Atlanta Condos For Sale

Changes Are Coming to the Closing Process!! TRID

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Closing Changes When Buying a Home September 30, 2015
If you are purchasing a home or condominium, and you will be making your LOAN APPLICATION AFTER Saturday, October 3rd, the process is changing! And could be a bit complicated if you don’t work VERY CLOSELY with your real estate agent, your lender and your closing attorney!!

If you have purchased in the past, maybe you remember last minute amendments to your Purchase and Sale Agreement? Maybe they were to correct a name, or an address, or clarify a special stipulation in the Agreement? Ah, not so fast now!!!!

The new TILA-RESPA Integrated Disclosure Rule (TRID) is going to make follow up ever so important! NOW, when you receive something from your agent, your lender or the closing attorney, it will require your IMMEDIATE and FULL attention. Due to new disclosure time lines, everything must be in place at least 10 days before the closing (to assure that everything moves on schedule!)

Every purchased a home or condominium with a “back-to-back” closing? Where you needed to close on your first residence so you could buy your next home? These types of closings will be even more difficult to manage, because if anything goes wrong on the first closing, that messes up the days needed for the disclosure, it will in turn delay your next closing.

In a nutshell, what does this all mean? It means you need to have YOUR TEAM in place, and have your real estate agent as your Quarterback to make sure the process is moving along. Anytime you are sent something that requires you read and sign, you need to give it you immediate attention, so it can be handled accordingly!

Changes like this can be challenging, but I’m here to help you through, every step of the way!

For More Information about the new Process and understanding it, CLICK HERE for the Consumer Protection Financial Bureau and helpful information about the new forms.

 

 

Who Is YOUR Real Estate Team?

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real estate team MyMidtownMojo.com Spetember 11, 2015So it began last night….but it wasn’t Monday!! It was Thursday Night Football! I think they still have Monday, and Sunday…shreek! But, that’s not want I really wanted to talk about.

I wanted to talk about YOUR Real Estate Team. When your watch a football game, there are the players on the field, and those on the sidelines, hoping they make it in. And then WHO ARE all those other people around the actual football players. Well, you have the actual football TEAM, and then you have all those other people that support them.

It’s the same when it comes to buying or selling a home. Who Is YOUR Real Estate Team?

Of course there is me, your Real Estate Agent. I’m like the Quarterback of the team. Number One, I’m your consultant. Number Two, I’m your negotiator. And Number Three, I’m the person who oversees all your transactional details.

And there are plenty of those details to make happen. But helping me, help you is YOUR real estate team, that includes your home inspector, your lender, your insurance agent, maybe a plumber or handyman that needs to fix things (before you place your home on the market) or even after you buy and close, maybe something comes up. I’m still here as your Consultant and Quarterback to help you out.

But just like that football team on the field, if you don’t have the right team put together, you may not get to the goal post. In real estate, that would be the closing table, and you handing over the keys to the new Buyer  or you receiving those keys AS the new Buyer.

Let me help you with YOUR real estate team!

 

5 Ways To Catch the Atlanta Seller’s Attention

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5 Ways Catch Atlanta SellersYou’ve been looking for that “perfect” Atlanta condo, right. And whether you have been looking for a week or a month, you know that the HOT Atlanta real estate market does not offer you many choices! With the limited inventory, you might even find yourself in a multiple-bid situation….meaning there are more Buyers than just YOU interested in that condo. So, you need to make an offer that will convince the seller that YOU are the one they should sell to.

5 Ways To Catch the Atlanta Seller’s Attention

You don’t have to be in that multiple offer situation either. The seller still has the right to review, and refuse any offer they receive on their home. BUT, if  we write an effective offer that focuses on 5 important parts of the offer, you have a much better chance of being the offer the seller accepts.

Pre Approval Letter From Your Lender

There IS a difference between a pre-qualification letter and a pre-approval letter. With the pre-approval letter, you have provided your lender with all the necessary documents they need to review to give final approval on your loan. (with the exception of the contract we are working on!) By having this in place, it will help you with the Quick Closing and shorter Due Diligence periods noted below. Additionally the Georgia Purchase and Sale Agreement has a Financing Contingency in it. You may be able to offer a much shorter time frame for this process by having your pre approval completed.

Offer the List Price (Or Close to It!)

The first thing the seller will look at when your offer is presented is the price you are offering. If their listing agent has done their homework, the home will NOT be overpriced! And offer a full price offer is not a bad thing. You are paying what the home is worth. If it is somewhat overpriced, and we are in a multiple offer situation, you may need to offer OVER the list price. A Seller is going to look much closer at an offer that is at or near the listing price. We will also have to be prepared for the appraisal process in case there is a difference between our offer and the appraisal. But to low of an offer and we could be out of the game before we even get started!

Request A Quick Closing

The sellers are either being relocated or have already found their next dream home or condo. We want to keep that in mind when presenting our Offer.  Chances are, it is one of  those two things that have prompted the sellers to list their Atlanta condo in the first place.  Sellers may  want to close quickly, to facilitate the closing on THEIR new home, or to complete a relocation package, so a general rule of thumb is to offer a Closing date that is within the next 30 days, provided  your lender has said that is possible.  By offering a quick Closing this can also show the Seller you are a motivated buyer.

Choose A Shorter Due Diligence Period

A Georgia Purchase and Sale Agreement  includes a Due Diligence period, which allows the buyer to back out of the contract for any reason … or simply no reason at all.  This is the time when you do a detailed investigation of the property including  HOA documents and budgets,  and your property inspection.  Sellers like to see a shorter Due Diligence period, and if you are in a multiple-bid, this could be your winning card!

Earnest Money MyMidtownMojo.com August 14, 2015Offering A Higher Earnest Money Deposit

When you make an Offer on a property, you will also give the seller a good faith or earnest money deposit.  A higher earnest money deposit also shows that you are serious about buying the home, as you have more initial money upfront!

These are just 5 Ways To Catch the Atlanta Seller’s Attention and just a few of many factors that a seller considers when they receive an offer.  But by looking at these five key factors, we are focusing on those which Sellers tend to put the most significance on when making a decision.

I’m here to help you write the best offer possible!  If you need help in this HOT Atlanta market, give me a call!

 

 

10 Questions You Should Ask Your Mortgage Lender

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Finding the right home or condo is important. I mean this is going to be your home. Your sanctuary to get away from it all after a long day at the job. So it’s a big decision. But part of that decision is also your mortgage. Unless you are in a position to pay all cash for your home, you will need a mortgage.

10 Questions You Should Ask Your Mortgage Lender

How Much Home Can You Afford?
How Much Home Can You Afford?

And there is a lot that goes into a mortgage. But that is not my role in helping you find your home. Much like when you go to a doctor’s office, there are numerous people there that have a role in your visit. From the person that greets you, to the one that takes your vitals to the doctor him(her)self, everyone has a purpose.

My purpose is to help you find the right home, and get it at the right price. There’s other considerations too, but we’ll keep it simple for this topic. But when you need a mortgage, then you need a mortgage lender.  And that person is a specialist in what THEY do! They know the in’s and out’s of getting you the best financing arrangements they can. But just as there are questions and parts to the home buying process I discuss and questions I answer for you, here are 10 questions you should ask your mortgage lender.

10-questions-to-ask-mortgage-lender

If you need help in getting your pre-approval ready to begin your home shopping with me, please check out our team of mortgage lenders. We have worked with these people for years, and know they will do it right for you!

Why Is Midtown Atlanta Inventory So Low?

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Why Is Midtown Atlanta housing inventory low April 7, 2015This is a question/challenge I face daily when working with Buyers that are looking to purchase a Midtown Atlanta condo. After viewing properties in an afternoon, the question often comes up, “Is that all we are going to see?” My reply is often, “That is all there IS to see!”

Why Is Midtown Atlanta Inventory So Low?

I’ve attached a link below to an article that recently appeared on the website Inman News which is real estate news for real estate agents. Always good stuff and very informative. However, as I am sure you have heard, real estate is local, local, local. So while this article gives you that 30,000 foot view of the market and conditions nationwide, I wanted to touch two points that relate to Midtown Atlanta…

Value Disruption/Reset in 08/09

As the article states, between 2007 and 2010, we saw a major change in values in Midtown Atlanta. Condos that originally sold for $350,000 were selling in foreclosure for $190,000!  Prices have returned to the higher values, so those that purchased at the high price, may now finally be able to sell their condo and not be “under water” in terms of the value. Those that snapped up at that $190,000 certainly are ready to move, but….

SQ5 Under Construction April 7, 2015Where Would I Go? (Move Up) and Stunted New Development

A quick glance at the Midtown skyline gives one the impression of “Wow, look at all those new condo buildings going up!” Ahhhh…not so fast. All those cranes you see are producing a bumper (maybe even an excess) crop of rental apartments, NOT condominiums For Sale! For the Midtown Atlanta condo buyer, a primary reason for a move, is to move into the latest and greatest new building. But what do you do, or where do you move, when you don’t have ANY new buildings?

Current Midtown Atlanta condo construction is limited to a couple buildings and townhome developments and those prices start in the $700,000 range. That might be a bit more of a “move up” than many buyers can afford.

So, when we are out looking at Midtown Atlanta condos for you to purchase, it’s not me giving you any kind of “salesperson pressure” to make a decision. It’s the market telling you, make that offer now, or it may be gone while you think about it.

Here is a link to Why Is Housing Inventory So Low?

More Atlanta Renters Looking to Homeownership in 2015

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Buying A HouseMore renters are looking to become homeowners in 2015, but it won’t be without some challenges.

The Zillow Housing Confidence Index has indicated that Atlanta’s renters are more confident about the housing market, and some 130,000 plan to buy a home this year. That’s all well and good, but here are some challenges:

Lack of Inventory

If those renters are looking at Midtown or Buckhead for condominiums, they best be prepared to pounce when they find one they like, and have their pre-approval with a lender in place. Limited inventory and almost no new construction on the horizon will make prices continue to rise, and the possibility of multiple bids a continued reality. All those cranes you see over the skyline are not building “For Sale” buildings, but an abundance (and maybe a bit to much) of rental apartments. So when that priced-right condo hits the market, don’t expect it to sit around for long. An inventory example in Midtown…Cornerstone Village has 310 homes, and there are currently only TWO homes listed For Sale.

Saving For A Down Payment

You have to have some “skin in the game” when it comes to getting a mortgage. That means you need to have money for a down payment. Depending on your credit and other circumstances, this does not mean you may need 10 or 20 percent down. You might qualify for other programs that will offer less money down. And you can work with parents or other family members for a potential gift towards your down payment.

Qualifying for a Mortgage

Well, yes….gone are the days of “fog a mirror, get a loan.” You need to qualify for that mortgage. If you have good credit, a job and don’t have oodles of credit card debt or a big car loan, you should be able to qualify for a mortgage. How much, is another story. (You can find our list of preferred lenders here.)

Finding an affordable home or condo

That might be the biggest challenge of all. Prices have certainly rebounded from years past. Another example in looking at Cornerstone Village. A 1-bedroom condo that sold for $78,900 in December, 2013 is now on the market at $137,000! One bedroom homes at Spire Midtown were selling in the $140-170,000 range and are now topping over $200,000 for the same homes!

But according to Zillow, Atlanta’s Housing Confidence Index hit 66.5, up some 4 percent from January, 2014. Renter confidence also climbed 4.6 percent for the same period.

Those that continue to “sit on the fence” will find that jump off more expensive!

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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