Considering a home purchase?
Just One Call, and everything is taken care of for you.
Call Jim at 404-433-4531.
For a deeper look at the process, continue reading below:
We are North Atlanta home specialists and we look forward to walking you through each step of the home-buying below. We offer prompt and friendly service and will make sure you fully understand the home-buying process from beginning to end. North Atlanta is our prime focus, and we will do everything necessary to help you find the best home for your family at the very best price!
A home purchase is the biggest financial decision that most of us make in our lives. First-time home buyers and experienced buyers alike, need to make their home purchase decision carefully.
Over paying rent? Put your money toward your own mortgage instead of your landlord's. Need a larger home? Are you an empty nester looking to downsize? Is this purchase for a land investment or a rental property? Have a clear idea of what you're hoping to accomplish with your purchase.
Buying a home can be a terrific investment; whether it is for your personal use, to be used as a rental property as an expansion of your investment portfolio.
Before searching for homes, you need to be prepared.
A file with all your important financial documents is important to keep. These items will be requested by your loan officer in order to secure your financing.
You might make two lists, with the first including your required items (i.e., number of bedrooms, a one story home if accessibility is a factor, preferred location, schools, etc.), and the second list including things that you would like to have (finished basement, in-ground pool, etc.) but you could live without.
Since your credit score has a huge impact on your home purchase, it is strongly advised to check your credit rating with a lender. The lender will check your credit ratings on all three credit reporting agencies. Be sure to look over your reports carefully to make sure there are no errors.
When searching for mortgage options, be sure to check with more than one lender, and make sure each knows your shopping (see my blog post: Shopping Home Mortgage Loans). This will help you receive more competitive pricing as each lender will be trying to offer their most attractive options to entice you with. We are happy to recommend mortgage providers to you, and honestly, often our lenders will be your best option. Knowing we provide their names to our clients makes each more aggressive in their efforts to take care of you, as not doing so could mean the loss of substantial future business.
Getting prequalified is key, not only because sellers will negotiate more freely with a buyer that they know has been prequalified, but by knowing how much you can afford makes your home search much more enjoyable. The stress of wondering whether if you find a great home you'll actually be able to purchase it can ruin the fun of searching for a property. Do yourself a double favor and get prequalified before you start looking at homes. (see my blog post Learn About Mortgage Loans)
Because big changes in your career or your debt can have such a huge impact on your qualification to purchase a home, this is not the time to change your career or make any large purchases. A change of employer while retaining your same career is not an issue. It is a complete change of career into something new for you that would be a problem.
Purchasing a home is a very important move with complex considerations and substantial paperwork. Most folks only purchase a few homes in their entire lives, while an experienced Realtor can be assisting with several home purchases every month. Having an experienced professional guiding you through all the complicated steps to assure you make no serious and potentially costly mistakes is in your best interest.
When searching for your real estate professional, consider these important things:
Completing the above, you're ready to start looking at homes.
If you are local, take the time to drive around the communities, neighborhoods, and subdivisions you're interested in. This will help you know you're making the right decision when you find a home you're interested in. If you're not local and do not have the luxury of extra time to drive around, stop locals that may be walking their dog, playing on the tennis courts, etc. and ask them what they like and don't like about the area.
When looking through listings, select the properties that interest you most. You're not going to learn anything visiting properties that you know you would not be interested in. Staying focused on your top picks will help you keep better track of what features were special or missing from the different homes you've seen. Also, speak to your real estate agent about anything that may make selling the property difficult when it's time to move on. You do not want to consider too lightly issues that you can deal with but many others would find objectionable.
Once you have found the property you'd like to purchase, your real estate agent will help you put together an offer that the seller might consider positively. Often the very best homes are the newest on the market, so putting together an offer that can be negotiated quickly can help you beat a multiple offer situation that will drive the final price of the property up. A listing that has been on the market for some time may be worth an offer that includes a more significant reduction of price or the inclusion of other considerations you find beneficial (more closing costs paid by the seller, annual associate fees paid in advance, etc.).
A fully executed contract (one signed by all parties with no changes) is legal and binding agreement between you the buyer and the seller. The buyer's earnest money is deposited into a secured account.
Here are some tips to help keep organized:
In Georgia, we generally close at a closing attorney's office. The Closing attorney, though paid for in your closing costs, actually works for the lender to make sure the contract is executed exactly as it has been drawn up. Your agent will be reaching out to the closing attorney periodically during the pre-closing time to assure that attorney's office has all the documentation it needs to complete your transaction.
Once you have an accepted contract, you will want to get a licensed home inspector to look over the property for you. This inspection period is one of the time-line items in the contract, and the sooner you get the inspection completed the better as negotiation of any issues found also has to be completed within a certain time. Depending on the features of your particular home, there may be more than one inspector you'll want (general home inspector, HVAC professional, pool service professional, etc.). We can recommend several different inspectors.
Upon completion of your inspections, you have three choices:
Stay in close touch with your loan officer/mortgage broker. There are many documents they will need from you to process your loan, and delays in providing that information can delay your closing. The lender will also need the funds to pay for an appraisal (paid for in advance, but reflected in your costs at closing).
The appraiser will verify the value of the property meets or exceeds the price on the contract. This is necessary as the lender will only provide funds for a property worth at minimum the contract price (unless you will be paying the difference out of your own fund).
Whether your paying for a home in cash or taking out a loan, you want a home owner's hazard insurance policy. With a loan, that insurance is required.
Home Warranties are available and can protect you from unexpected issues in your home after closing. These warranties are not required, but are often pre-negotiated within your contract that the seller will pay for the warranty for you. If the owner is not paying for the warranty, you can purchase one on your own.
Time is often required to transfer utilities, so after you have completed your home inspection and have fully negotiated any repairs need, this would be a good time to begin selecting and lining up connection of your home services and utilities. The seller is responsible for the day of closing, so schedule your utilities to start the next day. Verifying this schedule with the seller is always a good practice to make sure everyone is in sync.
The final inspection is often just a formality, but there have been issues found during the final walk-through that would have been the buyer's responsibility had they not been spotted prior to closing. Upon closing, you have little to no legal recourse against the seller for issues found.
Because there are so many things going on simultaneously from contract to close, don't be surprised if unexpected issues pop up that need addressed. Stay calm, we've dealt with complications for years and have the experience needed to properly address problems and get them smoothed out.
The closing attorney will oversee the exchange of funds and ownership and will provide all parties involved a settlement statement called the HUD. The HUD summarizes all the financials and will be the main document you take from closing, along with copies of all your loan papers, etc. After the attorney goes over the HUD with you and the seller you will both sign it to verify your acceptance.
After the HUD is signed off and all copies of documents have been given to you, the transaction is complete and you are a home owner.
See more from our past clients here: Client Testimonials
Here's a list of some reputable lenders: Get Prequalified Now!
Below we have hundreds of pages that I've created over the last 20+ years to help my visitors.
Buyer Services
Atlanta Homes for Sale
Atlanta Area Info
Building Product Issues
Buyer Resources, Tips and Advice
