The Home Buying Guide

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Below is a series of videos explaining what you should be aware when purchasing you home for the first time, this also would help if you are an experienced home buyer. Please review the videos listed below and if you have any questions about buying or selling your home in the Atlanta metro area, give as a call at 770-309-6417

THE HOME BUYING GUIDE – KNOW YOUR CREDIT SCORE

Know your Credit Score.- When purchasing a home most likely you will need to obtain a mortgage loan, if that is the case, the first thing to do is request your credit score. There are  three credit bureaus : Equafax, TransUnion, and Experian. You may request the report from either company. Upon getting your credit report, be sure to examine carefully all transactions and if you find something that is not yours, or is older than seven years, make sure you dispute them immediately. Do this few months ahead, if you find that you have a problem or the report is incorrect, fixing your credit score could take several months. The higher your credit score, the lower your interest will be. Ideally, you want your credit score to be over 700. The credit score should be a FICO credit score and you can get a free copy of your credit report by visiting www.annualcreditreport.com.

THE HOME BUYING GUIDE  – GET PRE-APPROVED FOR A MORTGAGE

Get  pre-approved for a mortgage.- There is a difference between pre-approved a pre-qualified. When you get pre-approved, a Loan Officer will ask for the following documents: Taxes for the last two years, Bank Statements for the last three months, pay stubs for the last two months, employment verification , verification of down payment funds, and verification of your credit.  Upon you providing all these documents, a Loan Officer will have enough information about you to issue a pre-approval letter. Just for your information a loan pre-qualification letter is worthless, experienced Real Estate Agents will insist you on providing a loan approval letter before taking you out to show you properties. Even if you are not currently working with an agent, if you don’t have a loan approval letter, don’t waste your time running around looking for the perfect home, you don’t know how much you can afford, therefore you may be looking at the wrong properties.

THE HOME BUYING GUIDE – FIND A FULL TIME REAL ESTATE PROFESSIONAL

Find a full time Real Estate Professional.- Buying a home is most likely the largest purchase you will ever make during  your life, you do not need to take chances with new agents or part time agents as this could be very costly to you. Good professional Real Estate Agents are always in demand but that doesn’t mean you have to hire the first one that comes around, be sure to interview at least three agents before selecting one. When buying a home don’t be tempted to go alone thinking you will get a better deal by dealing directly with the listing agents, just for your information, the listing agents has a fiduciary duty to the home Seller that means that any information you tell him, he is obligated to tell his client, in this case the seller, however, he is not obligated to tell you anything about the Seller. This could be a huge disadvantage when negotiating the purchase of your home.  For those Buyers that they think they will save on commission, let me tell you, you are not paying any commission to the agent representing you, the Seller is paying that commission. Even if you negotiate your home without and agent, the listing agent has already negotiated the full commission with the Seller. Don’t make this mistake, you will be under-represented and may cost you thousands of dollars.

A good professional Real Estate Agent will help you find the best possible home at the best possible price in the most desirable location.

THE HOME BUYING GUIDE – SELECT A LOCATION WHERE YOU WANT TO LIVE

Select a location where you want to live.- In Real Estate it’s all about location, location, location. If you are a young family, you most likely will be interested in good schools, job opportunities and safe neighborhoods. If you a single you will probably be looking for a more dense area where young single people hang out and entertainment and night life is predominant. If you are an empty nester you will probably be looking for a location near major hospitals and good public transportation.

Location is so important in Real Estate, if you have selected a home in a desirable location, you home may not look as good as the one on a non-desirable location, but keep in mind, that you can always fix up the mediocre house in a desirable location, but you can’t move the nice home in a non-desirable location.

THE HOME BUYING GUIDE – SHOP FOR YOUR MORTGAGE

Shop for your mortgage.-  It is important to get your loan approved ahead of time, but is equally important once you are approved to shop with at least two other  financial outlets. Not all financial outlets have the same fees, just like anything else, some charge less some charge for the same items. How do you compare the cost between the mortgage companies you have selected?  It is easy, when you get the loan approval letter, the Loan Officer will also give you what is known as the Good Faith Estimate, in the good faith estimate will state how much is your interest, the type of interest you are getting, your loan origination fee and some other items. The most important items when comparing mortgages are those stated above, you want to compare apples to apples for example if the good faith estimate has that you are getting a 30 year fixed mortgage then you need to ask for a 30 year fixed mortgage from the second company, this way you will know you are comparing apples to apples.

The interest rate, even though, they all are looking at the same credit score one mortgage company maybe higher than the other because rates change every day.

Don’t make the mistake that most everyone does comparing different loan programs, instead figure out what loan program work for you and stick to it.

THE HOME BUYING GUIDE – COMPLETE HOME INSPECTION

Upon Finding your Dream Home, a complete home inspection is in order.- Doing a home inspection is money well spent, you do not want to find out that your plumbing or HVAC system is not working after you have purchased your house. The cost of hiring a home inspector ranges between $300 to $600 dollars depending on the size of the home you are purchasing, a standard home inspection doesn’t always include checking your sewer lines, your roof or the structure of your house, these items are provided at an additional cost, however, the cost of these additional items is minimal comparing to the costs of doing the repairs yourself. Most Sellers are aware of those repairs and are willing to negotiate down the sales price or are willing to help pay for the repairs. Don’t ever give in to the pressure of not doing an inspection report.

THE HOME BUYING GUIDE – FIND YOUR CLOSING COSTS AHEAD OF TIME

Find out all the cost of closing in advance.- Knowing your closing cost ahead of time will prevent unforeseen changes and will help you budget your funds better. There are many cost involved in closing your home, here are some of the cost that are almost on all closing transactions:

Property , City and County Taxes

Loan origination fees (up to 1.5% of the loan)

Appraisal Fees

Credit Report fees

Mortgage Insurance

Home Owner’s Insurance

Title Insurance

Attorney’s Fees

Transfer taxes

Title Examination fees

Find out the cost of all those items before the closing date, so you know exactly how much money you will need at closing.

In a nut shell, this is the home buying process, to speak or make an appointment with one of our professional Real Estate Agents, Contact us today at 770-309-6417

 

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kstrealty About kstrealty

Experience: I have worked as a Real Estate Agent and now as a Real Estate Associate Broker for over 12 years, all those years in one company America's Network Realty Group Inc. Loyalty is my game. Also, using my home building experience I have helped my clients with the costruction of their custom homes, renovation and remodeling of thier existing homes.

I represent sellers selling their residential homes, Investor who are selling or purchasing investment properties, business looking to buy or sell their commercial properties. I have listed and sold large tracks of land. I work with local builders locating lots to build homes, finding tracks of land to build subdivisions, providing cost analysis of properties to investors and potential buyers buying lots to build their custom homes. I also work with banks maintaining and selling their real estate inventory.

Financial Resources: In my last job I worked as a financial analyst for a fortune 100 corporation where I obtain a vast knowledge about financing. In my Real Estate career I manage rental properties, construction loans, and real estate investment loans. I work with buyers who are purchasing their home by obtaining a conventional loan or an FHA backed loan. For those home buyers, especially first time home buyers whose experience with home mortgages is minimal or non-existent, I can help you analyze and select the best mortgage option for you.

Property Management: I'm experienced in maintaining Bank Owned Properties. I can provide the following REO services to banks of all sizes: Property Management, Foreclosure home maintenance, Re-key and secure bank owned properties to prevent theft and vandalism. As a license home builder, I can maintain, update and renovate all bank owned properties. I have a team of residential subcontractors to cover all aspects of home maintenance and home renovations.

Response Time: I'm a real estate broker with the right tools and right technology, when it comes to providing top level services, my knowledge of the latest communication tools makes me one of a kind. No email, voicemail, or text message will be lost or not read. Using the latest technology, I make sure all communications are readily available to me instantly.

Team: I have a team of professionals working with me. We have a combined experience of over 50 years. Some of our professionals prefer to work with buyers, some of them exclusively do listings and some of them work with commercial properties including Churches and commercial land. Our team covers all areas of the real estate, whether you re a first time home buyer, an experienced real estate investor or a business owner looking for a commercial property, our team can help you with your real estate needs.

Marketing: In today's business environment, you have to do marketing using the latest's technology applications. A decade or so ago we used to take a listing and market by using a local MLS, and by running ads on a local newspapers. Today the Real Estate marketing has changed, we mostly use the Internet; Social media marketing is probably the largest media used by Real Estate Agents, social sites such as google+, facebook, twitter, linkedin, pinterest, are among the sites we use to market all our listings. Mobile media is rapidly becoming the norm to find homes for sale, in order no to alienate any of those potential clients, we have made available all of our websites on mobile devices. If you list your home with us, your home will have the widest audience who are looking to purchase homes in your area.

Coverage Area: I cover the Atlanta metro area, which includes the following counties: Fulton county, Dekalb county, Cobb county, Gwinnett county. Also to be more specific, here are the cities and neighborhoods I can help you with your real estate needs: Atlanta Alpharetta Marietta Sandy Springs Lawrenceville Dunwoody Roswell Duluth Decatur KennesawAcworth Woodstock Smyrna Lilburn Chamblee Tucker. If you are planning on selling or buying a home on any of the cities listed above, I can help you. Call me at 770-309-6417 or text me, I will respond immediately.

Website: http://www.kstrealty.com www.therenovators.us

Email: tbermeo1@gmail.com

Phone: 404-855-3070
Fax: 770-551-5866
Address: 8097 Roswell Road Building C Suite 201 Sandy Springs GA 30350

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