Finding the Right Home in Atlanta – What House Will Best Meet Your Needs?

Finding the right home might take some time. You should always look for something that meets all of your needs. Don’t settle for the first house you see, shop around a bit and consider your options. In this post, we will help you think of things to consider when shopping for your house in Atlanta !

Finding the Right Home in Atlanta

Prioritize

First thing is first. Get your priorities straight. Make a list of what is absolutely necessary vs. the features that are simply wanted. For example, you might need a two car garage, but a spare room is optional. In reality, you could find another way to create the game room you have always wanted. Moving will affect your whole family, each person with their own wants and needs. Discuss it together before you begin looking at houses.

Be Real

Be realistic about your priorities above. Make smart investment choices based on logic, not so much emotion. Don’t become blinded by the things you like, neglecting the things that are wrong with the home. Many people will see a house that is way out of their price range and rationalize how to make it happen. They empty their wallets and never get to really enjoy the house. Stay within your means. Just because you can, doesn’t mean you should.

Think About the Future

Some of the features you love about a home today might be why you sell it in the future. A huge backyard, with a green lawn for the kids, might be more difficult to upkeep as the years go by. If the bedrooms are all on the second floor, the stairs may become more of an annoyance. Are the stresses of a large home worth it?

Another thing to consider is resale value. An overly customized home won’t draw the same audience as other homes in the neighborhood. Look at school district ratings. Even if you don’t have children, a higher rated district can raise your property value. Consider how the house will perform when it is time to sell. Will you be able to get the price you need when the time comes?

But Don’t Forget Where You Are Today

Your home should be a sanctuary. A place you can come home to after a long day and truly feel at peace. Feeling cramped won’t make you feel good about your home. Nor will having to come home to a ton of maintenance. Ultimately, what will make you and your family happy now? People will appreciate having their own space and a beautiful yard. Just remember to be realistic.

Location. Location. Location.

When you are buying a home, you aren’t just buying a place to live in, you are buying the location too. Take a look at how other real estate in the neighborhood compares. What is the proximity of the property to work, schools, recreation, and shopping? Scope out the neighborhood. Talk to people. Are there kids outside playing? What is the atmosphere like? You should get a good feeling when you finally find your perfect home.

Take Notes

Take notes on every property that you are interested in. Once you start seeing a few houses, they can all start running together. Take pictures, videos and write down the pros and cons. You can record the square footage, number of bedrooms and baths. You will want to pay attention to the property tax rate too! You can even create your own rating system for all the houses you see! Whatever helps you to keep track.

Are you ready to buy a home in Atlanta ? We are ready to help! Fill out this form, and let us know what you are looking for, or give our office a call today! 678-337-1165

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Buying Your First Home in Atlanta , Georgia

Are you thinking about buying your first home in the Atlanta area? The process can seem overwhelming for a first-time buyer, however, it doesn’t have to be!

Before you start house hunting, learn the process! Our latest post will outline the process, so you can enjoy a smooth and simple transaction.

Start researching as soon as you decide you want to buy a home

Track homes you like. Keep track of what they are selling for and how long they are staying on the market. Look in nearby areas as well. No many how many professionals you have working for you, having this information will provide you with confidence and purchasing power throughout your transaction. Don’t simply rely on the word of others, pull data and see for yourself what is going on in your market.

Think about funding

How much can you realistically afford? Which type of loan will best meet your needs? If you have 20% to put down, a traditional loan will work. However, an FHA loan will only require 3% down. There are also VA loans, USDA loans, and other options you should look into before you decide which type of loan to pursue. Now is also the time to get your credit score in check, and prepare yourself to qualify for the loan you are seeking.

Find a lender

Once you know which type of loan you want, it is time to shop around for the right lender. Don’t go with the first you find. Get loan offers from multiple lenders and brokers and see who will give you the lowest interest rate. Taking the time to shop now, will save you thousands in interest down the road. Once you have found the lender you want, go through the application process to get prequalified. Getting prequalified is key. Nothing like finding the home of your dreams, only to find out you don;t qualify for the loan.

Find the right agent

Just like shopping for a lender, you will want to take a look at a few agents in your area. A great agent will come to you highly referred, boast several 5-star reviews online, and will be punctual and professional for your calls and meetings. They should be extremely knowledgeable about the area and the market. Don;t settle for the first agent you speak to. Call a few and pick the one who can offer the most insight and information.

Go shopping

Now the fun begins. Your agent should know your budget and what you are looking for. A great agent will stay within your parameters and be able to find multiple properties to show you right away. Take a look at a few homes, and know what to look for as far as red flags. Keep your options open and don’t rush into the first home you see. However, if you believe you have found your dream home, you might want to act quickly before someone beats you to the offer stage. You wouldn’t want to lose your dream home because of some hesitation!

Inspections

Once you have found the home you want, and have made an accepted offer, you will want to have an inspection done. Offers are typically contingent on the results of the inspection. If major repairs are needed, this contingency allows the potential buyer to cancel their offer. Your realtor will help you set up the inspection. Once the results are provided, you can negotiate with the seller about the necessary repairs.

The banks

Before your loan is finalized, you will need to have an appraisal done. The lender will insist upon this in order to ensure that you are making a smart purchase with their money. You will also need to complete the final qualification processes as applicable.

Closing

The closing process consists of a lot of paperwork and signed loan documents. However, once the seller has the check in hand, you are ready to move into your new Atlanta home!

Are you looking for help buying your first home? We can help you find the best properties in Atlanta ! Send us a message, or give us a call today! 678-337-1165

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Should You Buy a Foreclosure or Distressed Property in Atlanta ? The Good, The Bad and The Ugly

The idea of purchasing a foreclosure or distressed property at a low cost might seem like a no-brainer. But before you buy, make sure you know what you’re getting into!

More and more people are choosing to make real estate investments. Some choose commercial, some choose multi-family and some choose to buy and sell distressed homes. This can mean pre-foreclosures, bank owned properties or short sales. There is definitely value to be found here, however, the process isn’t for everyone. We will break down the good, the bad and the ugly so you can determine if this course of investment is right for you!

Distressed Property – The Good:

• You will get a great price. This is the obvious reason why people buy foreclosures. You can find properties at a fraction of the retail price. If the property is bank owned, they will want to get rid of the property as quickly as possible. The longer they own it, the more it costs them.
• If you find a home in “pre-foreclosure” you can make a cash offer to the owner. By making a direct offer, you are saving them time and the costs of commission and listing. As such, you will be able to offer less than retail. This will stop the banks from seizing their home and help to save their credit. Everyone wins.
• They come in all shapes and sizes. Not just run-down, or small properties. You can find luxury homes too.
• With a little elbow grease, you can turn a foreclosed property into a higher valued home. Flip it quickly, and see amazing profits on the resale.

Distressed Property – The Bad:

• There is considerable competition. You don’t just decide one day to invest in foreclosures and “BAM!” You have to put in the work. If it was easy, everyone would do it, right?
• If you are buying at an auction, you might have to pay in cash on the spot.
• Financing can be difficult. Most banks aren’t as eager to lend for investment purposes. A traditional mortgage will usually only be available when you are buying a home you plan on living in yourself.
• Many foreclosures are purchased “as-is.” This means there is no time for an inspection, what you see is what you get. It’s a risk many are ok with taking. It pays to be knowledgeable in construction.
• If you are buying directly from the bank, they will not be able to provide you much history on the house. You will not be able to have much information about the house disclosed.

Distressed Property – The Ugly:

• Logic might tell you, that if the previous owners weren’t able to pay their mortgage, they were likely not able to sink any money into the house. Eniviedibly, things will need to be repaired. If money is a concern, basic home repairs can go by the wayside. Often being help together with band-aids until something eventually goes really wrong. Many are run-down and not well taken care of.
• Once a bank takes over a property, it can end up sitting vacant. Unfortunately, people will take advantage of the empty property. Often times causing damage and looting of major appliances. Vandalism is very common when it comes to foreclosure properties.
• There have been cases where a foreclosure has been purchased, however, the tenants simply refuse to leave. It is rare, but you might have to go through the eviction process to get them to go!

With all its headaches, purchasing a foreclosure isn’t right for everyone. You should be prepared to do a good amount of work to bring the property up to acceptable standards. Before you jump in, make sure you know what you are getting into! There are amazing deals to be found!

Are you looking to purchase a foreclosed or distressed property in Atlanta ? If so, we are ready to help! Send us a message, or give our office a call today! 678-337-1165

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Buyers Lingo 101 | Atlanta Real Estate | Fresh Start Home Sales

If you are considering buying a home in Atlanta , you need to understand the terminology being used. Check out our guide to buyers lingo, so you can feel like a pro… even if you’re a first-time buyer!

Buyers Lingo 101

Abstract of Title – This will basically give you a full paper trail of the property’s ownership. It will include property transfers, inheritances, liens, encumbrances, and conveyances.

Adjustable Rate Mortgage – Usually comes at a lower cost, however, the interest rate will vary depending on the market. Considered less stable than a fixed-rate mortgage.

Amortization Schedule – A table that shows your mortgage payment schedule, outlining your principal and interest payments.

Appraisal – Done by a professional to help determine the value of your house.

Assessed Value – This is the value of your home as determined by the county for tax purposes.

Balloon Mortgage – A mortgage in which the final balance is due in one large payment at the end of the loan term.

Bridge Loan – A loan to cover a period of time in between two transactions. Typically the period between buying and selling a home.

Caveat Emptor – Latin for: “Let the Buyer Beware.” Basically, at the end of the day, you are assuming any risk involved in the transaction.

Chain of Title – A list of successive owners of a specific property.

Closing Costs – Miscellaneous charges you will need to pay in addition to your downpayment. This might include loan origination fees, title fees, fees from the city to record the deed, surveyors, etc.

Closing Statement – This is a legally required document that itemizes credits and debits to both the buyer and seller.

Comps – A list of comparable sales in your area. Considered one of the best ways to determine a home’s actual value and used by agents to create a Comparative Market Analysis.

Contingency – A provision in the contract canceling the sale should a certain event occur. For example, a house not appraising high enough to satisfy a lender.

Conventional Mortgage – This type of mortgage is not guaranteed by the federal government. They can be fixed or adjustable rate.

Conveyance – The transfer of property from one person to another.

Debt-To-Income Ratio – A comparison of what you owe each month to what you earn.

Earnest Money Deposit – Often used when a buyer needs more time to secure financing. It shows good faith and is typically help in a joint escrow account by the buyer and seller.

Equity – The market value of a property, minus any liens. (Including your mortgage balance.)

Escrow – When an impartial 3rd party holds the deed or funds.

FHA Loan – Issued by a federally qualified lender, and backed up by the Federal Housing Administration. Requires a lower down payment in comparison to a conventional mortgage.

Good Faith Estimate – Also called a GFE, is provided by your lender when you are shopping for a loan. It breaks down the loan terms and fees.

Inspection – A service provided by a licensed inspector during the sale of a home. They inspect the foundation, plumbing systems, electrical work, sewage system, heating/cooling systems and the roof.

Loan-to-Value Ratio – A term commonly used by banks and lenders to show the value of the loan vs. the value of the home.

Negative Amortization – This is an increase to the principal balance of the loan caused by making payments that do not cover the loan’s interest.

Origination – The process of applying for a loan, all the way to the disbursement of funds.

Refinancing – Getting a new mortgage to replace an old one. Usually done to provide a better interest rate to the buyer.

Seller Contribution – Instead of discounting the price of the home, a seller will directly contribute to your costs or downpayment.

Title Insurance – This protects property owners and lenders from damage and loss. It is required if you have a mortgage on the home.

Underwriting – Determines the amount of risk a lender is taking on.

Are there more terms you would like to see defined? Let us know! 

Looking to buy a property in Atlanta ? We can help you navigate the process! Send us a message now, or give our office a call! 678-337-1165

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How To Find A Lender in Atlanta , Georgia

Are you thinking about buying a home in the Atlanta area? If you are looking for financing, the process can seem overwhelming, especially if you are a first-time buyer.

How do you know if you have found a good broker? Or the right loan? We have put together some tips below to help you find a lender that will meet your needs!

Determine if you are solo or need a broker

First, you’ll want to determine if you will be flying solo or using a mortgage broker. A broker makes their money from the lender when they refer you, which, like anything, has its pros and cons. They will likely be knowledgeable and be able to cut through the red-tape, helping you find the loan you are looking for. They should be doing the majority of the legwork, making the process easier on you. However, some brokers might try to persuade you into working with a lender that gives them the highest cut. It’s important you work with someone you can trust. Talk to people you know who have recently gone through the process themselves. Find out if they used a broker and how their experience was. If it is your first time buying real estate, using a broker will help you to learn the process.

If you do choose to work with a broker, make sure they are experienced in the type of loan you are hoping to get. Some brokers specialize in FHA loans, while others might know everything about USDA loans. A good mortgage broker will help you get the loan you need.

Compare rates

Whether or not you are working with a broker, you will want to compare rates from multiple lenders. And get loan offers from more than one source. Ask lenders for a loan estimate, which will breakdown all the numbers. Your monthly mortgage payment, interest rate, appraisals, commissions, taxes, fees, and more. Most people end up paying too much interest on their loan, which equates to thousands of dollars over the life of the loan. Shop around to get the lowest rate possible, and watch out for fees in the fine print. Don;t be afraid to let the lenders know you are current;y just shopping around. To get expert opinions about lenders, consult professionals you already know and trust. Seeking help from a financial advisor, attorney or accountant is a great first step. Research lenders online, and find out how their reviews stack up. Look for bad reviews and any red flags to make sure there aren’t consistent complaints from other borrowers.

Go to the bank

Another great place to find a lender is by simply going into the bank where you have your checking and savings accounts. They are ready to help at any time, just walk into the local branch and ask to speak with a loan officer. Most banks will also let you apply online. If your accounts are in good standing, and you have a history with them, your application process will be much easier.

When it is time to start the process of filling out applications, prepare yourself in advance. Your credit should be in order. Check it ahead of time and resolve any outstanding debts or blemishes. You’ll need old tax returns, pay stubs and bank statements. If you plan ahead, you won’t be surprised by last minute documents or expectations.

Feel comfortable when you find a lender

Most importantly, you should feel comfortable with the lender you choose. You shouldn’t feel pressured into getting a loan. A good loan officer will be approachable and knowledgeable, ready to share what is available to you. Buying real estate is a big step, and choosing the right people to work with is imperative.

When you are ready to buy in Atlanta , give our team a call or send us an email! We can’t wait to work with you! 678-337-1165

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5 Reasons You Should Sell Your House Using A Rent To Own Agreement in Atlanta

Do you have a property you want to sell in the Atlanta area? For many homeowners, using a rent to own agreement will be the most profitable way to sell their home. Learn more about how it works and what you need to do to sell your house using a rent to own agreement!

Many sellers don’t consider the benefits of a rent to own agreement for their Atlanta house. While the terms of every contract are different, there are some great perks that you will see across the board. If you don’t need the cash from the sale immediately and are comfortable renting out the house for an above average amount each month, selling your house via a rent to own agreement might be the best way to sell your Atlanta house!

#1 – Cash Upfront

With most rent to own agreements, the tenant is required to make a downpayment to the seller. While this may be much less than with a standard loan, it should be enough to ensure the tenant won’t back out of their debt. You can also utilize an option fee, which is non-refundable and provides the tenant with the option to buy. This is usually about 1% of the sale price. In most cases, this option fee and a portion of the monthly rent will go toward the tenants down payment when the official sale occurs.

#2 – Generate Passive Income

So long as you have a tenant in the home, you will be generating income on the property. Many times, a tenant will pay above average rent, with a portion of the funds going toward the eventual downpayment to the bank. Your tenant isn’t going to want to risk default, losing their deposit and option to buy. Knowing this you can almost rely on a continued tenancy from your tenant for as long as you own the property.

#3 – Get The Price You Want

Tenants using a rent to own agreement typically aren’t able to qualify for a conventional loan. Whether they don’t have the down payment, the income to qualify, or the credit score required, buying via a rent to own agreement will allow people to purchase who may not have been able to in the past. As such, by having the opportunity to buy, these folks will likely be willing to pay your asking price for the property, as long as it’s fair.

Keep in mind that the value of the house could go up or down while the agreement is in place. The negotiated sale price will remain the same.

#4 – No Risk If The Tenant Defaults

With most agreements, if the tenant defaults, the seller is able to keep all monies paid. Sure, you will be back at square one, but you will likely be ahead financially and have the option to sell outright or find a new rent to own tenant. The amount you can profit here may be in the thousands when you include the raised rent and down payment.

#5 – Increase The Number of Potential Buyers

There are kinds of wonderful people out there who could afford to buy your house, people who would never default on their loan. However, they may have a blemish on their credit report or insufficient down payment, making them unable to buy a house at the moment. They want to buy but are being held back due to something on paper. With a rent to own agreement, you will be able to open the door for many people who may not have been able to buy otherwise.

Contact our team today to learn more about how to sell your house using a rent to own agreement! 678-337-1165

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5 Things Buyers Should Know About Home Inspections in Atlanta

As a buyer, you will want to fully understand home inspections and how they work. What can they find and what can go undetected? What happens if the inspection goes poorly? We will attempt to answer all your questions with our latest post!

You Should ALWAYS Have an Inspection Done On The Property

No matter what property you are buying, you should factor in the cost of a thorough and proper inspection. That said, they are not a legal requirement when you buy a home. Some banks will require a full inspection before signing off on a loan. Some people waive the inspection, but this is usually more common with cash buyers, looking to save a few bucks. The trouble with skipping the inspection is that if you run into problems down the road, it is solely on you.

You are buying as-is, and can’t ask for damages later. An inspection can save you thousands in repair costs you might not have seen on your own. So whether you are buying a duplex, condo or your grandma’s house… make sure to go ahead with an inspection from a licensed professional.

They Work For You

The inspection and related costs are on you, the buyer. That said, some sellers choose to have an inspection done when they decide to sell. This gives them a chance to make repairs and have the opportunity to address and negotiate problems upfront. Even if you are working with a seller who has done this, you should STILL take matters into your own hands, and have an inspection done by a licensed professional who comes highly recommended.

Because they work for you, you should do some research beforehand. What do their references have to say? Do they show exemplary qualifications? How extensive is their training? And remember, you are looking for a fully licensed and certified inspector. Not your friend Jim who knows a lot about construction.

They Can’t See It All

There are some things an inspector simply can’t inspect. Inside the walls, cracks in the chimney, inside the septic tank (ew), wells and environmental factors. For issues pertaining to these parts of your future home, you might consider consulting a specialist to further inspect. You wouldn’t want a serious problem to go undetected for lack of a proper inspection.

You Should Be There

This is your chance to learn everything you can about the house. We have had buyers get up on the roof with the inspector. Try not to be annoying, but take the opportunity to ask questions. If the inspector notices something is wrong, how could it affect other areas of the house?

Get a Report

Make sure it is written clearly and that it addresses all major components of the house. You should understand everything and if you have a question, simply ask. The report should cover all needed repairs. Get quotes to determine just what fixing the house will mean for you. Is it worth it?

You are now able to negotiate any repairs with the seller. Will they make repairs? Lower the price? Give you a credit? If the home has many defects, there is often an inspection contingency in your offer. This will allow you to back out of the sale if the inspection goes poorly.

Home inspections are the way to understand more about a home you want to buy. Before making any purchase, you should choose to hire a licensed and qualified inspector.

Are you looking to buy a house in Atlanta ? Do you have questions about the process? We are here to help! Send us a message, or give our office a call today! 678-337-1165

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