Residential Real Estate

NEWS - Residential Real Estate

April 25, 2013 – First-time home buyers and those interested in learning more about purchasing a home are invited to attend the 2013 Home Buyers’ Fair on Saturday, April 27 from 9 a.m. to noon.

The fair will be held at the Aaron L. Buchsbaum Learning Center, located at 1120 May Street.

Prospective home buyers will learn about the process step-by-step from understanding credit, to securing financing and related assistance programs, to shopping for and closing on a home. Registration will begin at 8:30 a.m. and door prizes will be awarded.

For more information, call 912-238-2960, ext. 144 or ext. 145.

NEWS - Residential Real Estate

April 18, 2013 – CBT Commercial Realty, a division of Cora Bett Thomas Austin Hill & Associates Realtors, recently formed a partnership with the CoStar Group, Inc., a world leader in commercial real estate market intelligence.

“We’re excited to provide our clients an elevated level of commercial real estate service,” said Austin Hill, director of operations at Cora Bett Thomas Austin Hill & Associates and CBT Commercial Realty. “The new CoStar real estate market intelligence platform enables our Realtors to help our clients make highly-informed and thoroughly researched commercial property sale and acquisition decisions, in addition to eliminating unnecessary risk.”

Through this new partnership with the CoStar Group, CBT Commercial Realty will gain access to an advanced system of commercial real estate information, including marketing and analytical services throughout the entire state of Georgia and nationwide. This sophisticated software allows agents to research commercial property inventory, comparable sales and leases, demographic data, traffic counts, maps, photos and historical data to strategically position properties in the real estate marketplace.

In addition, with the ability to analyze the financial implications of commercial property sales or acquisitions, CBT Commercial Realty can provide sensitive data and market analysis to clients, offering comprehensive assessments of current market conditions and trends.

“It significantly enhances market information for the savvy and sophisticated client and provides accurate up-to-date information in an ever-changing commercial real estate environment,” said David Minkovitz, a commercial realtor at CBT Commercial Realty.

Cora Bett Thomas Austin Hill & Associates Realtors has a longstanding reputation as a leader in the coastal region’s real estate market throughout coastal Georgia and South Carolina. The CBT Commercial Realty division works closely with investors, tenants, property owners and developers and offers a comprehensive suite of commercial brokerage services including management, leasing, sales and acquisition.

The CBT Commercial Realty team includes Cora Bett Thomas, Austin Hill, David Minkovitz, Graham Sadler, Allen Eager, Mark Reavis, Tommy Thompson, Kim Malphrus and Cristina Emberton, marketing specialist.

For more information about Cora Bett Thomas Austin Hill & Associates Realtors and CBT Commercial Realty, please visit online at www.cbtah.com or call 912.233.6000.

NEWS - Residential Real Estate

Partners with Peach State FCU and Credit Union Financial Services Organization

May 16, 2013 –  Purple Heart Homes entered into an agreement with Peach State Federal Credit Union and its Credit Union Financial Services Organization  (CUFS) to provide mortgages to qualified Service Connected Disabled Veterans to help them achieve the dream of home ownership.

Speaking at the Georgia Credit Union League Affiliates annual convention Dale Beatty, Purple Heart Homes co-founder, told attendees 90 percent of returning Iraq and Afghanistan Service Connected Disabled Veterans applying for housing solutions through the non-profit Purple Heart Homes have low FICO scores ? often times through no fault of their own.

"Iraq and Afghanistan Veterans who cannot work when they return home due to post traumatic stress, amputations and other injuries have an average wait time of 273 days to obtain their benefits due to the back log at the Veterans Administration that over time can destroy the credit rating which is another fallout from the war that we do not hear about," Beatty told attendees.

Britnee Kinard , wife and caregiver to US Army Corporal E-4 Hamilton Douglas Kinard, told attendees about her challenges obtaining VA benefits for the injuries her husband sustained March 15, 2005 while deployed to Iraq. The Kinards ? through the new program developed by Purple Heart Homes, Peach State Federal Credit Union, CUFS and the Georgia Credit Union Affiliates ? have one of the first mortgages provided through the pilot program. The Kinards live in their dream home in Claxton, GA, a foreclosed property given to Purple Heart Homes renovated to meet the special needs of Corporal E-4 Hamilton Kinard.

Renovations on foreclosed homes cost on average $70,000 for each acquired property by Purple Heart Homes. The Veteran pays a mortgage of 50 percent of the home market value at the time of closing. Purple Heart Homes obtains foreclosed properties from banks, land banks, cities and municipalities.

Marshall Boutwell , President and CEO of Peach State Federal Program, told delegates how the program works. "It is designed to help the veteran and his or her family become homeowners who might not otherwise obtain a loan," said Boutwell. Peach State obtains the approved documentation from Purple Heart Homes and executes the loan agreement with the veteran.  An automatic withdrawal from the veteran's checking account is set up for the mortgage payment. A reserve fund has been established and held in a trust account as a percentage taken from each mortgage processed by CUFS.

Approved Service Connected Disabled Veterans with low FICO scores are placed in a credit repair program.  The mortgage is generally for 15 years.  If the Veteran makes the mortgage payments on time, after five years a percentage of the equity is released up to year 15, at which point the veteran then owns the home free and clear of any debt.

"This program is truly designed to help benefit the veteran and his or her family," said Boutwell.  "It is designed to help the veteran improve their credit rating, achieve the dream of home ownership and be able to have the peace of mind to know they have a roof over their head and are building equity while they rebuild their lives after the service and sacrifice they made on behalf of our country," Boutwell added.

ABOUT PURPLE HEART HOMES
Purple Heart Homes is a non-profit founded in 2008 by two Iraq wounded veterans that remain on a mission to provide for the unmet housing needs of Service Connected Disable Veterans that served in all eras.

Purple Heart Homes co-founders Dale Beatty and John Gallina were deployed to Iraq in late 2003, and on November 15, 2004 their lives would change forever when the vehicle they were riding in hit an anti-tank mine leaving Beatty a double amputee below the knees and Gallina with severe back and head injuries.

To learn more about Purple Heart Homes see: www.purplehearthomesusa.org and at https://www.facebook.com/PurpleHeartHomes

ABOUT PEACH STATE FEDERAL CREDIT UNION AND THE CREDIT UNION FINANCIAL SERVICES ORGANIZATION
Credit Union Financial Services (CUFS) was created in 1987 by Georgia credit unions to provide underwriting, selling and servicing of first mortgage residential loans for Georgia credit unions.  Today CUFS is still wholly owned by Excel Federal Credit Union, GEMC Credit Union, Members First Credit Union, Peach State Federal Credit Union, and continues to provide mortgage services to the state's credit unions.  Mortgage products include FHA loans, Harp Loans, fixed and variable interest rate conventional loans. CUFS maintains a servicing portfolio of approximately $130 million in mortgage loans for area credit unions. 

ABOUT THE GEORGIA CREDIT UNION AFFILIATES
Georgia Credit Union Affiliates (GCUA) provides services and support that help credit unions meet the financial services needs of the state's more than 1.9 million credit union members. GCUA offers advocacy, educational, operational and marketing support for Georgia's 139 credit unions, with combined total assets of over $18 billion. More information can be found at www.georgiacreditunions.org.

NEWS - Residential Real Estate

May 1, 2013 – Georgia Coast Design & Construction has broken ground on the 2013 Southern Living Showcase Home at St. Simons Island, GA. The 2,400-sq.ft. European-style cottage will be open for public tours from mid-October through December.     

Designed by Harrison Design Associates, the 2013 Southern Living Showcase Home on St. Simons Island is being built on a one-acre, lakefront lot in the Stillwater community on the north end of the island. The three-bedroom home defined as refined rustic will include such features as a curved floating staircase, vaulted ceilings with rustic beams, cutting edge technology and well designed outdoor living space.

A member of the Southern Living Custom Builder Program since 2008, Georgia Coast Design & Construction is among approximately 100 custom homebuilders selected annually by Southern Living magazine for participation in its builder program. Each year, the magazine selects builder members based on: their reputation among local businesses and consumers; strength of presence in their respective markets; superior quality and attention to detail; and innovative style. Builders are required to re-apply each year and are evaluated by Southern Living to assure they have met the standards. Plans for a Southern Living Showcase Home are approved and promoted by the premier lifestyle and entertainment magazine that reaches nearly 16 million readers each month.

Founded by Bert Flexer, Georgia Coast Design and Construction has been serving St. Simons Island, Jekyll Island and Sea Island for more than 30 years. Known for quality, detail and style in custom homebuilding, Georgia Coast Design and Construction has received numerous awards from the Golden Isles Home Builders Association including the top award for Architectural Design, Interior Architectural Design, Outstanding Curb Appeal and Best Overall in houses ranging in price from $600,000 to more than $1 million.

Consumers can follow the progress of the 2013 Southern Living Showcase Home at St. Simons Island at www.georgiacoastconstruction.com. For more information, call 912-38-1980.

NEWS - Residential Real Estate

New partnership promotes foreclosure help for Georgians

March 25, 2013 – HomeSafe Georgia, a program of the Georgia Department of Community Affairs (DCA), has named Consumer Credit Counseling Service of the Savannah Area, Inc. (CCCS) as a new regional partner, as part of a new outreach program aimed at helping more Georgia homeowners avoid foreclosure.

HomeSafe Georgia is a federally funded program aimed at helping those homeowners who are unemployed and underemployed, through no fault of their own, remain in their homes while they search for new employment. HomeSafe Georgia has assisted over 3,000 individuals and families, committing over $65 million in U.S. Treasury funding to help keep homeowners from foreclosure since the program’s inception in 2011.

“Our new regional partner will help many Georgians learn of the program, and complete the application process for HomeSafe Georgia mortgage payment assistance,” said DCA Commissioner Mike Beatty in making the recent announcement.

John Wills, President of CCCS, stated, “This new partnership gives us another tool we can use to help those in the region that may be in danger of losing their home, and we’re pleased to have been selected to work with HomeSafe Georgia in this important assistance program.”

The Consumer Credit Counseling Service of the Savannah Area, Inc. will be a new access point for the HomeSafe Georgia program, and provide direct assistance to help eligible homeowners apply for the loans. Counselors will also help homeowners collect and submit tax transcripts, bank statements and other documents needed to complete the application. If a homeowner is not eligible for HomeSafe Georgia, they will be offered a free and confidential housing counseling session with a housing counselor.
Eligible homeowners approved for the program will close on a no-interest loan. After the assistance period, the loan will be reduced at a rate of 20 percent per year for five years.

For further information, residents can call 912-691-2227 or 1-800-821-4040. 

About HomeSafe Georgia
HomeSafe Georgia provides temporary mortgage assistance for homeowners who are unemployed or underemployed through no fault of their own. It is part of the Hardest Hit Fund federal grant program, and it is administered by the Georgia Department of Community Affairs. To submit a HomeSafe Georgia application, go to www.HomeSafeGeorgia.com.

About Consumer Credit Counseling Service of Savannah
Consumer Credit Counseling Service of the Savannah Area, Inc. (CCCS) is a nonprofit organization that has been providing money management solutions since 1965.   Our nationally certified counselors are experts in budget, credit, debt and housing counseling.  CCCS is also a practitioner of the National Industry Standards for Home Ownership Education and Counseling. Our mission is to provide the best non-profit community service, dedicated to delivering professional and confidential counseling, debt management, housing counseling and consumer credit education to all segments of the community regardless of ability to pay.  To reach CCCS, contact 912-691-2227/1-800-821-4040 or online at www.cccssavannah.org.

NEWS - Residential Real Estate

By Lou Phelps
SBJ Staff

March 19, 2013 – Wrapped in the sea of changes aimed at improving the financial stability of U.S. banks are a number of requirements that are aimed at banks with $1 billion on less in total assets – often termed “community banks.”  Additional information was released yesterday explaining the new requirements for appraisals of residential mortgages. 

On Jan. 18, 2013, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Federal Housing Finance Agency and the Consumer Financial Protection Bureau (CFPB) issued a final rule that establishes new appraisal requirements for higher-priced mortgage loans, including “jumbo” residential mortgages.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, mortgage loans are higher priced if they are secured by a consumer's home and have interest rates above certain thresholds. In addition, a number of important changes to CFPB mortgage-related rules also are underway, and the FDIC is making available to the public several resources addressing these changes. The new appraisal requirements go into effect in January 2014.

For certain higher-priced mortgage loans, the final rule requires creditors to use a licensed or certified appraiser who prepares a written appraisal report based on a physical visit of the interior of the property, provide consumers with a free copy of the appraisal report, disclose to applicants information about the purpose of the appraisal, and obtain an additional appraisal at no cost to the consumer under certain circumstances. The final rule provides exemptions from the additional appraisal requirement for loans in rural areas and certain other types of loans.

In response to banker requests for assistance in monitoring developments in mortgage-related rulemakings, an expanded listing of CFPB mortgage-related rules, applicable to FDIC-supervised institutions, that are underway or have been recently issued and other FDIC resources bankers can be accessed at at http://www.fdic.gov/regulations/resources/cbi/calendar.html.

Also, the CFPB's Web site is a resource for tracking changes to mortgage-related rulemakings. It can be accessed at http://www.consumerfinance.gov/regulations/. The Web site shows that a number of other mortgage-related rulemakings applicable to FDIC-supervised institutions are underway or have been recently issued. As of this writing, these include the following final mortgage rules issued by the CFPB including:
• Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z), effective January 10, 2014. http://www.consumerfinance.gov/regulations/ability-to-repay-and-qualified-mortgage-standards-under-the-truth-in-lending-act-regulation-z/

• Escrow Requirements under the Truth in Lending Act (Regulation Z), effective June 1, 2013.http://www.consumerfinance.gov/regulations/escrow-requirements-under-the-truth-in-lending-act-regulation-z/

• High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X), effective Jan. 10, 2014. http://www.consumerfinance.gov/regulations/high-cost-mortgage-and-homeownership-counseling-amendments-to-regulation-z-and-homeownership-counseling-amendments-to-regulation-x/

• Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules, effective Jan. 10, 2014. http://www.consumerfinance.gov/regulations/2013-real-estate-settlement-procedures-act-regulation-x-and-truth-in-lending-act-regulation-z-mortgage-servicing-final-rules/

• Loan Originator Compensation (Regulation Z), effective June 1, 2013, for provisions concerning mandatory arbitration and single-premium credit insurance and January 10, 2014, for all other provisions. http://www.consumerfinance.gov/regulations/loan-originator-compensation-requirements-under-the-truth-in-lending-act-regulation-z/

• Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations Under the Equal Credit Opportunity Act (Regulation B), effective Jan. 18,  2014. http://www.consumerfinance.gov/regulations/disclosure-and-delivery-requirements-for-copies-of-appraisals-and-other-written-valuations-under-the-equal-credit-opportunity-act-regulation-b/

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

NEWS - Residential Real Estate

March 1, 2013 –  Lamar Smith Signature Homes, a leading builder of quality new homes in Coastal Georgia, is pleased to announce the inaugural launch of Operation Hero House. This special community-wide project was created to honor the thousands of brave men and women military service members who willingly sacrificed their lives and the more than 30,000 wounded warriors left disabled due to combat actions during the War on Terror.

Lamar Smith will lead the community efforts to build a custom home uniquely equipped to help a specially selected Wounded Warrior live more independently and have a greater chance at facing the difficulties and challenges ahead. A committee of military and community leaders will select the 2013 Operation Hero House recipient.

“It is our deep desire to give back to those who have sacrificed so much on our behalf,” said David Hagan, director of sales and marketing at Lamar Smith Signature Homes. “We are committed to building a quality home for a very deserving Wounded Warrior here in the Savannah area. This home will be custom built to suit the recipient’s special needs and will be given mortgage-free.”

Operation Hero House is made possible with the generosity of donations and services given from over 135 independent vendors and businesses. A complete list of sponsors will be announced at a later date.

In addition, individuals who purchase a home from Lamar Smith Signature Homes in 2013 will also directly contribute to the success of Operation Hero House. New home owners will be memorialized in the Hero’s Courtyard that will be included in the construction of the new home. They will also be invited to take part in the ground breaking, special work days to help build the new house and the official home unveiling.

The groundbreaking of Operation Hero House will take place in early July 2013 and the finished custom-built home will be presented to the specially selected Wounded Warrior in early November 2013.

NEWS - Residential Real Estate

Feb. 27, 2013 – Home buyers and investors looking for bargains in the Savannah area will compete for approximately 37 bank-owned homes being sold at auction Saturday, March 23.

The auction will include a total of 58 properties, including duplexes, a restaurant and land. All but four of the properties set for sale in the Savannah event will sell absolute, with no minimum bid or reserve, according to John Dixon, president of John Dixon & Associates, which will market the properties and manage the auctions.

The Savannah auction will be part of a series of five sales throughout Georgia beginning Tuesday, March 19.

"This is one of the biggest portfolios of bank-owned properties we've handled in years, with properties not only in Georgia, but also in Alabama, Florida and North Carolina. We'll have events in Americus, Tifton, Brunswick, Savannah and Atlanta," said The series of events will begin in Americus Tuesday, March 19, with the auction of approximately 34 properties, including 10 homes, a funeral home and a golf course.  Most of the properties in that sale will be in Schley, Sumter and Marion counties.

On Wednesday, the John Dixon team will move on to Tifton, where it will auction 40 properties, including 20 homes, a restaurant, four townhomes, and residential lots. Most of the properties in the Tifton event are located in Tift, Colquitt and Lowndes counties.

The third event will be at 11 a.m. Thursday, March 21, in Brunswick, with 53 properties, including river frontage, golf course lots, and homes.

The series of auctions will conclude with the sale of approximately 66 properties – most located in the greater Atlanta area and north of Macon. The Atlanta area sale will feature a mix of commercial, residential and rural properties, including four golf course home sites, homes and commercial buildings.

Individuals seeking additional information – including specific dates and times for the events – may contact the firm at 770-425-1141 or visit www.johndixon.com.

John Dixon & Associates, based in Marietta, Ga., is a leading auctioneer of bank-owned properties throughout the United States.