Atlanta Real Estate Tips

How To Buy A Home in metro Atlanta

Making your purchase: Extending the offer

When you find the perfect house, your Metro Brokers real estate agent will take you through a step-by-step process to make the purchase.  You know the seller's asking price, now it's your turn to make some important decisions.

• Decide how much you should offer.  Consider factors such as the home's length of time on the market, reasonableness of price, availability of financing and other costs.

• Decide if you want legal representation.  This varies from one region of the country to the next.  If legal representation is the rule rather than the exception and you decide to use an attorney to represent you, be sure you retain one who specializes in residential real estate transactions in your area.

• Know what happens to your earnest money.  The earnest money deposit shows that you're serious about buying the home.  This deposit is held by a third party such as your sales professional, title company or escrow agent until the sale is closed or contract is broken.  If you buy the house, it is applied to the down payment or closing costs.  If you fail to buy the house after the seller has accepted your offer, he or she may have the right to keep this deposit.

• Require the seller to do a title search to prove the title is clear.  The title should show no substantial claims or liens against the property.  The type of proof varies by area, and your Metro Brokers real estate agent can tell you which kind is used where you live.

• Decide what type of deed you want.  You'll most likely specify that the seller convey the property to you with a general warranty deed that transfers ownership rights (or title) to you.

• Decide what conditions you want to place on buying a house.  Your purchase may be made contingent on obtaining financing, a building inspector's satisfactory report or selling your present home.  Real estate contracts today may already include many of these standard real estate contingencies.

• Spell out what you're buying in the contract.  Common items to be specified include appliances, light fixtures, shades and drapes, storm windows, and flowers, shrubs and trees.

• Determine what special provisions should be included, such as for property taxes, insurance costs and utility bills.  Read all the small print carefully.

• Determine the closing date and possession date you want.  Your Metro Brokers real estate agent can tell you who typically acts as a settlement agent in your area.  Allow yourself plenty of time for financing and all the paperwork in the transaction.

• Your Metro Brokers real estate agent will take the offer to the seller or seller's agent.  The seller will either accept, reject or counter your offer with changes in some of the terms.  You may either sign or counteroffer at this point.

• Sign the document when you both agree to the terms; it becomes a valid contract.  (In some states, a binder agreement is required before the final contract is drafted; ask your agent if this applies to you.)

Deciding to buy
How much house can you afford?
What type of house do you want?
Choosing a neighborhood
Picking the right home
Protecting yourself
Financing your home
Calling it your own