Category Archives: Home Buyers

What Short Sale Qualifications Do Banks Require?

Posted on May 7, 2012
This entry is part 4 of 13 in the series Atlanta Buyers Guide to Purchasing a Short Sale

Foreclosing is not something banks like to do.  Enter the short sale option.  An owner must qualify for a short sale with the bank, they are not just handed out to anyone who is underwater.  There are three main criteria that a borrower must meet to be eligible for a short sale:  Hardship: The owner must… Continue Reading

Why Do Banks Allow Short Sales?

Posted on May 6, 2012
This entry is part 2 of 13 in the series Atlanta Buyers Guide to Purchasing a Short Sale

In today’s real estate market there are many homeowners who are “Underwater” on their homes.  When we say underwater, we mean that they owe more on their home than the home is worth due to declining prices since they purchased the home.  So if they get into any financial hardship that would affect their ability… Continue Reading

What is a Short Sale?

Posted on May 5, 2012
This entry is part 1 of 13 in the series Atlanta Buyers Guide to Purchasing a Short Sale

When you’re buying a home in the Atlanta Real Estate Market, you are bound to come across some short sale listings these days.  Short sales can be great opportunities for buyers but the process involved in buying short sales is a bit different from buying a property that is not in a distressed situation. Let’s… Continue Reading

After the Home Closing

Posted on May 4, 2012
This entry is part 38 of 39 in the series Home Buyer's Guide

After closing we will be checking in to see that everything is going okay and if there are any referrals that we can offer you for anyone from painters, decorators, handyman to accountants and financial advisers.  What you need to do now is two things:  First, keep an eye on your mail for your original… Continue Reading

Home Closing

Posted on May 3, 2012
This entry is part 39 of 39 in the series Home Buyer's Guide

The big day is finally here!  You’ll receive directions to the closing attorneys office from your agent and all you need to bring with you is yourself, your drivers license or official government picture id (so that they can confirm that you are who you say you are) and we also recommend that you bring… Continue Reading

Arrange Wiring of Funds for Closing

Posted on May 2, 2012
This entry is part 36 of 39 in the series Home Buyer's Guide

From the HUD-1 you’ll have the dollar amount that needs to be wired to the closing attorney for the day of closing.  We advise that you do this one or two days before closing so that the wire clears and we are not waiting on anything at closing.  The attorney and your agent will both… Continue Reading

Review Preliminary HUD-1 Settlement Statement

Posted on May 1, 2012
This entry is part 37 of 39 in the series Home Buyer's Guide

A day or two before closing (sometimes sooner), the closing attorney will send us a preliminary settlement statement (also referred to as a HUD-1).  This will be the accounting of all of the charges and prorations that are taking place between you and the seller.  You will check these numbers with your lenders numbers and… Continue Reading

Turn On Home Utilities Prior to the Closing Date

Posted on April 30, 2012
This entry is part 34 of 39 in the series Home Buyer's Guide

About a week before closing, you will get an email from your buyers agent with instructions on how to switch the utilities for the house in your name so that everything is on in the house in your name on the day of closing for your move.  This is a very simple process and will… Continue Reading

Remove Financing Contingency

Posted on April 29, 2012
This entry is part 35 of 39 in the series Home Buyer's Guide

We discussed the details of what the financing contingency are in the Financing Contingency section of this buyers guide.  At this point we are about 21 days or so into the contract from the binding agreement date and our financing contingency will be expiring.  We must insure at this point that we have a full… Continue Reading

Remove Appraisal Contingency

Posted on April 28, 2012
This entry is part 32 of 39 in the series Home Buyer's Guide

At this point, we are probably 21 days or more into the contract from the binding agreement date and our appraisal contingency will be expiring.  We discussed the ins and outs of this in the Order Appraisal section of this buyers guide so by this point, we should have received the appraisal back and if… Continue Reading