Greater Atlanta Real Estate Information

Tips To A Successful Atlanta Home Buying Experience

Know the Right Questions to Ask When It Comes To Buying Greater Atlanta Real Estate

  • Home sellers in the Atlanta area will be required to disclose certain items about their house. You can get a sample copy of typical disclosures from The Safford Group, so that you’ll be familiar with them and be able to ask the right questions about the properties you tour.
  • Is there a type of home inspection that is standard in your area? You’ll want to find out if the inspection of the home is a buyer’s expense, as well as when they are typically done.
  • What is the average cost for a property title search? You’ll also want to know who does the search, i.e., the title company, an attorney, etc.
  • What are the closing costs? Ask about all of the fees involved, including taxes, settlement fees, etc.
  • When will you close on the Atlanta property? Find out the timeline from when you make an offer on the home to closing day.

Be Pre-Qualified Prior to Shopping For Greater Atlanta Real Estate

Pre-qualifying for a home loan will help you determine the price of the Atlanta area home you can afford. In addition, it shows the home seller that you are serious about buying real estate and that you’ve thought this major financial decision through. In pre-qualifying you, your financial lender will usually use a formula that says your monthly mortgage payment cannot be higher than 28% of your monthly income.

Once you’re pre-qualified, you’ll receive a letter from the lender stating that your credit and financial information have been reviewed and look acceptable for a home loan. Remember though, that this is not a guarantee of the loan, and the letter will state that, too.

Getting pre-qualified is a smart move, because it will save you time, money, and headaches in your Atlanta home-buying process.

To find out more information about pre-qualification and loans, visit any of these websites:

Choosing the Right Mortgage For Your Atlanta Area Home Purchase

Mortgage companies and banks are continually competing for your home loan business, and because of this, you’ll find there are many different loan programs from which to choose. Before you apply for your mortgage, decide which loan will fit your particular needs. For instance, if you are planning to purchase an investment property and intend to resell it in a year or two, you’re probably better off choosing an Adjustable Rate Mortgage (ARM). You’ll pay a lower interest rate for the first year or two and sell the property before the rate increases a substantial amount.

On the other hand, if you’re buying a retirement home or a second home on the beach, you’ll most likely want the stability of a fixed-rate mortgage. Your mortgage payment will remain constant throughout the term of the loan (15, 20, or 30 years, for example), so you won’t have to worry about fluctuations in the future.

Protect Yourself with the Right Real Estate Contract

When you sign the contract for the home you wish to purchase, be sure that you’re protected in all of the areas that are important. Be sure your contract has provisions that include:

  • A contingency clause for your mortgage financing.
  • An inspection of the home before the deal is final. This will also involve negotiating with the seller regarding any problems that come up during the inspection.
  • What stays in the home? Don’t be surprised in the end. If you want something included in the purchase, make sure you state that clearly in the contract.

Have the Home Inspected Before Closing on the Property

It is absolutely necessary to obtain a quality home inspection prior to purchasing a home. Unless you want to spend possibly thousands of extra dollars in fixing damages or defects, you’ll want to have the home inspected by a professional. A small defect now that is not fixed could end up being a major expense in the future. In addition, by identifying defects, you’ll be in a better position to negotiate the price based on the actual condition of the property.

As stated earlier, make sure that the real estate contract states that the final sale is contingent upon a home inspection.

Questions? Just Ask!