Georgia First time home buyers: Tips to ensure a smooth home purchase |
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Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:
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Check your credit
Before you apply for a home loan, regardless of your credit, it's a smart idea
to obtain a copy of your credit report from the three major credit bureaus and
review the information. If there are errors or things that need to be addressed,
it's easier to address them before you have found a house,
than after you have found a house and are trying to close your loan.
If you know that there are a few blemishes on your credit, let your lender know
what they are, why they are there, and why you are a still good credit risk.
Lenders look at your credit to determine how likely you will pay back the loan.
If you had extenuating circumstances - like a loss of a job or medical bills - let
them know so that they understand that it is not likely to happen again in the future.
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Get approved before you buy
An approval means that a lender has reviewed your credit history,
verified your assets and employment, and has approved your loan before
you have found a home to purchase.
As long as the home appraises for at least the purchase price,
the loan should close.
Getting approved also gives you an advantage over other buyers.
Your firm approval makes it easier for you to negotiate on the price of a home,
than a person who is not approved or is pre-qualified.
While getting pre-qualified may sound official, it is really just getting an idea
of what you can afford. Its having a person plug in a few numbers that you give
them - your monthly income and your monthly debt - and getting an approximate
payment calculated. From the payment, the calculator can approximate the house
price range that you can afford. No information is verified. Because your assets,
income or credit is not verified, a pre-qualification has little value when
purchasing a home.
For more information about mortgages and for a list of trusted mortgage lenders please click here.
- Find a great buyer's agent
Traditionally real estate agents represent the sellers in a transaction.
When you are not working with a buyer's agent, they are less
likely to negotiate the best price or contingencies for you.
When working as your buyer's representative, I will represent you exclusively.
This means that I only represent your interests, and guarantee that you get the
best terms in your contract.
Click here
for more on
why you should work with a real estate agent
; and
Click here
to see
Why you should select me as your realtor for your home purchase in the Atlanta area.
- Learn about the neighborhood
Often times the house you find may be in a neighborhood that you're not familiar with,
which is ok. It just means that you'll have to do a little more research.
If you find a house that you like,
I can provide you with a list of the neighborhood properties
that sold in the last year. How does your home rank?
Is it at the top of the price range?
If so, it might be hard to resell.
Is it average or on the low end?
If so, great - as the other home prices go up in value,
they will pull your home's value up as well.
What about the schools? - Are they sought after?
A good school district means your neighborhood will always be valued by families
which is a great reassurance to purchase, not to mention the value-add
if you have school-age children.
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Have reasonable expectations
There is a lot of money at stake. No house is perfect.
Understanding and remembering these two statements will help
diffuse the negotiation stage, the inspection stage and
the closing stage
Emotions are high for both buyers and sellers. - The seller may
have loving memories and years of sweat equity in the house.
Maybe they are being relocated and don't want to go.
Understanding their motivations for selling will help you
appreciate their situation and predicament during these emotional times
Mariluce Morais Lima Rocha
DaSilva
Atlanta Georgia Real Estate Agent
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