A Buyers Guide To Lease Option Properties in Atlanta

Many buyers want to avoid a permanent living arrangement where they realize they’re unhappy, and lease options are a solution for these buyers. During the contract period, you have a chance to try out the home and ensure that you want to stay in residence for the long term, following through with purchasing the property. For other buyers, lease options allow them the time to save for a downpayment and get their creditworthiness in order while enjoying the perks of homeownership. 

A lease option gives you the right to buy a property, but not the obligation, given you live up to your end of the agreement. In addition, the owner agrees that they won’t sell the property to any other interested party during the contract term and won’t pursue you legally if you decide not to buy at the end of the agreement.

It’s best to go into such a significant financial transaction with your eyes wide open to the agreement’s limitations. Typically between one to a three-year legal contract, it’s best to enter into the arrangement with realistic expectations about how lease options work. So read on to explore our buyer’s guide to navigating the world of lease option properties in Atlanta.

Sales Price

Owners can only estimate the property’s future market value when determining the sales price

of lease option properties in Atlanta, with the price stated in the agreement. As a result, the buyers agree to a purchase price above the current market value because the owner is taking a risk they’ll be selling at below market value at the end of the agreement. 

Rental Rates

Owners typically charge a premium and a higher than average monthly rent for their lease option properties in Atlanta. The premium is typically applied as a credit towards the downpayment at the end of the agreement. Working with a lender will help you understand if the credit will be acceptable under their mortgage loan terms.

Finding Opportunity

Often buyers must seek potential lease option properties in Atlanta and reach out to the owners, creating the opportunity. When searching for potential lease option properties, you will want to look for homes lingering on the market. These sellers may be more motivated and, with the right approach, open to other methods to relieve themselves of the responsibilities and costs associated with holding the property.

Mutual Confidence

Naturally, owners that sell lease option properties in Atlanta will have to run a background and credit check as they would with any tenant. In this case, however, as the buyer, you will want to ensure that the seller isn’t about to lose the property, so you will need to research the title, have an inspection and appraisal, and screen the seller, asking for a credit check and their tax records.

Fresh Start Home Sales

At Fresh Start Home Sales, we can help you over any hurdles standing in your way, whether you are getting your financial ducks in a row or just want to ensure you are happy for the long term with the home you purchase. The professional home buyers at Fresh Start Home Sales can help you locate the perfect opportunity without charging you the high commissions of a real estate agent. The professional home buyers at Fresh Start Home Sales will save you money and time; we make the process easy and guide you step by step. And don’t forget to ask about our current inventory of the best lease option properties available in Atlanta.  

If you are a buyer ready for homeownership, let the professional home buyers at Fresh Start Home Sales help you maneuver the realm of lease option properties in Atlanta. Call Fresh Start Home Sales at 678-337-1165.

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Why Real Estate Investors Should Consider Lease Options In Atlanta

Perhaps you are an investor with renters in place that have requested an opportunity to enter into a lease option for the property. Or perhaps you’re an investor ready to exit a property but find it challenging to move; the buyer pool for lease option properties is steadily increasing as interest rates rise. Additionally, the jump in home prices has made it difficult for many buyers to attain the dream of homeownership.

Whatever the reason you’re researching the subject, there are many methods to sell an investment property, and lease options offer benefits for Atlanta real estate investors that are worth noting. So read on as we explore why real estate investors should consider lease options in Atlanta.

Tax Benefits

Who doesn’t like to realize savings on their investments? Your tax advisor can clue you in on the tax benefits for real estate investors who offer lease options in Atlanta.

Eliminate Holding Costs

While you won’t realize your entire profits on the sale instantaneously, your buyer will be paying the usual holding costs that roll in monthly during the term of the agreement. Often, buyers are responsible for the maintenance and repairs as if they were already the rightful owners. While the arrangement may delay your gratification, you hold the title, and if the buyers don’t exercise the option, history shows your equity in the property will continue to climb, so you’ve lost nothing, which is another reason why real estate investors should consider lease options in Atlanta

Keeping Upfront Down

When buyers enter the agreement, they’ll pay option money upfront for the right to buy the property. This option money will be yours to keep, even if they don’t buy the property at the end of the agreement, and this is another reason real estate investors should consider lease options in Atlanta. With a lease option, you could offer to place an agreed-upon amount of the rent in escrow to apply towards the downpayment. However, these funds return to the buyers if they fail to exercise the option to buy the property. Rent credit is an attractive incentive to buyers that need to build up funds for a downpayment.

Sales Price

With a lease option, you can either agree upon a much higher final sales price, which you’ve estimated based on predictive analysis or agree to decide on the final sales price at the end of the agreement. Sellers risk an unforeseen jump in market values and losing out on more significant profits by setting the price after the contract. Typically buyers prefer a preset price and are willing to pay a little more to enjoy the benefits of homeownership before actually owning the property. This increased profit is another reason why real estate investors should consider lease options in Atlanta

Talk to one of our local professional home buyers at Fresh Start Home Sales about the rewards of lease options in Atlanta real estate investors like you. At Fresh Start Home Sales, we believe in total transparency, so the professional home buyers at Fresh Start Home Sales will advise you about the current market value of your property, detailing how much you’d likely profit by listing or by providing a lease option opportunity. At Fresh Start Home Sales, we will also offer the numbers to you on the third option to sell your investment property, and you may be surprised to discover just how much time, energy, and money you can save by selling directly. Our goal at Fresh Start Home Sales is to help you, our neighbors here in Atlanta, meet the requirements that your current circumstances call for and realize the highest returns on your investment property. Call Fresh Start Home Sales at 678-337-1165.

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How Do Lease Options Work For Your Atlanta House?

Suppose you own a home and can wait out the term of a lease option to exit the property, typically from one to three years. Or perhaps you have a property you’ve had trouble selling. In that case, a lease option is an excellent sales method that can be pretty lucrative—combining the benefit of a flip by receiving a hefty option fee at the beginning of the contract with the benefit of long-term renters.  

Of course, tenant screening should always be top-notch with lease options. First, you’ll want to perform a rigorous review to bring in highly qualified tenants, staying within all local, state, and federal guidelines governing tenants. Then, with the right property and the buyers in place, you could cash in on this advantageous method of selling real estate. So read on as we discuss how lease options work for your Atlanta house. 

Sales Price

Lease options work for your Atlanta house because buyers are willing to pay extra to enjoy the benefits of homeownership while you allow them time to make sure they like the home, repair credit, or save towards a downpayment. In addition, because you must estimate the future market value of the property, you can set the sales price above the current market value. So while you risk prices soaring far above this number, you can mitigate taking a hit down the road by cushioning the sales price now; the buyers, on the other hand, risk home values falling and owing more for the property than the market value.

Option Fee

A large influx of cash is always a nice bonus, with the fee for the option typically ranging between two and five percent of the home’s sale price; this is another way lease options work for your Atlanta house. With the average sales price of homes reaching an all-time high of $400,000 in May of 2022, you could collect up to $20,000 for the exclusive right to buy the home by exercising the option. In addition, the option fee is typically nonrefundable. 

Rent Premium

Increased monthly cash flow is another way lease options work for your Atlanta house in the higher rental rates you can charge, with a portion of the rent payment to apply towards the down. The rental premium amount must be above the market average for many lenders to consider it for the downpayment, so be sure to check with mortgage lenders about the terms.

Eliminate Holding Costs

Essentially, lease options work for your Atlanta house by delaying the sale while your tenant covers your mortgage payments and utility costs that you would have paid monthly to hold the property. In addition, depending on the agreement, the tenants are also responsible for maintaining and repairing the property as if it were their own home. However, some contracts have shared responsibility for more significant repairs exceeding a specific amount, such as $500. 

The local professional home buyers at Fresh Start Home Sales understand how lease options can work to your benefit for your Atlanta house. Our full-service in-house network of professionals can help you handle everything, from locating the perfect property to selling through a lease option to property management and everything in between. At Fresh Start Home Sales, we have the connections and the team to do the job. Let us help you earn the highest possible returns on your real estate investments because we win at Fresh Start Home Sales when our investors win. Let the seasoned professional home buyers at Fresh Start Home Sales help you. And don’t forget to ask about our current inventory of the best lease option properties available in Atlanta. Call Fresh Start Home Sales at 678-337-1165.

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Three Things to Consider When Buying a House Where You Can Also Manage Your Business in Atlanta

More than half of all American businesses are home-based. Some of the largest companies were started as home-based ventures.
It can be difficult to find a home that is both suitable for your business and your daily living requirements. The house you purchase must meet your professional and personal needs if you own a home-based business.
You can’t make it violate any zoning restrictions. It must have the necessary space and be located in the right area if you want your business to thrive.
You should look at these three things when buying a house where your business can be run in Atlanta.

1. The Right Set-up, Restrictions, and Zoning

When buying a house at Atlanta, the first thing you should look at is the zoning regulations.

“Is the neighborhood zoned for home-based businesses?” You could be in trouble if the city or neighbor comes after you.
Many municipalities won’t allow home-based businesses. Others place strict restrictions on what type of business can be operated from a family residence in a residential area.
You can check your municipality’s zoning regulations.

An Atlanta agent will be able to assist you. To find out more, call 678-337-1165.

Other restrictions must be considered when buying a house. For example, you may need to purchase a business license to operate a business outside of your home.
You may also have to deal with restrictions and other prohibitions.

Change the exterior of your home to make it more business-friendly

• Signage
• Parking
• Both noise and odors
• Use of dangerous materials

The house must be suitable for your home business. You have to think beyond the standard list of wants and must-haves.

Do you require a separate office space? What amount of space do you require for products and supplies? Where will your customers or clients go if they come to your house?
A separate entrance from the living room or a waiting area may be necessary. Parking is also important.

Privacy is also an issue for your family and your customers/clients. Your family might need an area to live in that is separate from clients, so they don’t get interrupted by visitors.
You must also consider privacy for your clients.
A system will be required to protect confidential information and a private space to hold meetings.

2. A suitable and adequate work environment

A suitable and adequate workspace is another thing you should look at when purchasing a house where you can run your business in [market city].
A designated workspace is essential, whether it exists already or can be easily converted or added.

This doesn’t necessarily mean you need to buy a large house, but it does suggest that your floor plan will allow you to have a workspace and a work/life balance.
Having your workspace away from the main living areas would be ideal. For example, a basement office. This ideal situation may not always be possible.
However, it is worth looking for a compromise.

Clients and customers may be visiting your home. You will need to consider their needs. Are you going to need an additional entrance or bathrooms?
How will you meet the parking requirements of customers/clients?

Your Atlanta agent will help you find the right house for you once you have determined what workspace you require.

3. Neighborhood Suitability

The house is not the only thing to consider when buying a house where you can run your business in Atlanta.
You should also consider the location, particularly the neighborhood. You should also consider the suitability of the area where your house is located for business.

How will the location of your home affect your home-based business? Consider how your new house will fit in with the surrounding neighborhood before you buy it.
It doesn’t really matter if you are delivering a product/service. You can travel out of town on an obscure country road, except for any additional travel costs.
If your home business is a way for people to come to you, they must be able to find it easily. You won’t have the ability to place signage in many cases.
However, you can put a small sign near your door or at your front door.

The Agent Advantage.

Your search for the perfect house can be difficult if you are not careful. It is easier to buy a house to live in than to purchase a property in Atlanta to start a business.
An experienced agent in Atlanta can help you find the right house. Contact us at 678-337-1165 if you want to buy a home where your business can operate in Atlanta.

Let our Rent to own Homes program help you to start living in your Dream Home now. No need to worry about the landlord selling, forcing you to move. Settle down in a home you love and will be proud of. No more moving from one place to another.

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5 Things You Must Avoid Before Buying A House in Atlanta

Buying a house can be difficult even if you aren’t a first-time buyer. There are many things that can go wrong during the house-buying process, from making an offer to closing to buying the house.
Buyers need to have a plan for avoiding common mistakes in today’s highly competitive market. While knowing the right things to do is important, it is often more important to be aware of what you should not do and what to avoid.
These are the 5 things that you should avoid before buying a house in Atlanta.

1.      Resign from your job or make a career change

You must prove your employment and show consistent employment when applying for a mortgage. Before you buy a home, you shouldn’t change careers or quit your job.

Job changes can cause lending problems, especially if you change from salary to compensation.
This requires a longer track record, usually two years, when it comes to the commissions. Lending headaches can also arise when hourly earners have their hourly income fluctuate based on their work hours.

Financial experts suggest that you have a consistent employment history of at least 2 years with the same employer or in the same field of work.
Your lender won’t be concerned if you switch from one accounting firm or another while working in accounting.

2.      Maximize Credit Card Debt

You shouldn’t take out too much credit card debt before buying a house in Atlanta. Experts say that maxing out your credit card debt before you close on a home loan is one of the worst decisions.

The problem is that the increased debt and concomitant payments can impact your debt-to-income ratio.
This will result in a lower mortgage financing eligibility. You might be charged more for your loan because of the lower credit score.

Industry pros say that “for the best mortgage rate, and in the interests of keeping debt levels low, try to keep credit utilization under 30% of your total credit limit.”
This will increase your credit score, decrease your debts, and help you qualify to get the best home loan possible.

3.      Finance a Large Purchase

You should avoid any major purchase requiring financing before purchasing a house. Don’t rush to buy that car you’ve been eyeing for months or the kitchen appliances your wife has been begging for.

Borrowing money to finance a large-ticket item, such as a boat, wedding, or vacation, can make you appear less attractive to lenders.
These “activities” are a no-no as lenders will conduct a final credit inquiry before closing. If new debts were added, it could affect loan approval.

4.      You can search for a house before you get pre-approved

You must get pre-approval for a mortgage before buying a house. You could end up disappointed.

These are just a few factors that make pre-approval so important.

If a potential buyer finds a home they like and then attempts to get pre-approved for financing, it is possible that the house will be sold before they have even finished getting pre-approved. Sellers want to sell their house only to serious buyers and will request a pre-approval from the buyer.

Pre-approval will allow you to know what amount you can borrow and how much house you can afford.
The pre-approval process involves contacting a lender to verify your income, credit history, assets, and financial statements.
A lender will only approve you for a loan on your home if you have verified these documents.

5.      Consider that you will need to pay 20% down

One last thing to avoid before purchasing a house in Atlanta: assume that 20% of the purchase price has been paid.
That used to be the case, but it is no longer true. Don’t let this assumption stop you.

While 20% down can have certain benefits, such as allowing lower monthly mortgage payments, it is not a requirement for buyers today, particularly first-time buyers.
These options include:

VA Loans – 0% Down

USDA Loans – 0% Down

FHA Loans – 3.5% Down

You can still get a conventional loan today with as little as 3%-10% down, but you’ll need to purchase private mortgage insurance.

Waiting until you have 20% down can delay your home purchase timeline by many years. The longer you wait, the more expensive the home you will be chasing.
This likely means that you will need a larger down payment.

What to do before purchasing a home in Atlanta

These are just 5 of the most important things you should do before purchasing a house in Atlanta.
But there is one thing that every buyer ought to do. Working with an experienced agent in your Atlanta is important.
Local agents will be able to provide you with a detailed understanding of the market and help you find the right deal and house for you.
If you are interested in buying a house, contact us at 678-337-1165.

Ask our agents about our Rent To Own Programs. With our Rent-to-Own Homes, you will be able to start living in your Dream Home while you prepare to become mortgage-ready call us 678-337-1165.

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Five Things you Should Consider when Buying a Home for a Large Family In Atlanta

Although having a large family can bring many blessings, there are also some challenges. One of those challenges is buying a home to accommodate your large family.
It is important to ensure that the home meets all your needs, including future and present space requirements. You also need to keep it within your budget.
It can be difficult to find the right home, so let us help. These are 5 things you should consider when buying a home in Atlanta.

1. More Space Than You Think You Need.

When buying a home in Atlanta for a large family, you first should consider how much space it will need. This is because most large families looking to buy a home underestimate the space they will need.

For instance, “many people with three children should look for a home with four bedrooms, one for their spouse and one for each child.”
Although this math is accurate, having a little more space might be beneficial.
That extra space can become more than “helpful” and even necessary as your family grows or your children age.

The common recommendation for buying a home is to select one with a basement or attic space.
Your children will want privacy and the ability to entertain their friends as they get older. Sometimes you need to entertain friends or family members or to rest your head while they are there.
A large finished basement or attic space can make your house more flexible for such situations. This space could also be great for older children who live at home while they attend college.

2. Large Outdoor Areas and Plenty of Yard Space

The size of your yard and outdoor spaces is another important factor to consider when buying a home for a large family.
You’ll need the extra space outdoors, even though it will require more work and maintenance.

Your children will have a lot of space to run and play in a larger yard. A bigger yard will allow your pets to run free, and you can host backyard parties or barbeques.
You also have the option to add on to your house in the future. A large yard is ideal for growing if you have a family that grows or if the space is too small.
You should think about how big your yard can be for your kids to play sports.

Sometimes it can be difficult to find a home with a large yard that meets all your needs. An agent in Atlanta can help you find the right home for you.
To learn more, just dial 678-337-1165.

3. Large Garage and Plenty of Parking Space

When buying a home for a large family, you need to think about the size of the garage as well as the parking space.
The cute little ones running around the house soon will drive and likely have their own cars.

You may believe you don’t need more garage space if you only have two cars. If you have children, chances are that more people will drive and require parking space.
You should also consider the types of home events that you host and the parking requirements for those events at your new house.
A larger garage will allow for more storage space. You can store your vehicles in your garage, but there are also shelves and storage spaces for boxes and other items.
This allows you to make your home more inviting and less cluttered.

4. The Neighborhood

When buying a home, you should consider the surrounding area, especially if you have children. Remember that you are not just buying a house but also a part of a community.
You must ensure it is safe, family-friendly, and has everything you require.

This may seem obvious to most people, but there are some things you should consider when looking at your neighborhood. You want to ensure that your neighborhood is safe and in a good school district. Next, check out the neighbors.
So there are other children? Do they have a sense of community with other children? Do they allow pets? Before you commit your heart to a new home, these are the questions you need to ask.

5. Affordability

You’ll also need to think about affordability. A larger home is better for a large family. A larger home will require a higher down payment, a higher monthly mortgage payment, higher property taxes, and homeowners insurance.
It also means higher maintenance and repair costs. Make sure to put pen to paper and have the funds to purchase the house you desire.

Getting pre-approved for a mortgage is a good idea. This will let you know what your bank is willing to lend you and help you decide what you can afford.
Remember that just because you are allowed to borrow a certain amount doesn’t necessarily mean you should, as there are hidden costs associated with homeownership.

When buying a home, it is important to choose a local agent in the Atlanta area

Working with a local agent is one of the best decisions you can make. Your agent can have access to all listings before they hit the market.
They will be able to help you find the right home for your needs and often within your budget. Please contact us at 678-337-1165 if you are interested in buying a home for your large family in Atlanta.
We also specialize in Rent to own homes if you are not mortgage-ready but would like to start living in your dream home while you prepare to buy that home.
Stop moving from rental to rental your family deserves a home they can create lifelong memories.
Find out about our rent to own programs today 678-337-1165.

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Five Tips for Homebuyers Buying a New Atlanta House This Summer

Summer has been traditionally the best time to sell your home. This is because it is often the most expensive season for homes. While summer is more popular for home buyers, it will be harder to find available homes than in other seasons. We have highlighted some tips for homebuyers. It is worth knowing what to expect and what strategies you can use to secure the home of your dreams at the best price. Find out our top 5 tips for homebuyers to help with the search for a home in a new Atlanta this summer.

1. Learn the challenges

We recommend that homebuyers searching for new homes in Atlanta this summer have a solid understanding of the issues they will face.

The first problem is that home prices keep rising. Although prices have slowed in recent years, they continue to rise.
According to the National Association of Realtors (NAR), the “national median home price” rose 23.6% to $350,000.00 in May 2021.

Additionally, inventory is still far behind demand. This means that many buyers are competing to buy a few expensive homes.

Even though mortgage rates fell to historic lows a while back, interest rates are on the rise. Industry watchers anticipate this trend to continue.

These are the challenges you face as a Atlanta homebuyer this summer. It is important to hire an experienced agent Atlanta because they will have more knowledge than ever. For more information on what an agent can do, call 678-337-1165.

2. Get Pre-Approved Now

Buyers looking to buy a home in a new market_city this summer should apply for a pre-approval mortgage before they begin the house-hunting process.
In order to be ready to make an offer for a home on today’s market, obtaining a mortgage pre-approval is crucial.

An official written statement from a lender stating that you are eligible for a mortgage is known as a mortgage pre-approval. This determination is made after a preliminary evaluation and analysis of your credit, income, and financial records.
When you make an offer on a house, include a pre-approval letter to show the seller you are serious and qualified.

You will be seen as a serious buyer if you have a pre-approval note in your hand. You should compare lenders and apply for pre-approval at least three times to find the best deal.

3. Give a “Clean” Offer

Homebuyers searching for new homes in Atlanta this summer should ensure that their offer is as clear as possible. Before the current market conditions existed, sales contracts often contained contingencies.
These contingencies are less popular and less accepted by buyers due to the rising price, low inventory, and increasing demand.

Contingencies can be defined as clauses in contracts that stipulate that certain conditions must be met before the sale is allowed to proceed. For example, buyers can ask sellers to fix any issues they find during a home inspection.
A financing contingency means the buyer must have their mortgage approved before closing on the property.

While sellers may get more offers than buyers, buyers are less likely to need contingencies. Therefore, sellers prefer a “clean” offer without contingencies.

You can still be protected as a buyer by using contingencies. Make sure you consult an agent at 678-337-1165 to verify your offer before you waive all contingencies.

4. Find out about the local markets

We would be remiss if our tips for homebuyers didn’t include the reminder to research your local market. There are many local markets, so it’s important to understand what’s happening in each market. Here are some recommendations from experts.

“Home prices rose 9% on average between January and June. The most expensive time to purchase is June or July; the inventory is generally lower then.
However, some areas buck the trend and have the highest prices until December. Some areas are much higher.”

Housing market behavior is very localized. So get to know the one you want to buy.

This highlights the importance of working closely with an Atlanta experienced agent.

5. Choose the Right Agent and Lender

The last tip for home buyers is to ensure that you are working with the right agent or lender.

Houses fly off shelves. . . . It’s likely that you will need a pre-approval letter as soon as possible… Working with a loan officer available night and weekend is crucial.

Having good relationships with other real estate agents in your area is important. An agent should hear about listings before they go online.
Before they even go on the market, homes are being sold. Ask potential agents about their methods for finding listings before they are placed on the market.

Bonus

Ask our agents about our rent-to-own programs if you are looking to move into your Dream Home this summer. You can start living in your Dream Home while you prepare to get approved for the best mortgage.

For more information on home buyers, please contact us today.

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What is the impact of interest rates on buying a house in Atlanta

The list price and down payment are the most important financial considerations when buying a house. These are not the only expenses.
You must keep an eye on many other numbers once your mortgage is closed. Your mortgage interest rate is the most important number to consider and how it can impact your finances. Find out what interest rates are important when buying a house in Atlanta.

Why Interest Rates Matter

Your mortgage interest rate directly impacts your monthly mortgage payment and the amount you end up paying for your home. Let’s take a look at why and how interest rates affect buying a house in Atlanta.Let’s say, for instance, that you started your home search when interest rates were at 4%. A one-bedroom condo was available for sale at $100,000. Your monthly mortgage payment for 30 years was $80,000. You would have to pay this amount after paying 20% down and closing costs. Your monthly payment would be $382.

However, if you wait for interest rates to drop, higher prices could offset the savings. $120,000 is the cost of a condo in the area you desire. A 20% down payment and closing costs are required to secure a mortgage amount of $96,000. $355 This is your monthly payment for a 30-year mortgage. Your monthly payment fell by [only] $27.”

Interest rates are important for those buying a house because they affect more than the interest you pay over the loan’s life. The fixed-rate plays an important role in determining your “home buying power” – the amount of home you can afford.

How Interest Rates Affect Your Buying Power

Let’s now see how interest rates affect your purchasing power when you buy a house in Atlanta.

In August and September 2019, interest rates fell to historic lows. September’s interest rate low was 3.5% for a 30-year fixed-rate mortgage. It would be possible to purchase a home worth more than $400,000 at that rate and only pay $1,500 monthly (not including taxes or insurance). The same monthly payment could have secured you a home worth less than $375,000 if rates were higher than 4.6% a year ago.

According to experts in the industry, each 0.1255% increase or decrease in mortgage rates can affect your purchasing power. With interest rates still low but rising, experts say now is the right time to purchase before they go higher. For advice on local markets and the best times to buy, you can contact an Atlanta agent by 678-337-1165.

An Example for Buying a House

Let’s focus on an example to show how interest rates affect the purchase of a house.

A mere 1% decrease in interest rates can save you $30,000. A 1% drop in interest rates could save you $30,000. Take this example

Steve, a home buyer, has a monthly income of $5,000 and expects to have $2250 in monthly debt. His ratio of income to debt is 45%. Steve obtains a fixed-rate loan of $250,000. His monthly payment includes principal, interest, and taxes at 4%. It would cost $1,193

What if Steve could get a 3.5% mortgage interest rate instead?

“A rate drop of half percent increases Steve’s purchasing power by $15,000, assuming $1,122 is his maximum monthly payment. . . Steve’s monthly payment would be lowered to $1,051 if his rate were 3%. This would increase his purchasing power by $30,000.

What It All Means

Interest rates directly impact your monthly mortgage payment for buying a house. Did you know that most of your mortgage payment will go towards interest only and very little towards the principal in the early years?

In a 30-year mortgage, 95% of the buyer’s monthly payments go toward interest. The interest required to pay is lower the higher the mortgage rate. The monthly payment is lower, making the home more affordable.

Let’s boil it down: “[I]f your monthly income is sufficient to afford a specific monthly payment, then you can take out a larger loan if the interest rates are lower.”

The Final Step Toward Buying a House 

Anyone buying a home should be aware of interest rates. Unfortunately, interest rates have risen from their historic lows just a few months ago. This means that it is more important to find the right home price. A local expert will help you find the right house price for your financial situation. If you are interested in buying a house at Atlanta, please contact us today at 678-337-1165.

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What Home Buyers in Atlanta Need to Know About Earnest Money

In today’s competitive seller’s market, making your offer stand out is paramount. One way to do that is by putting up earnest money. Also known as a good faith deposit, earnest money is a sum the seller puts down to demonstrate her seriousness as a buyer. Although the concept is fairly simple, it can get pretty complicated in practice. Here, then, is what home buyers in Atlanta need to know about earnest money.

What Is Earnest Money?

As a home buyer in Atlanta, you need to know exactly what earnest money is before laying your money down.

Basically, it’s money put before closing to indicate that a buyer is serious about buying the home and to protect the seller in case the deal falls through. “When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.

“Earnest money protects the seller if the buyer backs out. It’s typically around 1-3% of the sale price and is held in an escrow account until the deal is complete. The exact amount depends on what’s customary in your market. If all goes smoothly, the earnest money is applied to the buyer’s down payment or closing costs.” 

Earnest money also benefits sellers by decreasing the likelihood of a buyer’s “placing offers for multiple homes [and] then walking away after the seller takes the home off the market. To discover more about how earnest money works in the [market_cxity] market, you can contact a local agent at 678-337-1165.

How Much Earnest Money?

So then the question is: How much earnest money should you put down? The exact answer, of course, depends on the local market (especially if bidding wars and cash offers are common) and the condition of the property, but we can offer some general guidelines.

“In most real estate markets, the average good faith deposit is between 1% and 3% of the property’s purchase price. It can be as high as 10% for highly competitive homes with multiple interested buyers. Some sellers prefer to set fixed amounts to help filter out buyers that aren’t serious.

“The best way to determine a reasonable earnest money amount is to talk to an experienced real estate agent. They’ll assess the property and market-specific factors and quote a figure within the standard range. While losing your good faith deposit is unlikely, offer an amount that the seller will appreciate without exposing yourself to financial risk.”

In most cases, the earnest money is paid to an escrow account or some other third party that holds the funds. The money remains in this account until closing. At closing, the money is typically applied to the buyer’s down payment and/or closing costs.

Refunds and Losses

Home buyers in Atlanta don’t always lose their earnest money if the deal falls through. In some cases, buyers get this deposit back, especially when it is covered by contingencies in the purchase contract, for example . . . 

• “When a home inspection reveals severe housing defects”
• “If the appraisal amount is lower than the home sale price and the seller will not re-negotiate the sales price”
• “When the homebuyer can’t secure financing”
• “When a buyer is unable to sell their current home before closing on the new one”

The upshot here is that you need to pay close attention to and understand all the contract contingencies.

You can lose your earnest money, though, under these two conditions . . . 

1. You wave the contingencies. “Financing and inspection contingencies protect your earnest money if your mortgage doesn’t go through or the house is beyond repair. However, if you waive either contingency, you forfeit your good faith deposit if the house does not go to sale.”
2. You ignore the contract timelines. “Home purchase contracts often have timelines within which the buyer should complete the purchase process. Failure to close the transaction on the agreed date means you have breached the contract. You may have to forfeit your good faith deposit.”

Protecting Your Earnest Money

You should also take measures to protect your earnest money deposit from fraud and unjustifiable forfeiture. These measures include . . . 

• Getting everything in writing. “Make sure your contract clearly defines what amounts to canceling the sale and who ends up with the earnest money. Include any amendments to details like buyer responsibilities and timelines.”
• Using an escrow account for the funds. “To avoid trust issues, never hand your earnest money directly to the real estate seller or broker. Let the manager be a reputable third-party, such as an escrow company, legal firm, title company, or a renowned brokerage firm. Make sure the funds are in an escrow account and obtain a receipt.”
• Fully understanding the contingencies. “Ensure that contingencies that protect your interests are in the contract. Most importantly, you shouldn’t sign a home purchase agreement that doesn’t have the clauses that protect you.”
• Meeting all your buyer responsibilities. “Real estate purchase agreements usually set deadlines to protect sellers. Be sure to respond to all questions and provide requested documents in a timely manner, as well as meet inspection, appraisal, and closing deadlines to avoid breaching the contract.”

And Use an Experienced Atlanta Agent

Buying a home is a huge purchase, and your earnest money deposit can amount to a big chunk of change as well. So you want to make sure you work with an experienced Atlanta agent to protect your earnest money in case something goes wrong. If you’re a home buyer and want to protect your earnest money, contact us today at 678-337-1165.

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5 Questions You Should Ask Before Buying a House in Atlanta

A home purchase is a significant investment and a large step. It is important to ensure that you are ready to purchase your next or first home. You need to know what you want, your budget, your financial plan, and your willingness to accept the responsibility. You need to ask the right probing questions to help you determine these things. These are the 5 questions you need to ask before you buy a house in Atlanta.

1. Can I actually afford to buy a home?

You should first determine if you have the financial means to buy a property in Atlanta. You must be honest with yourself when answering this question.

It is an expensive venture, and you must plan out your entire budget before considering buying a home. Buying your next home is a good idea if you have the cash, closing costs, and homeowners insurance.

According to industry experts, these figures will help you to decide whether purchasing a home is right.

“Your mortgage payment should not exceed 25% of your gross income. This can be increased to 28% if there are no other debts. You will need to combine the payments of two mortgages to determine whether you meet the criteria.

Additionally, your total monthly debt payments shouldn’t exceed 33% of your gross income. If you exceed what you can afford, you could lose your home. Be realistic. Renting a house is an option if you are unable to afford it. You can also look for something more affordable.

2. What is most important to me in a new home?

Once you’ve figured out all aspects of affordability, it is time to consider what is most important for you when buying a home.

“Light? Space? Views? A wheelchair accessible? A yard? A close proximity to schools/parks/your fitness center? Do you have a preference for floor plans? Are you looking for an additional bedroom? Do you need storage? Parking? Care about your neighbors? Luxury living Affordable monthly fees

You have so many options when it comes to amenities and features. It can seem overwhelming. Experts recommend that you spend time deciding which features you need in your home before you begin to search. Peta agrees. Use this checklist as a guide to determining which homes are worth seeing and for deciding what budget is feasible, given the importance of certain amenities.

An Atlanta agent can help determine the most important thing in a house. For more information, please call 678-337-1165.

3. Is my credit good enough to buy a home?

Your credit score is important when purchasing a home in Atlanta. Are you a good buyer? Is it possible to obtain financing?

Industry professionals say credit history and current score can determine your standing among other buyers. You will want to ensure you get the best mortgage package to help you buy a home.

You can immediately improve your credit score if it is lower than you want. You must pay all debts off, or at the very least reduce them. Make sure to correct any mistakes in your credit report. A higher credit score can help you get a better interest rate and better terms for your mortgage.

4. How do I plan to finance the purchase?

It is important to understand how you plan to finance the purchase of a house and your financial options.

What length do you want the loan to be? You have the option to choose from a 10, 15, 20, and 30-year mortgage. The length of your mortgage will affect how much you pay each month. However, it will impact the amount you pay in interest over the loan’s lifetime.

If this is your first house, you may be eligible for a Federal Housing Authority loan (FHA) with lower down payments. These loans can also be used by those who might have trouble getting approved by conventional lenders.

Financial experts recommend that homeowners do their research on all types of loans to ensure they are choosing the right financing option.

5. Am I really ready for the responsibility of homeownership?

Final, before purchasing a home Atlanta, it is important to assess your readiness for homeownership.

You become a homeowner and are responsible for many of the same things that landlords oversee when you rent. Make sure you can afford to insure your home and cover any other costs, such as buying furniture or paint. A fund for home repairs should be set up, at least $5,000, before you buy. You shouldn’t wait to buy a home if you have a tight budget for your house payment.

Bonus: Have I found a good real estate agent?

One last question that is often overlooked when purchasing a home is: “Does my local market_city agent have the experience and knowledge to help me?” Good agents can make a big difference in the smooth running of your home search process. Contact us at 678-337-1165 if you’re interested in purchasing a home within Atlanta.

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Don’t fall for these tricks when you buy a home in Atlanta

Although many agents and sellers are honest and straightforward, there are still some that aren’t. Agents and sellers want to present their homes in the best possible light to attract potential buyers.
Some sellers take things too far and go over the line into manipulation and deception. This can often conceal serious flaws in the home. So don’t get taken in.
Keep reading to discover the top tricks you should not use when buying a house in Atlanta.

False Sense of Urgency

A false sense of urgency is one of many tricks sellers use to get buyers to sign up for their offers. Be aware of this tactic when buying a house in Atlanta.

It is important to instill a sense of urgency into your sales process. There are many methods to accomplish this, such as offering incentives or pricing a home at a competitive price. Unfortunately, some sellers revert to less-than-completely-honest tactics such as claiming multiple offers on a property when there aren’t, or putting false deadlines on accepting offers.” Here are some industry experts’ thoughts on this topic.

It’s important to avoid becoming a victim of this kind of practice. Do your homework to determine the property’s true worth and not allow outside factors to influence that price. A good idea is to work closely and collaboratively with a Atlanta representative to avoid falling prey to the false-urgency trap. For more information on how a local agent could assist you, call 678-337-1165.

Odor Concealment

Hidden odors, such as those that indicate mold/mildew, are another trick sellers use. Mold exposure can cause severe respiratory problems. If you purchase a property in Atlanta that has mold problems, it is likely that you will need to pay for long and costly mold remediation.

When a seller suspects that there are mold problems, she may attempt to mask it with the delicious smell of freshly baked cookies or other distractions. This can work since mold is usually hard to detect.

Although there are some exceptions, mold is generally hard to find. Mold can have a distinct odor, but it’s not the only indication that it might exist in a house for sale. Mold needs a moist, dark environment in order to grow and reproduce. It’s worth checking if an area in your home meets this requirement.

Most experts recommend that you include a mold inspection in your contingencies if there are concerns about mold. This information can be obtained by calling a Atlanta representative at 678-337-1165.

Downplayed Renovation Costs

While buying a fixer-upper can be a great way of getting a great deal on your home, you need to know the cost of necessary renovations and repairs. Many buyers don’t have the necessary knowledge to know how much it will cost to fix or renovate a house. Sellers might try to minimize these costs in order to sell the property. It is important to know that sometimes sellers will lower the cost of necessary renovations when you purchase a home in Atlanta.

According to industry experts, planning for contingencies when dealing with these properties is important. A conditional sale of the property is especially important. You are not obligated to purchase the property until all information is available.

To get a precise estimate of the cost of repairs/renovations, you can call in your contractor. You can also rely on the expertise of your agent in this area.

Listing-Photos Deception

Listing photos are essential to an appealing listing. They don’t tell the full story of buying a home within Atlanta.

Cleverly staged or carefully selected photos can’t always reflect the true story of a property. According to industry professionals, “A picture does not always tell the whole truth.” Be sure to check the location of the photographs taken for the property listing. Presenting a property’s best side is fair, especially in flyers or brochures is fair. But. Inspecting parts of the house that aren’t shown in photos is important. Many agents try to hide things that might lower the value of the home or need repair.

Appliance Deception

Then there are the tricks that appliance sellers may use to make you believe your appliances are more recent than they are.

This is a good tactic to use when purchasing a home. If they are old and need to be repaired or replaced, it can cause financial problems. A homeowner may not have maintained the home’s other areas properly if they have old appliances. Sellers might try to convince you that appliances are more recent than they are.

Sellers sometimes resort to this trick: They write in permanent marker a deceptive date and install date on major appliances, such as a furnace or water heater. While an expert inspector can usually spot such fraud, it’s still important to know it happens.

A Local Agent is Recommended When Buying a Home in Atlanta

You should be aware that these tricks exist so that you don’t fall for them. You don’t want these tricks to befall you if your goal is to buy a house in Atlanta. However, sellers can use other tactics and tricks, which often vary from one market. This is why it’s important that you work closely with a local agent in Atlanta.

Fresh Start Home Sales

Rent-to-own your dream home today. We at Fresh Start Home Sales will help you reach your goal of homeownership. Contact us to find out how our rent-to-own home programs work.

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How you can Research Schools, Neighborhoods, and Crime Rates in Atlanta

You have found your potential new home. You can find most of what you need within your budget. You can’t just focus on features and prices.
There are many other equally important factors. Here’s how you can research crime rates, schools, and neighborhoods in Atlanta.

Schools in Atlanta

While everyone wants to know the crime rate in Atlanta areas, the quality of schools is only of interest to people with school-aged children. Wrong.
Everyone should consider the quality of schools within their neighborhood. It is a fact that homes in better neighborhoods tend to have higher values and greater chances of appreciation over time.

While you don’t want the seller to be wrong, asking questions is a good idea. You should always check the local school district website to confirm the seller’s opinion.
Although the information may not be as accurate as those in the area, it is a great starting point for determining if the schools are right for you.

GreatSchools is another good website for researching schools.
It’s a “leading national nonprofit that empowers parents to unlock educational opportunities and support their children.” You can find reviews from students, parents, and educators by simply entering your ZIP code.
A 52-page booklet entitled “Choosing the Right School for Your Child” is also published by the U.S. Department of Education.
This booklet includes information about magnet and charter schools and a checklist that will help you assess your child’s needs to determine if a school’s policies or procedures are a good fit.

Visiting schools in person has no substitute. Remember that academic standards and curricula are not always the most important considerations.
Make sure you consider the professionalism, friendliness, and communication – these are all things that will make the experience great for students.

Neighborhoods in Atlanta

You will want to research the area before you buy a home. This is closely related to crime rates in Atlanta. You can use the Internet to find out more.

Because we all want people to like us, demographics are important. HomeFair’s City Profiles Report will help you do this.
Enter a zip code, city, or state to find out the demographics of the area where you are looking for a home.

NeighborhoodScout is another great online tool, especially for financial purposes. This tool allows you to look at the median home price, commute times, and crime rates for a particular neighborhood.
This tool can help you discover the uniqueness and personality of a neighborhood.

You don’t have to go there in person to visit the neighborhood. Walc, a free app that allows you to walk around the neighborhood and get a sense of its ground-level layout is available for download.
Walc allows you to take a “stroll” around the neighborhood, giving you a feeling of where it is.

Crime Rates in Atlanta

Local police departments are the best places to start regarding crime rates in particular neighborhoods of Atlanta.
Ask the local police to provide a log of police activity that will show you where crimes were committed in the last year. Also, look at your local newspaper to see the types and locations of local crimes.

You’ll then want to go back online. The FBI’s Uniform Crime Reports is a good place to start. It’s not easy to find all the information you need.
However, it is well worth the effort. Comprehensive information can be found about the types and numbers of crimes that have been committed in the region.
A few other great resources can help you learn more about crime rates in Atlanta.

• CrimeMapping.com – This site allows you to find information about the most recent crimes committed in your area and the types of crimes and time frames they took place.
• NeighborhoodScout – For general information, such as lists of America’s safest and most dangerous cities, NeighborhoodScout can be a great resource. To get more information, you will need to subscribe.

The Easy Way to Find out About Schools, Neighborhoods, and Crime Rates in Atlanta.

The truth is that features and price are only a small part of the information you need about a home to make an informed purchase decision.
Also, you need to investigate schools, neighborhoods, crime rates, and other factors in Atlanta, as they all relate to the three crucial criteria of location, location, and location. This is a big job you don’t need to do alone.
We have the experience, knowledge, and willingness to assist you in this process to help ensure that you make the right choice. We specialize in Rent-to-Own homes for persons who want to try a neighborhood before they actually live there; this is a great option.
Your rent will not go to waste. Fresh Start Home Sales can help you find the right home in the right place. Get in touch with us today! 678-337-1165

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Five Ways to Make Your Home Eco-Friendly in Atlanta

Global warming, decreasing fossil fuel sources, thinning the ozone layer, and economic uncertainty are possible.
These things all have one thing in common: we must reduce our consumption and make more efficient energy use.
It’s good for your bank account and the environment. Let’s look at 5 ways to make your home eco-friendly in Atlanta.

1. Replace Bulbs

Although it may seem insignificant at first, it can make a massive difference over time. It would be best to replace your old incandescent bulbs with more energy-efficient ones.
Traditional incandescent bulbs can lose up to 90% of their heat energy. This is a large amount of waste, but it’s easy to fix.

CFL bulbs can be used to make your home more eco-friendly. These bulbs look more like a spiral tube or coiled-coil.
Although they are more expensive upfront than incandescents, they can last 10 times longer than standard bulbs and consume less energy.
CFLs typically pay for themselves within a year.

CFLs can be an excellent choice for home lighting, but there are some drawbacks. CFLs can’t dim and require a lot of energy to be used in recessed lights.
They also contain small amounts of mercury, so they must be disposed of properly when they are done.

LED bulbs are another excellent option for lighting. LED bulbs can last 35 times longer than CFL bulbs and 2 to 4 times longer than incandescent bulbs. They are more expensive than CFL and incandescent bulbs but will last you longer.
They consume a fraction of the energy as incandescent bulbs and last for years.

There are LED bulbs that can meet all your lighting requirements. Most LED lighting has a directional feature. This means it is focused in one direction, a bit like a spotlight. This makes it an excellent choice for recessed lighting.
However, some manufacturers make LED bulbs that can emit light omnidirectional, similar to incandescent bulbs.

2. Replacing Shower Heads

Installing low-flow showerheads is another small thing that can make your home more eco-friendly in Atlanta. These may be something you tried in the past but were not satisfied with. These are much better today and perform the job well.
They are also relatively affordable at around ten dollars and easy to put together.

Showers account for 25% of household water usage. A standard showerhead will consume approximately 4 to 6 gallons per minute.
Low-flow showerheads that are water-efficient will use 1.5 to 2 gallons of water per minute. This is less than half the water usage.
Low-flow showerheads can help a family of four save up to 18,200 gallons per year. By using low-flow showerheads, a family consisting of 4 persons can save an average of $73 each year.
This is not to mention the energy savings of using less water to heat the shower.

3. Install Programmable Thermostats

Is it essential for your home to be cool in summer and warm in winter? Most likely not. Most people prefer to sleep in a cool bedroom.
We also forget to set the thermostat at these times and use more energy to heat and cool than we need.

Installing programmable thermostats is a great way to make your home more eco-friendly. The thermostats can regulate the temperature in your home without you having to change the thermostat every time.
It will adjust the temperature for you when you are away or asleep by setting it once. This is a simple, hands-off method to save energy and money.

4. Insulate and  Plug Leaks

You’re likely aware that weather stripping or caulking can make your home more eco-friendly. Stopping drafts and leaks from around windows and doors can save you both money and energy.
A little caulking or weather-stripping can save you up to 30% on energy bills in severe weather.

Make sure your basements and attics are adequately insulated. If you need more insulation to save energy and reduce your heating and cooling costs, cellulose insulation may be a better choice than traditional fiberglass insulation.
This insulation is made mainly from recycled newspapers. It is easy to blow in wherever it is needed.

5. Compost

You can also start composting to make your home eco-friendly in Atlanta. You can use all the kitchen waste instead of putting it in the trash.
Experts estimate that composting can reduce household garbage by 50%. It will also provide soil-enhancing compost that can be used to fertilize your lawn, garden, and flowers. Commercially manufactured composters are easy to use and have little or no odor.

Fresh Start Home Sales

If you are looking to buy a house in Atlanta but have a problem securing a mortgage because of your credit score or because you don’t have the required downpayment. We at Fresh Start Home Sales are here to help you.
Use these five ways to make your home more eco-friendly in Atlanta while saving money. Call us for more information or to locate an eco-friendly house. 678-337-1165

 

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How to Purchase a Home as a Single Parent in Atlanta

Single-parent households (about 20,000,000 in the US) are increasing. So is single-parent homeownership. About 25% of all recent home buyers were single.
You may feel that homeownership is impossible if you don’t have the financial cushion of a second income. You may actually have an advantage as a single-parent because you might be eligible for low- or moderate-income financing programs and grants and down payments. You should remember some things before you make that big move.
Let’s now see how you can purchase a home as a single parent living in Atlanta.

Is Home Ownership a good idea?

Homeownership may not be suitable for you when you decide. Renting can be a better choice in some instances.

You have to decide if you are ready for the responsibility and burden that comes with owning a house. When the maintenance and repair costs start to pile up, it doesn’t take long before the sparkle of homeownership begins to fade.
You don’t have any responsibility as a renter.
The landlord pays the bills and makes repairs. Do you have the energy and time to maintain your property’s landscaping, shovel snow, and clean gutters?

Next, you should consider the financial aspect – is it better to rent than to own? However, to make this critical decision, you must be aware of the market, trends in rents, and home values. A good agent can help you in this area. Call 678-337-1165 to find out more.

Are You Aware of ALL the Costs and Expenses?

Once you decide that purchasing a home in Atlanta as a single parent is the right choice, it’s essential to be aware of all costs and hidden costs of homeownership.
You don’t have to pay the mortgage or purchase price. You don’t want to be a single parent and spend too much on the house.

What will it cost to replace or repair your HVAC system if the heater fails in January or the AC stops working in July? Also, you will need to consider the cost of homeowner utilities, insurance, property taxes, HOA fees, and the inevitable maintenance and repair costs. These things are bound to happen, often at the worst possible moment.

Are You a Money Expert?

If you are willing to continue your journey and purchase a home in Atlanta as a single parent, you will need to raise funds.
There are many obstacles that single parents face, including a lower income, tight credit, and sometimes poor credit.
Here are some strategies, options, resources, and information to help you obtain mortgage financing if any of these describe you:

• Pre-qualify: It is a brilliant idea to be pre-qualified before you start house hunting. This will ensure that you only look at homes within your price range and save time. There are no qualifying delays when you make an offer.

• Down-payment Assistance: If you don’t have the money, it can seem impossible to make a down payment. However, some programs provide assistance for homebuyers with low- or moderate incomes. The Nehemiah Foundation has a list of organizations that provide assistance for first-time homebuyers.

• FHA Mortgage Program: The Federal Housing Administration’s (FHA) program offers down payment assistance. It allows for down payments of as low as 3.5% instead of the standard 10%-20%. FHA also insures loans made by FHA-approved lenders. This makes it easier to obtain mortgages from less qualified buyers.

• USDA Home Loans: The United States Department of Agriculture offers a program called Single Family Housing Direct Loan Home Loan or Section 502 Direct Loan Programme. This program is designed to increase a homeowner’s ability to repay the mortgage in a short time. The subsidy reduces the monthly mortgage payment amount for qualified home buyers.

Are You to rely on your Agent?

The process of buying a home involves many steps, and that can make it complex. Buying a home will profoundly impact your life for the next 15-30 years, especially if you are a single parent living in Atlanta because it is a significant step. Your decisions need to be wise and carefully made. A good agent in real estate can make a huge difference.

Choosing the right agent for you. These are the questions to ask agents when interviewing them:

• How many homes can you sell per year on average when representing buyers?

• What are your communication skills with buyers? Are you available for questions or consultations?

• How available are you for showings?

You’re likely already stressed as a single parent. A good agent can help reduce stress when purchasing a home in Atlanta. We can help. We at Fresh Start Home Sales also work with single parents with our Rent-to-own programs. Contact us at 678-337-1165 today!

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What Is a Buyer’s Agent? Finding the Right Person to Help You Find a Home in Georgia

Buying a home is stressful, with buyers’ emotions often running the gamut from excitement to fear. A buyer’s agent is there to help buyers navigate the process, prevent confusion and help get the best deal on the desired home.

Finding the right person to help you find a home in Georgia isn’t as simple as a Google search. Learn what makes a good buyer’s agent versus just another agent taking whatever deal happens to come their way.

What Is a Buyer’s Agent in Georgia?

Buyer’s Hand Holding 

A good buyer’s agent understands that approaching milestones in the purchase process can be very stressful. Whether it’s bidding in a multiple offer situation or dealing with final negotiation issues, a good agent sets the tone for buyers.

Find an agent who conducts a buyer’s meeting. This meeting reviews the process and typical contract issues for any purchase. Good buyer’s agents review timelines so the buyer knows when and why he can walk from the deal without penalty.

During the process of finding a home, a good buyer’s agent will determine the absolute needs and the wish list of his client. He will present homes within these needs and wants whenever possible and help buyers develop realistic expectations based on the market and buyer’s budget.

In the escrow process, the buyer’s agent should have a full list of resources from inspectors and service companies to ensure the buyer has everything needed to make a sound financial decision on the home.

Using Inspection Reports

A good buyer’s agent not only understands how to explain the inspection reports to the buyer but knows exactly how to use them in the negotiation process. It’s all about money. So while a buyer may be concerned that a termite report shows there are indeed some termites, a good buyer’s agent will know what the acceptable threshold is for the age and location of the house.

For example, in some areas, it would be almost odd to not have a termite report for an older home not show some any termite presence. If it’s a normal report within the guidelines of the region, the agent should turn it around and find out how much it’s worth. Asking for credits from the various reports is an art form. Asking for too much gets you ignored. Asking for too little leaves money on the table. A good buyer’s agent knows the sweet spot.

Savvy Market Understanding

A buyer needs to know that his real estate agent understands the market conditions at this very moment in time. A good real estate agent will not only realize the difference between a buyer’s market and a seller’s market but will help a buyer capitalize in either situation.

If the market is slow, your agent might be right to give you time to think things over. It might also let the seller ponder why offers aren’t coming in and provide a window of opportunity to offer less than asking. But if the market is hot, a good real estate agent will push you to make an offer if you are serious about a house. Otherwise, you might lose the opportunity.

While the real estate agent shouldn’t push a buyer into doing anything, it is important that he tells you exactly what is going on with the market and the risks associated with not acting fast. A good agent will also structure an offer making you the most attractive buyer even against another person who might come in with a higher bid.

Finding The Right Buyer’s Agent

Interview several agents with these key items in mind. Do your research about agent experience and how many purchases they have negotiated recently.  Request to have a package put together that shows you their thoughts based on your first meeting. If an agent seems put off by doing some of this initial work or doesn’t seem to have the answers immediately available, this might not be a great buyer’s agent.

IF YOU ARE CURRENTLY LOOKING FOR OR PLAN TO BE LOOKING FOR A BUYERS AGENT IN THE FUTURE, PLEASE CONTACT US BY PHONE AT 678-337-1165 OR FILL OUT OUR FORM AND WE’LL CONTACT YOU AS SOON AS POSSIBLE!

from Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/what-is-a-buyers-agent-in-georgia/
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5 Reasons You Should Never Buy or Sell a Home Without an Agent in Atlanta

It might seem like a smart thing to do: forgo a real estate agent when buying or selling a home to save on commissions paid. Don’t do it! Really, it’s a bad idea. Here are…

5 Reasons You Should Never Buy or Sell a Home Without an Agent in Atlanta

Negotiations Middle Man

A real estate transaction is filled with a ton of negotiations. It isn’t just the purchase price that gets negotiated. So what happens when you really don’t want the deal to fall apart because the home appraisal came in lower than expected?

Your real estate agent is the bad guy, dealing with the other party to professionally get your wants and needs across without offending the anyone and killing the deal.  This is one of the key skills that a real estate agent brings to the table and it should be utilized.

It draws upon the extensive experience of someone who can legitimately say, “It works this way 80 percent of the time and that is what we expect here.”

Rolodex of Resources

Real estate agents are connected; its just part of what they do. Not only do they know other real estate agents who may have the perfect buyer or seller for you, they also have reputable resources for home appraisals, inspectors, escrow and title companies. A good real estate agent also helps with insurance, home warranty, and contractor recommendations if you don’t know where to start.

Additionally, they know where to find information if you don’t have it. If the land survey comes back questionable for any reason, your realtor knows where to find the original survey information and how to contest reports. There can be some 20 different people involved in a real estate transaction; your agent knows what the role is of each getting you to the close of escrow.

Contract Experience

The last thing you want when closing a real estate transaction is for the deal to not be legitimate. Real estate agents are experienced with the contracts and state and federal laws. Their job is to make sure all disclosures are made, everything is filed timely and the contract meets all legal requirements. If you don’t have an agent, you can’t be sure all of these are met – at least not without a ton of extra due diligence.

Emotional Stability

Let’s face it; we all get emotionally attached to a home. If you’re selling it, you have all the memories that make you feel the home is worth more than it might be. You also don’t always price it based on real market conditions – what your neighbor sold his totally remodeled home with a pool isn’t the same as your fixer upper. Buyers are buying a dream for the future but may be scared about the large investment.

In this process, there are a lot of emotions. A real estate agent helps you navigate what are legitimate concerns and what is an emotional reaction. They will sift through data to help you understand the real risks and value within the transaction. They become the sounding board of reason.

Market Industry Muse

You might feel like you have a pulse on the real estate market in the area, but is it what you live and breathe? Probably not! Real estate agents are watching listings sit or sell like hotcakes. They have brokers holding market update meetings and speak with mortgage representatives about the direction of interest rates. They also know the ebb and flow of the sales season.

Did you know why selling before Labor Day is smart? Or how to have a winter open house work toward your advantage in selling your home fast? Real estate agents do! They know the annual trends and the specific market data. This can mean the difference in a house sitting on the market too long for sellers or buyers not being able to get an offer accepted.

IF YOU’D LIKE TO KNOW MORE REASONS ON WHY YOU SHOULD USE A REAL ESTATE AGENT AS OPPOSED TO NOT USING AN AGENT TO BUY OR SELL YOUR HOME, CONTACT US AT 678-337-1165 OR FILL OUT OUR ONLINE FORM.

from Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/reasons-you-should-never-buy-or-sell-a-home-without-an-agent-in-atlanta/
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Five Reasons Why People Can’t Purchase a Home In Atlanta

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A home is often the biggest investment people will make in their lives. Most people can afford a home they love and are happy to call their own. Sometimes, things don’t go according to plan. These are five reasons why people can’t purchase a home in Atlanta.

5 Reasons People Can’t Purchase a Home in Atlanta

Not Getting Pre-Approved

Get serious about getting a loan if you’re serious about purchasing a home. Pre-qualification is not a guarantee of approval. It’s merely an estimate of the value that a lender will give you. Pre-approval means that the lender has reviewed your credit and looked at your tax returns. They will also assess your financial situation and provide you with an estimate of what you can afford.

You might accept an offer on a house but be unable to finance the loan if the lender doesn’t have all the information beforehand.

Do not have Closing Money

When considering other expenses, many people think only about the down payment. Closing costs are inevitable, and you must have the funds to cover them. All costs, including appraisals and inspections, are due at closing. Some costs can be rolled into your loan, while others cannot.

At the beginning of the loan process, talk to your lender to ensure you have enough money to close. In closing costs, you can expect to pay between two and five percent of your home’s value. If you don’t have enough cash, you might need to tap retirement funds, obtain gift funds, or walk away from the deal.

Too Much Debt

When deciding if you are able to buy a house, lenders look at your total debt-to-income ratio. Your monthly debt payments should not exceed 33 percent of your monthly income. If your monthly income is stable, but your credit card and car payments are eating away at it each month, lenders may not be comfortable lending to you.

Keep in mind that if you have a student loan in forbearance, the lender will use the amount you pay when the forbearance ends.

Apply for a Credit Line for Furniture Purchases

It happens all the time. The escrow process has begun, and you have been pre-approved. You are excited to move in and have the new living room set delivered so you can enjoy your first football game. You’re not happy that you chose to finance the furniture company for six months.

This is a credit inquiry that could lead to additional debt and can impact your loan. Lending funds are sometimes denied to people who have not been pre-approved due to last-minute credit inquiries. It is a good rule to wait until the escrow process closes before you receive your furniture. This won’t affect your financial picture but will delay things for a while.

Searching for your Dream Home

You can’t always get what you want. We’ve all heard it. This is true when you’re purchasing a house. It might take a while before getting your dream home with a chef’s kitchen, a spa tub, and a swimming pool.

Smart buyers will only buy what they can afford and live in comfortable areas. They get equity as their property values rise and they make more payments. This equity you can use to make a down payment on the first property you sell to purchase a bigger and more luxurious home. Use equity to buy your dream home.

Rent-to-own as an alternative

If any of the 5 reasons above are preventing you from owning your own home, try Rent-to-own. You can move into a beautiful home in an area you love and start building lifelong memories.

With rent-to-own, you get to lease the house for up to 3 years with the EXCLUSIVE right to buy that home during the time of your lease. You can take this time to improve your credit and save for a solid down payment. Then get the best mortgage possible and buy the home.

CONTACT US TODAY AT 678-337-1165 IF YOU NEED ASSISTANCE IN BUYING OR SELECTING A HOME!

from Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/reasons-people-cant-buy-a-home-in-atlanta/
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