Newnan, GA Real Estate News

By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
  There are a lot of inexpensive homes for sale in the Newnan Georgia. By “inexpensive,” I mean under $70,000. And if you crunch the numbers at today’s low interest rates, house payments on recent purchases in the $300-$400 range are not as uncommon as one might expect. It is certainly true that the amount of income required to qualify for a loan on a house in this price range places nearly everyone in the realm of a potential buyer. Many would-be purchasers have car payments that are higher than their potential monthly mortgage outlay. So therein lays the problems: Debt to Income ratio and the dreaded FICO score. Cavalier attitudes toward accumulated debt and the accompanying timely repayment of the same preclude many from actually saving money and buying a piece of America. And these ...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
In the HGTV era of real estate sales, I run into a lot of sellers that insist that every upgrade that they have ever made should increase the value of their home. However, here in Coweta County Georgia, that is simply not the case. Stainless steel appliances or granite countertops or hardwood floors may really make a house stand out. And a well maintained home with many upgrades may be just the thing to prompt a fence-sitting buyer into action. But these enhancements do not translate directly to price. And while they may garner a modest premium by narrowing the degree of wiggle room in the negotiation process, the rate of return on expenditure is fractional. And many items, such as a new roof or a new HVAC system are maintenance items, and do not add value either. Buyers expect a roof ...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
At one time, Coweta County Georgia was the fastest growing county in the entire United States. But the nearly uncontrolled explosive development threatened the rural character of the former bedroom community, now a suburb of Atlanta. When the earth movers ceased their incessant drone in late 2006, the days of the great land grab ended. And acreage as a commodity was no longer traded. So at least for now, I can drive a few short miles and be a totally different world, devoid of sprawl and in essentially the same state as it was fifty years ago. Anthropological history, at least for now, is taking a much needed breather I Coweta County. And I for one am glad! (I took these photos today!}
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
In Coweta County and Newnan Georgia, the supply of available REO properties is currently exceeding the demand of qualified buyers. As a result, the institutional seller’s dictatorial attitude toward contract negotiation is eroding with each new competing property on the market. Buyers can now not only barter on price, but there is increasing flexibility regarding the terms of the sale. What was once sacred ground is now being trodden by savvy buyers on a regular basis. One by one, each REO seller must acquiesce or face the fact that nobody wants their properties under their terms. They have truly been painted into a corner. It’s an interesting shift in the market. And it makes it an even BETTER time to buy!
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
One of the best incentives for buying a HUD home in Newnan Georgia is the low down payment requirement for qualifying owner occupants. Many buyers with good credit, steady employment, and satisfactory debt/income ratios may qualify to obtain an FHA 203B loan with as little as $100 down. Combined with low interest rates and competitive pricing, a HUD home is an attractive option for many Coweta County homebuyers. In order to place a bid for a HUD home, a buyer must use a registered HUD broker or agent. Contracts are awarded based on a variety of parameters, such as price, closing costs, and the status of the purchasing entity. Governmental agencies and non-profit organization get first preference, followed by owner-occupants, and investors get the lowest priority. For complete details a...
Comments 2
By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
The Newnan Times-Herald reported today that for the first time the number of foreclosures advertised in the legal section of the paper surpassed three hundred for the first time ever, Georgia is a non-judicial state. Once a borrower defaults, the holder of the security deed merely has to notify the property owner of the foreclosure, and advertise it is the legal organ of the county for a minimum of four consecutive weeks. Then on the first Tuesday of the month, beginning at ten A.M. the property will be auctioned at public outcry on the courthouse steps to the highest cash bidder. Not every advertised property will go to the steps, as some of the loans will be redeemed or the borrower may seek legal relief to postpone the sale. But a lot of them will be sold, and the vast majority will...
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By Advantage Home Tours
(Advantage Home Tours)
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
I will be hosting a HUD homebuyer seminar in our Newnan Georgia Better Homes and Gardens Real Estate Metro Brokers office on Thursday, November 11th at 6:30 P.M. The program will consist of a simple how-to to clinic, covering all of the steps from pre-qualification to closing, and everything in between. HUD homes are unique in many ways, as they are owned by the Federal Government and the buying process is highly controlled. There is a propriety bidding system in place, which allows all qualified buyers to have an equal chance of being awarded the house. We will also be discussing the$100 down FHA loan for owner-occupants, as well as other possible bonuses that may be available to HUD home purchasers. There are many good reasons to buy a HUD home, but it is important to have all of the...
Comments 2
By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
The annual Newnan Christmas parade is one of the most anticipated events in Coweta County. And it’s not just because it’s the day that Santa Claus comes to town! The parade features marchers, dancers, floats, and vehicles of all kinds representing schools, local businesses, churches, civic organizations and individual participants. The procession is colorful, musical, and offers something for every one. There is a friendly competition among the three county high school marching bands. Partisans from Northgate, East Coweta, and Newnan will all declare that their band provided the premier performance. And there are always plenty of “Santa’s helpers” lining the street offering sweet treats for the children along the way. The event is magical for the kids. The climax of the parade is the a...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
  The Newnan-Coweta Historic Society is observing the season with special events that not only highlight Newnan’s colorful and historic past, but also provide area residents with a chance for some ghostly fun and entertainment. The spirit strolls will be conducted on Friday October 29th at 7:00 P.M. and 9:P.M. A spirit guide will whisk you along the sidewalks of Newnan and relate all of the “strange and unusual spirit activities” in the downtown area. The stroll will be punctuated with visitations from the specters that will spin their tales of woe and misfortune. The cost is $15 per person. On Saturday October 30th, the society will sponsor “Dinner with the Dead” at Something Special, which is located at 83 Greenville Street. (Across from the new Justice Center.) Appetizers and dinner ...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
Unlike three or four years ago, a lot of homebuyers in the Newnan Georgia area are not look for the “most house they can buy. Instead of seeking large homes with all the bells and whistles in the most expensive neighborhoods, many buyers are seeking a serviceable home that can be purchased outright for the same amount of money needed for a down payment on a status property! By eliminating a mortgage, all of the expenses of borrowing money are eliminated. This includes loan fees, mortgage insurance premiums, and of course, interest. And there are homes in Coweta County that can be purchased for under $50,000. Owning a home free and clear is the best hedge against inflation and is immune to shifts in direction of the political winds. And it will never face foreclosure! And that can lead ...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
Scalloped wings aflutter on pillowed wisps.In acrobatic flips and twists adriftUnfettered, free to soar aloft‘Til calm prevails o’er Autumn’s waftsAnd flight succumbs to Newton’s strainsNew carpet on the floor is lain!                            (R. Weisser 2010) It’s October, and it’s time for nature’s most fabulous show of the year. There is nothing like the brilliant colors of fall foliage on a bright and sunny Autumn day. But just like fireworks that burn the brightest just before they fizzle out into smoke and dark, the showy deciduous  leaf display is fleeting and short-lived. This incredible annual event mitigates the impending dread of the cold and dark winter weather ahead.   And that’s what makes it so special. (Photo: Fall leaves at the Male Museum in Newnan Georgia, October...
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By Jeff Wilmoth
(HomeStar Financial Corporation)
Fiscal Year 2011 Funding for the USDA Guaranteed Rural Housing Program October 1st, 2010 marked the beginning of Fiscal Year 2011 for USDA Rural Development.  Traditionally, when a new fiscal year begins there is a brief delay in available funding.  Such is the case this year, as USDA Rural Development awaits confirmation of funding.  During this time, USDA will continue to accept and review new loan applications for purchase transactions and issue modified loan approvals referencing that the approval are "subject to the availability of congressionally appropriated funds".  HomeStar Financial Corporation is the largest producer of USDA Guaranteed Rural Development loans in Georgia.  Just as in previous years, HomeStar Financial Corporation will continue closing USDA Guaranteed Rural Dev...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
  After a record-breaking hot summer that extended deep into September, we are finally enjoying some cooler temperatures here in the Newnan Georgia area. When the fall weather is cool, crisp, and clear, there is a compelling desire to get outdoors and enjoy the near perfect conditions. And like sleepy headed children rubbing their eyes in an attempt to adjust to the morning light, adults were out and about and trying to adapt to the clarity of the Autumn sunshine! It is both invigorating and inspirational. And it feels great!  
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
The Coweta County Fair returns to the fairgrounds on September 30, 2010. The annual event is one of the most popular attractions in the Newnan area and features everything from agricultural contest to an exciting midway with carnival rides and games. The fair will continue through October 9, with plenty of free parking and easy access from I-85. Admission is Five Dollars with children under six years old free. One day Mega-passes can be purchased in advance through September 29th. Mega-passes include one day admission PLUS unlimited rides during the visit. To get there; take I-85 South from Atlanta to Exit 42 (South Newnan-Moreland.) Turn right and travel approximately one block to Pine Road, Left on Pine Road, and the county fairgrounds are just beyond the railroad track. For complete...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
  Seventy-five percent or more of the calls I field each week are from buyers seeking a great deal on a foreclosed property. And don’t get me wrong … there are plenty of them out there. The Coweta County Georgia area gets more than its share of bank-owned houses. And many of these REO properties languish on the market for a long time due to a variety of salability issues. However, the houses that are in good condition that are priced aggressively move VERY quickly. The majority of buyers are seeking the move-in ready foreclosure in the best location. So it is extremely important to have financing already in place and to be prepared to move quickly. There better-than-usual foreclosures can generate multiple offers the FIRST day that they’re on the market, so a buyer must be alert, dilige...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
Despite some controversy as to who uttered the actually quotation, it is believed by many that Mark Twain once said that “everybody talks about the weather but nobody ever does anything about it.” And while weather is generally a boring topic reserved for awkward conversational moments, this year has been rather remarkable when considering meteorological anomalies in Newnan Georgia. The calendar is melting away, but the temperatures are not giving in to the seasonal change. And although the equinox is less than a week away, we will be experiencing afternoon high temperatures in the 90’s for the foreseeable future. I like summer as much as anybody, but enough is enough. We have experienced more weeks, more, days, and more hours above the 90 degree make than any other year in recorded we...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
  When I am asked about how the real estate business is doing in Coweta County Georgia, I typically respond that “with great prices and historically low interest rates, there has never been a better time to buy real estate.” But if I am specifically asked if I am BUSY, my response is generally something along the lines of “we are busier than ever, because every deal is hard!” Because it is a fact that each transaction requires a lot more time and diligent effort in order to achieve a successful close. These days, we see more inspection issues, multiple documentation requests and additional addenda right up until closing. In addition, frustrated buyers and sellers need to be reassured after each and every bump in the roadway. This requires constant communication on a regular basis. We pe...
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By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
Today I had the pleasure of joining a roundtable discussion with other Coweta County real estate agents and mortgage professionals. The discussion centered around price stability and the availability of financing, both of which are key issues of concern in the county, as they are intrinsically linked to one another. It was agreed that now is one of the best times to buy, due to both historically low sales prices combined with rock bottom interest rates. The panel also determined that the impediments to recovery are low appraisals, new mortgage regulations and compliance issues, documentation requirements, and lack of consumer confidence. The suggested solutions were consumer education, local appraisers, and some streamlining on the mortgage process for qualified buyers with good track ...
Comments 5
By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
September is here and football is back in business. Games at every level are being contested on gridirons all over the land. Whether one enjoys a high school game on Friday night, an NCAA game on Saturday, or watching the professionals compete on Sunday, there is nothing like the hard-hitting mix of strength, discipline, and finesse. In Coweta County Georgia, we have three high school teams. The Newnan Cougars, the East Coweta Indians, and the Norrhgate Vikings.  In 2009, the Cougars advanced to the AAAAA State Championship semi-finals before being eliminated. On Saturdays, the University of Georgia Bulldogs are an SEC perennial powerhouse while the Georgia Tech Yellow Jackets  are always strong contenders in the ACC! Sundays belong to the Atlanta Falcons, who play all of their home ga...
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