After getting your loan pre approval, the fun begins. Now armed with the knowledge of what price range to look in, homes can be selected based on your criteria. Once homes of interest have been identified, your agent will preview the homes to make sure they really meet your needs. Afterwards, your agent will tell you which ones they felt were the best. Then you can decide from their list and the original list of homes which ones you want to see.

If you are an out of state buyer, having an agent to take pictures of the areas and the homes is very important. Your time is valuable and precious. Having someone to assist you in the area, will reduce the amount of your time needed to search for homes. The agent can give you all the necessary information to ensure you make an informed decision.

Once you have found your home, your agent will search for all comparable homes sold in the last few months. Armed with this information, you will see current market conditions and make an offer accordingly. The agent will write up the offer to meet all your terms and conditions. They will also make sure you understand the terms and responsibilities that required.

If the seller doesn't like any part of the offer, they can make a counter offer. Your agent will bring the counter offer to you. They will go over the changes that the seller is requesting. If you choose, you can make a counter offer as well. Your agent will make all your changes and submit it to the listing agent or seller(s). This can go on as long as both parties continue to try to come to a compromise.

Once both parties have accepted the offer, the buyer's work really begins. This is when all the inspections are coordinated. Depending on the house, the typical inspections are the home inspection, the pest inspection, and lead based paint testing. The Georgia Real Estate contracts have changed. All the burden is on the buyer. If inspections and such are not completed during the due diligence period, the buyer is assumed to accept the home as is! Also required during the due diligence period is verification of your loan approval. If your financing is declined after this period, you are still obligated to purchase the home.

If any problems are found during the due diligence period, the buyer can request these items to be addressed. If the seller is unwilling to negotiate on these issues, then the house can be accepted as is or the contract terminated. If the seller is willing to negotiate, then an amendment is made to include the new terms.

The next step is to get all the paperwork to the lender, title company, etc. This will ensure a smooth transaction for all concerned. A final walk through will be made prior to closing. At this time, the buyers will make sure all appliances are in working order, ensure everything found during inspection has been addressed according to the terms, and make sure the home's condition has not changed. If everything goes well and no liens or problems are found, you will be closing on your home.

At closing, the buyers will bring their closing costs that were detailed on their HUD-1 sheet. The HUD-1 sheet should be obtained at least 24 hours before closing so that the buyers are able to make arrangements to have their funds at closing. The number of people attending the closing can vary. The buyers and sellers can have different times to sign the documents, or they can be at the same time. The buyer's agent and listing agent can both be present as well. After this, you finally have your new place to call home! Congratulations, you've survived.

Keller Williams Realty Coastal Area Partners
Office: 912-356-5001
Cell: 912-308-2699
cpower21@gmail.com
www.westchathamhomes.com

Copyright ©2008 Christy Powers

This is a personal blog representing my
personal views and opinions.