even more, the classic margarita glitters with D.O.P. buffalo mozzarella, basil and garlic, San Marzano tomatoes, and the San Gennaro is a crowd-pleaser with mozzarella, red peppers, Italian sausage, and caramelized onions.

You can pluck some crisp basil, sprinkle some imported olive oil and take a seat wherever you can get anywhere in or outside the kitchen. The pizza lasts until the final batch of dough ends up in the oven.

6. Spring

Bon App茅tit听named听听as one of America鈥檚 best new restaurants in 2017. But when you visit the restaurant, you may find it hard to believe that you鈥檙e in the right spot.

The famous restaurant is sheltered in the bones of a 1,000-square-foot former train depot, and just a few blocks away from suburban Marietta Square, and you can spot the white sans-serif lettering 鈥淪pring.鈥�

Amazingly, Spring only has 14 tables, each lit by a single Edison bulb, and leave you in awe; there鈥檚 no bar. So what makes the restaurant so unique? Chef Brian So uses classical French techniques to produce entirely made, Iconic Southern dishes that keep both city slickers and locals returning for more.听

The restaurant鈥檚 delicately selected list of wines is intended for pairing with So鈥檚 gorgeously composed meals. Interestingly, many of the wines are biodynamic, organic, and not the usual ones you find on retail.

7. Woo Nam Jeong Stone Bowl House
Koream Restaurant

Housed in Seoul Plaza on Buford Highway, this restaurant serves traditional Korean fare created by its famous chef Young Hui Han, fondly called grandma. Regulars who enjoy Korean dishes never hesitate to order for its custom dish:听dolsot bibimbap.

The meal is served in a scorching hot cast iron stone bowl, which allows the rice to turn out nice and crispy before it is mixed. You should also taste the banchan, which 鈥済randma鈥� makes each day.

Other tasty foods on their menu include the听haemul pajeon听(seafood scallion pancake) and gujeolpan, a sumptuous Korean royal court dish听made up of nine types of food served with crepes in a wooden platter.

8. 04W Pizza
Pizza Restaurant

Owned by Anthony Spina,听 is a Jersey-design pizzeria housed in historic downtown Duluth that got its name from its previous location in the Old Fourth Ward neighborhood, which is on the east side of Atlanta.

Nonetheless, the restaurant still serves its most widely-known pizza 鈥� the Margherita-style 鈥淕randma Pie.鈥�

The famous pizza is produced with fresh mozzarella, fresh oregano, marinara, extra-virgin olive oil, Pecorino-Romano and crowned with fresh basil. Most of 04W Pizza pies lean mostly on the meat with tangy sauce. Nonetheless, the restaurant also serves vegetarian and glutton free pizza options.

9. Twisted Soul Cookhouse & Pours
Soul Food Restaurant

听is located in Westside and widely known as the spot where the South鈥檚 most tasty dishes meet the command of legendary trained chef Deborah VanTrece.

The legendary chef鈥檚 global tour, as well as her three decades of cooking as an expert, are reflected in the menu and quality of service rendered here.

The restaurant strikes that hard balance between casual and fine dining with convenience.

So, when you walk in, look forward to amuse bouches such as tasty bite of chicken salad, shared meals like black-eyed pea salsa fresca that is served with fresh tortilla chips and decently plated entrees like Cajun-spiced roast chicken on the top of a bed of red beans and rice.

10. Redbird

听is housed in the former space of Bacchanalia in the Westside Provisions District.

The space is redesigned with neutral colors and illuminated with vibrant lights which extend from the tall windows that looks out to the bridge above the train tracks and spread across the open kitchen that allows the chef to have conversations with everyone in the restaurant.

Redbird鈥檚 concept is fanciful and free-spirited. The restaurant鈥檚 cuisine leans heavily on the creative flair of the chef mostly in the treatment of veggies and plants. So who is the chef behind the restaurant? 听

Redbird is owned and run by Chef Zeb Stevenson, who has earned profound respect around Atlanta鈥檚 restaurant industry for his exceptional culinary skill and endless creativity.

But Redbird isn鈥檛 Stevenson鈥檚 first attempt at running a restaurant. Stevenson was well-known for running the kitchen at The Livingston, Parish, and Watershed, to mention a few.

Steven is also famous for winning an episode of 鈥淐hopped in 2012. Furthermore, Stevenson once had five-course, blood-themed dinner that became an instant hit.

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1. Lin Elementary School

Lin Elementary School is one of the public elementary schools in the Atlanta Public Schools District. The elementary school has a total of 614 students and services grades K -5.

Lin Elementary School has a student to teacher ratio of 15:1 which is slightly lower than the state average of 16:1. Up 98% of the school鈥檚 teachers have three or more years of work experience as teachers. Also, all the teachers in the school (100%) are certified.

2. Jackson Elementary School

Jackson Elementary School is one of the public schools in the Atlanta Public Schools District. The elementary school has a total of 829 students and services grades K-5. Jackson Elementary School has a student per teacher ratio of 16:1 which matches the exact state鈥檚 average of 16:1.

The school has an average student per counselor ratio of 826:1 which is higher than the state鈥檚 average of 41:1. All of the teachers in the school (100%) are certified and have more than three years of work experience as teachers.

Compared to other schools in Georgia, Jackson Elementary School is rated above average in terms of school quality. Also, the school students鈥� performances on state tests are above average and they show above average signs of academic improvement year-over-year.

3. Vanderlyn Elementary School

Vanderlyn Elementary School is one of the public schools in Dekalb County School District. The school has a total of 713 students and services grades PK 鈥� 5.

Vanderlyn Elementary School has a student per teacher ratio of 15:1 which is slightly lower than the state average of 16:1.

The school has a student per counselor ratio of 475:1 which is better than the state鈥檚 average of 481:1. Also, 85% of the school鈥檚 teachers have three or more years of work experience as teachers, while 96% of them are fully certified.

Compared to other schools in Georgia, Vanderlyn Elementary School is rated above average in terms of school quality. Also, the school鈥檚 students鈥� performances on state tests are above average and they achieve an above-average academic improvement year-over-year.

4. Ashford Park Elementary School

Ashford Park Elementary School is one of the public schools in Dekalb County School District. The school has a total number of 559 students and services grades PK 鈥� 5.

Ashford Park Elementary School has a student per teacher ratio of 13:1 which is lower than the state鈥檚 average of 16:1. The school鈥檚 student per counselor ratio is 375:1 which is better than the state鈥檚 average of 481:1.

Up to 64% of the school鈥檚 teachers have at least three years of work experience as teachers and 93% of the teachers are certified.

In terms of school quality, Ashford Park Elementary School is rated above average compared to other schools in the state. The school students鈥� performances on state tests are above average and their level of academic improvement year-over-year is above average.

5. The GLOBE Academy

The GLOBE Academy is one of the public middle schools in Dekalb County School District. The school has a total number of 905 students and services grades K-7. The school has a student per teacher ratio of 14:1 which is lower than the state鈥檚 average of 16:1.

The GLOBE students per counselor ratio is 373:1 which is better than the state鈥檚 average of 481:1.

Also, 78% of the school鈥檚 teachers have three or more years of work experience as teachers and 95% of the entire teachers are certified.

The GLOBE Academy is ranked above average in terms of school quality in comparison with other schools across the state of Georgia.

The school students鈥� performances on state tests are ranked above average and their academic improvement year-over-year has been about average.

6. Inman Middle School

Inman Middle School is one of the public middle schools in Atlanta Public Schools District. The school has 1,078 students and services grades 6-8. Inman Middle School has a student per teacher ratio of 14:1 which is lower than the state鈥檚 average of 16:1.

The school also has a student per counselor ratio of 356:1 which is way better than the state鈥檚 average of 481:1. Also, 97% of Inman Middle School has three or more years of work experience as teachers and all the teachers (100%) are certified.

Inman Middle School is ranked above average when compared to other middle schools in Georgia. Also, the students of this school鈥檚 performance are rated above average and their academic improvement year-over-year is rated above average.

7. Kipp South Fulton Academy School

Kipp South Fulton Academy School is one of the public schools in Fulton County School District. The school has 339 students and services grades 5-8. The school has a student per teacher ratio of 12:1 which is lower than the state鈥檚 average of 16:1.

In addition, the school has a student per counselor ratio of 229:1 which is lower than the state average of 481:1. Up to 70% of the school鈥檚 teachers have three years or more experience as teachers. All the school鈥檚 teachers (100%) are certified.

Compared to other schools in the state of Georgia, Kipp South Fulton Academy School is ranked above average in terms of school quality. The school students鈥� performances on state tests are above average and their year-over-year academic improvement is also above average.

8. Early College High School At Carver

Early College High School At Carver is one of the public high schools at Dekalb County School District. The school has a total number of 303 students and services grades 9-12. Early College has a student per teacher ratio of 20:1 which is higher than the state鈥檚 average of 16:1.

The high school also has a student per counselor ratio of 305:1 which is better than the state鈥檚 ratio of 481:1. Up to 94 of the school鈥檚 teachers have three years or more experience as teachers and all the full-time teachers (100%) are certified.

Early College High School is rated above average when it is compared to other similar schools across Georgia.

The school students鈥� performances on state test scores are above average and their college readiness measures are also rated above average. In addition, the students鈥� year-over-year academic improvement is above average.

9. Charles Drew Charter School Ja/Sa

Charles Drew Charter School Ja/Sa is one of the public charter schools in the Atlanta Public Schools District. The school has a total number of 691 students and services grades 6-12.

Charles Drew has a student per teacher ratio of 13:1 which is lower than the state鈥檚 average of 16:1. Chares Drew has a student per counselor ratio of 345:1 which is better than the state鈥檚 average 481:1.

Up to 94% of the school鈥檚 teacher has three or more years of work experience on the job and the entire teachers in the school are certified.

Charles Drew Charter School Ja/Sa is rated above average in terms of school quality compared to other high schools in Georgia.

The students鈥� college readiness measures are above average and they score above average on state tests. They also performed above average in year-over-year academic improvement.

10. Lakeside High School

Lakeside High School is one of the high schools in the Delkab County School District. The school has 2,133 students and services grades 9-12. Lakeside has a student per teacher ratio of 19:1 which is higher than the state average of 16:1.

The school has a student per counselor ratio of 424:1 which is better than the state average of 481:1. Also, up to 88% of the school鈥檚 teachers have three years or more experience in the job. More so, 93% of the school鈥檚 teachers are certified.

Lakeside High School is rated above average in school quality when compared to other similar schools across the state.

Also, the students鈥� college readiness measure is above average, the performed above average in year-over-year academic improvement and scored above average on state tests.

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What are Closing Costs?

During the settlement, also called closing, of a real estate transaction, there are fees and charges that are paid by the buyer and the seller to parties that provided their assistance and services throughout this process. These expenses are what we call . Generally, most of the closing costs are the responsibility of the buyer, but laws and customs vary from state to state. Whether you are a first time homebuyer or not, it would benefit you to work with a real estate professional so that you can be given the guidance that you need in order to get the best deal out of this transaction.

Average Closing Costs in Atlanta, GA

Common Closing Costs for Georgia Home Buyers

Buyer closing costs in Georgia typically range between 2% and 5% of the sale price. So, given that the median home value in Atlanta is $261,200, buyer closing fees would costs around $5,224 to $13,010. It is important to note that your closing costs will be determined mostly by your lender鈥檚 requirements and the value and condition of the property that you are buying. Also, in Georgia, an attorney is required to review all the settlement documents and sign off on real estate transactions at closing. Attorneys usually charge about $721 for this service.

One of the closing costs buyers will be responsible for is the appraisal fee, which is around $333 on average. Buyers are required by lenders to hire a professional appraiser to value the property to protect both the financial institution鈥檚 investment and ensure that the homebuyer is paying fair market value. A home inspection is not a mandatory service in this state, but it is best to have this performed to avoid any serious issues that may cost you more in the future.

Discount points are fees paid directly to the lender at closing to lower your monthly mortgage payments. One discount point usually costs 1% of your home loan. For a $200,000 loan with a rate of 4.5%, buying two points can reduce this to 4%, resulting in a monthly savings of $58.54. You will also be required to pay your lender a fee to process your loan application.

Real estate transfer taxes generally cost $1.00 per thousand (plus $0.10/hundred) based upon the value of the property. Although these are usually the responsibility of the seller, it is commonly passed on to the buyer during negotiations. Title insurance policies, such as lender鈥檚 title insurance and owner鈥檚 title insurance are also typically paid by the buyer. Intangibles tax of $1.50 per $500 based on the amount of the loan is required to be paid by the buyer within 90 days, as well as a $10.00 tax in accordance with the Georgia Residential Mortgage Act.

Common Closing Costs for Georgia Home Sellers

In metro Atlanta, where the median price of a house is $250,000, sellers can expect to pay $11,346 in closing costs. Sellers are responsible for the real estate agent鈥檚 commission, which costs around 5% to 6% of the home鈥檚 final sales price. Another cost for sellers is the pro-rated property taxes from January 1^st until the settlement date of the home sale. So, if the closing date is July 31^st, then the seller would be responsible for property taxes from the start of the year to the end of July.

State and county real estate transfer taxes are also the responsibility of the seller. According to the site, 鈥淭he real estate transfer tax is based upon the property’s sale price at the rate of $1 for the first $1,000 or fractional part of $1,000 and at the rate of 10 cents for each additional $100 or fractional part of $100鈥he seller is liable for the real estate transfer tax, though frequently the parties agree in the sales contract that the buyer will pay the tax.鈥�

Breakdown of Closing Costs in Atlanta, GA

How Can a Homebuyer in Atlanta, GA Lower Their Closing Costs?

Although the list of buyer鈥檚 closing costs can be quite daunting, especially to , most of these expenses are not set in stone and buyers can negotiate with the seller to cover some of them. You can also talk to your lender to lower or remove some of the costs. Here are a few more ways you can significantly reduce your closing costs:

1. Be Thorough When Checking the Fees and Charges in Your Closing Costs List

One of the biggest mistakes most homebuyers make is neglecting to check their list of closing costs. But by taking the time to thoroughly go through this list and familiarizing yourself with each item, you can significantly reduce your closing costs. There may be some items that are listed twice with different terms or some items that are vague which you can ask your lender to take off the list.

2. Get a Quote from More Than One Lender

A recent study shows that homebuyers can and at least $3,000 if they get quotes from five different lenders. When you take the time to shop around for lenders, you can save one-eighth percent to a half-percent of your loan. These may seem small, but if you compute the half-percent interest on a $500,000 loan, this amounts to a significant annual savings of around $2,500.

3. Schedule Your Closing Date Towards the End of the Month

Setting the closing date towards the end of the month can greatly reduce your prepaid daily insurance charges, as this decreases the number of days between the settlement date and the succeeding month. In effect, your prepaid or 鈥減er diem鈥� interest will be lower. If you want to compute for your savings, multiply your loan amount by your interest rate then divide the result by 365 to get your daily interest charge. Next, multiply that amount by the number of days left in the month. The result will be the amount that you will be paying at your closing meeting.

If you are in search of the perfect home in Atlanta, GA for you and your family, I can help. Feel free to give me a call at 678-442-1509 or send me an email at info@AtlantaDreamLiving.com to schedule a meeting!

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What is Cost of Living?

The term refers to the amount of money a person needs in order to sustain a certain standard of living in a particular location at a specific period of time. If you are planning to move to a new location, this type of information would be very helpful for you, as you assess whether or not you can afford to relocate in that area. Agencies determine the cost of living of a particular location by checking the prices of a representative sample of basic goods and services, such as housing, food, taxes, transportation, and healthcare, then taking into account how each of these items affect an individual鈥檚 annual budget. As an index, the cost of living reflects the percentage variance of the cost of basic expenses between two or more locations, with the values under the primary location constantly set at 100, while those of the locations being compared to it may be higher or lower than 100, depending on whether the cost of basic expenses there are more expensive or cheaper than those in the primary location.

2019 Cost of Living Index in Atlanta, GA

is a wonderful city to relocate to, not only because of its small-town charm, but also because of its thriving economy. Home to almost half a million people, this city has attracted 89,000 new residents in 2017 because of its recent economic growth which has been continuously improving year after year. In fact, has been predicted to perform better than the rest of the nation and attract venture capitalists in 2019.

If you are considering moving to Atlanta and you want to be sure that you are financially capable of living a comfortable life in this city, the table below would show you how the basic expenses in this location cost relative to the state of Georgia and the rest of the nation:

Cost of Living in Atlanta, GA

Index	Atlanta	Georgia	United States
Grocery	92.6	97.5	100
Health	90.8	96	100
Housing	126.6	92.1	100
Utilities	103.6	103.2	100
Transportation	144	121.3	100
Miscellaneous	99.8	94.8	100
Overall	115.4	100.3	100

As you can see from the Cost of Living table above, the highest expense in Atlanta is transportation, with a value of 144. The next most expensive expense is housing, at 126.6, followed by utilities, at 103.6. The rest of the basic expenses are lower compared to the rest of the nation.

Cost of Food and Groceries in Atlanta, GA

According to data from , a meal at an inexpensive restaurant in Atlanta, Georgia has an average price of $15, while a three-course meal for two in a mid-range restaurant costs around $50. The average monthly food spending of Atlanta residents is estimated at $312.65, which is lower compared to the national average which is $324.33 national average.

If you happen to be a foodie, you鈥檒l love living in Atlanta. There鈥檚 a plethora of food venues for you to enjoy all the tasty dishes you can expect in a Southern city. Aside from the popular food chains like Waffle House and Chick-Fil-A, you鈥檒l find a thriving independent restaurant scene here, as well. And, there鈥檚 an annual Atlanta Food and Wine Festival where you can try out everything this city has to offer. The price for a one-day pass is $175, and a three-day pass for the weekend costs $500.

Cost of Utilities in Atlanta, GA

The basic package of utilities for a typical 915-square foot apartment in Atlanta, GA costs around $151.66. This is includive of electricity, heating, water, and garbage. If you would like to add internet, this would be an additional $64 a month, only a couple dollars more than the national average which is $62.51.

Atlanta, GA Housing Costs

According to the National Association of Realtors, the median sales price of a single-family home in the Atlanta metro area is $216,100, much lower than the national median price for homes sold which is $234,400. This is great news if you are planning to buy a home when you relocate here. Compared to other East Coast cities, like New York or Washington DC, where the median sales prices of homes are at $403,900 and $417,400, respectively, owning a property in Atlanta is much more attainable for most residents. Renting in Atlanta is much more expensive, though. The median monthly rent for apartments in this city is $988, $161 higher than the national level which is $827.

Transportation Costs in Atlanta, GA

Atlanta is a driving town, as residents often take long commutes and heavy traffic is the norm. According to 2018 data from , the average daily commute time in Atlanta is 62 minutes, which is one of the worst in the United States. The average price of a gallon of regular gas is $2.72, which is slightly more expensive than the Georgia state average of $2.66, but cheaper compared to the national average of $2.86. If you would need to take public transport via the Metropolitan Atlanta Rapid Transit Authority (MARTA), a 30-day public transit pass costs $95.

Atlanta, GA Taxes

Atlanta has a sales tax rate of 8.90%. The state of Georgia holds statewide sales tax holidays twice a year. The first is usually around the end of July, which is meant to help parents with their back-to-school shopping. The second tax holiday does not have a fixed schedule and happens at different times each year. The average effective property tax rate in Atlanta鈥檚 Fulton County is 1.07% and the residents鈥� median property tax payment is $2,692, which is the highest in the state. Georgia residents pay a top marginal state income tax rate of 6%. This applies to filers with taxable income of $7,000 or more.

Moving to Atlanta, GA

If you are planning to relocate to Atlanta, Georgia and buy a house, learning about the cost of living in this city can give you an accurate idea how the move could possibly affect your budget and help you determine if you can afford to buy a home. If you want to know more about your home options here, please feel free to call us at 678-442-1509 or send us an email at info@AtlantaDreamLiving.com and we will be more than happy to show you all the available properties that would fit your preferences and budget.

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With so much time and effort dedicated to this particular type transaction, you鈥檇 assume that everyone was relatively educated about what a short sale real estate transaction is and if interested in selling, 听whether they qualified to sell their property in this manner.

Unfortunately, the subject is filled with misconceptions, misinformed agents and brokers, apathetic lenders and worse yet, predatory greedy slime balls presenting themselves as 鈥渟hort sale consultants鈥� and advising and teaching their 鈥渃lients鈥� to commit bank fraud!

So What is a Short Sale?

A 鈥渟hort sale鈥� occurs when a lender agrees to accept less than the amount owed on a promissory note (mortgage). It is often utilized when a seller cannot pay the mortgage on their property. Often, both the seller and the lender will agree or consent to the short sale process 听because if allows both parties to avoid foreclosure. This agreement, however, does not necessarily release the seller from the obligation to pay the remaining balance of the loan known as the deficiency. Only the lender can release the deficiency at their own discretion.

What are the Signs of a Short Sale?听

Short Sales are usually thought to be useful to both mortgage companies and sellers in situations where:

* The seller is听legitimately听behind in their payments or is thought to be in imminent danger of becoming delinquent

* The seller has a legitimate hardship; and/or, the seller has little or no equity (generally 8% or less)

What鈥檚 Constitutes a Hardship?

A 鈥�hardship鈥� is typically limited to job loss, decrease in income, increase in expenses, divorce, medical emergency or death. Most lenders will consider a short sale if mortgage payments or property taxes are too significant for the seller to pay.

What to Expect After the Short Sale is Agreed to by the Lender?

Although the lender is not 鈥渁 party to the sales contract鈥�, (this is between the seller and buyer only) 鈥� they do hold the cards with respect to final acceptance of the buyers offer. 听Regardless, unless the lender听releases the seller without recourse for the deficiency, they still have the right to sue for the balance, 1099 you for income tax purposes, or attach this amount to any other assets owned by the seller.

The lender may ask the seller to sign a promissory note for the difference at closing as well. Even if this does not happen, they do reserve the right to sue the seller for up to six years after the the closing date for the deficiency. 听This is especially true if any subsequent investigation uncovers a fraudulent hardship or attempt to hide sufficient assets to satisfy the original loan.

What is Mortgage Fraud as it Relates to Short Sales?

Any material misstatement, misrepresentation or omission (filtering of information) relied upon by the bank, their lenders or investors and used in the decision making process to approve the short sale transaction.

This can happen as the result of a number of various situations and willing parties. Examples include but are certainly not limited to the following:

* The seller willingly and knowingly withholding or hiding sufficient assets to qualify for a short sale transaction

* The agent/broker artificially pricing the home significantly below true 鈥渕arket value鈥� to induce a sale and then withholding information or subsequent offers to avoid delaying the sales process

* Colluding with an agent/family member/organization to conduct a follow up 鈥渇lip鈥� of the property back to the original seller after the short sale transaction has been completed

What is a Deficiency?

A deficiency stems from a seller defaulting on a promissory note. A promissory note is a promise to pay. The fact is, a short sale is a default. Although it does not carry the same stigma or consequences as a Foreclosure or certain types of Bankruptcies, it鈥檚听still a default听and听WILL听have a negative affect on the sellers credit.听Before听a short sale is accepted and the transaction is complete,听all sellers should consult with a tax advisor regarding any possible tax implications

What Next?

The worst thing a home owner can do is to stick their head in the sand and not get involved immediately to help mitigate their situation. Become informed, be careful, ask lots of questions.

Our best advise?听听We鈥檒l help you navigate through the confusing process and advise you every step of the way.

You鈥檒l find we鈥檙e one of the听best educated听and informed Short Sale teams available. 听Our team includes our managing听Broker听who was instrumental in composing the short sale contractual exhibits in use today and, were also affiliated with one of the leading听Real Estate Law Firms听anywhere, complete with a听separate department of specialist specifically dedicated听to Short Sale transactions.

We look forward to speaking with you soon and assisting in anyway we can.

The post What is a Short Sale? 鈥� and Do I Qualify to Sell this Way? appeared first on 黑料社 Living.

Unless you鈥檝e been living under a rock, everyone is aware that home values have dropped significantly over the past 5 years reverting back to values seen prior to 2003-2004. The decrease varies from 13 鈥� 34% depending on where you live and when you first purchased your current home. Regardless, the effects have been far reaching.

One of the biggest impacts has been to our County Governments who are strapped for cash. Sales tax and property tax revenues are down across the board and County assessors are either reducing assessments begrudgingly or not at all without a fight. Subsequently, it鈥檚 going to be up to you to challenge the County to get your assessment adjusted, 听just don鈥檛 expect it to be easy.

Most Counties have a rather complex process for adjusting property values and hope they鈥檒l wear you down in the process and give up. It鈥檚 worth the slight inconvenience, especially given the fact that failure to act can result in even higher Property Taxes. This happens when the county adjusts or raises it鈥檚 millage rate to account for falling values. 听The millage rate is the calculation (per thousand) used to calculate your property taxes based on 40% 听of your homes current market value.

Unfortunately, the drop in revenues does not provide the County any incentive to make adjustments. Accordingly, it鈥檚 also important to note that it would be physically impossible for the county to re-appraise every home each year without adequate resources. So 鈥� what鈥檚 next ?

First, be on the lookout for your homes Property Tax Assessment from the County. These are sent out at different times. I鈥檝e included the approximate distribution dates from various Atlanta area Counties below for your reference.

Dekalb County- Sent out mid May

Forsyth County 鈥� Sent out April 15th

Fulton County 鈥� Sent out the end of April

Gwinnett County 鈥� Sent out April 15th

Hall County 鈥� Sent out the end of April

Once you receive your notice, review it for accuracy. Professional appraisers find inaccurate information all the time on previous Tax Assessments so be relentless in your review. Even so, it may be difficult to ascertain exactly what your home is worth today. Your best defense during the appeal process is to collect accurate and valid data to support your case. You may need to obtain recent sales data for your neighborhood 鈥� or 鈥� more importantly, hire the services of a Certified Real Estate appraiser. This information can and should be sent along with your appeal for review.

You only have 45 days to file a written appeal with your counties Board of Tax Assessors so don鈥檛 delay! It could take up to 180 days for a decision to be made. If you鈥檙e not satisfied with the results of your request, there are several options to pursue including an appeal process through the Board of Equalization or an Arbitration hearing so don鈥檛 give up.

The post Are You Paying too much in Property Taxes? appeared first on 黑料社 Living.

Why all the fuss? I just opened my new Home Owners policy statement this morning and came very close to falling off my chair. By my calculations, my policy premium increased 49% since last year!

After taking some time to collect my thoughts, certainly there had to be a mistake? Unfortunately, a quick call to my insurance agent didn鈥檛 help. It was true. His explanation? A higher than normal occurrence of wind and hail damage in the area as well as the on-going reduction in revenues due to foreclosures etc. had forced the insurance company to raise rates to compensate. Seriously?

I鈥檓 a businessman and I certainly understand that sometimes situations dictate that the cost of doing business necessitates a raise in prices for services and must be passed on to the consumer 鈥� But 49%?, forty-nine percent ! That鈥檚 just consumer gouging at its very worst 鈥� or company greed at its finest. Unlike other consumer products/services, we don鈥檛 really have a choice to carry homeowner鈥檚 coverage. Subsequently as well, a few hours of 鈥渟hopping鈥� other insurance companies didn鈥檛 shed a happy ending on the story either. Basically, we鈥檙e screwed.

I鈥檓 trying to keep a level head. So I thought 鈥� we don鈥檛 live in a Hurricane Zone, not much chance of a devastating Earthquake hitting the area, mud-slides 鈥� wild fires, not likely. Tornadoes 鈥� yes, but even then, spread out over a large area with isolated pockets of damage, I can鈥檛 imagine that having too devastating of an effect on a company鈥檚 bottom line.听 This is the 2^nd听insurance issue I鈥檝e had in the past year, the first was with my Auto coverage (not the same company and not something I want to re-hash), and please don鈥檛 get me started on health insurance for the self employed unless you really want an earful.

Something is wrong with a business鈥檚 pricing model or ethics for that matter when they have to raise rates 49% over the course of several years, let alone, one year. Somewhere we鈥檝e lost the very idea of what insurance is supposed to be. I thought we were partners in rolling the dice together? I give you lots of my money in hopes that I never need to use your services. You (The insurance company) get to keep my money, invest it wisely, keep lots and lots of profits and agree to bail me out and protect me if/when I need it?

Right now, my perception is that it鈥檚 become no more than an involuntary tax on homeowners with not much option to avoid. I may be over simplifying the problem and I鈥檓 sure I鈥檒l be flamed by some of my insurance agent colleagues but my gut say鈥檚 no. So, since this raises the overall cost of home ownership and adds one more layer of complexity to helping fix the housing market, let me focus my efforts on exactly what CAN be done to lower your costs?

• First, if you haven鈥檛 already done so, get on the phone with your agent and go over your policy with a fine tooth comb. Leave no stone unturned.听 I鈥檝e found that many companies have cut way back on things that were covered automatically before (like wind and hail damage for instance). Consider yourself warned.

• Look at the value of your coverage. With home values down considerably over the past few years, many families are still paying for coverage for what their home were worth at the height of the market, not what they鈥檙e worth today. This gets a little tricky since home values don鈥檛 always match the cost to rebuild.

• 听Look at your deductable. How likely are you to file a claim against your home? Probably not likely at all so perhaps now especially, it鈥檚 time to raise your deductable if it will help. In other cases, consumers are being forced to deal with raised deductibles

• If you haven鈥檛 already done so, look to see if combining home and auto coverage will make a considerable difference. In most cases it should, in fact, many insurance companies will ONLY cover you now if you combine both. (this forced requirement is something that doesn鈥檛 sit well with me either)

• Shop 鈥� Shop and Shop some more.

• Most important of all 鈥� File a complaint or forward your thoughts to the Georgia Insurance Commissioner鈥檚 office. Most times, consumer apathy is our worst enemy. 听 See:听

I鈥檓 generally interested in hearing some feedback on this subject so I look forward to hearing back from you all.

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Lately, it鈥檚 become increasingly common for home appraisals initiated by the buyers lender to come in lower than expected, subsequently delaying the closing or worse yet, blowing up the negotiated contract all together.听There are many reasons, some more justified than others, but as Lenders have been forced to use an ever growing pool of inexperienced appraisers, sellers have an option to fight back.

One of the best ways of insuring against this problem is hiring an experienced 鈥�Certified鈥� appraiser to conduct a听Consultation Appraisal听prior to listing their home for sale.听There are many advantages:

– Allows you to obtain an unbiased, informed opinion of the current value of your home. Many agents are now requiring this and know that a properly priced home will sell 50% faster.

– The appraisal can be used as a selling tool to help justify the lowering of property taxes.

– Identify any repair issues which would adversely effect the value of the home.

– Help your negotiating position with potential Buyers & Agents.

– Alleviate the restless time between contract and closing worrying if the home will appraise. If there is a discrepancy, the firm you hired should be in a position to argue any conflicting results and negotiate with the lender to adjust its own findings.

Sellers should consider taking full advantage of this critical service. The cost is听very reasonable,听it provides a host of听advantages,听听and most importantly, it听provides a significant return on your investment.

The post Why Getting a Consultation Appraisal Before Selling Makes Sense appeared first on 黑料社 Living.

For me, as well as most, our home is our private sanctuary; hopefully filled with wonderful memories, a place to relax and unwind, to be with family and to entertain friends. Unlike any other possession, our home gives us the unique ability to express ourselves and to customize our surroundings with those things that make us most comfortable and happy. That鈥檚 the fun part and it鈥檚 no wonder we鈥檙e all so drawn to watch others spend money, to realize dreams and to stay optimistic even in the toughest of economic times.

Unfortunately, all things Real Estate can be very confusing and intimidating as well. Whether you鈥檝e bought and sold homes several times or you鈥檙e a first timer, the fact is, times have changed and there鈥檚 a confusing amount of information (sometimes gross misinformation) that we鈥檙e bombarded with every day.

To combat that, my intention is to provide a reliable and informative place to keep you up to date with all things Real Estate here in the Atlanta Metro area that effect you, 听good or bad, fun or otherwise. 听Since it鈥檚 our specialty and niche, the subject matter will lean towards the local Atlanta Luxury market and communities that we know so well, but I鈥檒l also be providing information that is intended to be helpful and insightful regardless of your current purchasing power or budget. 听I highly encourage you to visit often and welcome your ideas and feedback as we highlight Luxury Living and Real Estate in Atlanta Georgia.

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