There are 7 things that you need to know if you are going to take your role as a buyer seriously. Read on and I will explain step by step the 7 things that are most important when you are buying a home or condo.
#1 thing to know and do when you buy a home or condo in Atlanta
Get Your Money Together – Bologna Sandwiches Get Old Quick
Get approved for a mortgage. Approved means that you have given your lender every document that need to tell you the range that you can purchase in, what the amount of your payment, taxes and insurance will be and what your closing costs are. They will give you an approval letter so that you can show it to your agent and they can negotiate with power and get you the best deal possible. Sellers appreciate buyers who are ready to go and they will usually take you much more serious than someone who has done the easy work of finding a home first.
#2 thing to know and do when you buy a home or condo in Atlanta
Hire The Very Best Agent You Can Find – It’s Free, Why Not?
Interview agents to find the best possible agent for you. Take this process seriously. You have rights as a buyer and that means that the agent will work for you and the seller will pay the agent to work for you. Start with the most important question and go from there:
1. Are you a full time agent?
2. How many transactions have you done? (You are looking for the exact number, not an estimate)
3. Do you have any testimonials?
4. What is your process for getting me the best deal on a home?
5. What questions will you ask the owner on my behalf?
6. How do you apply depreciable items to the sales price comparables?
7. Do you have a formula that you will be using to get me the best deal?
These will lead you to more questions as they give you answers. Be picky about who you choose because this is going to be the person that you will be in contact with for the process of buying a home which will most likely take at least 60 days to find and then close on a home.
#3 thing to know and do when you buy a home or condo in Atlanta
Know The Problems in Atlanta Construction and The Right Lingo
Research websites and know the common problems in Atlanta construction. You can view blogs, reviews and other inspectors websites to gather the lingo and know what you are looking for and not looking for in either new construction or a resale.
#4 thing to know and do when you buy a home or condo in Atlanta
Home Warranties Can Give You A Tighter Budget
Know what the home warranty will cover and how much it costs so that you can ask the seller to pay for the warranty at closing. Understanding about these warranties gives you the opportunity to negotiate a better deal with the seller on older depreciable items knowing what your home warranty will and will not cover when these things break or need replacement in the future.
Many builders offer a 1 year warranty. They do the work or they have a company that does the work. Research the warranty company before you sign the purchase and sale agreement
#5 thing to know and do when you buy a home or condo in Atlanta
Get The Best Search Tools
Agents can set you up with your own website that will notify you of listings as they come on the market or a listing that lowers their price to your price range. If you are not satisfied with this information source, use sources like Realtor.com or any company website for that matter. Most companies have all the current listings in the MLS on their site. The IDX system that pulls these listings to the sites is set up that if a company receives onother company’s listings, they receive all of the MLS.
When a status is changed in the MLS to pending, it comes off of these sites. So, the rule of thumb is that you should be seeing current and active listings. If you find that you looking at a pending sale, please report this to the FMLS and GAMLS and the company that did not change the listing will be fined.
#6 thing to know and do when you buy a home or condo in Atlanta
Ask The Nosey Neighbors – They Know Everything
Once you have decided on the home that you want to purchase, make sure that you visit the neighbors to get the scoop. Ask any question that comes to your mind, but here are some serious questions to ask. Go to at least 3 neighbors and do not make an offer until you talk to at least 3 to get the scoop.
1. How is the neighborhood association; strict, crazy or what?
2. Are there any assessments coming in the future?
3. How is the construction on the homes in the neighborhood?
4. Is there any crime in the neighborhood?
5. Is the neighborhood social?
6. How are the amenities?
7. Why are the neighbors (house you are looking at) moving?
8. And then anything else you want to know.
#7 thing to know and do when you buy a home or condo in Atlanta
Owner’s Title Insurance
After you have gone through the process of negotiating the contract, inspection, etc… (Your expert agent will guide you through all of this – this is where the really good agent part comes in), you MUST purchase owner’s title insurance at closing. There will be title insurance on the settlement statement. That insurance protects the lender. Owner’s title insurance protects you against any liens that are in the works that are not on the property now. This is critical in a resale home or on new construction. Don’t leave the table without it. You will regret it if you do.
You can research more about owner’s title insurance at
Actually there are 8 things to know and #8 is the most important.
You Have A Check Waiting For You
In Georgia, it is legal for you to share the commission of that expert agent you hired. The check must be written to a buyer listed on the settlement statement. That is the only catch. Research and you will soon find who is the very best at what they do. One company, mine, split over 2 million dollars in commission in the last 2 years with our buyers.
I invite you to get more tips on buying a home on my website made especially to make smart buyers smarter…