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Youve found a beautiful short sale home that matches you and fulfills your investment criteria. Now its time to make an offer. And today that means a good amount of bidding competition and quite a bit of it some quite well-off bidders. So youll need to know how to make an offer on a brief sale in Snellville Ga. Something to remember through all of it is that banks are in the business of providing cash and do not wish to become property managers or owners of single-family homes. And that home just sitting there with a lot of cash owed on it is costing the bank cash daily. So banks are typically more interested in how quickly they can sell to meet the bottom line. Due to the fact that short sales generally involve a prolonged procedure anything you can do to assist them to speed up the process will assist you to become the winning bidder. 1. Have Healthy Earnest Money The very first of these 3 tips on making an offer on a short sale in Snellville Ga goals to help you be perceived as a serious purchaser. To show that youre in ready willing and able you will need a strong earnest-money deposit. You will require to put down a lot more than the minimum deposit. Specialists advise a deposit that is at least 1% to 3% of the sale cost. Its additionally advised that once the sale has actually been authorized you put the earnest-money deposit in a trust account. All of this will help to convince the seller and the back that youre a serious buyer not simply a tire kicker. To add extra weight to your offer its an excellent idea to have a pre-approval letter all set to go. Sellers wish to see that possible purchaser have the wherewithal to close the deal. 2. Enter into it Informed Theres a lot that can go wrong in the prolonged process of a short sale. However being notified and practicing some due diligence will assist you to navigate around numerous of these mistakes. Besides appearing notified and knowledgeable will always assist you in making an offer. You need to start by examining recent comparable sales perhaps even contacting listing agents. Numerous times brief sale listings come in under the marketplace worth in some cases as much as 5% to 10% under market price depending upon the residential location. However remember that the low rate might be just a temptation for prospective buyers. The trick is to figure out whether the sellers lending institution is likely to approve your deal so that you can make it with self-confidence. 3. Program Youre Willing to Wait Although some short sale deals are approved within a few weeks it generally takes months and months. If youre serious about your deal you need to be prepared to wait it out. Simply keep in mind that the bank really does want whatever to go as rapidly as possible to get that non-producing or money-losing loan off their books. Some short sale buyers write offers on several short sales homes hoping to take the first one that works out. They just leave the other sellers and their representatives just standing there holding the bag. So if you can show that youre prepared to wait for the short-sale procedure to run its course you and your deal will be taken a lot more seriously. You just need to show that youre prepared to give the seller and lending institution the time it takes for approval. Purchasing a short-sale home can definitely be a wise investment relocation. But since the competitors are keen and because a lot of purchasers have a great deal of cash youll require at least these pointers on making an offer on a short sale in Snellville Ga TO FIND OUT MORE GIVE US A CALL AT 678-337-1165 ORFILL OUT THE FORM. See us on Social Media https://sites.google.com/site/freshstarthomesales/ https://www.facebook.com/FreshStartHomeSales/ https://FreshstartHomeSales.Business.site The post 3 Tips On Making An Offer On A Short Sale In Snellville appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/offer-on-a-short-sale-in-snellville-ga/

Getting a home loan can seem like a daunting process. For a first-time home buyer in Georgia all of the options can become confusing. However once you know the differences and understand the qualification requirements getting a home loan can be quick and easy. Learn about the different types of loans in our latest blog post! 5 Different Types of Loans You Can Use: FHA Loans: FHA loans are a popular choice among recent college grads and people just starting out in the real estate world. They are appealing because they only require 3.5% down as opposed to a conventional loan which requires 20%. You must meet certain requirements such as having a credit score over 580. If your score is lower you can still be eligible for an FHA loan you will just need to make a higher down payment. You will also need to have 2 lines of credit open and in good standing. As far as the property it needs to be used as your primary residence. It will be subject to an inspection by your lender. Fixed Rate Mortgage: Fixed-Rate Mortgages are the most popular type of home loan available. Typically a 20% down payment is required. A fixed-rate mortgage means your payment will be the same every month. This makes things easy and lets you plan accordingly.However if rates drop you will be stuck at your old rate. You can always refinancebut that will cost you as well. A fixed rate mortgage requires that you have 3 open lines of credit all in good standing. There are also income and credit requirements that will need to be met. Adjustable Rate Mortgage: An adjustable rate mortgage is a bit riskier as your interest rate will change when the market fluctuates. These loans are great for people with some buying and selling experience. First-time buyers might want to steer clear as these loans can be a lot more involved. VA Loan: VA Loans are givento Veterans and active duty members of the US Armed Forces. Members of the National Guard may also qualify once they have served for 6 years. In addition widows of Veterans may also qualify if theirpartner lost their life while serving. VA Loans offer a ton of benefits including: Zero down payment Appraisal and closing fees are regulated Lenders do not charge private mortgage insurance or PMI You will need to pay a 1-timefunding fee of 2% which you can finance it into the loan. Eligible borrowers can borrow up to 103.15% of the sales price or reasonable value of the home. USDA Loans: THE USDA offers mortgages in rural areas of the United States. Before you dismiss this take note that over 95% of US is eligible. These loans require zero down and have low insurance rates. You must have great credit to apply and there are strict income limits. A 4 member household cannot exceed $75650 per yer. (And no single person can have income exceeding $49900 per year.) When you begin shopping for your Atlanta home you should be aware of all of the resources available to you. There are grants down payment assistance and government sponsored resources that can help you become a homeowner right now! The process does not need to be as overwhelming as people make it out to be! Once you know what is out there you can take steps to reach your goals! If you want to learn more about the loan options available to you give us a call or send us an email! We are happy to help point you in the right direction! 678-337-1165 The post 5 Different Types of Loans You Can Take Advantage of in Georgia appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/different-types-of-loans-in-georgia/

On the face of it buying a house on a short sale basis certainly sounds like a good deal especially for investors. Its often an opportunity to purchase a property at a price well under its normal appraised valuation. But before jumping in you need to be aware of the disadvantages of buying a short sale in Snellville . Depends on Mortgage Lenders Approval A short sale usually involves selling a house for less than is owed on it. Ahouse listed as a short sale is still owned by an individual (unlike the case of a foreclosure).That person either makes up the difference between owed amount and sale price or gets the lender to write it off. What this means then is the owner isnt the one who approves the sale price its the lender. And since the owner is attempting to get the lender to accept less than is owed on the property the lender isnt always very eager to accept proposed prices. You could go through the whole headache-inducing negotiations process only to have the lender ultimately reject your offer. And then youd have to do it all again. And on top of that if there are liens against the property youd have to get more than one lender to agree to the sale price. Pricing Problems Related to our first of thedisadvantages of buying a short sale in Snellville is the fact that the advertised short sale price may not be a lender approved price at all. Its often the case that the advertised price is just a ploy to get potential buyers on the hook. If the lender doesnt accept your offer of the advertised price they may give you a counter offer. But it may be more than youre willing to pay for the property and youre out a lot of wasted time again. And again if there are multiple liens on the property and even if the first lien holders accept your offer of the advertised price a lien holder further down the line may reject your offer. Lengthy Process If you need to purchase a property quickly a short sale probably isnt the best option. It sometimes takes up to a year to get a short sale finalized. And of allthe disadvantages of buying a short sale in Snellville this one could be the most off-putting for investors. If youre buying a short sale youll need plenty of patience. Although a response from a lender usually takes at least a couple of months it can (and does) take nine months or more in some cases. Other factors that come into play to lengthen the process are the lenders experience with short sales the number of lenders involved and whether the seller has actually been short-sale approved. The upshot of this is that buyers can lose out on low-interest loans with rates guaranteed for only 60 to 90 days. Buyers could also lose tax credits during this protracted waiting period. As-Is Sale Generally sellers wanting to negotiate a short sale are suffering from some kind of financial distress or hardship. Its very likely the case then that they dont have and havent had the money to properly maintain the property. And because the lender is already losing money on the sale they wont offer any concessions for maintenance problems. Thats why most short sales are done on an as-is basis. So if youre considering buying a short sale you need to be aware that you may have to lay out some significant cash for thorough inspections. And then maybe a lot more for repairs. Buying an investment property isnt always as easyas it seems and a deal isnt always as sweet as it appears on the surface. IF YOUD LIKE TO DISCOVER MORE ABOUT HOW TO AVOID THE DISADVANTAGES OF BUYING A SHORT SALE IN Snellville JUST GIVE US A CALL AT 678-337-1165 ORFILL OUT THE FORM ON OUR WEBSITE. WE CAN HELP MAKE THE WHOLE TANGLED PROCESS A LITTLE SMOOTHER. https://www.FreshStartHomeSales.com https://sites.google.com/site/freshstarthomesales/ https://www.facebook.com/FreshStartHomeSales/ https://FreshstartHomeSales.Business.site https://twitter.com/RentToOwnHomAtl The post 4 Disadvantages of Buying a Short Sale in Snellville appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/disadvantages-buying-short-sale-near-snellville-ga/

When you are looking to buy a new home the house hunting process can become monotonous and seem to drag on and on. You might see so many properties that you find yourself second guessing what you are looking for in a home. In our latest post we hope to help you figure out when youve found the right house. You Get That Feeling You know the one we mean. Its the feeling in your stomach you got whenyou met the love of your life. Or when you found yourdream job. You just know. When you pull up to the house it feels natural like you are pulling into your own driveway. You feel like you are walking into your own living room and set yourkeys on the table without a second thought. When you get that feeling our advice is to trust your gut. If you believe you have found an amazing house second guessing yourself can waste time and allow another buyer to get their foot in the door before. It could end up costing you your dream home! You Are Arranging the Furniture in Your Head When you walk in you instantly stop listening to the agent and instead start deciding where the coaches will go. Will the TV be ok on that wall? Which rooms should I paint?This is your subconscious mind telling you yes this is your house! If it instantly feels like home meets all of your buying criteria and you have already designed it in your head you might want to get your offer in on it ASAP! You Dont Want to See Any More Properties Many times when you are home shopping you can see a new house and think yeah great. Let go see the next one. When you have found the right house you will no longer have any interest in seeing what else is out there. You wont want to hear about or see any additional homes. You Instantly Start Bragging About It The minute after you are done seeing it you cal up your friend mother sister barber and anyone else you can think of. You tell everyone about this amazing house you just saw and are filled with excitement. Dont let that excitementescape you! So long as the house has a good inspection if you cant stop talking about it then you have likely found the home of your dreams! It Stands Apart From All The Other Houses Youve Seen You might have seen a lot of houses in your search for your dream home. Inevitably they will all start to run together. Detail about the homes become lost and everything becomes a blur. Except for this house. This one house that stands above all others. You remember everything you saw from the layout yard and even the crown molding! The house you will be the happiest in will ultimately be the one that stands above all the rest! Remember you can change everything about a house except for the location. Dont rule out a home just because you dont immediately get goosebumps. Some homes will need some imagination and some work before they really knock your socks off. Dont ignore your gut feeling but also view homes with an open mind. If the house has good bones you can always knock down a wall (or add a wall) and makethe changes you want over time. Are you looking for a home in Atlanta or the surrounding areas? We can help you find exactly what you are looking for! Send us a message with the specifics or give us a call today! Find out how we can help you! 678-337-1165 The post How To Know When Youve Found The Right House in Atlanta appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/youve-found-the-right-house-in-atlanta/

When buying a Lawrenceville house you have options! Some people choose a direct sale others prefer to work with an agent. Just like properties are different every situation is different too. Some people know exactly what they want others need some time to compare multiple homes. Are you looking to purchase a home in Lawrenceville ? We will help you decide if using a buyers agent is right for you! What Do Real Estate Agents Do? Real Estate Agents can take on two functions. The listing agent who helps the Seller to market the home to other agents and local buyers and a buyers representative who can help you find you your dream home. Some agents do both and are called dual representatives. Most agents choose to deal with one side exclusively. Some like to help individual homeowners to sell a house others love to help people purchase. Buyers Agents remain in business of matching people to homes. They take the buyers budget plan and needs into consideration showing them the houses that are the very best match for their needs. Both agents can show you a house but only a buyers agent will work on your behalf to get you the very best deal. A dual agent will ultimately manage the transaction sale to go through so they might not have your best interests in mind. A buyers representative will keep an eye out for your interests and work on your behalf. A buyers agent will advocate for you and assist to work out when needed. What will it cost? Utilizing an agent will ultimately cost you in commission. The seller will pay a commission to their representative which is then divided four ways with the buyers agent the buyers agent company the selling agent and the selling agents company Nevertheless these commissions are wrapped into the cost of the home so even if it states the seller pays you are ultimately the one bringing the actual cash to the closing table. Keep in mind if there is no agent in the transaction the seller will keep all the money they would have paid an agent and you wont have representation. In addition your representative might require other fees to deal with them so ensure you have an agreement in writing. Some representatives will have you sign a contract to exclusivity ensure you read all of the small print. What are the advantages? A buyers agent is devoted full-time to discovering fantastic residential or commercial properties in your location. They must be a total expert on the local market and features of the city. They are likely to have numerous area connections in the market and perhaps access to off-market deals. They can be a wealth of knowledge teaching you more about the area then you might ever discover on your own. When you work with a buyers agent in Lawrenceville Ga you will have someone in your corner somebody helping you and assisting through the entire process of buying a home. If you are a newbie homebuyer using a terrific purchasers agent will assist you to navigate the transaction. Something you need to never ever gamble on is the home you pick to reside in. A purchasers representative can assist you to make a wise choice with your financial investment. Before making any large purchase you ought to always seek the counsel of an accounting professional or lawyer. What are the downfalls? For certain deals skipping agents entirely and opting for a direct sale can be beneficial to both the purchaser and seller. Both parties will be able to keep more loan in their pockets when they pick to avoid commissions. Also you never understand if an agent is being incentivized to show you specific homes When you do the research yourself you will discover a lot about investing locally and you will have the ability to determine for yourself which residential or commercial property will be the very best for you. Are you looking for a house in Lawrenceville ? Find out what Fresh Start Home Sales can do for you! Fill out this form to send us a message or give our team a call today! 678-337-1165 https://sites.google.com/site/freshstarthomesales/ https://www.facebook.com/FreshStartHomeSales/ https://FreshstartHomeSales.Business.site Tweets by RentToOwnHomAtl The post Pros and Cons to Using a Buyers Agent in Lawrenceville appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/using-a-buyers-agent-lawrenceville-ga/

Have you recently moved into a new house? Or maybe you will be moving soon and are looking for some tips to get set up quickly. Its great when you can feel settled right away and not like you are in a strange and unknown place. In this article we present 5 of our favorite ways to make your new house a home in Alpharetta Ga! The First things First We recommend that you try to do these things first. Get your bed assembled as soon as possible. Make your bedroom comfy since you will likely be all set for a nap after a long day moving. And with your home in chaos you will desire a location to sit put down or take some sanctuary from the mayhem. To make it actually seem like home go above and beyond and set the space set up with aromatic candle lights you like the music you like and put the book you read by the bed. Get Your Daily Requirements Looked After First You may wish to first Make your bedroom comfy since you will likely be all set for a nap after a long day moving even if your nightstand is currently constructed of a cardboard box. Do Not Forget to Consume Nutrients! There is no much better method to feel comfortable than by making a home-cooked meal. Even if all you wish to do is order your favorite pizza for the very first week invest a long time establishing your cooking area and equipping the kitchen. Do not hurry and simply toss whatever in the cabinets. Take an organized thought out process putting things away in locations that make good sense. You will like to be able to make a leisurely meal after working hard to establish your home. And as soon as you clean up after your meals in your own sink you will understand youre house! Go Green With The Information Including plants makes the area feel lived in and welcoming. Include plants to the backyard deck and throughout your house as area permits. It will cheer up the spaces and actually bring life into an otherwise reversed area. Little touches such as this are what can customize a house. Other pleasant products to add consist of Picture frames candle lights and books. Put out some products that are clearly you.. The Children! Among your very first top priorities must be getting your children settled. Moving is a big change for anybody however it is specifically tough on children. Make them feel comfortable immediately by making their spaces the top priority. Establish their beds toys and play locations. Make them feel associated with the procedure by letting them choose how their space will be established. Making the shift simple on them will in turn assistance to make it simple on you. After you have these preliminary things set-up go from space to space making whatever ideal. Concentrate on one location and go from there. Do not stop until you are unpacked and fully established even if you are just able to deal with it for a couple of minutes a day. And if you discover you have products that are still in boxes months later on you may wish to think about contributing them. There is no sense in bringing mess into your brand-new home! This is a brand-new house however it is a clean slate in the way you choose to live! Alpharetta is a great city located in northern Fulton County Georgia a northern suburb of metro Atlanta ga. The most recent census 2010 shows a population of approximately 58000 people. The population is considered affluent. It is a great place to live. Are you planning on moving to a new Alpharetta house? We can help you find the property youve been looking for! Send us an email or give our office a call to find out how we can help you! 678-337-1165 Visit us on social media https://www.Facebook.com/FreshStartHomeSales.com https://goo.gl/maps/3vDrECxbFaNGvSDB7 https://www.FreshStartHomeSales.com https://sites.google.com/site/freshstarthomesales/ https://FreshstartHomeSales.Business.site https://twitter.com/RentToOwnHomAtl The post 5 Simple Ways to Make Your New House a Home in Alpharetta appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/simple-ways-to-make-your-new-house-a-home-in-alpharetta-ga/

Finding the right home might take some time. You should always look for something that meets all of your needs. Dont settle for the first house you see shop around a bit and consider your options. In this post we will help you think of things to consider when shopping for yourhouse in Atlanta ! Finding the Right Home in Atlanta Prioritize First thing is first. Get your priorities straight. Make a list of what is absolutely necessary vs. the features that are simply wanted. For example you might need a two cargarage but a spare room is optional. In reality you could find another way to create the game room you have always wanted. Moving will affect your whole family each person with their own wants and needs. Discuss it together before you begin looking at houses. Be Real Be realistic about your priorities above. Make smart investment choices based on logic not so much emotion. Dont become blinded by the things you like neglecting the things that are wrong with the home. Many people will see a house that is way out of their price range and rationalize how to make ithappen. They empty theirwallets and never get to really enjoy the house. Stay within your means. Just because you can doesnt mean you should. Think About the Future Some of the features you love about a home today might be why you sell it in the future. A huge backyard with a green lawn for the kids might be more difficult to upkeep as the years go by. If the bedrooms are allon the second floor the stairs may become more of an annoyance. Are the stresses of a large home worth it? Another thing to consider is resale value. An overly customized home wont draw the same audience as other homes in the neighborhood. Look at school district ratings. Even if you dont have children a higher rated district can raise your property value. Consider how the house will perform when it is time to sell. Will you be able to get the price you need when the time comes? But Dont Forget Where You Are Today Your home should be a sanctuary. A place you can come home to after a long day and truly feel at peace. Feeling cramped wont make you feel good about your home. Nor will having to come home to a ton of maintenance. Ultimately what will make you and your family happy now? People will appreciate having their own space and a beautiful yard. Just remember to be realistic. Location. Location. Location. When you are buying a home you arent just buying a place to live in you are buying the location too. Take a look at how other real estate in the neighborhood compares. What is the proximity of the property to work schools recreation and shopping? Scope out the neighborhood. Talk to people. Are there kids outside playing? What is the atmosphere like? You should get a good feeling when you finally find your perfect home. Take Notes Take notes on every property that you are interested in. Once you start seeing a few houses they can all start running together. Take pictures videos and write down the pros and cons. You can record the square footage number of bedrooms and baths. You will want to pay attention to the property tax rate too! Youcan even create your own rating system for all the houses you see! Whatever helps you to keep track. Are you ready to buy a home in Atlanta ? We are ready to help! Fill out this form and let us know what you are looking for or give our office a call today! 678-337-1165 The post Finding the Right Home in Atlanta What House Will Best Meet Your Needs? appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/finding-the-right-home-in-atlanta/

Are you thinking about buying your first home in the Atlanta area? The process can seem overwhelming for a first-time buyer however it doesnt have to be! Before you start house hunting learn the process! Our latest post will outline the process so you can enjoy a smooth and simple transaction. Start researching as soon as you decide you want to buy a home Track homes you like. Keep track of what they are selling for and how long they are staying on the market. Look in nearby areas as well. Nomany how many professionals you have working for you having this information will provide you with confidence and purchasing power throughout your transaction. Dont simply relyon the word of others pull data and see for yourself what is going on in your market. Think about funding How much can you realistically afford? Which type of loan will best meet your needs? If you have 20% to put down a traditionalloan will work. However an FHA loan will only require 3% down. There are also VA loans USDA loans and other options you should look into before you decide which type of loan to pursue. Now is also the time to get your credit score in check and prepare yourself to qualify for the loan you are seeking. Find a lender Once you know which type of loan you want it is time to shop around for the right lender. Dont go with the first you find. Get loan offers from multiple lenders and brokers and see who will give you the lowest interest rate. Taking the time to shop now will save you thousands in interest down the road. Once you have found the lender you want go through the application process toget prequalified. Getting prequalified is key. Nothing like finding the home of your dreams only to find out you don;t qualify for the loan. Find the right agent Just like shopping for a lender you will want to take a look at a few agents in your area. A great agent will come to you highly referred boast several 5-starreviews online and will be punctual and professional for your calls and meetings. They should be extremely knowledgeable about the area and the market. Don;t settle for the first agent you speak to. Call a few and pick the one who can offer the most insight and information. Go shopping Now the fun begins. Your agent should know your budget and what you are looking for. A great agent will stay within your parameters and be able to find multiple properties to show you right away. Take a look at a few homes and know what to look for as far as red flags. Keep your options open and dont rush into the first home you see. However if you believe you have found your dream home you might want to act quickly before someone beats you to the offer stage. You wouldnt want to lose your dream home because of some hesitation! Inspections Once you have found the home you want and have made an accepted offer you will want to have an inspection done. Offers are typically contingent on the results of the inspection. If major repairs are needed this contingency allows the potential buyer to cancel their offer. Your realtor will help you set up the inspection. Once the results are provided you can negotiate with the seller about the necessary repairs. The banks Before your loan is finalized you will need to have an appraisal done. The lender will insist upon this in order to ensure that you are making a smart purchase with their money. You will also need to complete the final qualification processes as applicable. Closing The closing process consists of a lot of paperwork and signed loan documents. However once the seller has the check in hand you are ready to move into your new Atlanta home! Are you looking for help buying your first home? We can help you find the best properties in Atlanta ! Send us a message or give us a call today! 678-337-1165 The post Buying Your First Home in Atlanta Georgia appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/buying-your-first-home-in-atlanta/

The idea of purchasing a foreclosure or distressed property at a low cost might seem like a no-brainer. But before you buy make sure you know what youre getting into! More and more people are choosing to make real estate investments. Some choose commercial some choose multi-family and some choose to buy and sell distressed homes. This can mean pre-foreclosures bank owned properties or short sales. There is definitely value to be found here however the process isnt for everyone. We will break down the good the bad and the ugly so you can determine if this course of investment is right for you! Distressed Property The Good: You will get a great price. This is the obvious reason why people buy foreclosures. You can find properties at a fraction of the retail price. If the property is bank owned they will want to get rid of the property as quickly as possible. The longer they own it the more it costs them. If you find a home in pre-foreclosure you can make a cash offer to the owner. By making a direct offer you are saving them time and the costs of commission and listing. As such you will be able to offer less than retail. This will stop the banks from seizing their home and help to save their credit. Everyone wins. They come in all shapes and sizes. Not just run-down or small properties. You can find luxury homes too. With a little elbow grease you can turn a foreclosed property into a higher valued home. Flip it quickly and see amazing profits on the resale. Distressed Property The Bad: There is considerable competition. You dont just decide one day to invest in foreclosures andBAM! You have to put in the work. If it was easy everyone would do it right? If you are buying at an auction you might have to pay in cash on the spot. Financing can be difficult. Most banks arent as eager to lend for investment purposes. A traditional mortgage will usually only beavailable when you are buying a home you plan on living in yourself. Many foreclosures are purchased as-is. This means there is no time for an inspection what you see is what you get. Its a risk many are ok with taking. It pays to be knowledgeable in construction. If you are buying directly from the bank they will not be able to provide you much history on the house. You will not be able to have much information about the house disclosed. Distressed Property The Ugly: Logic might tell you that if the previous owners werent able to pay their mortgage they were likely not able to sink any money into the house. Eniviedibly things will need to be repaired. If money is a concern basic home repairs can go by the wayside. Often being help together with band-aids until something eventually goes really wrong. Many are run-down and not well taken care of. Once a bank takes over a property it can end up sitting vacant. Unfortunately people will take advantage of the empty property. Often times causing damage and looting of major appliances. Vandalism is very common when it comes to foreclosure properties. There have been cases where a foreclosure has been purchased however the tenants simply refuse to leave. It is rare but you might have to go through the eviction process to get them to go! With all its headaches purchasing a foreclosure isnt right for everyone. You should be prepared to do a good amount of work to bring the property up to acceptable standards. Before you jump in make sure you know what you are getting into!There are amazing deals to be found! Are you looking to purchase a foreclosed or distressedproperty in Atlanta ? If so we are ready to help! Send us a message or give our office a call today! 678-337-1165 The post Should You Buy a Foreclosure or Distressed Property in Atlanta ? The Good The Bad and The Ugly appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/should-you-buy-a-foreclosure-or-distressed-property-in-atlanta/

If you are considering buying a home in Atlanta youneedto understand the terminology being used. Check out ourguide to buyers lingo so you can feel like a pro even if youre a first-time buyer! Buyers Lingo 101 Abstract of Title This will basically give you a full paper trail of the propertys ownership. It will include property transfers inheritances liens encumbrances and conveyances. Adjustable Rate Mortgage Usually comes at a lowercost however the interest rate will vary depending on the market. Considered less stable than a fixed-rate mortgage. Amortization Schedule A table that shows your mortgage payment schedule outlining your principal and interest payments. Appraisal Done by a professional to help determine the value of your house. Assessed Value This is the value of your home as determined by the county for tax purposes. Balloon Mortgage A mortgage in which the final balance is due in one large payment at the end of the loan term. Bridge Loan A loan to cover a period of time in between two transactions. Typically the period between buying and selling a home. Caveat Emptor Latin for:Let the Buyer Beware. Basically at the end of the day you are assuming any risk involved in the transaction. Chain of Title A listof successive owners of a specific property. Closing Costs Miscellaneous charges you will need to payin addition to your downpayment. This might include loan origination fees title fees fees from the city to record the deed surveyors etc. Closing Statement This is a legally required document that itemizes credits and debits to both the buyer and seller. Comps A listof comparable sales in your area. Considered one of the best ways to determine a homes actual value and used by agents to create a Comparative Market Analysis. Contingency A provision in the contract canceling the sale should a certain event occur. For examplea house not appraising high enough to satisfy a lender. Conventional Mortgage This type of mortgage is not guaranteed by the federal government. They can be fixed or adjustable rate. Conveyance The transfer of property from one person to another. Debt-To-Income Ratio A comparison of what you owe each month to what you earn. Earnest Money Deposit Oftenused when a buyer needs more time to secure financing. It shows good faith and is typically help in a joint escrow account by the buyer and seller. Equity The market value of a property minus any liens. (Including your mortgage balance.) Escrow When an impartial 3rd party holds the deed or funds. FHA Loan Issued by a federally qualified lender and backed up by the Federal Housing Administration. Requires a lower down payment in comparison to a conventional mortgage. Good Faith Estimate Also called a GFE is provided by your lender when you are shopping for a loan. It breaks down the loan terms and fees. Inspection A service provided by a licensed inspector during the sale of a home. They inspect the foundation plumbing systems electrical work sewage system heating/cooling systems and the roof. Loan-to-Value Ratio A term commonly used by banks and lenders to show the value of the loan vs. the value of the home. Negative Amortization This is an increase to the principal balance of the loan caused by making payments that do not cover the loans interest. Origination The process of applying for a loan all the way to the disbursement of funds. Refinancing Getting a new mortgage to replace an old one. Usually done to provide a better interest rate to the buyer. Seller Contribution Instead of discounting the price of the home a seller will directly contribute to your costs or downpayment. Title Insurance This protects property owners and lenders from damage and loss. It is required if you have a mortgage on the home. Underwriting Determines the amount of risk a lender is taking on. Are there more terms you would like to see defined? Let us know! Looking to buy a property in Atlanta ? We can help you navigate the process! Send us a message now or give our office a call! 678-337-1165 The post Buyers Lingo 101 | Atlanta Real Estate | Fresh Start Home Sales appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/buyers-lingo-101-atlanta/