Intown Atlanta Real Estate Buyers Guide Archives

But the Listing Has Your Name On It!

October 14, 2014 by Thom Abbott

Daily, we get calls from potential home buyers and renters who have found a listing here at MyMidtownMojo.com. We may get asked a question about that listing that we don’t know, and will reply, “That is not our listing, but we can get the info for you.”

And then the next question or statement is…

But the Listing Has Your Name On It!

I have to often remind myself that the real estate consumer may not know, or understand how real estate information (in this case listings of homes For Sale or Rent) gets on the Internet, and more importantly, on MyMidtownMojo.com

Simply put, most all real estate brokers agree to share listings through a process called IDX (Internet Data Exchange). This means that when John lists his home with MainStreet Realty, he is agreeing to have that listing be available to be shown to all other brokers. First, as agents, we see it directly in the MSL (multiple listing service) to which we subscribe. But from there, is where the IDX portion kicks in, and that listing can then been seen virtually on hundreds of websites.

All of this is a good thing for BOTH the Seller and the Buyer. First, the Seller is getting exposure of their home or condo worldwide. A potential home buyer from Los Angeles looking to relocate to Atlanta can look at all the homes available in Atlanta right here at MyMidtownMojo.com without having to look a countless other sites. Of course the same is true for any other real estate website. For the home Buyer, as I just suggested, they can see all of the available homes in the Atlanta area.

How does this look? First, here is a screen capture of a listing as viewed here on our site.

The orange arrow indicates that you would “scroll down” the listing to view the additional details about this particular listing. At the bottom, you will find this…

So while the potential buyer is interested in this listing, it is being provided by the named brokerage.

This is why you will most often find a real estate agent asking you “Are you currently working with a real estate agent or have a relationship (brokerage agreement) with an agent?” Why do we ask?

If you just found the above referenced listing on our site, and called me, I would want to know that I could represent you as the BUYER of this listing as I’m not the actual LISTING AGENT as indicated at the bottom of the listing. If you already are working with an agent, we would respect that relationship and direct you back to your agent to get the answer to your questions.

As you look at various listings here at MyMidtownMojo.com, it is our goal to provide you with the most complete information about the Midtown Atlanta area, which is our primary focus. So as you find listings for the various buildings, we have pages here on our site that will give you more information about that particular building.

The listing has our name on it and we would be happy to assist you in viewing that home, or any others you may find! Just let us know!

Giving Agents Access to Your Condo

September 26, 2014 by Thom Abbott

Blog posts are most often the result of personal experience. As a real estate broker, we see it all.

And sometimes we don’t.

When I list Midtown Atlanta Condos for sale, there is a place in the listing where you can list the owner’s name. This might be done if they personally want to schedule showings, vs. the agent taking those calls. On ALL of my listings, this field says….“CALL THE LISTING AGENT.” So what’s the big deal?

When selling your condo, a Buyer is looking at the whole package…meaning ALL that the building has to offer. What are the amenities I will enjoy if I live here? Pool? Fitness Center? Concierge? Garage Parking? The list can go on. So when that Buyer’s agent calls ME to schedule a showing of your home, I’m able to point out features that the Buyer’s agent might miss if they are not familiar with the building. (GASP….that happens?) More than you would ever want to know.

Two examples:

I currently have a listing in a condo community that has FOUR different buildings. But the address of the community is really one building. So if the Buyer’s agent has now shown in the community, they may end up wandering around (with that potential Buyer in tow) trying to find the condo they are looking for. Not to mention the amenities (fitness center and movie theater) are in a different building. So, I make sure they know where to go, and how to access all these areas. See, I want to sell your condo and do all I can to make that happen.

Yesterday, I showed a condo to a Buyer. It was the type of community where you had to call the agent from the callbox to get access to the community. Here I am at the call box, and no answer. (Agent later tells me they were showing property to OTHER Buyers and could not answer the phone! Nice!) Luckily, I was able to go to the management office and by leaving identification, was able to get an access card. This was good on two counts. One, the listing instructions were not at all clear as to which building the condo was in (Sound familiar?) Secondly, by having the access card that I would not have had otherwise, I was able to show my Buyer amenities that we would not have seen. An amazing Zen Garden…we were both ready to sit down and enjoy a glass of wine….the beach pool, club room, fitness center. None of these items were listed on the listing, nor were there any showing instructions to get to any of these. Here’s a couple photos of what we would have missed!

Are you giving agents access to your condo?

If it’s a unique building, let’s hope your listing agent IS familiar with it and can SELL it to me, so I in turn can SELL it to my Buyer by showing them everything your community (building) has to offer.

Some food for thought as you search out your listing agent for your Midtown Atlanta Condo.

Are you considering making a move? I’d be happy to meet with you and talk about how to get your home marketing (and showings) headed in the right direction.

Who Does The Closing Attorney Represent?

August 2, 2014 by Thom Abbott

This is not a bad question, and one I’m often asked! Purchasing a home or condominium will be one of the largest investments you make in your lifetime, and you want to know things are being done right.

Who Does The Closing Attorney Represent?

This is the perfect time to point out that real estate is local! How things are done in say California does not mean how they are done in Georgia! Your real estate agent may have covered this part of the home buying process with you, but in Georgia, the closing attorney represents the lender who is giving you the mortgage! On closing day, your lender sends a “package” to the closing attorney which is basically the instructions and documents the lender wants you to sign in reference to y0ur mortgage. If I’m representing you as the Buyer, I will be with you at closing in case there are any questions, but the documents you are asked to sign are required by your lender.

Now, this stack of paper can be rather intimidating! The closing attorney SHOULD briefly explain what each document is as you sign them. You will not have seen most of these prior to closing. If you DO want to read them in advance, this is an important conversation for you and I to have with your chosen lender. Many times, the loan package is not delivered to the attorney until 24 hours before the closing. The attorney needs to know you want to review the documents BEFORE closing so they can have them prepared and emailed to you in advance. This takes some coordination between the lender, myself as your agent and the closing attorney!

By the time you have reached the closing table in Georgia, an attorney is not really necessary to represent you. And while the Georgia Purchase and Sale Agreement has been carefully drafted to protect BOTH the Buyer and the Seller, that may be the time you would want to consult with an attorney. If you have any concerns about the process, just ask me and if it’s not something I’m knowledgeable about, then we can determine the professional (attorney, accountant or other) that you need to talk with!

The Closing Day is an exciting one! It should not be stressful and is the start of a new chapter of your life in your new home!

Where Can I Buy Furniture for My Midtown Atlanta Condo | IKEA

July 20, 2014 by Thom Abbott

Where Can I Buy Furniture for My Midtown Atlanta Condo | IKEA

Congratulations! You’ve closed on your new Midtown Atlanta condo, and you are moving in. As you moved out of that old rental apartment, you started to toss! I mean, I’ve got a new place! I want NEW stuff! I want it to be stylish and cool and you know….

Which probably means that old couch and maybe a recliner…they did not make the cut for the moving van! So now the question is, Where Can I Buy Furniture for My Midtown Atlanta Condo? We will look at numerous options in the Midtown area…and beyond. But let’s start with a close favorite….IKEA! The Atlanta IKEA store is located alongside Atlantic Station off of 17th Street!

The IKEA concept comes from the idea of providing home furnishings that are affordable. If you’ve ever purchased anything at IKEA, you know the one way the keep costs down is to have you assemble the furniture yourself. Hence, you will see much of the items in big flat boxes. If the assembly gig is not for you, never fear. They now even have a service that will come and do the work at your condo for you!

I’m not going to dish them, but I have purchased some items that did not hold up well, and others that are outstanding. My office desks/tables are all from IKEA! I once managed a corporate condo that was almost entirely furnished from IKEA…as you can see, it looked pretty nice!

But you can truly furnish your entire condo from this store! From silverware in the kitchen to towels in the bathroom, you can get most everything you need here. I’ve never purchased a bed from here, so I can’t speak for them. One thing I like about most of their furniture is its clean, simple lines. That big pillow sofa that your parents gave you may have fit in the apartment, but may not work well in your condo space. The furniture here is just designed to work well in the kind of space you get in a Midtown Atlanta condo!

If you are going to visit IKEA, here is the number one piece of advice I can give you….

DO NOT GO TO THE STORE ON A SATURDAY OR SUNDAY. EVER!

IKEA stores are known to draw from a wide geographic area. Look at this map of where stores are in relation to Atlanta…

The Atlanta store draws from Georgia, South Carolina, Alabama, Mississippi, and Tennessee! So it’s a weekend destination! The store will be crowed, the parking lot packed, and the lines…..UGH!

You live locally, so take advantage of evening visits! Walk the store, get your ideas and either buy them then, or make a return visit, but just NOT on Saturday or Sunday. If you have a weekday off, stop by the IKEA restaurant for a breakfast special to fuel you for the store.

Why? If you’ve never been to an IKEA, they are HUGE! But the store is well laid out with displays that lead you through all the parts of the home. Everything is labeled, and you find most of it in the IKEA Marketplace, on the lower level. Furniture is found in the self-service area past the Marketplace and before you check out.

IKEA Atlanta! A perfect answer to the question, Where Can I Buy Furniture for My Midtown Atlanta Condo?

Do You Know If Your HOA is Healthy?

June 25, 2014 by Thom Abbott

Healthy? What?

Do I have to get a doctor for my Homeowners Association? Well the answer to that is….maybe.

So what exactly do I mean by “Do You Know If Your HOA is Healthy?”

Let’s approach this from the perspective that you own a condo and are going to place it on the market For Sale. You probably never even give it a second thought as to what is currently happening with your homeowner’s association (HOA). Well, there are several things that can be going on, be they immediate, or long term that could dramatically affect the ability of a BUYER for your condo to get a mortgage. Let’s look at a few examples which seem to happen often.

Rentals Exceed Condo Docs or Lender Allowance — Now this one will vary from lender to lender as to how they address this situation. But, most likely, your condo (or townhome) community has a limit as to the number of rental homes they can have at any given time. This is usually outlined in your Declaration of Condominium under Leasing Guidelines. While most HOA’s manage this very well, it can be a problem. If there are to many rentals in your building, a Buyer may not be able to obtain a mortgage as the lender will consider the community “unstable” with not enough owner occupied homes. Might be a question to ask your HOA Manager before you list your home!

Delinquent HOA Fees — You may your monthly HOA fees on time…every month. So does everyone else, right? WRONG! And this is another issue that can affect a Buyer getting a mortgage in your building. If the HOA is not tight on collecting HOA fees, and there are to many homes that are delinquent in their payment, the lender may not approve the HOA. Many Midtown Atlanta condo buildings are able to control this by limiting, or even denying access to the limited common elements of the building, for which your HOA fee is used. But if not managed, it can be another obstacle for a Buyer and they may not get a loan to purchase your home. Might be a question to ask your HOA Manager before you list your home!

Percentage of Retail to Residential Space or Square Footage — If you live in a larger building with many homes, this most likely will not be an issue. In fact, it only came up once for me in a smaller building in Downtown Atlanta. The lender looked at the percentage of the building that was commercial vs. residential, and it took some brow-beating and phone calls to get the HOA and building approved so my Buyer could close on the condo!

Money In Reserves — The HOA must allocate a certain amount of your monthly HOA fee to go to the Reserve Fund. This money is held “in reserve” for future maintenance and repairs to the common areas of the building…everything from the pool table to the pool furniture needs to have an estimate life, and when it will be replaced. Most HOAs conduct a Reserve Study to make sure they have adequate funds, and are planning for the future. Again, most recently a small building (just 18 homes) had money in reserve, but their current year budget did NOT have ANY money going to reserves. Probably more of an accounting mistake…maybe, but it did require an emergency Board Meeting to produce a new budget and allocate money into the reserves for the lender to approve the HOA.

Special Assessments or Pending Special Assessments — Again, this can vary based on what the need for the special assessment is. But of concern can be how the assessment is being paid by residents and the amount of it. Some lenders again consider and HOA may be unstable if they are having to pass a large special assessment.

These are just a few of the HOA “land mines” that can be uncovered AFTER your home is Under Contract and the Buyer’s lender is working on the Underwriting portion of their loan. These could be some good questions to ask your HOA manager BEFORE you list your Midtown Atlanta condo For Sale.

Should I Buy A Midtown Atlanta Condo Now….Or Wait?

May 13, 2014 by Thom Abbott

As a real estate professional, I’m asked….almost daily…about the real estate market. What’s going on, what’s happening, and the often big question….Should I Buy A Midtown Atlanta Condo Now…or Wait?

Well, let’s take a look at the numbers from the latest Corelogic Case-Shiller Indexes….

The Atlanta Business Chronicle reported:

Metro Atlanta’s housing market continued to rebound at the end of 2013, posting double-digit growth, according to the CoreLogic Case-Shiller Indexes.

The area’s house prices jumped 17.8 percent in the fourth quarter of 2013, compared with the fourth quarter of 2012. CoreLogic also predicts metro Atlanta’s home prices will increase 2.9 percent in the fourth quarter of 2014.

National home prices rose 11.3 percent in the fourth quarter, compared with the fourth quarter of 2012. Home prices nationwide were 20 percent above the trough reached in the fourth quarter of 2011, but remained 21 percent below the peak reached in the first quarter of 2006.

“Limited construction of new homes and low inventories of existing homes for sale contributed to the jump in prices,” saidDavid Stiff, principal economist for CoreLogic Case-Shiller. “Developers remain cautious about building too many new houses until they see stronger demand in their markets.”

So, if a Midtown Atlanta condo was priced at $150,000 in the third quarter of 2013, a 17.8 percent increase would be a $26,700 price increase compared to the end of 2012.

Really?

Well, no, not really. This is a perfect example of the ever so famous real estate phrase, “location, location, location.” Every area of a city is its own little world. Midtown is not Buckhead, is not Sandy Spring is not Roswell is not Alpharetta. So, what happens in Alpharetta is not the same as what happens in Midtown. We have to look at these numbers on a more local level.

Have prices gone up in Midtown? Yes, they have….yes they are. Maybe not a full 17.8 percent, but just look at our March Midtown Atlanta Market Report and you can see how prices jumped in various Midtown Atlanta Condo buildings!

You can always wait to buy real estate. It just ~~might~~ will cost you more!

But the Listing Has Your Name On It!

And sometimes we don’t.

Who Does The Closing Attorney Represent?

Where Can I Buy Furniture for My Midtown Atlanta Condo | IKEA

DO NOT GO TO THE STORE ON A SATURDAY OR SUNDAY. EVER!

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