factors to consider before buying

Asked by san.gurp222@gmail.com, Seattle, WA Tue Jun 12, 2012

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Al Casey, Agent, Canton GA, GA
Thu Sep 19, 2013
First prequalification. Know what you can buy and then determine what payment you are comfortable with.
Second determine what conditions are most to least important. Type of home, Schools, Parks, Commute, etc.
Third find an agent that knows the area!
I have lived & worked in 30040 / Vickery Creek area for over 13 years with 3 children in the school system. My oldest is a junior at West and started the first grade at Vickery Creek Elementary. Give me a call if you need any more help!

Al Casey
678 725 0849
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Priscilla Ha…, Agent, Powder Springs, GA
Tue Jun 12, 2012
Hi Sandy some things to consider before buying are If? When? How? Where? An excellent real estate professional should be willing to assist you with the entire process.
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Ginger Light…, Agent, Atlanta, GA
Tue Jun 12, 2012
All of these answers are good advice.

Talk to a lender first and foremost. You don't want to get your heart set on a house only to find out later that you can't afford it.

Two things I'd add:
1- Prioritize a list of things the house HAS to have, what you'd LIKE it to have, and what would be great to have but not necessarily are requirements. Do this from analyzing your own current living situations to see how your lifestyle dictates the features needed in the house. If you have this list, it'll make home searching easier and more efficient for you all the way around.

2- Schools! Even if you don't have school-aged children, the person you sell to down the road might and being in a good school district will make a huge difference.

Hope this helps. If I can be of service, please let me know.
Ginger Lightburn
Serving North Metro Atlanta
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Hank Miller, Agent, Alpharetta, GA
Tue Jun 12, 2012
How much can you comfortably afford

Where do you want to live

What do you want to live in

What are the trends in the area

Can you sell in a year and not get smoked

Did you properly qualify your agent and everyone working with you

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Your Results…, Agent, Cumming, GA
Tue Jun 12, 2012
Hello Sandy,

Fred is correct in his guidance with regard to determining your budget and what financing options are best for your situation while getting pre-approved by a reputable lender. An experienced Realtor should be able to give you the names of 2-3 lenders who they have worked with over the years and know can be trusted to say what they do and do what they say. If you are interested, I would be happy to give you the names of a couple of very good, local loan officers who can help you.

The other factors to consider and part of what we cover during our initial buyer interview is helping you determine what type of home will best meet your needs and goals. One of the biggest decisions will be what location(s) are best for you based on a number of factors such as schools, job commute, lifestyle, hobbies and interest.

Once we determine price range and location we can focus on other factors such as; the style home you prefer (ranch, two story, master on main or up), # of bedrooms and bathrooms you need, basement required or not, if you prefer to be in a neighborhood and if so what types of amenities you would like, are there any must haves and/or must not haves in a home.Please understand these are just some examples of the types of things we will discuss with you during our initial conversations and refine further while we look at homes together.

As one of Forsyth and North Fulton's top real estate teams for the last 10 years, we have the experience and knowledge to help you realize your goals with the least amount of hassle. My team and I would be honored to assist you with your home purchase and are available to meet with you for an initial buyer / agent interview at your convenience. Please feel free to call (678-908-7002) or email me (jheathrealty@hotmail.com) any time to discuss your home buying goals further.

Thank You,
John Heath
Your Results Team
RE/MAX All Properties
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Lee Taylor, Agent, Decatur, GA
Tue Jun 12, 2012
1. criteria - what? where? who are my neighbors? when do I need to close on the sale of the property?

2. terms - what are my bottom line financial requirements? price, costs, financial arrangements for downpayment on a mortgage, cash required, and ownership costs

3. network - who is on my team and what are they doing to make my home buying experience a wonderful experience?

Duly diligent buyers are taking advantage of some great buys on primary residences - my three basic "factors" are straight out the book called The Millionaire Real Estate Investor. Get good help in Cumming and go for it!
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Michael Hamm…, Agent, Suwanee, GA
Tue Jun 12, 2012
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Fred Yancy, Agent, Woodstock, GA
Tue Jun 12, 2012
Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

Develop your home wish list. Then, prioritize the features on your list.

Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

Contact a professional real estate agent. Find an experienced professional who can help guide you through the process.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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