Almand & Cohen

Tips For Buying An Atlanta Foreclosure

Bond — Thu, 17 May 2012 16:19:42 +0000

According to a CNN article earlier this year, one in every 624 U.S. households, nearly 211,000 in total, got hit with some sort of foreclosure filing in January. This means that there are foreclosed homes available on the market for buyers. But, the truth is that purchasing a foreclosed home is different buying a home traditionally.

Foreclosure Homes Come “As-Is”

One of the biggest challenges for buyers looking to buy a foreclosed home is that they come “as is.” The buyer is going to be responsible for all repairs. There is often little room for negotiation. However, because foreclosed homes are typically vacant, it can mean that you can likely move in quickly. Many times foreclosed homes are purchased by first-time home buyers because they are focused on lower price ranges.

What to Do Before You Start the House Hunt

If you are looking to purchase a foreclosed home, there are a few things you should do before you officially start the house hunt. You will want to find a broker that specifically works with distressed properties and foreclosures. It can also be helpful to hire a real estate attorney. The experienced attorneys at Almand & Cohen, LLC can help you navigate the sometimes confusing foreclosure process.

Here are a few things to do before you start looking:

Be sure you get pre-approved for your mortgage
Look at the price of comparable homes in the area where you are looking
Keep in mind, the sale is as-is–have money put aside to cover repairs

With a foreclosure, it’s essential for you to budget carefully. Make sure that you do not let a low price tag lure you into buying too quickly. If there are extensive repairs, you will need money to cover these expenses. If you are purchasing the home to rent it out, can you float the mortgage payments until you find a tenant?

Check Out the Neighborhood and Get an Inspection

Part of your research should be to take a good look at the neighborhood. If there is high-crime in the area, or if there are a lot of other foreclosures, you may not be able to recoup the cost of the repairs. Drive through the prospective neighborhood at a few different times during the day–especially at night.

You will also want to consider how long the home has been empty. Often, if the home has been empty for a long time, there may be a lot of damage that will be costly to repair. It’s vital to get a private inspection on any house, particularly if you are looking at buying a foreclosure. While banks typically require an inspection when you are using a mortgage to pay for the property, if you are buying a house with cash you should still get an inspection. Often home buyers will not get up-to-date inspections because they have data from previous inspections, but house conditions can change over time. Inspections can also prevent future damage–by proactively fixing problems with the house, you can save money long-term. A typical inspection in Atlanta will run $300-500.

Are you looking to buy a foreclosed property in the Atlanta area? Talk to the experienced attorneys at Almand & Cohen, LLC to find out how they can protect your investment.

Tips for Atlanta Area First-Time Home Buyers

Bond — Thu, 26 Apr 2012 15:01:14 +0000

A recent ABC news article stated that the nationwide housing slump is far from over. In fact, average home prices fell to the lowest in nearly 10 years. The median sales price of all new houses sold in March 2012 was $234,500. While the average sales price in March was $291,200.

The following cities reported all-time lows: Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa. In fact, Atlanta had the weakest housing market in the nation in March. The metro area is down over 17 percent compared to just one year ago.

While this can be a frustrating market for sellers and even new homebuilders, it can be a great market for buying a home in Hiram, GA. If you are considering buying a home, a real estate attorney can help you navigate the complicated real estate market.

If you are ready to take the plunge and become a homeowner for the first time, here are some tips to get you started:

1. Know how much you can afford

Falling in love with a newly constructed 5 bedroom home with a pool might set you up for disappointment if you are not sure what you can afford before you start looking for homes in your area. Your first step is to take a look at what you can afford. If you do not already have a budget, now is the time to start. Calculate all of your monthly expenses and then figure out what you will have left to spend on your mortgage.

2. Needs vs. wants

The truth is, when you are on a budget there are times when you need to make sacrifices and compromises. Knowing what you need versus what you want can help you make decisions about the house you end up making an offer on. Think about things like the neighborhood, your commute and even local schools.

3. Look into first-time home buyer programs

There are some great perks available for first time homebuyers. Lower interest rate loans are available for first-time homebuyers who meet certain criteria. Contact your real estate agent for tips on the programs available for first-time home buyers.

4. Get the right fit

Having the right people on your side is key to buying a new home whether in Georgia or another state. The right real estate agent and real estate attorney can make this complicated process much easier. Often, family and friends can offer advice about who to hire. If buying a house in Georgia, contact the experienced Marietta real estate attorneys at Almand & Cohen, LLC.

5. Understand the papers you are signing

When you are signing all of the paperwork it will be helpful to have people you trust on your side. An experienced residential real estate attorney can help you make sure that you are confident about what you are signing. They will be able to explain any legal terms and make sure you understand all of the paperwork and the legalities involved.

If you are looking to buy a house in Georgia, a seasoned real estate lawyer at Almand & Cohen, LLC can help to make sure your first home buying process goes smoothly.

Owner’s Title Insurance Protects Marietta Homeowners

Bond — Fri, 13 Apr 2012 21:24:56 +0000

A home is one of the biggest investments most people will make in their lifetime. Buying a new home is an exciting and, sometimes overwhelming, process. While most home buying experiences go smoothly, occasionally unplanned issues can arise. When you decide to purchase a home, there is no way to be 100% sure that there are no problems with the home’s title, and that the seller really does own the property.

Unfortunately, any of these title issues can cause stress and financial loss. The best way to prevent this is to purchase Owner’s Title Insurance.

Marietta Real Estate Attorneys Know Not Everything Shows Up in Title Search

Even though you may have a title search completed, occasionally there are title problems that are not found in public records or are missed in the search process. Owner’s Policy of Title insurance can help you have protection against this problem. Sometimes the clerk of court records are not current. In this case, there is no way of knowing that there is a problem with the deed at the time of closing.

Lender’s Title Insurance Does not Cover Owner’s Losses

Many people think they do not need owner’s title insurance because they are purchasing lender’s title insurnace. However, the lender’s title insurance policy only protects the lender against title claims. It does not protect the homeowener and any equity in the property.

Contact an attorney at Almand & Cohen, LLC for an experienced residential real estate attorney.

Owner’s Title Insurance Protects Hiram Home Buyers

When a homeowner’s policy is issued with a lender’s title insurance policy, there is often a dicount available. The cost of owner’s title insurance is based on the sales price of the home, so contact our Marietta real estate attorney to determine the cost of your owner’s title insurance policy.

Typically, Owner’s Title Insurance is purchased for a one-time fee at closing. It lasts as long as you, or any heirs, have interest in the process. It protects against a title problem should one arise.

An Owner’s Policy will provide the assurance you need if a problem arises after you buy your home. The title company will pay valid claims and cover legal costs associated with your case. Because Owner’s Title Insurance is not an automatic part of the closing process, it is important to ask about it while closing.

If you are purchasing your first, or your 10th home, it is important to hire an experienced Marietta real estate attorney, like those at Almand & Cohen, LLC.

Chapter 7 Bankruptcy & Small Businesses Debt

Bond — Thu, 29 Mar 2012 20:18:05 +0000

Are you in over your head with debt? If you own a small business, you may be able to file for Chapter 7 bankruptcy and get some relief from creditors. If you are thinking about filing for bankruptcy, you should contact the experienced Hiram bankruptcy attorneys at Almand & Cohen, LLC.

Experienced Hiram Bankruptcy Attorneys Can Help

Many people in Georgia run small businesses. While many families were hurt by the economy, small businesses also have suffered in Georgia. If you are thinking about personal bankruptcy in Hiram GA, you are not the only one. Many small businesses have had to close because of excessive debt.

Here are a few reasons you may be considering bankruptcy:

Bill collectors are harassing you, and maybe even your employees.
You have an expensive lease, or sales contract and it is prohibiting you from being able to operate your business.
You have a lot of debt, and you need to get rid of some of it so you can focus on your mortgage and car payments.

Not all small businesses will benefit from filing for Chapter 7 personal bankruptcy. But, if you are a sole proritorship or a general partnership, you are personally liable for your small business debts, so filing for bankruptcy will help to relieve some of the burden of your debts. However if your company is a corporation or a limited liability company (LLC), the business is responsible for the debts. You would need to file for business bankruptcy to discharge those debts.

Business Debts Discharged During Chapter 7 Bankruptcy

Unfortunately, not all small business debt will be discharged during Chapter 7 personal bankruptcy. If you find that not many of your debts would be discharged, it may be best to look for another option. Either way, consult with a compassionate Hiram bankruptcy attorney today to discuss all of your options.

Common types of small business debt discharged in Chapter 7 personal bankruptcy:

credit card and medical bills
unsecured business debts, including: debts to suppliers, consultants, and professionals like accountants or web developers
obligations under leases and contracts entered into by a sole proprietor–these include: commercial property leases, as well as, leases to rent equipment

Small business debt generally not discharged in Chapter 7 personal bankruptcy:

any back child support or alimony
fines, penalties and restittuaion imposed by the court
some tax debt, including back taxes
any debt of more than $550 to any creditor for luxury items in the 90 days before filing

Contact a Marietta Bankruptcy Attorney Today

Personal bankruptcy is a difficult decision. There are many factors to consider if your debts are overwhelming. If you are considering filing Chapter 7 bankruptcy to alleviate some of your small business debt, be sure to discuss all of your options with an experienced Hiram bankruptcy attorney at Almand & Cohen, LLC.

Tips to Avoid Bankruptcy

Bond — Fri, 16 Mar 2012 20:01:52 +0000

In 2010 over 1.5 million people filed bankruptcy in the United States. No one sets out to get into a situation where they need to file bankruptcy. Unfortunately, through unforeseen circumstances like unemployment or unexpected medical expenses many families are faced with the difficult decision of whether or not to file bankruptcy.

If it looks like you may need to file bankruptcy, it is best to talk to a qualified bankruptcy attorney as early as possible, they will be able to provide valuable information as you navigate the bankruptcy process.

Here are a few tips to consider that could help you avoid bankruptcy all together:

Sell Assets to Avoid Bankruptcy

Oftentimes there are things within your house you could sell to settle debts before you get behind on payments. Consider looking through your home and seeing if there are things you could sell at a garage sale or through a site like eBay.

While it may be inconvenient and difficult to let go of some belongings, in the long-term it may be better than having to file for bankruptcy.

To Avoid Bankruptcy in Georgia, Ask Creditors for Help

If you are behind on payments, ask creditors if you can lower payments, your interest rates, or both. If you express a willingness to pay off your debt, typically they will be willing to help you lower your payments.

You can also discuss settlement with your creditors. They are sometimes willing to settle debt that is in collections or past due for less than what is owed. You must be willing to make the payment once the agreement as been made.

Contact a Bankruptcy Attorney Today

If you think you may need to file bankruptcy, it is best to consult an experienced Georgia bankruptcy attorney today. The helpful attorneys at Almand & Cohen, LLC will be able to guide you through the difficult process and advise on which type of bankruptcy would be best for you.

60% of Bankruptcy Caused by Medical Bills

Bond — Wed, 29 Feb 2012 15:40:12 +0000

While filing bankruptcy in Georgia can seem like a free pass, it’s one of the most difficult financial decisions a person can make. The option to file for bankruptcy was created to give people a last resort. While it definitely can rid you of the creditors that keep calling, it also can create significant financial hurdles to jump through later.

Common Reasons for Filing for Bankruptcy

By filing for bankruptcy, a restraining order is automatically filed against your creditors. If you’re over your head with debt, this can be a huge relief; they will no longer be able to contact you. There are a few common reasons for filing for bankruptcy:

Loss of job
Large amount of medical expenses
Credit card debt

In fact, a 2009 study showed that over 60% of bankruptcies are caused by medical bills. Whatever the reason you are considering filing for bankruptcy, know that it’s critical to use an experienced bankruptcy attorney. Courts will allow you to represent yourself, however, for your protection, it’s always best to use a bankruptcy lawyer.

Debt Not Covered Under Bankruptcy

Filing for bankruptcy doesn’t erase all debt. There are a few areas that, regardless of filing for bankruptcy, you will still be responsibile or paying:

Student loans
Child support & alimony
Income tax debt

When to Call a Bankruptcy Lawyer

Bankruptcy isn’t something to be taken lightly. There are many factors to consider, including whether to file Chapter 7 or Chapter 13 bankruptcy. If you are considering bankruptcy, contact a Hiram or Marietta bankruptcy attorney at Almand & Cohen, LLC. As experienced bankruptcy attorneys, they can guide you through the process, protecting your interests as you navigate the bankruptcy process.

Why You Should Consider An Attorney When Purchasing A Home

Bond — Fri, 24 Feb 2012 15:28:59 +0000

Buying your first home is an exciting experience. As thrilling as it can be, it can also be overwhelming. Homes are big investments and come with a lot of responsibilities.

Many people successfully navigate the home buying process without an attorney. However, a Marietta real estate attorney can be a valuable resource as you’re purchasing a home.

Real Estate Attorneys Protect Your Interests

By using a real estate attorney you have someone on your side protecting your interests. In the house buying process, the seller is looking out for his or her best interest, it’s important you have someone looking out for yours.

A knowledgeable real estate attorney will make sure that the terms of the legal documents all work for you; they understand the legal terms and will be able to advise you on how to handle any issues that may arise during the process.

Real Estate Lawyers Catch Mistakes

If there are any mistakes or errors in any of the legal documents, your attorney will be able to address them. By having an experienced professional review all of the documents for you, it could save you time and money in the long run.

If there are any issues with the purchase agreement, a real estate attorney will be able to sort these out for you. Your real estate agent will be able to help with most questions, but for the ones they can’t, a lawyer is a huge asset.

Real Estate Attorneys Have Valuable Experience

In today’s market, many people are choosing to buy foreclosed homes. This is a great opportunity for investment, but can be a more complicated home buying process. Having an experienced Hiram real estate attorney can be a great help to you in navigating the complicated process.

If you’re in the process of buying or selling a house, call our experienced Marietta real estate attorneys at Almand & Cohen, LLC today.