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Helpful Tips for Buyers
Steps to Buying your Home
1. Get a Realtor –Working with the right realtor is more important than you may think. Look for someone who’s professional, reliable, open to your interests, and knowledgeable in your area of interest.
A Buyer’s Representative is free to the Buyer – so make use of one. Buyer’s Reps have access to multiple listing services which expedite the searching and filtering of properties. Additionally, they will keep you updated on current market conditions, preview properties for you to save time, and be extremely resourceful with professional advice and recommendations.
On the down side of real estate, there is the possibility of difficult negotiations or a contract falling through. In these cases, remember that your realtor is representing you, so someone with integrity and experience to lead you in the right direction is important.
2. Get Pre-Approved – Getting pre-approved means finding a mortgage company that you trust. Shop around! Pre-approval will not only give you an idea of what price range to look in, it also makes your offer stronger and relieves you from rushing to find a company within the typical 3-10 day allotted period for loan application (stated in the contract).
*Be aware that pulling credit reports deducts points from your credit. The best approach is to a) allow one company to run your credit and provide the others with just your credit score b) go online and pull a credit report from all 3 bureaus yourself and make copies for the different companies c) allow your credit to be pulled by no more than 3 companies within a 1-2 week period. *Credit institutions vary, thus 9 Mile Trolley Realty takes no responsibility for the accuracy of these statements.
3. Research the Areas – Have a look at our “Neighborhoods” link where you can find detailed information on Atlanta’s neighborhoods. Additionally, our “Useful Websites” link points you in the right direction to research crime reports, school reports, etc.
Drive around at different times during the day, spend an afternoon in a local park, explore the shops & restaurants, or take a walk/go for a cycle in the neighborhood to familiarize yourself with the area.
4. Look at Properties – Take your time! Begin by searching the internet, driving around neighborhoods & reading the papers. Schedule a good 2 hours per appointment with your realtor to look at properties.
Take advantage of Open Houses around town on Sunday afternoons. Open Houses will give you the opportunity to casually look at properties. They are usually printed in the paper or signs are put up outside the properties on the Friday or Saturday prior. Contact 9 Mile Trolley for a list of upcoming Open Houses in your area.
5. Choose a Property – Go back to look at a property 2 -3 times before making your final decision. Open up cabinets, make sure items (included in the sale) work properly, open & close doors, decide what extras you would like to ask for in your contract (carpet allowance, professional cleaning, etc.), get in to the basement & attic to look at the AC unit, electrics, hot water heater, etc. Be thorough!
6. Make an Offer – The “Offer” stage is when you will particularly rely upon the expertise of your realtor. They will provide you with comparables in the area, pull the tax records for the property, request a “Seller’s Disclosure Statement”, and use their experience to come up with a fair starting price & offer. Your realtor will advise you on what kind of an offer to make and let you decide if the proposed offer is where you would like to start. Once you and your realtor have agreed upon a reasonable offer, they will submit the offer to the co-operating agent or Seller.
Most likely, the Seller will not accept the first offer you submit and will respond to your offer with a “Counteroffer”, in which case your realtor will continue to advise you until the negotiations are complete – hopefully resulting in an accepted offer!
7. Hire a Certified Inspector – Protect one of your largest investments by hiring a professional to potentially save yourself thousands of dollars in repairs. A professional home inspector will look at the property from top to bottom/inside and out, for any defects with the property. The inspector will provide you with a full report of all problems found, giving you the opportunity to request repairs by the Seller and providing you with the confidence to proceed.
8. Funding – Having chosen a mortgage company to pre-approve you, you are ready to begin the loan process. Speak with your loan officer/lender to find out what your next step is.
*Make sure to keep your finances stable during this time. Moving money around or intentionally making any changes to your financial status (such as buying a car or making other large purchases) could potentially damage your ability to obtain the loan program you are interested in. The lender will question every move that is made and ask where all money comes from, so be upfront with your lender and notify him/her of any changes in your finances.
9. Insurance – Get homeowner’s insurance – make sure to protect yourself and your belongings. Again, shop around…
10. Home Warranty – Oftentimes, your realtor will advise you to request a home warranty, to be purchased by the Seller, in your original offer. Home Warranties are renewed yearly and will cover such things as major appliances, plumbing, electrical wiring, a/c systems, etc.
11. Closing – Remember to bring a picture ID, a checkbook or certified check if you are paying any closing costs, and directions to the attorney’s office. Double check with your realtor to confirm what you need to bring.
Good luck! And enjoy your new home!