Atlanta Real Estate, the most fundamental steps of buying or selling your home
Buying or selling a home is very difficult and stressful. The number of homes sold in the area you are buying or selling will have a major impact on how the process of buying or selling is developed. When buying or selling your home, in order for the transaction to be successful, it is important to understand the basic steps in the purchase and sale.
Here we will show some of the most important steps to buy or sell your property in the Atlanta area.
Selling Your Home in Atlanta.
Normally it is not a good idea to sell a home in a time of need, the ideal situation would be, you have plenty time to plan properly the sale of your home to make sure you don’t feel under any pressure. Even though, you have properly planned the sale of your home, you will always encounter unforeseen items making the process of selling your home a bit challenged.
Here we list some of the different challenges in selling your home:
- Select a good real estate agent in Atlanta: Select a good real estate agent to make the process of selling a home a more pleasant and stress free transaction. Agents that are familiar with the local Real Estate market and seasoned agents with lots of marketing experience should be the ones selected to market your home for sale in Atlanta.
- Highly Saturated Markets: Ideally, people sell their home in a seller’s market a market with lots of prospect buyers (sellers market). But unfortunately, that doesn’t happen as often as we would like it. When the market is saturated with homes for sale, sellers are facing strong competition forcing them to list their home at a more competitive price
- Establishing the price of your home: If you list your home for sale at a very low price, many buyers tend to assume that something is wrong with your house. But if the price of your house is very high, the buyers will not be interested in your home because they believe that after a few months you will drop the price down.
- Maintenance and Repairs: If you are considering listing your home for sale, one of the first steps to do is: complete all necessary repairs and make sure it has been well maintained both inside and outside of your home.
What to expect when selling your home in Atlanta
Although the process of selling a home varies, home sellers can expect the process to take place in roughly as follows:
- List the house sale: Complete the contract to list your home for sale with a real estate agent in Atlanta
- Receive offer: Once your house is available for sale, buyers will begin to submit offers to your agent, if you don’ agree with their offer, you will submit a counter-offer to the buyer’s agent.
- Under Contract: If the offer is accepted, the buyer puts his money in good faith in an established by the buyer or seller and you can tell that your home is under contract account. His house is no longer available for other buyers.
- Inspection: Normally the buyer as part of its bid, ask a few days to do a research of your home, this research may include: structural inspection, electrical inspection, plumbing inspection, and a research with municipal authorities, State of the county to make sure there are no problems listed with those agencies.
- Close: If there are no problems with inspection, then you will proceed to close where you will transfer the title of your home to the new owner.
Buying a house in Atlanta
Buying a home in the Atlanta area includes much more challenges than just browsing a website and finding the home that’s right for you.
A buyer should be prepared to have many challenges while purchasing their home, below is s short list of some important challenges in buying a home.
The challenges of buying a home
Some of the main challenges of buying a home include:
- Knowing the local market: Buyers who move to Atlanta from other cities, usually are not familiar with the local market, if this is the case, it is very important to have a good realtor who will guide and represent you in the purchase of your home.
- Unpredictable markets: local real estate markets fluctuate a lot, the fact that the housing market is in favor of sellers this month, does not mean that next month is the same, this is where a good agent will come in handy.
- An inspection does not ensure that all is well with the house: The fact that the house has been inspected and the owner has agreed to make some repairs, does not mean that all is well with the house. It is possible that after you have closed the deal some problems may appear. To cover this issues: agents recommend that buyers obtain a policy that helps with the cost of repairs if something breaks after buying the house. These policies are called “Home Buyers Warranty: and help with expenses such as: air conditioning damage, damage to the plumbing, and appliances among others.
- Finance: Before you start looking for houses, buyers must obtain a Loan pre qualification letter from a local lender. Upon making an offer, the Buyer buyer will make a deposit of earnest money. In many transactions, buyers are also responsible for a portion of the closing costs. Closing costs can cost up to 3% of the total purchase.
- Choosing an agent: The agent you choose, must be familiar with the local real estate market and should have a great reputation as a tough real estate negotiator.
- Negotiations: The agent you have chosen is usually the person to negotiate with the agent representing the owner of the house. For many reasons, negotiations often drag on for days or weeks and sometimes with no results for buyers or sellers.
- Insurance: Once the offer has been approved by the buyer and seller , one of the things that the buyer has to obtain is a home owners insurance policy, this insurance is essential if you are buying a house with a loan from a Lender.
What it is the expectation when buying a house.
Many Atlanta Home Buyers are browsing real estate websites to find their dream home in Atlanta, however, browsing and finding your dream homes is just a small part of the whole buying process.
Process to purchase your home in Atlanta
- Find your home: To make sure purchase your ideal home, it is recommended that you look at many houses before settling on one. Be sure to visit the open houses offered in the neighborhood you are interested, this will help you compare prices and other details to the houses you are interested.
- Pre-Approval: This is the first step that all buyers must do to get an idea of how much you can spend on the purchase of your home in Atlanta. When presenting an offer to a seller, you need to also provide a copy of the pre-approval letter in order for the seller to take you seriously
- Negotiation: Making an offer is only the beginning of the whole process, home buying negotiations can last up to several weeks and in some cases months and worst of all sometimes all these negotiations ends up with no agreements.
- Inspection: Before closing, it is recommended that the purchaser make an inspection. To do the inspection, choose a certified and experienced home inspector.
- Purchase and Sale Agreement: The purchase and sale agreement contains many clauses, among the most important are: Offering date, Sales price, Earnest money clause, Due Diligence period, real estate representation clauses, and closing date
- Financing: In order to get the best mortgage loan available on the market, it is recommended to work with a local loan officer who represent many lending institutions. To get a loan approved by a lender’s underwriter may take up to 4 weeks, be sure to give you enough time on the purchase and sales agreement.
- Appraisal: An appraisal representing the Lender and in most cases paid by the buyer will do an appraisal of the house you are purchasing. If the appraisal is less than the amount you are paying, you can say that you purchase a home below market value. If the appraisal is more than what you are paying, you may have to come up with additional funds to purchase this home.
- Closing: After completing all the above steps, then it is time to complete the transaction by closing at an attorneys office which was stipulated on the purchase and sales agreement. At this time you will paid the amount stipulated on the sales contract and the Seller will give you the key to the house and also provide you the property title with your name on it.
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Real Estate Broker serving the Atlanta Metro Area, for over 12 years. If you are planning to buy or sell your home in Atlanta, call Telmo Bermeo at
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