A while ago, I signed up on the FDIC website to receive notifications of press releases as they occur.  We've had so many bank failures in GA I thought it a wise thing to do.  This evening we have has two sets of banks fail in GA.  One had 11 branches and the other had over 36 branches.  So this is not a small event.  The cumulative FDIC bank failure list for Georgia now stands at 32 banks failed.

1.) According to an FDIC press release this evening, the First National Bank of Georgia, located in Carrollton, GA, was closed this evening by the Office of the Comptroller of the Currency OTC, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia.  The 11 branches of First National Bank of Georgia will reopen on Saturday as branches of Community & Southern Bank. Depositors of First National Bank of Georgia will automatically become depositors of Community & Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

*****This evening and weekend, depositors of First National Bank of Georgia can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.*****

2.) Also, Community Bank and Trust, Cornelia, GA, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust.

The 36 branches of Community Bank and Trust will reopen during normal business hours as branches of SCBT, N.A., but will continue to conduct business under the name Community Bank and Trust. Depositors of Community Bank and Trust will automatically become depositors of SCBT, N.A. Deposits will remain insured by the FDIC, so there is no need for customers to change their banks to retain their deposit insurance coverage. Customers should continue to use the former Community Bank and Trust branch until they receive notice from SCBT, N.A. that it has completed systems changes to allow other SCBT, N.A. branches to process their accounts as well.

Over the years in real estate business we have to learn something. If not we are fools making hte same mistakes over and over again.  We all must acknowldge that some homes will sell, and others will not!  When you see and sell a lot of homes each year you cannot help but to start connecting the dots.   Then, it all starts to make sense.  It makes your next deal easier. Unreasonable demands, and not facing the facts at hand can create a tough life in the real estate business.  It is smart to build on success, but it is also smart not to build on those things that don't work or will sap you of your time and talent.

I made a small list of items that I compiled in my own mind from a career in real estate that I thought I would share:

1. Dirty homes never sell at a good price!
2. Clean homes, priced right sell!
3. Never underestimate location: commute, schools, convenience.
4. Curb appeal really does matter!
5. If a home looks really bad on the outside, the inside will be worse!
6. Homes that are not well maintained will cost you.
7. If a home needs work, do it!
8. This is not a market to try a price for a few weeks!
9. You learn a lot when you are listening.
10. The barking dog is really saying, "Do not enter!"  "My bite is worse then my bark!"
11. You make more money in real estate by not working investors!
12. Rejecting bad business is smart business.
13. Dreamers will waste your time!  Why not? They are already wasting theirs.
14. It's smart to kennel pets when showing homes.
15. Hope you enjoy your cigarettes more than a "Sold Sign" on the front lawn!
16. Home inspections are a great thing! 
17. Never trust a home inspector that refers you to others to get the work done!
18. Home inspectors need to be code certified, licensed, and bonded! 
19. Tradesmen need to be licensed and bonded!
20. It is smart to use your senses when buying a home.  Pay attention to what you see, smell and hear!
21. Big cracks in masonry, brick, concrete are telling your something.  Pay attention to them.
22. Too many homes for sale on the same street may indicate something is happening.
23. It is always a smart idea to further explore the neighborhood, and surrounding community.  
24. Peace of mind is priceless!
25. A home warranty is a good thing!
26. Radon tests are a smart idea.
27. Check for termites!
28. A termite bond retreatment repair bond is a great investment
29. It's always smart to get a survey!
30. Always buy buyers title insurance!
31. Use a local lender!
32. Beware of agents that make promises they can't keep!
33. It's not smart to buy a home on a major road or if it backs to a road!
34. Never buy a home under power lines!
35. EIFS / Synthetic Stucco look nice, but they don't sell well.
36. "Appointment Only" homes rarely sell quickly at the best price!
37. First offer is usually the best offer!
38. Creative financing usually borders being illegal!
39. If it sounds too good to be true, it is!
40. "If I can't sell your home, I'll buy it!"  It's a confidence scam!
41. Homes need a backyard for recreation!
42. Lease purchases agreements very seldom if ever work out!
43. Agents that have to be at the home when you show, give me the creeps.
44. Agents do not like to show homes where the security system is on!
45. Never pet animals in a home.
46. Make sure everything you want in a home is in writing, and signed off by all parties.
47. Never trust anyone's word - this is a business transaction. Put it in writing.
48. When in doubt don't proceed forward - seek counsel.
49. If something does not seem right, it isn't!  Trust your gut!
50. If you feel uncomfortable, that is a good thing!  It is a warning system!
51. If you hire an agent because they are cheap, it's because they are not worth more!
52. A creek in the yard is not necessarily a good thing.
53. Just because the home does not appear to be in a flood zone, doen't mean it isn't!
54. Full time agents get the best results!
55. Neighborhoods with an Homeowners Association and a pool are more sought after than those without.
56. 4 bedroom homes are much better reselling than a 3 bed room home.
57. Most buyers really don't like loft areas.
58. Neutral colors are easier to sell.
59. There is a difference between "Upgrades, and updated!"
60. Sellers should never be in the home when it is being shown!

Thinking of selling your home in Atlanta?  Face it, now more than ever it takes a lot of planning, knowledge, and nail biting to sell a home in Atlanta.  Price is critical and so is the appearance.  We've actually been blessed this last year in real estate to see some stabilization of prices and homes sales.  Inventory is down, and mortgage rates are low at least for the time being.  Perhaps the free fall is over in falling home values, and then again perhaps it is just the government intervention and an interim pause.  Whatever the case may be, one thing is for sure...not everyone is getting what they want when selling a home! 

Before a home is placed on the market it is wise to make sure all your ducks are in a row!  Let's start with the outside, curb appeal, roof, trim paint, and landscaping!  How does it look to you if you were buying?  There is only one way to sell a home and it is by overcoming objections before the buyer gets a chance to say "No!"  Correct those issues and address them before your home goes on the market!   

On the interior, clean paint, new carpet, new light fixtures, and appliances are pretty much a must!  The price of new homes have come down so much, why would a home buyer want to take on a major project replacing leaky hot water heaters, wall paint with hand prints all over it, soiled carpet, dated wall paper, a home that smells like an old wet pet, the original kitchen appliances and ripped up linoleum?  Let's face it, overwhelming you!  Guess what? Your home will also overwhelmed the buyers.  The same reason you don't want to address all the issues, neither will they!

Before you list your Atlanta home for sale, contact us!  As experienced Atlanta real estate agents, we can help you assess your home for price, appearance, staging and updating!  Why make a costly mistake listing your home with someone that has little or no experience selling a home?  Before you list contact us!  It will be our pleasure to assist you!

Home Sellers Falsely Believe They Know Better!

Fatal Home Seller Mistakes:

1.    Price is firm no matter what information is provided by agent.
2.    Won’t take one cent less than list price
3.    In lieu of addressing objections insist they’ll give the buyer a credit.
4.    On principle they will not pay buyers closing costs.
5.    Seller will not go out of pocket for any loss.
6.    Dispute comps with agents (Example… neighbors gave away their home.)
7.    Believe their home is the best in the neighborhood.
8.    If you wait long enough, the right buyer will appear.
9.    View all offers as an insult, and want to counter back at full price.
10.    Will not counter a reasonable offer.
11.    Blame agent and lack of marketing for the home not selling.
12.    Share with you they are not in a rush to sell and have time!
13.    Falsely believe they don’t have to sell.
14.    Demand the listing agent pay for the seller’s loss.
15.    Unreasonably believe the lack of sale is solely the agents fault.

The most recent numbers for closed December detached single family Atlanta homes were just released from our Atlanta MLS this past week.  I decided to compare this average sales pricing to the same time-frame in preceding years.  It was interesting to note that the peak in price was $261,023 for December 2006.  The peak in average Atlanta homes sales price was $292,245 in June of 2007 for a single family detached Atlanta home!  That is a 30.83% drop in the average sales price!  That is almost a drop if a third drop in the average sales price of a detached Atlanta homes.

****Please keep in mind that when referring to the Atlanta home sales, I am referring to the entire MLS coverage of the greater Atlanta METRO area and not limiting the statistics to the city of Atlanta.

The most recent sales numbers for Atlanta real estate for December 2009 were just released this weekend from our MLS.  I thought I would share them with you, and in subsequent blogs try to make some sense out of them for a perspective.

DETACHED HOMES

• 3,357 Single family detached Atlanta homes closed in December 2009
• $202,135 was the average sale price for single family detached Atlanta homes in December 2009

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ATTACHED HOMES

• 622 single family attached Atlanta Townhomes / Condos closed in December 2009
• $155,819 was the average sale price for single family attached Atlanta Townhomes / Condos in December 2009.

Agents Must Avoid Becoming Emotionally Involved in the Deal.

I think one of the least talked about things in real estate, yet it’s probably one of the more common occurrences are agents that become emotionally involved in the deal.  In their own zeal to assist the buyer or sellers - the agent starts to act as if the property or equity is their own.  It isn't! If an offer is made on a property that is not full price, all too often the listing agents go postal. On the other hand, buyer’s agents often insult the listing agents and the listed home in a foolish attempt to get the deal on their client’s terms.  My own thoughts are if the home is that bad, why did you write an offer on it?  That is not a good way to negotiate, and actions like these will be perceived as unprofessional and hostile. 

Such transparent behavior is all for naught, and counter productive.  It does no mean the demanding agent will get things their way. Agents that lack negotiation skills often resort to raised voices, and have temper tantrums in a vain attempt to get their way. That painful situation makes others want to remove themselves from the situation ASAP.  However, let's not be naive, these actions are not limited to buyers agents. Listing agents often posture the offer terms are an insult to their principles, and may even go as far as tell you they will not present it.  They may even lie and tell you they have other offers or an offer coming in when they do not.  The later of course may be grounds for regulatory discipline for that agent.  

What agents must not forget is that they are licensed by the state in which they reside to act in a limited capacity on behalf of their principle. They need to more fully understand what the role of an agent of a broker is.  There are limitations in what we are allowed to do, and laws that guide how we are to perform.   Anyone that is licensed needs to fully understand what we can and cannot do with a real estate license.  We need to acknowledge is that the actions of the agent are limited by that licensure, or specific instructions of the sellers to accomplish the task at hand.  A normal real estate license or listing agreement does not confer upon the agent “A Divine right of Kings!”  Our limited role in a deal is basically one of agency - an agent of the seller, a marketer, an advisor, and consultant. 

1. Don't be a control freak!  Just do your own job!
2. Remain factual and know what is occurring in your market.
3. Always be ethical and improve your professional skills, and knowledge.
4. Comply with all real estate laws within the state(s) we are licensed.
5. Always work on behalf of the best interests of our clients.
6. Clear up any ambiguity - ask question and terms.
7. Ensure all items and terms are in writing, and are properly executed.
8. Request further information needed to best advise your own client.
9. Present all offers.
10. Do not posture – thank the other agent for their offer.
11. Never take an offer personally – remain objective.
12. Never become emotional in a deal and lose objectivity.
13. When in doubt seek advice from your principle broker – not other agents.
14. Do not take an inspection report personally.
15. Do not take a bad appraisal personally.
16. Do not practice law – or give advice which is legal in nature unless you are an attorney.
17. Never insult an agent, buyer or seller.
18. Stick to the facts pertinent to the deal at hand.
19. Never make a deal personal.
20. Personal gain -  should never be at the expense of your client. (Double dipping, dual agents, failure to present offers etc...)

Here are the most recent Atlanta Metro area MLS figures for Atlanta homes for sale and Atlanta real estate.  As of today Thursday here are the MLS January 20, 2010 MLS Single Family Detached Listings At a Glance:

• Active - 34,565  Detached Single Family Atlanta homes Found 
• Contingency w/Kickout- 42 Detached Single Family Atlanta homes Found
• Contingency - Due Diligence- 351 Detached Single Family Atlanta homes Found
• Contingency - Other- 308 Detached Single Family Atlanta homes Found
• Pending- 5460 Properties Detached Single Family Atlanta homes Found

***Just a note to let you know I see a steep fall off in 'Pending Contracts!'  This was probably a big drop in those anticipating the ending of the tax credit in November.  However, for the pending sales to have fall off this much is scary.

Six Hills Alpharetta GA Neighborhood Video

Six Hills is an upscale sought after swim tennis and luxury homes neighborhood in Alpharetta GA in the Crabapple area. The landscaping in Six Hills is well manacured, in this established neighborhood. The homes in this fine neighborhood are all set on over +/- one acre lots.  The scenery in Six Hills is a gentle rolling hill and bucolic pastures which reflects the natural unspoiled beauty of the Crabapple area it is located in in North Futon County that surrounds it.  Across from the subdivision are Georgia finest schools Milton High School, Crabapple Crossing Elementary, and Northwestern Middle School. Price ranges of homes in Six Hills homes are appriximately mid I Million  to 1.5 million as of this posting.  For More information Contact us.