Carol and Mick Real Estate https://carolandmickrealestate.com/ North Atlanta Real Estate Experts Thu, 10 Aug 2023 14:33:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://i0.wp.com/carolandmickrealestate.com/wp-content/uploads/2022/09/cropped-kw-favicon.png?fit=32%2C32&ssl=1 Carol and Mick Real Estate https://carolandmickrealestate.com/ 32 32 208676753 Your Path to Ownership: From Accepted Offer to New Home https://carolandmickrealestate.com/buying/your-path-to-ownership-from-accepted-offer-to-new-home/ Tue, 20 Jun 2023 19:52:55 +0000 https://carolandmickrealestate.com/?p=4803 Now that you’ve decided to purchase a specific home, what’s the path from this point to legal ownership? Formal Loan Application Upon identifying a specific property, your lender will secure a formal appraisal, and sometimes a survey. Tax Assessment What taxes are due on the property? The Closing Attorney will reach out to the relevant […]

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Your Path to Ownership: From Accepted Offer to New Home

Now that you’ve decided to purchase a specific home, what’s the path from this point to legal ownership?

Formal Loan Application

Upon identifying a specific property, your lender will secure a formal appraisal, and sometimes a survey.

Tax Assessment

What taxes are due on the property? The Closing Attorney will reach out to the relevant assessor-collectors for this information.

Conducting a Title Search

This process involves gathering copies of public records such as deeds and assessments. It also addresses matters of probate, heirship, divorce, and bankruptcy.

Verification Process

This step ensures verification of the legal owner and any debts owed.

Document Preparation

The necessary forms for conveyance and settlement are prepared.

Settlement

A Closing Attorney supervises the transaction’s closure. Here, the seller signs the deed, and you sign a new mortgage (via a Security Deed). Any existing loans of the seller are paid off, and the new loan is established. The Seller, agents, escrow, surveyors, Title Company, and other service providers involved are paid. Title insurance policies are then issued to you and your lender. The transaction is subsequently recorded in the Public Records, typically kept at the local courthouse.

Understanding Title Insurance

There are two types of title insurance:

  • Lender’s Title Insurance: Protects the lender for the mortgage amount.
  • Owner’s Title Insurance: Protects your equity in the property.

While your lender will require you to pay for Lender’s Title Insurance, Owner’s Title Insurance is optional. However, it’s a grave mistake not to adequately insure your interest.

Title agents search public records to identify past owners of a property. However, these records may not always reveal irregularities. For example, an unauthorized seller could forge the property deed, an unknown but rightful heir could appear after the sale, disputes could arise over a deceased owner’s will, or a land survey might indicate incorrect property boundaries.

For a one-time payment at closing, Owner’s Title Insurance offers protection against problems, including those that extensive searches may not disclose. This coverage lasts as long as you own the property, regardless of subsequent financing.

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Strategies for Making a Successful Home Purchase Offer https://carolandmickrealestate.com/buying/strategies-for-making-a-successful-home-purchase-offer/ Tue, 20 Jun 2023 19:45:41 +0000 https://carolandmickrealestate.com/?p=4798 The essential steps to making an offer on a home, understanding earnest money deposits, navigating due diligence periods, and comprehending contract procedures. Crafting a Competitive Home Purchase Offer Once you have found your dream home, the next step is deciding how much you’re willing to offer. Competition can dictate the offer amount; in high-demand scenarios, […]

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Strategies for Making a Successful Home Purchase Offer

The essential steps to making an offer on a home, understanding earnest money deposits, navigating due diligence periods, and comprehending contract procedures.

Crafting a Competitive Home Purchase Offer

Once you have found your dream home, the next step is deciding how much you’re willing to offer. Competition can dictate the offer amount; in high-demand scenarios, your offer may even need to exceed the asking price. Always stay realistic and make offers you expect the other party to accept. Lowball offers are rarely successful if the home is in good shape.

Making Your Offer and Providing an Earnest Money Deposit

To signify your intent to purchase a home, we will present a written offer to the listing agent. Such offers must be presented to the seller and, upon acceptance, they form a legal contract. Be ready to provide an earnest money deposit, typically about 3% of the offered price. This deposit demonstrates your serious intent to buy and assures the seller that they won’t incur a loss if they take the property off the market during negotiations.

Navigating the Due Diligence Period

As a buyer, you have a designated period to assess and evaluate the prospective purchase, known as the Due Diligence period. If you discover undesirable factors during this time and decide to retract your offer, your earnest money deposit will be returned. You can also withdraw if the seller fails to fulfill promised obligations. Our goal is to avoid deal breakers, but if present, we need to uncover them swiftly.

Finalizing the Offer: Acceptance, Rejection, or Counteroffer

After presenting your offer to the listing agent, it may be accepted, rejected, or countered by the seller. This stage involves negotiating the final price and other contract terms.

Understanding the Contract Procedure

The procedure for most single-family home purchases follows a standard pattern. We use a purchase agreement document approved by the Georgia Association of REALTOR©‘s. This agreement forms your offer to buy and, upon seller acceptance, becomes a legal, binding contract. So, it’s crucial to comprehend the contract offer’s content.

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Guide to Finding the Perfect Neighborhood https://carolandmickrealestate.com/buying/guide-to-finding-the-perfect-neighborhood/ Tue, 20 Jun 2023 19:42:22 +0000 https://carolandmickrealestate.com/?p=4793 Discover how to choose the perfect neighborhood for your lifestyle by understanding key factors and carrying out thorough neighborhood scouting. Picking the Perfect Neighborhood Choosing the right neighborhood involves various factors to consider. Communities are diverse, capable of catering to different interests. However, each neighborhood possesses unique attributes that are especially appealing to specific groups, […]

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Guide to Finding the Perfect Neighborhood

Discover how to choose the perfect neighborhood for your lifestyle by understanding key factors and carrying out thorough neighborhood scouting.

Picking the Perfect Neighborhood

Choosing the right neighborhood involves various factors to consider. Communities are diverse, capable of catering to different interests. However, each neighborhood possesses unique attributes that are especially appealing to specific groups, such as singles, families, dual-income couples, or retirees. Here are some insights to aid you in finding the perfect match.

Explore the Neighborhood In Person

It’s vital to physically explore potential neighborhoods. Your living experience extends beyond your home. Here’s how to investigate effectively:

  • Engage with residents.
  • Drive through various parts of the neighborhood at different times – weekdays and weekends.
  • Assess the condition and maintenance of other homes in the area, looking at paintwork, yard upkeep, and the condition of parked vehicles.

Key Neighborhood Factors to Consider

Keep in mind the following factors while evaluating neighborhoods:

  • Proximity to main roads, highways, and shopping centers.
  • Noise levels from businesses, roads, railways, public spaces, schools, etc.
  • Air quality, influenced by nearby commerce or agriculture.
  • Consult with local civic, police, fire, and school officials for information about the area.
  • Investigate aspects like soil and water conditions.
  • Monitor traffic patterns in the area at different times and conduct a trial commute.
  • Check for amenities like parks, churches, recreation centers, shopping complexes, theaters, restaurants, public transportation, schools, etc.
  • Determine if the neighborhood is part of a Homeowner’s Association.

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Your Dream Home Awaits: Identifying Your Top Five Must-Haves https://carolandmickrealestate.com/buying/your-dream-home-awaits-identifying-your-top-five-must-haves/ Tue, 20 Jun 2023 19:29:07 +0000 https://carolandmickrealestate.com/?p=4782 Finding your perfect home involves a balance between your needs and wants. Identifying your priorities helps streamline the search, saving you time and effort, and getting you one step closer to your dream home.  My Top Five The five most important criteria for my new home are: Wishlist Five more things I would like to […]

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Your Dream Home Awaits: Identifying Your Top Five Must-Haves

Finding your perfect home involves a balance between your needs and wants. Identifying your priorities helps streamline the search, saving you time and effort, and getting you one step closer to your dream home. 

My Top Five

The five most important criteria for my new home are:

Wishlist

Five more things I would like to have:

Ready to make your dream home a reality?

Get started today! Contact our team of real estate experts who are eager to guide you through every step of your home buying journey. Let's turn your 'Top Five Must-Haves' list into your new home address.

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A Comprehensive Guide to Property Inspections, Appraisals, and Closings https://carolandmickrealestate.com/buying/inspection-appraisal-and-closing-process/ Tue, 20 Jun 2023 19:18:10 +0000 https://carolandmickrealestate.com/?p=4768 The real estate market can be complex for both buyers and sellers, with various stages, requirements, and terms that may seem daunting. In this guide, we aim to demystify key elements of the transaction process: property inspections, appraisals, and the closing process. Inspection, Appraisal, and Closing Process Buyers usually engage a licensed property inspector to […]

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A Comprehensive Guide to Property Inspections, Appraisals, and Closings

The real estate market can be complex for both buyers and sellers, with various stages, requirements, and terms that may seem daunting. In this guide, we aim to demystify key elements of the transaction process: property inspections, appraisals, and the closing process.

Inspection, Appraisal, and Closing Process

Buyers usually engage a licensed property inspector to review the condition of the property within the contractually agreed timeframe. In some cases, multiple specialized inspectors (roof, HVAC, structure, etc.) may be involved. If the buyer’s agreement is contingent on financing, a licensed appraiser will evaluate the property value on behalf of the lending institution, ensuring their investment aligns with the property’s worth.

For commercial properties, buyers may request a comprehensive environmental audit or soil test as mandated by their lender.

Role of the Closing Agent

A closing agent, either a title company or an attorney, is appointed to verify and ensure clear real estate title. By examining the entire recorded history of your property, they guarantee that:

  1. Your property title is free from encumbrances (e.g., mortgages, leases, restrictions, liens) by the closing date, and
  2. All new encumbrances are appropriately included in the title.

Contingency Clauses

Contingencies are conditions that must be met for a contract to become legally binding. For instance, buyers often include a contingency clause that makes the contract dependent on a satisfactory home inspection report from a professional inspector.

Before finalizing the purchase of your property, the buyer scrutinizes every facet of the property, as outlined in purchase agreements and related addendums. This can include:

  • Securing financing and insurance
  • Reviewing all relevant documents, such as preliminary title reports and disclosure documents
  • Conducting detailed inspections.

The buyer can assess the condition of your property with numerous inspections, including roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead-based paint, HVAC, and more.

The outcomes of these inspections lead to two potential scenarios:

  1. Successful closure of each milestone and removal of contingencies, which moves you closer to the final closing; or
  2. A request from the buyer for contract renegotiation (usually price) based on the inspection results and document review.

When faced with a demand for renegotiation, it’s crucial to respond objectively, while safeguarding your interests. This is where a professional listing agent’s experience and commitment can make a significant difference in the transaction outcome.

Loan Approval and Property Appraisal

We recommend accepting buyers with a lender’s pre-approval, approval letter, or written loan commitment, which offer a stronger guarantee of loan approval than a pre-qualification or lack of documentation from a lending institution.

You should anticipate an appraisal of your property by the lender’s appointed appraiser, who will confirm whether the agreed sales price aligns with the property’s market value.

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All About Home Inspections https://carolandmickrealestate.com/buying/all-about-home-inspections/ Tue, 20 Jun 2023 17:16:59 +0000 https://carolandmickrealestate.com/?p=4748 As part of the Purchase and Sale Agreement, it’s customary for buyers to arrange and bear the cost of a professional home inspection prior to closing. Be prepared: inspections will invariably reveal some areas of concern, and buyers are likely to request you address these issues before moving forward with the sale. As seasoned real […]

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All About Home Inspections

As part of the Purchase and Sale Agreement, it’s customary for buyers to arrange and bear the cost of a professional home inspection prior to closing. Be prepared: inspections will invariably reveal some areas of concern, and buyers are likely to request you address these issues before moving forward with the sale.

As seasoned real estate professionals with extensive knowledge of home construction, we will highlight potential problem areas before they’re flagged in a buyer’s inspection. In many cases, conducting a pre-listing inspection on your own can offer significant benefits. This proactive approach gives you the opportunity to undertake necessary repairs early on, eliminating potential hurdles that could delay or even derail a sale. Prevention is key, and the easiest issues to address are those that never become contentious points.

Inspections demand specific technical expertise, necessitating a professional Home Inspector. While it’s helpful for homeowners to be aware of common issues, a Home Inspector provides a comprehensive overview of the home’s structure and potential problems, including aspects like:

  • Pilot lights on various appliances
  • Electrical system including the fuse/breaker box
  • Main water shut-off controls
  • Structural elements such as foundation, floors, walls, and roof
  • Windows and doors
  • Plumbing, heating, ventilation, and air conditioning systems
  • Septic tank, well, or sewer line
  • Common areas in condominiums and cooperatives

There are several additional factors homeowners should be mindful of, including:

  • Lead-Based Paint: Homes built prior to 1978 often used lead-based paint. While not typically hazardous when in good condition, deteriorating paint poses health risks and necessitates immediate attention. Federal law mandates sellers disclose any known lead-based paint hazards before selling the house, providing buyers a window to check for such issues.
  • Septic/Well System Inspections: If a buyer requests such an inspection, the local County Environmental Health department will be contacted, potentially delaying the process by 2-3 weeks depending on weather conditions. The inspection’s results will inform further actions.
  • Radon: The metro Atlanta area is a high Radon zone, and many buyers request a specific test for this colorless, odorless, and potentially harmful gas, typically requiring the seller to mitigate any high Radon levels.
  • Low Flow Fixtures: Pre-1995 dwellings in unincorporated Dekalb County need certification verifying all plumbing fixtures are water-conserving “low flow” design. Buyers often seek a price adjustment, or even contract termination, if necessary upgrades aren’t agreed upon by the seller.

Please note, as a seller and us, your real estate agents, are obligated to disclose any hidden structural flaws or environmental hazards that could influence a buyer’s decision. This requirement is also applicable to For Sale By Owner transactions.

If a professional inspection was conducted when you purchased the property and you decided not to repair any identified deficiencies, we need to know. Some unresolved issues might be more significant than you realize, and it could be wise to address them prior to a buyer’s inspection. As always, our aim is to resolve potential problems before they arise.

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Can You Afford to Sell Your Home Now? https://carolandmickrealestate.com/selling/can-you-afford-to-sell-your-home-now/ Tue, 20 Jun 2023 17:01:38 +0000 https://carolandmickrealestate.com/?p=4716 Here are some questions to ask when assessing your financial situation: What is my current equity in the home, and how much money will I need for my next home purchase? Am I comfortable with my current monthly mortgage payments, or do I need to lower my payments? How will selling my home affect my […]

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Can You Afford to Sell Your Home Now?

Here are some questions to ask when assessing your financial situation:

  1. What is my current equity in the home, and how much money will I need for my next home purchase?

  2. Am I comfortable with my current monthly mortgage payments, or do I need to lower my payments?

  3. How will selling my home affect my credit score, and how long will it take me to recover financially?

  4. Do I have any other significant expenses coming up, such as college tuition, medical bills, or retirement?

  5. What are my future financial goals, and how does selling my home fit into those goals?

  6. How will selling my home impact my taxes, and am I prepared to handle any tax implications?

  7. How quickly do I need to sell my home, and am I prepared to make any necessary repairs or updates to ensure a fast sale? 

  8. What are the costs associated with selling my home, such as real estate commissions, closing costs, and moving expenses?

By asking these questions, you can gain a better understanding of your current financial situation and future possibilities. This can help you make informed decisions about when to sell your home and how to price it effectively. With our help, you can optimize your finances, keep up with market trends, and sell your property quickly and for the best possible price.

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How to Keep up with The Real Estate Market https://carolandmickrealestate.com/buying/how-to-keep-up-with-the-real-estate-market/ Tue, 20 Jun 2023 16:56:44 +0000 https://carolandmickrealestate.com/?p=4708 Here are some ways to keep up with the real estate market: Look at real estate websites and follow us on social media for up-to-date information on local market trends, recent sales in your area, and the state of the local economy. This information can help you determine the best time to sell your home […]

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How to Keep up with The Real Estate Market

Here are some ways to keep up with the real estate market:

  1. Look at real estate websites and follow us on social media for up-to-date information on local market trends, recent sales in your area, and the state of the local economy. This information can help you determine the best time to sell your home and how to price it effectively.

  2. Monitor local housing data, such as median home prices, days on market, market trends, and inventory levels. For example, if inventory levels are low, it may be a good time to sell because there is less competition.

  3. Talk to a local real estate agent who can provide valuable insights into the local market, such as current trends, buyer preferences, and the state of the economy. This information can help you determine the best time to sell your home and how to price it effectively. If you have selected a selling agent, work with them to determine the optimal time to list your property and adjust pricing accordingly. 

We can provide our knowledge, expertise, and negotiating skills to ensure that you receive the best market prices and terms. We will keep you informed about the marketplace, including the prices, financing, terms, and conditions of competing properties. 

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Determining When to Sell Your House https://carolandmickrealestate.com/selling/determining-when-to-sell-your-house/ Tue, 20 Jun 2023 16:51:34 +0000 https://carolandmickrealestate.com/?p=4702 Here are some questions to ask when determining the right time to sell: What is my ideal timeline for selling and buying a new property? How quickly do I need to sell my home, and am I prepared to make any necessary repairs or updates to ensure a fast sale? What are the current market […]

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Determining When to Sell Your House

Here are some questions to ask when determining the right time to sell:

  1. What is my ideal timeline for selling and buying a new property?
  2. How quickly do I need to sell my home, and am I prepared to make any necessary repairs or updates to ensure a fast sale?
  3. What are the current market conditions? For example, if inventory levels are low, it may be a good time to sell because there is less competition.
  4. What are the potential risks and benefits of selling at this time?

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Discovering Your Real Estate Motivation: Key Questions to Ask Before Selling Your Home https://carolandmickrealestate.com/selling/discovering-your-real-estate-motivation-key-questions-to-ask-before-selling-your-home/ Tue, 20 Jun 2023 16:34:16 +0000 https://carolandmickrealestate.com/?p=4694 As you contemplate selling your home, it’s crucial to delve into your motivations and understand your readiness. Here are some questions you might ask yourself. What is my main reason for selling? On a scale from 1-10, with 1 being the lowest, how motivated am I to sell my home? On a scale from 1-10, […]

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Discovering Your Real Estate Motivation: Key Questions to Ask Before Selling Your Home

As you contemplate selling your home, it’s crucial to delve into your motivations and understand your readiness. Here are some questions you might ask yourself.

  1. What is my main reason for selling?

  2. On a scale from 1-10, with 1 being the lowest, how motivated am I to sell my home?

  3. On a scale from 1-10, with 1 being the lowest, how prepared am I to sell my home (or, how ready is my home to be on display)?

  4. Am I planning to buy another home?

  5. How important is location to me?

  6. Am I moving out of the Atlanta area?

  7. What type of property would best meet my needs?

  8. Which is most important:
    (a) Timing
    (b) Price

  9. What is my ideal timeline for selling my home?

  10. When would I like to close on my home?

  11. What will I do if my home closes within a month?

  12. What will I do if my home closes within 6 months?

  13. What will I do if my home doesn’t close within 6 months?

  14. What is my budget for buying a new property?

  15. What are the current market conditions?

  16. How will selling my property impact my finances and taxes?

  17. What are the potential risks and benefits of selling at this time?

Learn More

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