-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/KDbVh
Welcome back to Go Gaddis Real Estate Radio, right here on AM nine 20. The answer in this segment, Tyler Perry Atlanta's Own Tylee. Tyler. Tyler, Tyler Perry is donating. Two and a half million dollars to help older Atlanta homeowners. And I think that's really cool. And is a backup buyer really a good idea?
If you're selling a home in Atlanta's market today and you already have a buyer, is it even worthwhile to spend the time to negotiate a backup agreement? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio. And those are the things we're gonna talk about in this segment of the show.
And the purpose of this show is to help listeners go from real estate, novice to expert. So home selling and buying can be done with total, total confidence and without all the worry that is so typical with life's biggest investments. Long story short, we don't want you learning anything at closing or after that you should have learned before.
And don't forget, we want to connect with you and we really, really do, and it's easy. You can call 7 7 0 4 9 7 0 0 0 0. That's our main number, modern Traditions Realty Group. We'd love for you to call Modern Traditions Realty Group. Again, 7 7 0 4 9 7 0 0 0 0 Or you can go to go gadi radio.com. Go. G A D D I S radio.com.
You can ask questions that we answer on air or off air. You can make comments or push back. I am not at all opposed to anybody challenging things we say on the show. In fact, I think the show gets way, way better every time I get comments from people across Metro Atlanta and really across the United States and Canada.
You can share your ideas with us that you might want us to share with other listeners. You can request your neighborhood be featured in our neighborhood spotlight, and you can subscribe to our podcast. Why would should you be a podcast subscriber? Well, so you'll never miss a single segment of Go Gadi Real Estate Radio.
If you love it a lot, make sure you subscribe. Subscribe to it on your favorite podcasting platform, so you will never miss a single. Segment actor Tyler Perry, who is known for his movies, especially the Madea series. I love his movies. They're absolutely mindless. It reminds me of listening, uh, watching Adam Sandler movies.
They're mindless movies, but I just love it. And Tyler Perry seems to, at least to me, to be an extremely generous person. Tyler Perry is set to donate two and a half million dollars to help older Atlanta homeowners. This is from N NBC News and CBS b S News. Although Tyler Perry is originally from New Orleans, he's called Atlanta, his home for decades, and he is an actor.
He's a filmmaker, and again, he's donating 2.75 million. I said two and a half million to older homeowners in Atlanta to help ensure they're able to stay in their homes. Perry reached out to Atlanta Mayor Andre Dickens. About providing assistance for those residents on fixed incomes who could lose their homes as a result of rising real estate taxes.
Uh, Perry ranked third among the world's highest paid entertainers by Forbes. He's going to pay the back property taxes for 300 low income seniors in metro Atlanta. This assistance is gonna cover. City, county and school taxes. And if you are elderly homeowners, you need to make sure if you're in Fulton County, city of Atlanta, or DeKalb County City of Atlanta, that you look into whether or not you could qualify to be exempt from school taxes.
If your income is under a certain level in Fulton DeKalb County, you can actually be exempt from school taxes, which would save you about half on your taxes. Uh, Perry will also cover any increase in taxes over the next 20 years for 100 low income older residents. He has already donated 750,000. For the first year to cover the back taxes and any increase in property taxes and has placed 500,000 each year over the next four years to ensure the residents don't pay anymore in such taxes.
Is that an initial $750,000? Donation helped pay off back back property taxes for more than 300 low income seniors who currently owe taxes. The donation will also fund a pilot program that will pay off the difference between current tax rates and the increase for more than 100 low income families. I think it is really amazing and I applaud Tyler Perry for helping people who in my.
Uh, opinion are in many cases not able to help themselves, and I love to see people coming forward to do that. Our team, I I, I'm not gonna compare what we do to what Tyler Perry does cuz it's not even close. But we love to support three metro Atlanta charities. Number one is Rainbow Village, which is located in Duluth.
They help, um, homeless families, mostly women with children, uh, have a place to live as they transition into having a home. They have daycare for kids. They have, um, uh, economic or financial educational courses. They have a program people go through. They can set 'em up with all the household supplies. It's really amazing.
We also support, uh, habitat for Humanity and we support the Children's Miracle Network, which is Children's Medical Center right here in Metro Atlanta. We love trying to do good for the community. We certainly can always do more and if you're anything like me, it's easier for me to donate. Money, and I don't have that much money, but it's easier for me to donate money than it is for me to donate time, which means what I need to do is I need to figure out how to donate my time.
And I encourage you, if you've been thinking about that, to uh, you know, join me in the quest to find a place where you can use your talents and your time, uh, to help those who are less fortunate, fortunate than you are. Would it make you really sad if you. Lost a buyer and then found out later that you could have had more than one buyer on the hook at the same time.
Would you be disappointed? Uh, would you feel like you made the wrong decision? Or maybe in some cases actually got some bad advice? Lawrence and Doraville. Wrote in saying it seems that today's market is different from a few years ago, not as many multiple offer situations. We are under contract, but we are wondering if it's a good idea to have a backup offer in place too.
Our agent says, no. What are your thoughts? And I'm going to answer this question with one answer and it is unequivocably. Yes, it is always worth having a backup offer in place. Now, a little dirty secret is sometimes real estate agents don't really want to go through all the extra work to negotiate a backup agreement if they think the first agreement is strong.
But think about this for a minute. What is the best way to keep the buyer? Number one, acting and doing the things that they need to do in order to move to closing? What is the best single way to make that happen? Well, the best single way to make that happen is for the buyer, number one, to know that if something goes wrong with their contract, that you already have buyer number two in place.
I want you to think about that for a second. If you as a listener, were in first positioned to buy a home, and you were notified by the listing broker, by the listing agent that they had a backup agreement in place already, now it doesn't mean that they can move your. C contract out of first position and put the buyer number two in first position.
As long as you as buyer number one, continue to honor and follow the terms and conditions of the agreement, then you're going to be able to close on that sale. But let's just say your buyer, number one, and you think you're gonna ask for $5,000 worth of closing cost allowance in lieu of repairs as the result of an inspection.
And two days before that, or a day before that you learn from the listing agent that there is a backup agreement in place as buyer number one. You might be likely. To change, to lessen or to eliminate what you might be asking for. So my suggestion is if you have the opportunity to put a backup offer in place, a backup agreement in place, then that's what you do.
If you are a home seller and you're wondering really how that works, well, if you get another offer and your agent presents an offer to you after you go under contract, then you would take that. Full agreement you would come to, you would negotiate to terms that were acceptable to you and were acceptable to the buyer, and then you would put a backup contingency exhibit.
Let me say that one more time. You'd put a backup contingency exhibit. And it would state for that buyer who was in buyer number two, that contract. It would state that it was in the second position behind the primary contract, and if this primary contract did not close on or before this date, then buyer number two.
Could come automatically into first place. Now I will tell you that the standard exhibit in the state of Georgia gives buyer number two, the opportunity to terminate that contract at any time and to walk away. Um, and so just cuz you have a contract with buyer number two does not mean they're gonna be there and go all go all the way through to closing.
So you have to make a decision. And I hate to use a horse racing analogy, but you have to make a decision. Does it make sense to get off of this horse and get onto another one, or does it make sense to stay on the horse? You're already on, but I will tell you, uh, Lawrence in Doraville, that in my opinion, it always makes sense to consider a backup agreement.
And if you can fully negotiate one and have it in place and then you give your agent permission to disclose to buyer number one, that there is a backup agreement in place. I think that is a very, very, very powerful. Thing to do and a smart thing to do might seem like it's a little bit manipulative, but it's your house and you're selling your house, and you provided us what you want to do.
You have the right to try to secure the best terms you possibly can. This segment of the show is brought to you by the law firm of o Kelly and Orhan. They are a full service law firm with 26 offices all over Metro Atlanta. They specialize in residential real estate closings. They do builder closings, commercial closings.
They do closings for home purchases, refinances. They handle corporate relocation. They also do real estate contract review and handle title insurance matters. They can be reached by calling 7 7 0 4 9 7 1 8 8 0. If you bought your home anytime in 2022, before December, the 31st of 2022, or on or before, you need to apply for homestead exemption.
It can save you up 10% on your taxes. Go to go gadi radio.com, click on the homestead exemption button on the top toolbar, and it will show you exactly how to apply for homestead exemption In all counties in metro Atlanta, every single county is there. It'll save you about 10% on your taxes if you. Are the, if you live in that home, it is your primary residence, you do not have any other primary residence, and you own that home as of January the first of this year, then you are entitled to homestead exemption, and I think you need to make sure that you go apply If you are looking to sell your home anytime in the next six months, we believe we can sell it for $28,000 more.
Then your neighbor sold his or home, his or her home for. And if you don't believe me, I say test me. I say challenge me. And how do you do that? It's real simple. Go to go gadi radio.com. Click on sell for $28,000 more. Put in a little bit more information. It'll take you 28 seconds or left. It's less. It's fast.
Even if you think you've already decided who you wanna list with, I would encourage you to go to go Gaddis radio, put in a little information. Let me reach out to you because who knows, maybe you could put more money in your pocket working with someone like me. I say challenge me and let me prove it to you.
We're gonna take a quick break. When we come back in our neighborhood Spotlight, cascade Falls in, Buford will be featured. What is Generation Zalpha and what is D T I and can it affect whether or not you get a mortgage? Stick with us. We'll be back.