When Can You Buy Thomasville GA Real Estate After Foreclosure?

Posted by First Thomasville Realty, Ltd. Wednesday, October 20, 2010 9:05 AM 0 comments
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If you lost your Thomasville GA real estate because of foreclosure, you probably haven't given up on your dream of owning a home. You may be scared to try for financing - afraid you’ll be turned down and embarrassed in the process.

There are few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information will help you overcome your fears and qualify again for a mortgage.

Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Thomasville GA real estate. Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer that came with a steep pay cut? Were you severely injured and temporarily disabled as a result?

You can add a memo to your credit report that explains any lapses in credit worthiness to potential lenders. This report can be up to two hundred words and will be shown to all who look at your credit report.

Many lenders will shorten the waiting period for documented extenuating circumstances. The customary waiting period after a foreclosure is at least seven years. But with documentation, the waiting period can be shortened to as little as three years.

Deed-in-Lieu Of Foreclosure and Short Sale
You may be wondering what the waiting period for financing is for deed-in-lieu of foreclosure or in the case of a short sale. Fortunately lenders aren’t quite as strict if you were able to avoid an actual foreclosure sale.

The waiting period for a deed-in-lieu of foreclosure is four to seven years. If there were special circumstances surrounding the deal, you may be able to qualify in as little as two years. The lender may require a certain down payment or credit score as a condition of approval.

Getting financing after a short sale is the easiest. Generally the lender will only require a two year waiting period before they’ll approve financing.

The good news about financing after foreclosure is that it is possible. Your dreams of owning Thomasville GA real estate don’t have to end because you’ve had a foreclosure in your past. You may just have to be a little more patient.

Whether you're ready to buy your next home or simply have a question about Thomasville GA real estate, We'd love to help. Give First Thomasville Realty a call today at 229-226-6515 or email us at info@FTRealty.com .

What To Do When Your Thomasville Georgia Real Estate Loan is Declined

Posted by First Thomasville Realty, Ltd. Wednesday, October 13, 2010 7:02 AM 0 comments
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There are many reasons why a mortgage loan for your Thomasville Georgia real estate could be declined. It doesn’t have to be the end of your real estate dreams. Here are a few things to consider if you’ve been turned down for a mortgage:

Loan-To-Value Ratio
The loan-to-value ratio (LTV) is the percentage of the appraised value of the Thomasville Georgia real estate that you are trying to finance. For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is seventy-five percent.

Lenders don’t like a high LTV. The higher the ratio, the harder it is to qualify for a mortgage. To reduce the percentage, you can save up a bigger down payment. Some lenders may approve the loan if you buy mortgage insurance, which protects the lender in the case of default, but makes your mortgage payment higher.

Credit To Debt Ratio
Lenders will be less likely to approve your mortgage loan if you have a high credit to debt ratio. The ratio is figured by dividing the amount of credit available to you, on a credit card or auto loan, and dividing it by how much you are currently using.

High debt loads will scare away most lenders. Try to keep your debt to under fifty percent of what is available to you. Lenders will appreciate it, and you will be more likely to be approved for a mortgage.

No Credit or Bad Credit
Few things can derail your mortgage loan approval like credit issues. Having no credit record can be as bad for your approval chances as bad credit. With no record of timely loan payments from anywhere, a lender is unable to determine your likelihood to repay the mortgage. Some lenders will consider other records of payment, like utility bills and rent reports from your landlord.

If you have frequent late charges or collections, you’ll need to work on getting those paid on time, every time. There aren’t many lenders who’ll approve someone with bad credit, especially in today's market.

Talk to your loan office to determine which problem applies to you, and learn the steps to fix it. Then, you can finance the Thomasville Georgia real estate of your dreams.

If you're ready to buy a home or condo, First Thomasville Realty can help. Together, we'll determine how much you can afford, and We'll negotiate to get the best price and terms for you. Give us a call now at 229-226-6515 to get started!

What Are The Closing Costs of Thomasville GA Real Estate?

Posted by First Thomasville Realty, Ltd. Wednesday, October 6, 2010 7:59 AM 0 comments
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You’ve found the perfect piece of real estate in Thomasville GA and the mortgage loan with the best interest rate you can find. What’s next in the home buying experience? Signing the contracts and paying the closing costs. But what exactly are closing costs? Here is a list of the most common closing costs:

• Titling Fees- These include the title search and title insurance, and the associated attorney fees. These costs are usually paid by the seller but can be assigned to the buyer.

• Recording Fees- The government charges a fee to record the change in ownership of the Thomasville GA real estate. This can be paid by either the seller or the buyer.

• Survey Fee- This can be required by the lender. It is a fee for the survey of the land or lot, and its structures, to determine that it matches the property description.

• Mortgage Application Fees- Are occasionally included in closing costs, but usually are paid prior to closing by the buyer.

• Appraisal and Inspection Fees- Are required by the lender to ensure that the value of the property is equal to that of the loan, and to make sure there aren’t any underlying problems that detract from the property value. These fees are usually paid by the buyer.

• Points- Equal to one percent of the principal of the loan. These discount points are paid by the buyer to the lender to reduce the final interest rate of the loan.

• Brokerage Commission- The seller pays the real estate agent this fee for listing and showing the property, and handling the contract negotiations. The commission is usually a percentage of the sale price of the property, and determined in advance by the seller and the real estate agent.

• Underwriting Fees- The buyer pays underwriting fees to the lender to pay for the costs of determining if the buyer qualifies for the mortgage loan.

• Property Tax- County taxes are usually required to be paid for six months in advance at the time of closing. The buyer is responsible for these fees.

If you're thinking of buying real estate in Thomasville GA, give First Thomasville Realty a call. We’re experts in this area and know where to find the great buys. Call us today at 229-226-6515 or email us at info@FTRealty.com .

Thomasville Georgia Honors Blake McClendon

Posted by First Thomasville Realty, Ltd. Monday, October 4, 2010 10:36 AM 0 comments

Pros and Cons of Renting a Thomasville GA Home

Posted by First Thomasville Realty, Ltd. Wednesday, September 29, 2010 6:55 AM 0 comments
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If you're wondering if it's the right time for you to buy a Thomasville GA home, you might want to think about the pros and cons of renting versus buying. Here are a few of them, which might help you make up your mind:

Let’s first go over the advantages of renting a home.
• You don't have to worry about finding a mortgage lender.
• You don’t lose equity as the real estate market rises and falls; then again, you don’t gain equity either.
• You don’t have to put down as much money up front.
• You have fixed rental fees that won’t fluctuate during the length of your lease.
• All you have to do is leave when your lease is up. You don't have to worry about selling your home.
• You don't have to pay for maintenance of the home.

Now let’s go over the disadvantages of renting.
• Your investment never goes up. You never gain equity.
• You don’t gain an investment, in which you can use the equity for other things as you grow older.
• You're not free to do your own maintenance.
• You can’t decorate or renovate your home any way you want.
• You can’t receive some great tax breaks that go with homeownership.
• It's possible for the home to be sold out from under you - sometimes without warning.

Both renting and buying a Thomasville GA home has its advantages. Whether you buy a home really depends on your personal life, and factors like job stability and personal finances. Some people are more than ready to have a permanent place to call their own, and others just don’t mind moving about.

One thing is sure - most Americans don’t want to spend their entire lifetime renting. At some point, buying a home is going to be a good investment and create equity for your future.

If you're considering buying real estate, there's no better time to do it than now with home prices and interest rates at their lowest in decades. Let First Thomasville Realty show you some of the great home buying opportunities available in today's real estate market. Call us today at (229) 226-6515 or email us at info@FTRealty.com .

(SEAL) Senior Chief Petty Officer David B McLendon

Posted by First Thomasville Realty, Ltd. Monday, September 27, 2010 12:48 PM 0 comments

A Georgia sailor was among four Navy personnel who were killed Tuesday during fighting in Afghanistan, the U.S. Department of Defense reported.

 

 

Senior Chief Petty Officer David B. McLendon, 30, of Thomasville, was killed with three other sailors when their helicopter crashed during combat operations in the Zabul province of Afghanistan, the DOD reported. McLendon was assigned to an East Coast-based Naval Special Warfare unit. 

Senior Chief Petty Officer David B., McLendon, 30, of Thomasville, Ga., Petty Officer 2nd Class (SEAL) Adam O. Smith, 26, of Hurland Mo., and Petty Officer 3rd Class (SEAL) Denis C. Miranda, 24, of Toms River, N.J. were among those that perished in the crash. All three were all based at Little Creek. 

 

 

The SEALs are the Navy's special operations arm, consisting of 2,500 men who wear the hard-won trident pin.

 

 

The Sailors were all highly accomplished service members, and recipients of numerous awards and citations. 

McLendon's awards included the Joint Service Commendation Medal, Navy and Marine Corp Commendation Medal, Navy and Marine Corp Achievement Medal, Navy Battle "E" Ribbon, Navy Good Conduct Medal and Sea Service Deployment Ribbon. 

 

 

"On behalf of the entire Naval Special Warfare community -- we extend our sincerest condolences to all the families of our fallen brothers, our Navy SEALs and support tech, Army air crewmen, and coalition personnel," said Rear Adm. Edward Winters, commander, Naval Special Warfare Command. "Our prayers are with these families during this very difficult time." 

 

 

"These men bravely and unselfishly answered the nation's call to defend freedom and protect the nation and its allies from terrorism," said Rear Adm. Winters. "The loss of these brave warriors will only strengthen our resolve in the fight against extremism and terror." 

 

 

McLendon was a Navy cryptologic technician assigned to an east coast Naval Special Warfare unit. He entered the Navy in 1998 and was a graduate of Thomas County Central High School in Georgia. During his 12-year Navy career, McLendon served at various Navy commands in Norfolk, Pearl Harbor, and Brunswick, Maine. His fellow service members said they remember McLendon as a consummate Navy professional. McClendon is survived by his wife and parents. 

 

 

"He loved to go fishing," Kelly Lockman said of her brother, who went by his middle name. Lockman said that when he came home in June, he went with family and friends to Turner Field in Atlanta to see the Braves game. "It was the first time he'd been there," she said. The body was to arrive Wednesday at Dover Air Force Base in Delaware, family members said. 

 

 

The Thomasville GA community is rallying around a man described as a warrior and fallen hero.

 

 

Tributes are being planned for David Blake McLendon. Local flags are being flown at half-staff in honor of Senior Chief Petty Officer McLendon, a 1998 Thomas County Central High School graduate, who served in Naval Special Warfare. 

 

 

Services have not been announced. 

 

 

“We just want to line the streets for this guy,” said Bob Hutchinson, a Thomasville resident. "We just need to make people aware so we can honor this man.” Plans are under way to line streets and highways with residents holding American flags along the route from the church where the funeral is conducted to the interment site.

 

 

 

 

 

 

Hutchinson said all men and women who serve in the military must be shown respect.“This young fellow was a warrior,” Hutchinson said. “This kid is loved. We don’t tell military folks how much we appreciate them.” 

 

 

 

Thomasville resident Pam Clay, who is organizing the flag effort, wants flags to be displayed unobtrusively.

 

 

She wants to “quietly line the streets” in support of the McLendon family and to express gratitude to McLendon.  “He lost his life protecting all of us,” Clay said. “I did not know him, but I would do the same for any fallen hero who is from Thomas County. ”Clay said community response to the flag display has been overwhelming. She has ordered 500 flags to be distributed, and others are purchasing flags, as well. 

 

 

McLendon’s remains were flown to Dover Air Force Base in Delaware. His parents, Mary Ann and David McLendon, traveled to Delaware and were expected to return Friday.

Posted via email from Thomasville Georgia Real Estate Media

Increase The Value Of Your Thomasville Georgia Home In A Few Easy Steps

Posted by First Thomasville Realty, Ltd. Wednesday, September 22, 2010 8:51 AM 0 comments
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To get a Thomasville Georgia home to sell during a buyer’s market, it needs to look better than the other houses on the street. Making just a few quick changes can make all the difference when trying to best the competition. Here are a few things to do to make your home stand out:

A Fresh Coat of Paint

Few things can spruce up a Thomasville Georgia home like a fresh coat of paint. Be sure to pick a neutral color. Potential buyers won’t be able to see themselves decorating and living in the home if they see too much of someone else's personality in the wall color. Most home improvement stores will have color cards you can look through, this will help you find the most neutral color you can live with. While you’re at it, get rid of all the knickknacks and other items that may clutter up your home, and the prospective buyer's mind.

Fix The Flooring

You don’t have to buy new carpet, but you need to make sure it's clean and in good condition. Be honest, if you wouldn’t want to inherit the flooring, no one else will either. If after cleaning and making repairs the carpet does not look up to par, replace it. Repair any gouges in the linoleum or hardwood floors. Don’t let bad flooring ruin your chances of a good sell.

Keep Up The Maintenance

Before selling your home, walk through each room and make a list of what needs to be done. Take note of the little things. Look at the window frames, the caulking in the bathroom, and check out the condition of your gutters. Do they need cleaning or is bigger repair in order?

Have someone come out and inspect your furnace and air conditioner for needed repairs. Even the plumbing should get a once over. The roof of your house needs to be inspected too. Arrange to make repairs as soon as possible.

If you're unable to make these needed repairs, be prepared to lower the price of your Thomasville Georgia home as much as two dollars for every dollar of repair work needed. These simple things can make the difference in a buyer’s market.

Thinking of selling your home? Let First Thomasville Realty help you sell it as fast as possible for the best price. Call us today at (229) 226-6515 or email us at info@FTRealty.com .

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