Atlanta home buyers need to know the basics. This is a short series of blogs that will help navigate the home buying process.
If you are a first time home buyer, you are going feel as though you have been dropped into the deep end of the swimming pool. There is a "language" that you will need to learn. It is best to do your homework upfront so you are prepared as you go into the process.
Atlanta home buyers will generally be asked for $500-$2000 earnest money to accompany the purchase agreement. Earnest money is your pledge of good faith. This will be held by the listing broker or an attorney until the closing. At closing you will receive a credit for having already paid that fee. Earnest money is a negotiable item.
Now, let's talk about that purchase agreement. If you have never signed a legally binding agreement, you may want to ask your agent for a copy before you look at homes. This will give you time to read the agreement and ask questions regarding all of the terms of the contract.
Many Atlanta home buyers have found themselves in multiple offer situations. The inventory in the metro area is about 1/3 of what it was about 3 years ago. The highest competition is for homes priced below $150,000.
My best advice, is to do your homework, get organized, talk to your real estate agent about your wants and needs and most importantly, your loan officer about qualifying for a mortgage.
Stay tuned for part 2!
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