Moving in Atlanta>Question Details

Kira, Home Buyer in Atlanta, GA

Relocating to Atlanta Fall 2013 to attend beauty school. Would like to buy condo instead of renting. Is this possible?>

Asked by Kira, Atlanta, GA Tue Jun 19, 2012

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There are some decent areas that still hold Hud/freddie/Fannie Approved condos, but they are hard to come by. What area are you looking at moving and I can check to see what is approved in that area.

Jeffrey Spatz
GMAC Mortgage
1170 Peachtree Street NE, suite 1200, office 1230
Atlanta, GA 30346
404 309 4936
Jeffrey.Spatz@gmacm.com
http://www.gmacm.net/jeffrey.spatz
0 votes Thank Flag Link Mon Jan 14, 2013
Beauty school is a great idea! It can lead to some great career opportunities. Such a great idea! http://www.ellylukas.edu.au
Flag Mon Nov 17, 2014
HI KIRA,
IF YOU ARE PLANNING ON BUY A CONDO OR TOWNHOME IN METRO ATL, PLEASE BUY SOMETHING CASH. NO CONDO IN THIS ATL METRO MARKET WILL HOLD VALUE IN THIS CRISIS! BEWARE OF HOA FEES AND DELINQUICIES. MOST BANKS WILL NOT LEND ON CONDOS IN THE MARKET.CASH ONLY!...HAVE A SR.AGENT/REALTOR ON YOUR SIDE......YOU BEST ASSET FOR OBTAINING ONE WOULD BE FROM HOMEPATH.COM. THEY HAVE A SURPLUS OF REO/CONDO INVENTORY. THIS WILL ELIMINATE PRONT COST AND PMI COST ON THE SALE. GOOD LUCK...THINK & MAKE A WISE DECISION!
0 votes Thank Flag Link Fri Jun 22, 2012
Where is your beauty school?

You certainly have a possibility, but it is about your cash first and foremost.

How long do you plan to occupy an Atlanta residence?
0 votes Thank Flag Link Wed Jun 20, 2012
Good luck, let me know if I can help.
0 votes Thank Flag Link Wed Jun 20, 2012
Thanks so much for all of the advice. It looks like paying cash will be the best option especially with all the deals in the area.
0 votes Thank Flag Link Wed Jun 20, 2012
Kira,

My niece is attending Paul Mitchell Beauty school. Siggers is also a good place although the owner asked my Niece if she was seeing anyone. Here's the thing. Depending on what school you end up with will dictate where you will live after you graduate. You will have to stay in Georgia for one year but then off you go to Paris, Chicago, NY or Atlanta. I would recommend that you find out:
1. Where will the school place you after you graduate? You may buy a condo in Atlantic Station and be placed in Buford (30 miles away).
2. Find out if you can relocate to another country or state
3. Find out if you can intern while in school. Some will pay you while in school, some won't.
Next, ask yourself,
0 votes Thank Flag Link Tue Jun 19, 2012
Hi Kira,
It will be possible for sure if you are paying cash:) banks accept only cash offers on a lot of foreclosures and short sales .
If you are planning on a getting a loan I can recommend a great mortgage company.
Please feel free to contact me

Katya Cooper
Keller Williams Realty Atlanta Perimeter

Cell: 256-565-6082
0 votes Thank Flag Link Tue Jun 19, 2012
Hi Kira
There are a lot of condos on the market in Atlanta. Unless you are paying cash, you will have to meet lending guidelines. The main factors are going to be satisfactory credit score and history. You will also need to have verifiable and acceptable income and employment history.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue Jun 19, 2012
Kira, welcome to Atlanta! Are you thinking of paying cash for the condo? As you know getting qualified for a loan requires a source of income. I suggest that if you are planning on getting a loan, speak with a lender and find out what you can qualify for. Atlanta has many homes to choose, from low to high prices depending on the area you wish to purchase in. Are you planning on living in Atlanta after you finish school? or are you planning on turning the home into a rental property? You will need to be careful with that if you plan on renting a condo, some condo associations do not allow homes to be rented, also if you are planning on purchasing a home with an FHA loan you will need to be aware that lots of condo complexes are not FHA approved so you will need to purchase with a conventional mortgage. The best thing to do first is to get qualified if you are planning on getting a loan,but if your are purchasing with cash then all you need to do is get with a real estate agents who can represent and assist you in finding you a condo. Please consider me when you are ready to purchase. Good luck!
0 votes Thank Flag Link Tue Jun 19, 2012
Kira,

We have lots of condos, but depending on your price point and location, inventory can be tight. That is particularly true in the sub 100k market in the "intown" Atlanta neighborhoods running roughly from Castleberry Hill to Decatur. You can do much better outside the perimeter in almost any direction.

You are smart to start thinking about this now. Get a copy of your credit report and see if there are any errors or areas for improvment. You will find lots of information in this forum about improving your credit. Now is the time to be saving too. Once you pay down any debts, start building your savings.

Best of Luck,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Tue Jun 19, 2012
Kira,
You are very smart by thinking this way! If you can get approved , so many options are available in Atlanta.
Finding the right buyers agent is important.

GOOD LUCK,

Maria Taboada,
Realtor
Solid Source Realty, Inc
404-402-5375
mdiegot24@mac.com
0 votes Thank Flag Link Tue Jun 19, 2012
Kira,

Yes, condos are plentiful. Please let me know where your beauty school is located, or what part of the city you would be interested in and it would be my pleasure to help you find a great condo at a terrific price. The fall is right around the corner ... the time to start looking is now ! Please contact me when you are ready.

Thank you!

Alex Sedlecky
Century 21 Results Realty Services
asedlecky@youneedresults.com
770-855-3349
0 votes Thank Flag Link Tue Jun 19, 2012
Buying is the smart thing to do if you can get approved for a loan, Kira. In many instances, rent prices are higher than mortgages right now.

You would be smart to choose a good buyer's agent several months before your move to help you make the best decision for your particular situation. I would recommend anyone who has answered your question. Talk to two or three of us to find someone who you feel comfortable with.

Good luck!
Sherrie Crow
Keller Williams Realty Metro Atlanta
404-790-8184
0 votes Thank Flag Link Tue Jun 19, 2012
Yes! It is possible to buy a condo. Atlanta has an abundance of condo properties available to prospective buyers in Midtown, Buckhead, Virginia-Highland, and Inman Park areas. Atlanta has quite a few luxury condos with private covered balconies, overlooking the downtown area. There are also new developments outside of downtown Atlanta as well. With low interest rates, now is the perfect opportunity to invest in real estate.
0 votes Thank Flag Link Tue Jun 19, 2012
As long as you can get preapproved for a home loan and find a condo that fits your price range, yep it is possible...
0 votes Thank Flag Link Tue Jun 19, 2012
Hi Kira,

I think it really depends on your financial situation.

There are great properties out there in almost any price range.

At any rate, it's probably best to speak with a lender first so you know what you need for down payment, monthly mortgage payments, etc. I suggest:

Jeff Buchweitz
Fairfield Mortgage
Office: 404-564-5653
Cell: 404-392-4318
Fax: 800-853-8177
Website http://www.jeffbloans.com

Best of luck!

Jonathan Huff
http://www.homesforatlanta.com
Keller Williams Realty Metro Atlanta
m 404-492-7804 .:. f 678-815-0955 .:. jon@hfatl.com
0 votes Thank Flag Link Tue Jun 19, 2012
Yes, if you meet income and credit guidelines.
0 votes Thank Flag Link Tue Jun 19, 2012
Kira:

I'd be happy to assist you in your relocation. Feel free to review available properties on my website (see link below). Also feel free to review the tab "local community". It has aton of information that you will need in making a decision as to where you would like to live in and around the city.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Tue Jun 19, 2012
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