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Community Corner

Let's Wheel and Deal!: Buying Your Norcross Dream Home

A few tips to consider when purchasing a Norcross home. This is for the first-time home buyer--as well as somebody buying their third or fourth house.

I remember a story from my first real estate class was about a couple buying a home. After the closing, they drove over to take a look at their new home. The seller had just sodded the lawn before he put it on the market. To the buyer’s horror the seller had rolled up the sod, loaded it on a flatbed trailer and was in another state before the new homeowners became aware of what had happened.

The judge said that the grass was an attached fixture on the property and could not be removed unless stated in the contract. The seller was charged with stealing the lawn and taking it across the state line. 

My point? Time to inform yourself about what's in store if you've just found your Norcross dream home. I will provide you with some tips that will help you with the process.

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If you are working with a Georgia Realtor they will likely be using the purchase agreement developed by the Georgia Association of Realtors.  It was written to cover both buyers and sellers and to protect their interest. If you are buying a new home they may not be using this form and you need to be aware of what you are signing. With or without an agent, it is important to read this paper work. Ask for a copy and take it home to look over.

Tips for writing a good offer:
1. The top of the contract defines the location of the property and has the legal description of your property. Confirm the address is right, typos can happen and you sure do not want to get to closing and find you are about to buy the wrong home. In reality, it would not get that far, without attorney or appraiser catching the mistake. However, this could get confusing so just confirm right address.


2. The purchase price will be next item for you to consider. You should know what the other homes in the neighborhood have sold for. Ask your agent to provide you with the sold properties for the past year. Compare apples to apples. Are they the same square footage or close?  Brick, frame and bedroom count should be considered. What is the average that people in this neighborhood negotiated? What are you going to ask the seller to do? How long has this home been on the market? What are the updates and improvements that the seller has made? Will you move in and do nothing? Some people move in and spend many dollars making repairs and improvements. These are all things you should know before making an offer. Refer to the disclosure statement. You should review before you write an offer.  Foreclosed properties do not usually provide a disclosure statement, since they do not know the exact condition of the home.

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Check it out to see what the seller is leaving and or not leaving in the home. If it is something you must have, put it in the offer. If you do not put it in the offer, the seller may take with them. If you want the entire media room included in your offer, make sure it is included... Many times the homeowner has spent thousands of dollars on a sound system that is state of the art. In this case, what we see happening is an adjustment to the selling price. If this system was installed in 1995, you’ll find a much more flexible seller. When writing an offer your original offer sets the tone for negotiations.

3. Having seller participation in closing cost will be based several factors. Many times a buyer is credit-worthy but low on cash. All the costs required paying for the loan and get the home from contract to closing are called "closing cost." These must be paid--but it is a negotiable item. Keep in mind that if a seller pays closing cost then they may not negotiate on the price as much.  Today you’ll see buyers at all financial levels asking the seller to pay the closing cost. The purchase price will be impacted by the amount of money needed to close. Always check with your lender to find out how much cash you’ll need.


4. Due diligence. This will be the time that is required for you to do all inspections. This is a critical time for the buyers. You will learn everything you wanted to know about the home you are buying. During this period you can terminate at will. You are in a position of strength. The more time you ask for, the less your offer is viewed as a good offer. It is a hard position for the seller. He is sitting there not knowing if his home is sold or not. If you want to create a strong offer or are up against another offer then make this time as short as possible, just giving yourself enough time to do an inspection . Make sure you cover any concerns you may have about the property during this time.

5. Closing date. This can be a very important part of negotiations. If you can agree on this and give the seller a few days to move out after closing it may mean the seller is more flexible on his price.

6. Special stipulations. This is the space where your agent will write in what is not covered in your preprinted contract. An example would be asking the seller to transfer the termite bond or buy a one year bond. Your agent will know what should be in this section and can make recommendations that will protect you.

7. Exhibits, addendum and amendments will be added based on the needs of your offer. Financial and Appraisal contingencies would be important to add to an offer.

Remember the contract spells out the terms of the purchase. In Georgia all real estate transactions must be in writing to be enforceable. It is an offer until is signed off by all parties and then it is a contract. The seller may tell you he is leaving the lawn furniture but if not part of the contract and the seller is forget, OOPS. No lawn furniture for the buyer. Please make sure you understand all the terms.

Please feel free to email me with any questions you may have. Writing an offer will be the encyclopedia of your home purchase. It must reflect you and the seller’s agreement. It will be the tool for the lender, appraiser, closing attorney and Title Company to use in preparing for your happy home purchase.

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