How To Buy A Atlanta House Without Over Paying

You’re on the hunt for the home of your dreams, but you worry about paying too much. What can be negotiated down in price and what can’t? How do you ask for a lower price without insulting the sellers and they stop negotiating with you? How do you buy a house without overpaying?

Whether you’re looking to purchase your first house, are planning to upgrade, or need to downsize, it’s easy for anyone to get caught in the trap of paying too much for a home. Here are some tips to help you buy your dream house without overpaying for it:

REMOVE EMOTION

Once you’re inside looking at a potential home, it’s really easy to get swept up in the emotion of the process.

Whether it’s that gorgeous window seat where you envision reading on the weekends with a cup of coffee, or that fenced-in backyard where your dog and kids can play, whatever the reason you’ve connected with a home, the feeling is swift and powerful. But don’t let those dreams of the future cloud your judgment today.

Take a step back and try to evaluate the home on all fronts – good and bad – before making a decision. Your love for that eat-in kitchen may overshadow the fact that the plumbing is old and bad, but jumping to make a quick offer on emotion could cost you.

TAKE YOUR TIME

Deciding to make a move is an exciting thing. Whether your move is motivated by the necessity of a job change or you just want to find a different house, the desire to find a place and get moved in can be strong.

To avoid making hasty decisions you’ll regret later, make a rule that you won’t put an offer in on a house until you’ve had at least 24 hours to think about it. In that time, carefully go over disclosure statements and any notes or photos you took during your showing.

This time distance between the showing and your offer hopefully gives you a chance to see any flaws more clearly and make a more level-headed decision.

HIRE A BUYER’S AGENT

Having a professional to point out the good and bad in any homes you’re buying, counsel you on what you need to negotiate for, and advocate for you at the bargaining table can go a long way toward buying a house without overpaying.

Your buyer’s agent can help you sort out your wants from your needs and advise you on whether the sellers are asking too much or if your attempting to negotiate are likely to go nowhere. A buyer’s agent is especially invaluable if you’re a first-time homebuyer or looking to purchase in an entirely new city than you’ve lived in before.

TAKE NOTES

Your memory of a house you’ve viewed, especially if it had one or two features that you really loved, is likely to be foggy in parts as soon as you sit down to discuss the pros and cons. Without notes and data, you could have trouble remembering that the floor in the kitchen was slightly slanted or that the bathroom fixtures were outdated.

When you go to view a house, take a notebook, pen, and a camera or smartphone with you. Take photos of any defects you see or features you like, and write down notes in every room.

These notes will become invaluable when making your pro and con lists for final decisions. Use your lists when deciding between properties, deciding whether to make an offer and what items to factor into a request for a price reduction.

While buying a house without overpaying can seem challenging at first, taking your time, stepping back to evaluate the facts of each property, and getting a trusted team on your side can go a long way. If you need a team to help you buy a house without overpaying, contact us at 678-337-1165 today!

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Preparing Your Atlanta Rental Property For A Housing Authority Inspection

To classify your property as Section 8 housing, you must participate in an annual housing authority inspection. Know what to look for in our latest post!

Understanding the ins and outs of Section 8 housing can be difficult. As a landlord, owning a Section 8 property can help ensure little vacancy. Below, we answer some of the most common questions about the process as well as ways to help you prepare for the inspection!

Common Questions About The Housing Authority Inspection Process

What Is A Housing Authority Inspection?

When you decide to make your property available to renters with Section 8 vouchers, you will need to have your property inspected before anyone moving in. The house will then be subject to inspection each year or if there are any complaints from either the tenant or landlord about the condition of the home. The inspector will take an in-depth look at the property, both inside and out. All kinds of things are looked at from the electrical, plumbing, and heating, to items such as chipped paint and faulty smoke alarms. Pest problems, doors without deadbolts, and windows without locks can all cause you to quickly fail your inspection. It’s essential to have a checklist so you can make sure everything is in order before the inspector shows up.

What Kind Of Property Will Qualify?

Per Chapter 10 of the of the Housing Choice Voucher Guidebook, the home types permitted for Section 8 assistance include single-family homes, multi-family homes, manufactured homes, congregate housing, single room occupancy, shared housing, and group residences.

How Much Will The Inspection Cost?

There is no cost for the inspection, however, you should plan to spend for a small number of preventative repairs made beforehand.

What Does The Inspection Look For?

Before any property can be considered for low-income housing, it will need to comply with basic housing quality standards (HQS), to provide “decent, safe, and sanitary housing.” The HQS contains 13 separate areas or performance requirements. These include:

• Sanitary facilities – The facilities must all be in working order and in a separate room. There must be hot and cold water and a working shower or tub.
• Food preparation and refuse disposal – The unit must have a safe and sanitary place to store, prepare, and serve food. There must be a working stove, refrigerator, hot and cold water, and a way to properly dispose of food waste.
• Space and security – The unit needs to be safe and secure for the tenants. There must be a living room, kitchen, and bathroom at a minimum. There must be at least one bedroom or sleeping room for every two adults residing in the home. Exterior doors and windows must all be lockable.
• Thermal environment – There must be heat provided to each room as necessary. There is no requirement for A/C, however, if a system is present, it must be in working order.
• Illumination and electricity – Each room must be supplied with adequate natural or artificial light to permit regular activity. There must be sufficient electrical sources so tenants can use appliances, etc. The electrical fixtures and wiring must not pose any fire hazard.
• Structure and materials – The construction of the home must be free of any defects and provide a safe and secure environment for the tenants. There must not be any leaking, sagging, large holes, or buckling. Manufactured homes must be properly tied down.
• Interior air quality – The air in the unit must not pose any harm to the tenant and be free of carbon monoxide, sewer gas, and other pollutants. There must be proper ventilation and air circulation. Sleeping rooms must have at least one window.
• Water supply – Clean, uncontaminated water must be distributed to all fixtures within the home. There must be proper drainage and sewer facilities.
• Lead-based paint – Properties built before 1978 will be visually inspected for deteriorated paint surfaces inside, outside, and in common areas in which tenants must pass through to gain access to their unit.
• Access – There must be private access, with alternate access in care of a fire. The emergency exit must not be blocked.
• Site and neighborhood – The site and neighborhood must be reasonably free of disturbance. There cannot be any dangers to the health, safety, and general welfare of the occupants.
• Sanitary conditions – The must not be any pest, rodent, or vermin infestation.
• Smoke detectors – Working smoke detectors must be located on each level of the unit.

The above is only an abridged list of what is required. Before your inspection is completed, be sure to review the full checklist to ensure you are in compliance.

What If I Fail?

Landlords fail their inspections quite regularly. Things that may seem small, or that go unnoticed, can quickly cause you to fail your inspection. Chipped paint, a small leak in a faucet, or cracked outlet covers have all been known to cause a failing grade. If you fail your first inspection, you will be given time to make the repairs before the property is reinspected.

To learn more about purchasing and preparing your property for a housing authority inspection, get in touch! We would love to answer any questions you have. 678-337-1165

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Getting Pre-Approved: How To Get A Loan In Atlanta

The decision to buy a new home has been made, and now you’re eager to get house-hunting. But before you start scouring the local listings and scheduling showings, you need to work out how to get a loan in Atlanta .

From pre-approval to closing, here’s what you need to know to get a loan in Atlanta :

CHECK YOUR CREDIT SCORES

Before you ever approach a lender, you need to get an idea of how your financial situation may position you in the eyes of the ones giving out mortgages.

Check your credit score (You can get a free credit report annually from each of the three major credit reporting groups – Experian, Equifax, and TransUnion) and see where you stand today. If you’ve got a credit score above 720, you’re in good shape to qualify for a variety of mortgages and decent interest rates.

Knowing your credit scores ahead of time helps you better prepare for the types of loans, amounts, and interest rates you can expect to be offered by lenders.

GATHER YOUR DOCUMENTS

Regardless of whether you’re going with a traditional bank, a credit union, or another mortgage lender, you’ll need to provide a great deal of financial information when applying for your loan.

Some key documents to make sure you have handy are:

• Pay stubs

• Tax returns

• W-2 forms

• Bank account statements

• Other mortgage statements

• Investment statements

• Photo ID

• Social Security number

All of this documentation will be provided to your lender during the pre-approval process and may need to be updated during the final mortgage approval process.

GET PRE-QUALIFIED

This is the first step in the mortgaging process. It doesn’t actually require strict proof of income, but it is a good starting point when searching for a home.

In the pre-qualification process, you will be interviewed by the lender about your income, assets, and expenses. Although pre-qualification is not an official process and doesn’t actually indicate that you will be approved for a loan when the time comes, it helps you get a better idea of how much loan you can afford when the time comes.

This information can direct you toward homes in your price range and narrow your search, leading to a faster and less frustrating process for you.

SECURE PRE-APPROVAL

The final step before you finally get a loan in Atlanta is pre-approval.

Pre-approval is not a mandatory part of the process, but it is one that can help put your mind and the sellers’ minds at ease.

In securing pre-approval, you will provide all that important documentation – proof of income, proof of assets, and identifying information – to the lender. The lender then pulls your credit report and uses all available information to make a determination on whether you qualify, how much of a loan you qualify for, and at what interest rate.

With this information in hand, you can more confidently put a solid offer down on that home you fell in love with, getting one step closer to move-in day.

GET COMMITMENT

Once you’ve gotten pre-approval and have an accepted offer on a home, your lender will assess the value of the property you intend to purchase.

With all this information in hand, the lender then issues official commitment to lend you a certain amount of money at a specific interest rate. This determination will come in one of four forms: Approved, Approved with Conditions, Suspended, or Denied. If you have pre-approval, the likelihood that you will receive a Suspended or Denied determination is much lower.

When you receive this approval, you’re well on the road to final closing day and your new home!

It can be stressful to get a loan in Atlanta , but with the help of our trusted, experienced agents, the process can be easier. Let us be your partners in finding your dream home! Contact us at 678-337-1165 today!

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What To Expect During A Snellville Rental Inspection

Whether you are a landlord or a tenant, it is important to understand what is involved in a Snellville rental inspection. Learn more about what to watch out for in our latest post!

There are a number of times when a property inspection may take place. inspections are done when a tenant is moving in, moving out, and one or two times throughout the year. For the annual inspections, sufficient notice is required before the inspection takes place. Inspections can also be conducted if the landlord or tenant believe there is a problem with the property. The inspections are typically done by the landlord, a property manager, and in some cases by the tenant. Below, we will discuss what is included in a typical rental inspection as well as the responsibilities of both the landlord and tenant.

What’s Inspected

A thorough inspection by the landlord or tenant should cover all aspects of the rental property from top to bottom.

• Electrical – Electrical switches should be checked as should any fans within the unit. It is also a good idea to do a quick test of the outlets using a small lamp or your phone charger.
• Plumbing – Check all faucets for good water pressure. Flush the toilets to make sure they drain properly and don’t run after being flushed. This is also a good time to look for mold and mildew around the faucets and pipes.
• Structural – Check the walls for cracks, holes, and chipped paint. Make sure there are no water stains on the ceiling or signs of mold anywhere thought the property.
• Smoke Detectors – All smoke detectors need to be checked and in good working order. One should be located in any common areas, in the kitchen, and in each bedroom. At the very minimum, one should be located on each floor of the home. You should check your detectors every 6 months. Many people make it a point to do this when the time changes each year.
• Kitchen – In the kitchen, look for damaged countertops, floor tiles, and porcelain. Make sure the stovetop, oven, and refrigerator are all in working order.
• Bathroom – Look for chipped tiles, scratched mirrors, and damages to any of the fixtures. Make sure the sinks work and drain properly.
• Doors – Make sure all doors open and close easily without sticking. All exterior doors need to be lockable.
• Windows – Windows should also open and close easily, and be lockable from the inside. You’ll want to make sure both the doors and windows are properly sealed.
• Closets – Check all the closets throughout the house. Make sure doors are properly hung and that shelving and the closet bar is properly hung.
• Heating and Cooling – Be sure to check the heat to make sure it is coming through all vents. If there is also air conditioning in the home, make sure it blows cool air from all vents and that the filters are clean.
• Pests – Check in cupboards, on shelving, it the attic, the garage, and out of the way places for any signs of an infestation. You wouldn’t want to move into your home and find out you aren’t the only one living there.

What to look for during a home inspections

Things That Can’t Be Seen

Depending on the property and the type of inspection being done, you might need to call in a professional. Some things cannot be seen and need to be looked at with someone who specializes in the field. If there are signs of termites or other pests living in the home, a specialty inspection may be required. Same goes for things like sewer pipes and the septic tank. There are also specialty inspections to test the geology of the property. The ground is tested for soil contamination, and to determine if the property will be susceptible to things like flooding or landslides.

The Landlords Responsibility

The landlord is responsible for providing a safe and well-maintained home for their tenant. The landlord needs to perform maintenance to the property as needed and make repairs when they arise. Just as if a tenant were to violate the lease, if a landlord is in violation, the tenant can break the lease and move out without penalty.

The Tenants Responsibility

Many times when a renter moves into a new unit, they will be given a checklist and asked to note any problems they find within the unit. Once the checklist has been completed, the owner or property manager will review the reported issues fix as needed. If you are a tenant, this is your chance to protect yourself for when it’s time to reclaim your security deposit. If you don’t list a problem when you move in, you may be liable for it when you move out.

To learn more about what to expect during a Snellville rental inspection, get in touch with us! We are happy to help answer any questions you have. 678-337-1165

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How To Get A Lower Interest Rate On Your Mortgage In Atlanta

Your mortgage is a big investment so you can make one of the most important purchases of your life. But it also can easily be one of the most expensive. Just because you need a mortgage to buy your dream home doesn’t mean there’s no room for negotiation to get the best possible price. Here’s how to get a lower interest rate in Atlanta .

KEEP A GOOD CREDIT SCORE

The better your credit score, the better your interest rates. If you have a lower credit score, lenders see you as more of a risk and charge you a higher interest rate to protect their investment.

Before you begin shopping for a home, get as much of your consumer and interest-bearing debt paid down as possible. Make sure any student, auto, and personal loans are current and get your credit card balances are as low as you can get them.

By law, every adult in America is allowed a free credit report each year from each of the three reporting bureaus – Experian, Equifax, and TransUnion. In the year leading up to your planned purchase, request a report quarterly from one of the three reporting agencies to see how you fare.

SHOP AROUND

Just because you’ve gotten a quoted interest rate from a bank in Atlanta doesn’t mean there aren’t better options out there.

Sometimes, just shopping around at other banks, credit unions, and mortgage lenders can help you get a lower interest rate. Shopping around is easier now than it ever was before thanks to the availability of online banking information.

If you’ve received a quote from a bank or mortgage lender, consider checking out a credit union. The interest rates at credit unions tend to be a little lower than with other lenders because they have lower fees than traditional banks. They’re also more apt to work with you if you have a below-average credit history.

PUT MORE DOWN

A great way to get a nice long-term payoff is to put the financial pain up front and pay more down on your mortgage.

If you are able to swing more than the recommended down payment, your lender may view you as a safer investment and give you a break on the interest rate. Even an extra couple percentage points of the total loan price can be helpful.

For larger loans (over $417,000), putting down as much as possible gets you out of the “jumbo loan” category. Jumbo loans are seen by many banks to carry more risk and, as a result, get higher interest rates.

SHORTEN YOUR LOAN

Thirty-year mortgages are the traditional way most Americans purchase their homes, as they offer lower monthly payments. However, if you shorten the repayment terms to 15 or even 10 years, you can trade the higher payments to the principal to get a lower interest rate.

This method takes some careful planning and attention to the amount of mortgage you can afford, but the payoff is great for lower interest rates and even freedom from mortgage payments altogether in less time than with a 30-year mortgage.

ASK

This method may seem so simple it can’t possibly work, right? But sometimes the key to getting a lower interest rate is to just ask your bank for a lower interest rate.

The worst they can say is, “No,” but using a little courage to ask can really pay off.

If you have an exceptional credit score (800 or more), ask your lender to either match the lower interest rate of a competitor or to just lower your interest rate based on your credit history. Banks want the business of people with exceptional credit scores, and many will do what they need to to keep you from taking your mortgage elsewhere.

Your Trusted Agents in Atlanta !

Getting a mortgage doesn’t have to be stressful. Our experienced agents can walk you through the process, helping you get a lower interest rate than you thought possible. Contact us at 678-337-1165 today!

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How To Classify Your Property As Low-Income In Atlanta

As a real estate investor, it may be wise to learn how to classify your property as low-income in the Atlanta area. There can be many benefits to doing this when you get the right tenants in place. In our latest post, we outline the process and the benefits classifying your property as low-income can mean for you!

The Department of Housing and Urban Development (HUD) provides a rental assistance program to help low-income families by providing them with a voucher to receive reduced rent. In turn, the landlord receives a subsidy covering the remaining balance of the rent. By opening your house up to low-income individuals with a Section 8 voucher, you are opening the door (literally and figuratively) to an entire group of renters who may not have been able to afford the property otherwise. Some people worry about crime and other problems with low-income housing, however, the right property, with the right tenants, can lead to a steady income stream for years to come. Section 8 can assist people in all areas of their lives from young families to the elderly with little to no income.

The Benefits of Owning Low-Income Housing

Owning low-income investment property is a great way to find investments with low-vacancy rates while helping to give back to the community. There is always a demand for affordable housing, so you shouldn’t have too much trouble securing a tenant. Plus, you’ll always have some insurance knowing that even if your tenant has some trouble paying the rent, you will still receive the subsidy provided by HUD. It guarantees you will receive at least a portion of your rent while the tenant is occupying the home. The tenant will not want to come up short, however, if they do, their benefits can be taken away completely.

The Application

To make your home available to Section 8 renters, you must fill out an application with HUD. The application includes standard information about you and the property you wish to make available to low-income tenants. You must also let them know how much you are charging in rent to make sure the amount is within the “fair market rents” as outlined by HUD. The application is pretty standard and will be followed up with a detailed inspection of the property.

The Inspection

Once you decide to make your house available for low-income tenants, it will need to be inspected by a member of the public housing authority on a contractor acting on their behalf. Inspections are held when a tenant moves in and once a year thereafter. The inspection is done to ensure the landlord is providing a decent, safe, and sanitary environment for the tenants to live, and that the tenants are taking proper care of the home, without causing any damage. Your property can fail the inspection for any one of many infractions, many of which may seem minor. For example, chipped pain with children in the home, a cracked faceplate, or a small leak in a faucet, which may have the potential to burn someone. Overall, there are 13 performance areas that must be met in order for the property to qualify. If any items on the inspection is missed, you will fail your inspection and will need to repair before a reinspection is done, If repairs are not made, you will no longer receive the subsidy.

Qualifying Tenants

Low-income families receive vouchers for housing assistance based upon their income levels. However, you will still screen the tenants just as you would anyone else. Make sure to run background checks to ensure you have people of a high character moving into your home. Just because someone is dealing with some setbacks in life, does not mean they won’t be an absolutely wonderful tenant.

Evictions

If a tenant is no longer able to pay you the rental amount owed, or if they cause damage to the property, you will need to go through the same eviction process as you would with any other rental property. If tenants breach their Section 8 lease, they will likely no longer be able to receive Section 8 assistance in the future. As a landlord, it can be tough when you see people struggling to pay rent. While it is commendable to have a big heart, a repeated pattern of letting rent be paid late or not at all will only make the problem worse and cause you to lose even more money.

At Fresh Start Home Sales, we can help you to find the perfect properties to qualify as low-income or Section 8 in the Atlanta area. We are here to answer all of your questions so you can learn how to invest in there profitable investment properties while helping people at a time when they need it most.

To learn more about how to classify your property as low-income give us a call or send us a message today! 678-337-1165

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Fresh Start Home Sales

Do you want to buy a home, but you aren't quite ready? If so, rent with exclusive right to buy  may be the rent with option to buy opportunity you have been looking for. Learn more about rent to own properties and how they can help you reach your real estate goals!

Using a lease option is an excellent solution for would-be buyers. Maybe you have a blemish on your credit or maybe you don't have quite enough saved up for a down payment. Using a lease option or rent to own structure will allow you to lease a home, with the exclusive option to buy or walk away after the lease term is up.

You have up to 3-5 years to buy that house at anytime during the time you are in the lease. If you decide not to buy that house after your first year simply give 60 days notice leave the house is good shape and get your security deposit back with no further obligation to buy that house.

How It Works

The agreement itself is often compared and is similar to a rental agreement with the added benefit of an option to buy the house you are already living in at the end of the term. That said, there are some differences to be mindful of, such as your responsibility to make repairs, and a premium rent payment each month.

What Are The Procedures

You will always want to have a thorough home inspection of the house done prior to signing the agreement. This will give you a heads up on any future repairs you may need to make. Some repairs can be significant and, and you may not be comfortable taking on a property with such large issues. You should also have a professional appraisal of the house done. This will ensure that the price the seller is asking is fair and will be approved by a lender in the future. You never want to skip an inspection or an appraisal just to get a shot at buying a home.

You will be the one responsible for repairs as opposed to the owner of the home depending on what is agreed to between you and the owner. You will also need to pay the property taxes according to some agreements. These extra expenses, plus the typically higher than average rent, can slow you down if you are saving to buy the property in the future. Keep these costs in mind before signing an agreement.

The Benefits

There are several benefits to entering into a lease to own agreement with a local seller. First, you will be able to find and secure a house before you have the down payment together or before your credit will qualify for a loan. These are both things that should be taken care of during the leasing period of your agreement. You will also have a locked in price, so if the market goes up over the course of the agreement, you will only need to pay what was agreed upon originally. Just watch the market beforehand. You don't want to enter into an agreement in an area where homes are decreasing in value.

Another great benefit is having the ability to "test drive" the house so to speak. You can really get a sense of what it will be like to own, before being the owner. You can determine your monthly maintenance and ownership expenses and take a good look at commute times and area schools. You will be able to make sure that the neighborhood is right for you, eliminating any chance of buyer's remorse once the sale date arrives.

You cannot beat the peace of mind in knowing that you have the guaranteed option to buy the house. You won't need to pick up and move at the end of the lease term so long as you are able to get the financing you need, as well as the down payment. Your credit should also be restored, allowing the buying process to run smoothly for you. A hint or suggestion engage a professional to help you with ideas to improve your credit.

One great trick is to find a property that has been listed for a while and purpose a rent to own agreement. They will not need to lower their price, and you will get the opportunity to buy a house you love.