Welcome!

I am an Atlanta native and made the decision in 2007 to leave my job as an architect/urban planner to get my real estate license. This was a difficult decision but has been great since my very first day in my new career and I am really enjoying it! It is so rewarding helping people find that perfect home, and it allows me to continue to satiate my love of good architecture and great neighborhoods!

I attended Georgia Tech (GO JACKETS!!!!) which is where I met my husband. For almost a decade we lived in one of Atlanta's fabulous in-town neighborhoods in a great 1920's Craftsman bungalow with our two dogs and two cats. Following the birth of our first child, we bought a foreclosure in the west Buckhead area and fully renovated it using an FHA 203k loan, which was a fun and sometimes daunting process. And just prior to the birth of our second child, we purchased and renovated a home in downtown Historic Roswell, completing our personal tour of some of Atlanta's best neighborhoods to live in!

I decided to create this blog in order to share useful information and resources about the real estate market and home buying process, as well as hopefully bring some humor and levity to what is often a complex and intimidating process. Enjoy!!!

Tuesday, November 25, 2014

WAIT TIMES TO PURCHASE AFTER A FORECLOSURE, SHORT-SALE, AND BANKRUPTCY

In the ever-changing lending landscape, it is hard to keep up with what the ramifications are of a short sale or foreclosure on your future purchasing options.  In general, you must wait 7 years after a foreclosure, 4 years after a short sale, and 2-4 years after a bankruptcy in order to purchase a new home. However, there are more nuances to the process than that depending on what loan product you are using, which is explained in these charts.



There are also tax ramifications of both a foreclosure and short-sale, which is why it is critical to speak with an attorney and CPA well versed in Georgia law before considering either option. 

The IRS views unpaid debt -- including mortgages -- as income. Foreclosures are treated as the sale of property for federal tax purposes. Homeowners going through a foreclosure will need to calculate their gain or loss for tax purposes, as well as consider any income tax that might be due on the forgiveness or cancellation of debt. These are two separate issues: gain on the sale of the property and imputed income from any debt forgiveness. In official tax parlance, it's known as "cancellation of indebtedness income."  The Internal Revenue Service has a special section on its website for people who have lost their homes through foreclosure. The IRS also reminds homeowners that although mortgage workouts and foreclosures can have tax consequences, special relief provisions may reduce or eliminate the tax burdens for borrowers who lose their homes. This information is available at: http://www.irs.gov/  

Similarly, with a short-sale, after closing a homeowner will probably receive a 1099 in the mail from the sale of the home.  Regardless if the homeowner is fully released from the debt or not, the IRS considers this unpaid debt as extra income to the homeowner. Georgia law allows mortgage companies to pursue homeowners in court for a deficiency for unpaid debt.  So even if a homeowner completes a short sale, there is the possibility of legal action in the future for the mortgage company to try for more money, if the “demand letter” includes such verbiage.  HOWEVER - if the mortgage company sends a 1099 to the homeowner after closing, they have given up the right to sue for a deficiency.  The mortgage company either goes for recovery of the balance through a judgment or writes off the debt and sends a 1099.
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Thursday, November 20, 2014

Housing Showing Stable Pace in October


Great news! Housing indicators show ongoing strength as prices, housing starts, and future building permits continue to rise nationally. Georgia's statistics reflect the national trend. Housing indicators for Georgia for the month of October are as follows: 

  • Median Prices rose 11% to $163,700       
  • Average Prices rose 9% to $202,605       
  • New Listings increased 4%
  • Pending Sales increased 19%
  • Closed Sales increased 9%  
  • Inventory Levels increased 1.8% to 44,100   
  • Months Supply of Homes for Sale decreased 5% to 5.7 months      
  • Days on Market decreased 2.6% to 75 days
  • Percent of Original Price Received decreased .5% to 93.9%     
It's a great time to sell! If you are considering a move, I would love to help!
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Monday, September 15, 2014

Property Taxes

It's tax time in the Atlanta metro area.  Here are some details about how this part of the purchase process and home ownership works:
  1.  All taxes are based on a fiscal year. The bill covers January 1 through December 31.
  2. Once the tax bill is posted by the municipality it is a lien against the property and must be paid at or before closing.
  3. The taxes are prorated on the closing statement.  The closing statement is proof for IRS purposes of the amount paid by each party.
  4. When a lender sends a 1099 at the end of the year showing taxes paid, this amount usually does not include amounts paid at closing but only amounts paid out of the escrow account to the tax commissioner.  Buyers and sellers need to consider how taxes were handled at closing when filing taxes.
  5. If the taxes are under appeal at the time of closing a “lesser” tax bill is issued. another bill may be mailed much later when the appeal is settled; it must be paid or it will be a lien on the property.  New owners should pay and then contact the Sellers for their share.
  6.  The GAR Purchase & Sale Agreement contractually binds the parties to assist in re prorating taxes after closing. 
If you have any further questions about this, please don't hesitate to contact me!

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Monday, August 11, 2014

New Guidelines for Purchasing a Home After a Foreclosure

Fannie Mae released new guidelines for the waiting period for purchasing a home after a short sale, foreclosure, and bankruptcy.  In general, it appears that in an effort to streamline the process, they have made all waiting periods 4 years, which in some cases is an improvement and in others is a diminishment.
Fannie Mae announced that on August 16, 2014, they will be changing the waiting period associated with the purchase of a new home after a short sale or a deed in lieu of foreclosure, from a minimum of two years, to four years.

Right now, there is a staggered waiting period that allows a homeowner to purchase a new home with a Fannie Mae conventional loan two years after the finalization of a short sale or deed in lieu of foreclosure. In order to that, the buyer must provide a 20% down payment on the purchase of the new home and have had clean credit since the event.

However, on August 16, 2014, the waiting period for a homeowner to purchase a new home after a foreclosure becomes four years. The good news though is that new home buyers will be allowed to follow standard Fannie Mae guidelines and put as little as a 5% down payment down on the purchase of a home after a short sale.

In addition, if a homeowner can prove that the short sale was due to an extenuating circumstance (loss of job and/or wages), then the waiting period may still be reduced to two years. However, unless a buyer has strong documentation of this, the two year exception cannot be counted on.
In addition, they changed the guidelines with regards to foreclosure after bankruptcy:
Fannie Mae Waives Waiting Period on Foreclosure after Bankruptcy...

Old Rule:

Foreclosure – 7 years waiting period in most cases.
New Rule:

If you filed Bankruptcy and included your home in the Bankruptcy - the new waiting period is just 4 years from the date of Bankruptcy discharge. Not only is this an improvement from the previous 7 year standard, in addition home buyers are no longer penalized for the bank’s delay in getting the title transferred to a new owner.

Effective immediately.

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Tuesday, June 3, 2014

5 Ways To Boost Home Value Without Remodeling

Google “ways to boost home value” and you’ll quickly find millions of articles about remodeling projects that should increase your home’s value.
But what if you don’t need—or simply don’t want—to do any remodeling, but still want to boost your home’s value?
There are plenty of ways to give your home a little extra oomph in the price department, particularly if you are preparing to sell, without digging deep into your wallet.
1. Create more space
When first touring homes with my husband, we saw two homes with nearly identical square footage, yet the first one seemed much bigger than the second. The excessive decoration and oversized furniture made the second home seem almost half its size. While many serious buyers are savvy enough to realize that extra space is hiding inside your massive armoire, a cluttered and stuffed home can turn off buyers early in the process when they’re flipping through hundreds of home photos and seeing a dozen homes in a day. Without that foot traffic, your asking price will slip.
Limit bulky furniture in smaller spaces, and take out furniture you purchased that has since been proven unnecessary. Minimize décor, especially along any horizontal surfaces, so the buyer’s eyes are drawn to the house, not your stuff. It should also go without saying, make sure your home looks clean and organized.
2. Get an eye for staging
Just like decluttering your space can make it seem bigger, a few staging tricks can make it seem better cared for, nicer and more modern. Take home stager tips and apply them to your home at any time.
For example, if you are preparing to paint the walls, keep them neutral and focus on adding changeable color through accessories. Pick a focal point, such as a stunning painting or a coffee table with intricately-carved designs and build around that. Designate a theme or common element, whether it’s a color scheme, pattern or design, and thread it throughout a room.
3. Add curb appeal
This step doesn’t have to involve replacing siding or repaving the driveway; simply pruning your bushes, planting a few perennials and cleaning up your lawn can go a long way. This works similar to number one: The more appealing your home is on first glance, the more foot traffic, the more potential for offers, the better chance you have of selling your house at or above asking price. It’s that simple.
4. Touch up the little things
Fix up nicks in the wall; make sure paint lines look clean and even; fix that sticky drawer. Any little fix that makes your home operate smoothly is a wise investment of both time and money.
Savvy buyers frequently walk around a house and compile notes on all the little things that are wrong and factor those into the offer. Plus, they may assume the rest of the house isn’t up to snuff either, so stay on top of basic maintenance as well. You want buyers to see that you have taken care of the place, so they feel they’re getting a bigger bang for their buck.
5. Reinvent a room
Sure, you could finish your basement or convert your attic into a bedroom, but that would be expensive. Instead, consider simply reimagining a pre-existing space. According to a recent survey by Better Homes and Gardens Real Estate, one in five Millennials would prefer “home office” be used when describing the dining room because that’s how they would actually use it. This isn’t going to be true of all buyers, but it’s a good lesson in how turning away from traditional space designations can turn buyers onto your home.
If you don’t have a home office, make one in a space that’s starting to see cobwebs. Even finding an armoire with a fold-out desk or converting a large shelving unit or closet into a desk can create an office space and make buyers feel that not only is this home more spacious, it’s more functional.
By simply rethinking how your home looks and how you use it, you can increase your home’s value when you sell without spending the big bucks.
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Wednesday, May 21, 2014

5 Ways Credit Cards Can Impact Your Credit Score

Clark Howard (one of my faves!) recently wrote a great article about how credit cards can impact your credit score.  The whole article is great, but the bones of it are as follows:
Here are 5 ways credit cards can improve your credit score
Having multiple credit accounts in good standing. A low amount of credit accounts equates to a lack of credit history, so owning multiple credit cards helps. However, remember not to open too many at once, as it signals you’re in urgent need for a large sum of money at one time.
Maintaining a low debt-to-credit ratio. Remember, your credit score is not only affected by the debt-to-credit ratio for each individual card, but also the total ratio of all your loans. Make sure it stays under 50%, but aim for less than 30%.
If a high ratio is of concern, try asking for a credit-line increase and/or strategically split the balance between two cards. And don't close credit cards you don’t think you need anymore or don’t use often. These cards keep your available credit on the higher side, and removing one will instantly increase your debt-to-credit ratio.
Making regular payments. Keep your credit cards active, but don’t overuse them. And don’t leave them completely unused either. Use your credit cards with regularity, as it demonstrates to lenders that you can responsibly manage your credit.
If you have cards that are close to maxing out, pay those first. Pay monthly, even if it’s just the minimum payment to start. Make it your goal to never carry a balance. Also, if you find yourself in a situation where you need to pay down balances on multiple cards, focus paying more on the cards with which you’ve had the longest history of consistent payments.
Opening a secured credit card. If you have very poor credit and no pre-existing unsecured credit cards, consider applying for a secured card. A secured credit card is issued after you make a deposit, which is typically the same amount as the credit line. This credit line is then reported to the credit bureaus, which is why paying it off regularly for as little as 6-12 months will make a drastic difference.
Make sure the secured card you apply for reports to all three credit bureaus— Equifax, Experian, and TransUnion—and make sure you absolutely do not miss any payments and keep your balance at zero; otherwise, you will negate the point of owning a secured card to improve your credit score.
Applying for credit cards you actually need and will use. Invest some time researching what cards you’ll likely quality for and benefit from most. For example, avoid retail-store credit cards offers that incentivize you to open an account just to initially save 25% on your shopping.
On the other hand, applying for a great balance transfer card with a low introductory interest rate can build your creditworthiness by helping you decrease your debt-to-credit ratio and pay off your balance, for example. Just remember credit inquiries (i.e. when you turn in a credit card application) are added to your credit report, which can slightly lower your score if you apply numerous times in a short amount of time. This is because attempting to apply for new credit on multiple occasions indicates to lenders that you’re in financial trouble.
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Sunday, February 16, 2014

If you purchased a home in 2013: Homestead Exemption

It's that time of year again! I wanted to remind you to file for Homestead Exemption if you have not done so already.  According to Georgia law, if you purchased your home between January 1, 2013 and December 31, 2013 you may be eligible to claim a Homestead Exemption, which will reduce your property taxes.  Following is county-by-county contact information and deadlines for filing Homestead Exemption.  Be sure to confirm eligibility and requirements with your county of residence.

CHEROKEE: 2782 Marietta Hwy, Canton 678-493-6120
File Dates: By April 1, 2014
You must file in person.  Bring a copy of driver’s license & warranty deed.
Office Hours: M-F 8:00am-5:00pm
COBB: 736 Whitlock Ave, Suite 100, Marietta                     770-528-8600
         4400 Lower Roswell Road, Marietta
                       4700 Austell Road, Austell
                                   File Dates: By April 1, 2014
File by mail or in person.  Bring warranty deed, identification, your license tag number and name of current mortgage company. Most new property owners will receive a form by mail or may be requested after January 1.  
Office Hours: M-F 8:00am-5:00pm

DEKALB: 4380 Memorial Drive, Suite 100, Decatur 404-298-4000
1358 Dresden Drive, Atlanta
2801 Candler Rd, Decatur
File Dates: January2 – April 1, 2014
** Should receive information in the mail sometime in January, if not call.  Return by certified mail with a copy of your warranty deed.  
Office Hours vary by location so call or check website for details

FORSYTH: 110 East Main Street, Suite 260, 770-781-2106
Forsyth Administration Bldg., Cumming, 30040
File Dates: By APRIL 1, 2014
You must file in person.  Bring a copy of driver’s license (address must match property address) & recorded warranty. Only those whose name(s) appear on deed can file.
Office Hours: M-F 8:30am-5:00pm

FULTON: 141 Pryor Street, Suite 1047B, Atlanta 404-612-6440  
7741 Roswell Road NE, Suite 261, Sandy Springs 404-612-6440
3155 Royal Drive, Suite 175, Alpharetta 404-612-6440
 5600 Stonewall Tell Rd, Suite 224, College Park     404-612-6440
                                  File Dates:  By APRIL 1, 2014
File in person only!  Bring copy of warranty deed, photo ID, car tag number, social security number for self and spouse. You may be able to file by mail ONLY if your deed is already in the system.
Office Hours vary by location so call or check website for details

GWINNETT: 75 Langley Drive, Lawrenceville (1st floor) 770-822-8800
File Dates:  By April 1, 2014
Should receive information in mail by end of January or call after February 1st to request an application by mail; to file in person, bring your warranty deed.
Office Hours: M-F 8:30am-5:00pm

HALL              2875 Browns Bridge Rd, Gainsville                            770-531-6720
                               You may also Fax to…                                              770-531-3968
                                   File Dates: Before March 1, 2014   
Tax Assessor's Office for the current tax year. You must be living in the property as of January 1 to qualify.
www.hallcounty.org



Please note that the above phone numbers, addresses and dates were verified as of December 2013.  The locations and dates are subject to change without prior notification.  Please be sure to contact your county for thorough information and requirements.
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Thursday, January 2, 2014

2013 Reflections

HAPPY NEW YEAR!

2013 was a fantastic year where we saw a rebound in the Atlanta real estate market for the first time since 2007.  I was privileged to close 21 transactions this year, which is about perfect: enough to keep me plenty busy, but not so many that I didn't have the time I wanted to devote to each client.  This allowed me to still give every client and transaction my full attention and high level of service that I strive for.  Throw in the addition of a new baby, plus renovating and moving into a new house, and 2013 was a knock-out year all around!

I always like to go back at the end of the year and review everything that happened to gauge what I did well and areas that can stand some improvement.  And because I like to be as transparent as possible, I'm going to share those reflections with you!

2013 stats:
I represented 10 sellers in $2.54M in transactions, with an average DOM of 20, and all but 2 sold in under 12 days. Average sales price of $254k and ranging from $132,000 to $446,000.  On average my listings sold for 99% of list price. Representing the neighborhoods of Grant Park, Buckhead, West Midtown, East Atlanta, Candler Park, Decatur, Marietta, Roswell, Mableton, Smyrna, Powder Springs, and East Cobb. 
I represented 11 buyers in $3.94M in transactions, with an average sales price of $359k, ranging from $149,900 to $708,000 and representing the neighborhoods of Morningside, Grant Park, East Atlanta, Winnona Park, Gresham Park, Inman Park, Decatur, Historic Roswell, Historic Marietta, East Cobb, John's Creek, and Alpharetta.

10 of the transactions were with repeat clients, and every other client was referred to me by a previous client.  This is a huge WIN for me! I have made it a priority to build my business working by referral and this is the first year that every single one of my clients came via that avenue.  I am so proud of that statistic, as I think it most represents what I am striving for in my business: to do a fantastic job, provide unparalleled service, and create lasting relationships. 

2013 was a great year, and I have high hopes that 2014 will be even better. I truly have the very best clients and I adore helping them realize their real estate dreams!
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Press Release: Alix Wilcox Nadi Awarded Best of 2013 on Kudzu


Alix Wilcox Nadi Awarded Best of 2013 on Kudzu
Voted by the Kudzu Community as a Top Atlanta Realtor

Atlanta, GA – December 10, 2013 – Alix Nadi was named a Best of 2013 winner for Atlanta Realtor on Kudzu.com, a leading source for local business information and consumer reviews.

Over 5 million local businesses competed across a wide range of categories including home, auto, health, and professional services. Winners were determined based on thousands of votes from consumers in the Atlanta Kudzu community. Alix Nadi received the top honor and will be recognized with a Best of 2013 badge displayed on her Kudzu business listing page.

Alix has lived and worked in Atlanta her entire life, graduating from Georgia Tech with an Architecture degree in 2002.  Since joining RE/MAX in 2007, she has been dedicated to helping people realize their real estate dreams, closing $16.5M in transactions all over the metro Atlanta area. She has been a top agent in her office for the last 5 years and was honored as one of Jezebel Magazine's "Top Real Estate Professionals in Atlanta" in 2010. 

Alix’s business is built entirely on referrals and she believes there is no greater compliment than when a past client sends a friend or family member her way.  A huge part of her job is building relationships, and she is proud to say that many of her clients have become good friends.  “I count on the assumption that if I provide the very best service possible to my clients, they will happily refer me to their friends and family…and I create lasting relationships along the way.

The ‘Best of’ contest allows consumers to show their appreciation for local businesses that have served them well. Kudzu is proud to be an avenue for this support, and to recognize companies that offer the highest levels of service” stated Fran Wills, General Manager of Kudzu.

Alix’s diverse knowledge base allows her to provide unparalleled service to her clients, working tirelessly with an energy and enthusiasm for the job she does. Her goal is to help guide her clients through what can often be an intimidating and confusing process with the least amount of stress possible.

“I strive to eliminate confusion in the home buying and selling process, and devote myself to serving the needs of my clients before, during, and after each transaction. I am proud that my clients and Kudzu users voted me as one of the best Realtors in Atlanta. Winning this award from Kudzu only strengthens my commitment to my clients!”

Please visit http://www.kudzu.com/best for a full listing of the Best of 2013 winners.

About Alix Nadi, REALTOR 
Alix serves buyers and sellers throughout the metro Atlanta area, helping them with all their real estate needs from listing through closing and beyond.  She is a Certified Negotiations Expert (CNE), Certified Distressed Property Expert (CDPE), graduate of RE/MAX’s 100 Days to Greatness program, and an Executive Club member since 2008. She has been with RE/MAX Around Atlanta since 2010 and you can find her on the web at www.AlixNadi.com.

About Kudzu.com:

Kudzu.com helps consumers evaluate local services and choose highly rated providers in their area. The website features expert videos, business profiles, consumer reviews and money-saving deals in every major U.S. city. Kudzu.com is owned by Cox Search Inc., a subsidiary of Cox Enterprises, a leading communications, media and automotive services company. Cox's businesses include Cox Communications, Manheim, AutoTrader.com and Cox Media Group. For more information, please visit http://www.kudzu.com/
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