Eight Steps To Buying Your Home In The North Atlanta Area

Eight Steps To Buying Your Home In The North Atlanta Area

You've finally decided to buy a home. Maybe it's your first home or you're upgrading to a larger home. Either way there are eight steps to buying your home in the North Atlanta Area. We at The Mary Ellen Vanaken Team of Keller Williams Realty are here to assist you. Contact us today and we will help you find your home in the North Atlanta area. http://www.mevhomes.com 678-665-2887 mary@mevhomes.com

1. Decide to buy. Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. Base your decision to buy on facts, not fears.

1. If you are paying rent, you very likely can afford to buy
2. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
3. The lack of a substantial down payment doesn’t prevent you from making your first home purchase
4. A less-than-perfect credit score won’t necessarily stop you from buying a home
5. The best way to get closer to buying your ultimate dream home is to buy your first home now
6. Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way

2. Hire your agent. The typical real estate transaction involves at least two dozen separate individuals – insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.

Seven main roles of your real estate agentA Buyer’s Real Estate Agent:

1. Educates you about your market.
2. Analyzes your wants and needs.
3. Guides you to homes that fit your criteria.
4. Coordinates the work of other needed professionals.
5. Negotiates on your behalf.
6. Checks and double-checks paperwork and deadlines.
7. Solves any problems that may arise.

3. Secure financing. While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.

Six steps to Financing a Home

1. Choose a loan officer (or mortgage specialist).
2. Make a loan application and get preapproved.
3. Determine what you want to pay and select a loan option.
4. Submit to the lender an accepted purchase offer contract.
5. Get an appraisal and title commitment.
6. Obtain funding at closing.

4. Find your home. Looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.

Questions to ask yourself

1. What do I want my home to be close to?
2. How much space do I need and why?
3. Which is more critical: location or size?
4. Would I be interested in a fixer-upper?
5. How important is home value appreciation?
6. Is neighborhood stability and priority?
7. Would I be interested in a condo?
8. Would I be interested in new home construction?
9. What features and amenities do I want? Which do I really need?

5. Make an offer. When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. The three basic components of an offer are price, terms, and contingencies. Price – the right price to offer must fairly reflect the true market value of the home you want to buy. Terms – the other financial and timing factors that will be included in the offer.

Terms fall under six basic categories in a real estate offer:

1. Schedule – a schedule of events that has to happen before closing.
2. Conveyances – the items that stay with the house when the sellers leave.
3. Commission – the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
4. Closing costs – it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
5. Home warranty – this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
6. Earnest money – this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.

6. Perform due diligence. Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important. A home owner’s insurance policy protects you in two ways:

1. Against loss or damage to the property itself
2. liability in case someone sustains an injury while on your property

The property inspection show expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.

7. Close. The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done.

On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following:

1. Finalize your mortgage.
2. Pay the seller.
3. Pay your closing costs.
4. Transfer the title from the seller to you.
5. Make arrangements to legally record the transaction as a public record.

8. Protect your investment. Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch. Even after you close on your house, you agent can still help you:

1. Handle your first tax return as a home owner.
2. Find contractors to help with home maintenance or remodeling.
3. Help your friends find homes.
4. Keep track of your home’s current market value.

These eight steps to buying your home in the North Atlanta area will make the process smooth and more enjoyable. Contact The Mary Ellen Vanaken Team today and we will begin the process - 678-665-2887 mary@mevhomes.com http://www.mevhomes.com

Eight Steps To Buying Your Home In The North Atlanta Area

Eight Steps To Buying Your Home In The North Atlanta Area