Home inspection is a crucial step in the home-buying process. After finding the perfect house, you will want to ensure that there are no hidden faults that may require lengthy and expensive repairs or renovations down the line. To prepare you for this process, here are the top four things you need to know.
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Have a Great week! Iveth Caruso 706.974.4577 Adjustable rate mortgage, counteroffer, principle... the list goes on and on. Many sellers and buyers may struggle to remember the meaning of these, and other commonly used real estate terms. Get ahead of the confusion by equipping yourself with this helpful Real Estate Terminology guide. Don't forget to download it! Click on the link below to download the PDF version of the file.
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Iveth Caruso Here are six reasons you should own your home instead of renting one:
Happiness - The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn't that sound exciting! Tax Savings - The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income. Appreciation - Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell. Equity - Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds your equity and acts as a savings account. Roots - People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community. Education - Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters. If you are looking to buy or sell your home, call me. Iveth Caruso Providing the most professional, dedicated, informative and loyal service you can find in Real Estate! The term due diligence generally refers to any period of time where an asset for sale is examined. In real estate it usually refers to a period of time where a buyer can examine or otherwise consider a property for which they're under contract - and pull out of the transaction if they find something unsatisfactory or undisclosed. In Georgia, when you enter the due diligence period, in which, the buyer, does all relevant inspections and decide whether or not you would like to proceed with the sale. The seller is bound to the buyer and cannot enter into other contracts for the sale of the home (except as backup)– but the buyer is free to terminate the contract with no penalty and get the earnest money back. During this period the buyer should independently verify any information provided by the current owners with a third party source because many owners, even if well-intended, are unaware of certain factors that may affect your decision. Remember, it is the buyer's responsibility to conduct their own research during this period and to verify all information. During this period, the buyer should schedule the home and termite inspections, order the survey and research information about flood plains, power lines, and zoning. If you are buying a home with an HOA or a condo, make sure that understand the bylaws of the homeowner's or community associations and that you know what the annual or monthly required fees are and what services are included in those fees. Equally important is to inspect the neighborhood, some things to research during the due diligence period include proximity to any places or facilities that you might find troublesome such as a landfill, prison, cemetery, etc. It’s important to research local schools, crime rates. Additionally, you might also want to find out more information about your potential neighbors, including a violent sex offender search at the Georgia Bureau of Investigation website.
Generally speaking, the most common reason that a buyers terminates a contract during due diligence is that the inspection uncovers an issue that the seller is not willing to fix. But remember, the buyer can terminate the contract for any reason and they get the earnest money returned. Don’t be afraid to make an offer in a home, you could be the backup contract but remember, there is a lot of competition in the market right now for homes in the lower price points (especially those purchasing below $150,000) Because simply there are not enough homes listed. So if you want to beat the competition, it’s highly recommended to present your best offer as quickly as possible, with proof of funds or pre-qualification letter and use the due diligence period to fully investigate it and ensure you want to go forward with the purchase of the property. Please do not hesitate to contact me if you have any questions or for a free consultation. Iveth Caruso Providing the most professional, dedicated, informative and loyal service you can find in Real Estate! If you’re serious about purchasing a home, getting a pre-approval letter should be one of your first steps in the home-buying process. It is fundamental to obtain a pre-approval letter before you even begin visiting properties. You may have a hard time getting the attention of home sellers or even real estate agents. The pre-approval involves choosing a mortgage lender and a loan program and providing some basic information.
For most lenders the pre-approval process is really simple–they’ll ask you about your income, debts and assets, and they’ll calculate a maximum loan amount and purchase price based on that information. Loan officers may not verify your information or check your credit rating. Other lenders will be much more thorough – there is no industry standard for pre-qualification. highly recommend all of my buyers to present not only an earnest check, but also a pre-approval letter and if it’s a cash offer, a copy of a recent bank statement showing they have proof of funds to close. When you make an offer and an agent receives it with these documents attached (which is almost standard procedure); the real estate agent immediately has more confidence that you are qualified and really intend to close the transaction; in other words you are showing you are a serious buyer. Lastly, a pre-approval provides you as a buyer vital information as to what price range you should stay within as well as the range of yearly taxes. A real estate agent who requests a pre-approval prior to showing a buyer homes is trying to save you time and frustration. As a buyer, a pre-approval letter provides you and edge and purchasing power, especially in a multiple offer situation. If an agent asks if you’re pre-approved, it's a good sign. Because it shows that they are thorough and thoughtful about how they do their business. That is the type of agent you want to have on your side when you’re buying a house, one agent who pays attention to the details. One who isn’t going to waste your time or allow your heart to be broken when you fall in love with a house you can’t do anything about. If you are ready to buy a home, contact me for a free consultation. |
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