FAQ: Buying a Home

Q: Do I need to get pre-qualified?

A: Yes! This should be your first step in the home-buying process and I am happy to recommend a good lender to you. The pre-qualification process is important for a few reasons. 

First, it lets you know how much house you qualify for and what that equates to in a monthly payment. Note that what you qualify for and what you feel comfortable paying on a monthly basis may not be the same. Often you will qualify for more house than you feel comfortable with. A good lender will create a GFE (good faith estimate) which breaks down a potential home price into a monthly payment, taking into account things like your down payment, property taxes, homeowners insurance, and HOA fees. This is what you need to pay attention to. Once you figure out what monthly payment you are confortable with, let me know the price point that corresponds with so we can make sure you are only seeing houses that you can afford. It is no fun to look at $300,000 houses only to find out that you only feel comfortable with a monthly payment that equates to a $250,000 house! 

Second, we will need your pre-qualification letter in order to submit an offer, especially if the home is a foreclosure or short sale. With the mortgage business the way it is right now, we want to show the seller in every way possible that you are the most qualified buyer possible so they are more likely to accept your offer.

I have a list of lenders that I know and trust, whom I would prefer that you work with. If you have a lender you have worked with before and trust, that is fine. But I have had too many clients get burned by bad lenders that promised things they could not deliver, which causes a lot of undue stress. My preferred lenders are all fabulous and very good at what they do.....and most of all, they are honest. They don't hide fees, they don't promise something they cannot deliver, they will let you know if you can get a better deal somewhere else, and most of all: they get my clients to the closing table quickly, easily, and great service! (and no, unfortunately they do not pay me to say this!)

Thanks guys!

FAQ: Buying a Home

Q: I am thinking about buying my first home. Why should I use a Realtor? Isn't it expensive?

A: Obviously, I am a bit biased, but in my opinion there are a multitude of PRO's for working with a Realtor and not really any CON's. I have found that first-time buyers tend to have a lot of misconceptions and confusion about the buying process which makes them hesitate to work with an agent. The irony of course is that a good agent will remove those misconceptions and help walk you through what is often an intimidating and confusing process. 

First, (and I get this a lot) is the issue of cost. As a buyer there is absolutely no cost to you for working with me. My fees have been negotiated between the seller and the listing agent of any property I show you before we ever walk in the door, and they are responsible for paying me. These are standard, industry-wide fees and any house with a sign in the yard has already agreed to pay me for representing you. Often people think that if they don’t have an agent representing them that means they, the buyer, are entitled to those fees. Unfortunately that is not the case and it is illegal in Georgia to do so. There is no direct financial benefit for you to work without an agent. 

However, there are indirect financial benefits for working with me. As a real estate professional statistics show I will be able to negotiate a better sales price on your behalf than you would be able to do on your own. In addition, I can save you a lot of time and energy. I have access to a much larger and more up-to-date database of available homes and can run specific searches based on your exact parameters. Once we get a list of potential homes narrowed down, I can take you to see each one, arranging all the appointments ahead of time so that we can be as efficient with your time as possible. With my lockbox key I can get you into any home that is for sale so you are not having to call each listing agent and try to arrange showings yourself. Once you find 'The Home' I will draw up all the paperwork and negotiate on your behalf until we have a deal that is suitable to you. I will then arrange all the inspections, termite clearance, appraisal, and title work, getting you to the closing table with the minimum amount of stress.

What I think is most valuable about working with me is my knowledge and experience. This is my job, I have extensive training, and I have done it a million times before. I know what I am doing and I do it well. I can help guide you through the entire process with an experienced eye to make sure you are getting a good house for a good deal. I know which questions to ask and which issues are serious ones. I have extensive contacts for other excellent professionals that you will need throughout the process, from lenders & closing attorneys to inspectors & appraisers, which will make sure the process is as smooth as possible. Most importantly, I put all of this to work for you and your best interests. I am on your side, looking out for you, fighting on your behalf to get you into a great home as easily and stress-free as possible.

So, like I said, I think there are tons of reasons to work with an agent and not really any not to. My business is based on referrals. That means that is it my job to create lifetime clients. It does me no good to give you only 50% service…..I want to do the best possible job for you, to make you as happy as I am able, so that you become that lifetime client and you want to refer your friends and family to me. My goal when I started in this business was to do 100% of my business via referral and by focusing on that and the service required to attain that goal, I quickly rose to one of the top agents in my office, which would not have been possible without creating happy, lifetime clients. That is exactly what I would love to do with you!

Congress Enacts Bigger and Better Home Buyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only. For the tax credit program,
  the IRS defines a first-time home buyer as someone who has not owned a principal
  residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes
  up to $150,000 qualify for the full tax credit.

Click here for all the details!

Should you appeal your assessed property value?

With falling home prices, many new homeowners are finding their homes assessed at a value higher than what they paid, which directly relates to the amount of property taxes they are liable for. In these cases, it is worthwhile to apeal your assessment which may lead to your property taxes being lowered.

Georgia law requires the Board of Assessors mail assessment notices to taxpayers when property values change. When you receive your assessment notice, the first thing you should ask yourself is what is the fair market value of my property? Fair market value is the price that a willing buyer would pay and a willing seller would accept for a property in an open market sale. If your appraised value is more than you reasonably could expect to sell your property for, then you should consider filing an appeal.

A CHECK LIST FOR PROPERTY OWNERS FILING AN APPEAL

1. Check the values of similar houses in your neighborhood.
2. If you still wish to appeal, you must do so in writing within 45 days of the date of your assessment.
3. When your appeal is received, The Fulton County Board of
   Assessors (BOA) makes its review and either agrees with your value or
   establishes a new one.
4. If you are not satisfied with the BOA's decision, you
   may choose Arbitration or a Board of Equalization (BOE) hearing. The BOE is a
   panel of three county tax payers appointed by the Fulton County Grand Jury to
   resolve disputes over property valuation. There is no cost if the BOE is chosen.
5. Your final option is to appeal the case to the Fulton County Superior Court.

HOW TO MAKE YOUR APPEAL MORE EFFECTIVE

To make your appeal before the Board of Assessors, the Board of Equalization or through arbitration more effective, you can improve your case with documentation. Here's how to do it.

1. Request a copy of your Property Record Review Document in person from the
   Assessors' office, or send a self- addressed, stamped envelope to the Fulton County Board of Assessors, Suite 1056,141 Pryor Street, S. W., Atlanta, Georgia 30303-3445. This free, one page document will describe the essential features of your residential property.Review it for accuracy. You may request any other residential property record for fifty cents.
2. Obtain a market analysis of comparable properties recently sold in your neighborhood. As your local real estate expert, I am happy to provide this to you at no charge.
3. Establish property value by providing a recent property appraisal. This is a good option
   for individuals who have recently purchased or refinanced a home.
4. Review the Street Index and Sales Books for comparable properties. You should look for
   properties in your neighborhood with the same quality or construction; similar land size and square feet of living area; number of Bedrooms, basement size, etc. The Street index and Sales Book are located in the downtown Government Center, North and South Fulton Service Centers.

Homestead Exemption

A homestead exemption is a reduction in homeowners' property taxes. To qualify, you must own and occupy the home as your legal residence and primary domicile on January 1 of the year in which the exemption is being claimed (so all you people who bought a home in 2008, even if it was on December 31, 2008, this applies to you). Homeowners must apply for this exemption on or before the deadline required by their county (see links below). Once granted, this exemption is automatically renewed each year as long as they continually occupy the home under the same ownership. The home must be your legal residence for all purposes including the registration of your vehicles and the filing of your income tax.

You cannot file for homestead exemption on rental property, vacant land or on more than one property. In addition to basic homestead exemption there are additional exemptions for residents age 62 and older and/or disabled and disabled veterans. You must apply for these exemptions in person. If you are adding or deleting a person's name on a deed, you must re-file for homestead. Refinancing your home will not affect your exemption.

Fulton County / City of Atlanta: due March 1st***

DeKalb County: due March 1st***

Gwinnett County: due April 1st

Cobb County: due April 1st

***if you live in the part of City of Atlanta which is also in DeKalb, you must file in both Fulton and DeKalb Counties***