In addition to the plethora of resources we offer our clients, AHRG has followed a proven step by step system that has successfully helped hundreds of home buyers in the Metro Atlanta area. In just 5 steps, these families were able to find the perfect home to enjoy for years to come.
Here is Atlanta Homebuyers Realty Group's 5 Step Home Buying Process:
Step 1: Choose a Realtor You Trust
Many buyers feel the home search starts with looking at property first, when in reality, it's best to find a trusted full time real estate professional who has built relationships with the best lenders, inspectors and closing attorneys, to ensure that you are given the best service and the best rates on your loan, home owners insurance, home inspections, etc. Your realtor should be seen as your first line of defense. Choosing the right realtor can help provide you with options that can make your dream of home ownership a reality with little to no hassle.
Step 2: Get Your Loan Approved
AHRG work with mortgage lenders who are fair and who provide the best mortgage loan options. Getting loan approval before you begin looking for homes will ensure, upfront, you are fully aware of how much you can afford to spend on your dream home, what your interest rate will be, what your monthly payments will be, how much money you will need at closing, and if you qualify for down payment assistance. Once you are fully qualified and have received a mortgage loan approval letter, you are now ready to begin your home search.
Step 3: Choose Your Home Type and Location
Once buyers are approved, we will schedule a face-to-face consultation to discuss your housing needs. During this meeting, you will answer questions like: How many bedrooms do you need?, Would you like a basement?, Do you want to buy a new home, a condo, or a fixer upper? etc. When buying a home, we, also, urge our clients to discuss your top two or three preferred locations based on the distance to your job, or the distance from the school your children will attend. Regardless of where you're searching for properties, we can help you find the perfect home.
Step 4: Submit an Offer
Once you have found the home of your dreams, an offer must be submitted. In order to write an offer, the buyer must have an earnest money deposit. This deposit can range from $500 to $2500 depending on the price of the home. Your earnest money deposit represents your commitment as a buyer. and is usually held held by the closing attorney.More will be discussed about earnest money during our face to face consultation. Once the offer is submitted to the seller and the seller accepts the offer, you will be considered Under Contract! During this phase, called the due diligence period, the buyer must pay to get the home inspected and appraised. Though the home inspection is not mandatory, it is highly recommended, because it protects the buyer and gives an overall summary of the property's condition before it is purchased. On the other hand, the appraisal is mandatory and is required by the lender. During your consultation, we will cover more in-depth information about what to expect during the due diligence period. If the home you have chosen gets two thumbs up during the due diligence period, you are now ready to proceed to the last step of the home buying process.
Step 5: Prepare for Closing
In order to be prepared for closing, your lender may need updated documents such as bank statements, recent pay stubs, additional signatures, proof of funds for your down payment, an so on. Lenders will also ask you to purchase home owners insurance and, if required, provide a termite letter. During this final step, buyers are discouraged from making large purchases, having their credit pulled, and/or making large bank deposits. Your best bet, during this phase, is to wait patiently for your lender to give you the final "Clear to Close." This means the mortgage underwriters has reviewed all buyer documents, and you are now ready to attend your scheduled closing to receive the keys to your new home!
Are you ready to purchase your dream home with Atlanta Homebuyers Realty Group? If so, click here to start the home buying process!
Lisa W. Jefferson is a Georgia Real Estate Broker with 20 years of experience under her belt. She is "blessed to be a blessing" and dedicated to helping the community stay educated on home buying, home selling, and investing. You can get the guide Take Charge! Buying & Selling Real Estate.