Buyers Archives

47 Skills You Need to Survive Homeownership | This Old House

October 17, 2013 by Thom Abbott

Whether you have just purchased your Midtown Atlanta Condo or home, or you’ve been a homeowner for years, a home or condo simply does not operate on auto pilot. You need Skills to Survive Homeownership!

Especially if you live in a condo, you often think there is nothing to maintain….that “auto pilot” idea again! Nothing could be further from the truth. Take your dryer duct work as an example. Look at where your dryer is located in your condo. Now, where does the vent exhaust? Certainly someplace on the outside of the building, and it could be your balcony. Those lo-o-o-o-ong dryer vents can eventually get some lint and such built up in them from the dryer. Ever thought about having it cleaned? I thought not.

I found this article at MyOldHouse.com that lists some 47 “skills” you need as a home owner. Now, not all of them are going to apply to a condominium, but most of them will. And some of these skills could help you save some money when you call a professional to fix the problem.

47 Skills You Need to Survive Homeownership!

Read, learn, and enjoy!

Midtown Atlanta Condo Buyer Tips | What Happens When Repairs Are Not Completed?

October 11, 2013 by Thom Abbott

As part of the Midtown Atlanta Condo buying process, you will have an inspection done. You want to know if there are any issues with systems such as the HVAC, as well as knowing that all appliances are working. Once you determine there are items that need to be fixed, an Amendment to Address Concerns With Property is completed and the repairs are negotiated out.

Sometimes, it may be easier to get a credit off the originally agreed upon Sales Price of the condo. This may be ok, your loan is still in the underwriting process. But let’s say, it’s day of closing (or day before) and you do your final walk through. The repairs have NOT been made….

Do NOT adjust the sales price for last-minute repairs

Most buyers will have a list of desired repairs based on their home inspection report, and the sellers are expected to complete these repairs prior to closing.

On the final walk-through, many buyers will discover that everything on the “punch list” has not been done, and they will want a reduction in the sales price or another type of credit.

Try NOT to adjust the sales price:

1. Buyers’ loan amount will probably change, especially if it is 80% or more of the sales price (such as FHA), and this could even trigger PMI (private mortgage insurance);

2. Buyers’ loan must go through underwriting again;

3. Commissions are reduced if based on a % of the sales price;

4. Entire contract may need to be re-written.

Better ways to handle the credit (always subject to lender approval) for the Midtown Atlanta Condo Buyer:

1. Increase seller-paid closing costs;

2. Have sellers provide a home warranty or extend it for an additional year;

3. Have sellers provide a termite bond (or extend it);

4. Have sellers waive reimbursements of prorated property taxes or HOA assessments;

5. Have sellers pay for the HOA letter (if not already paying).

This yet another point and time in the home buying process when you want to have a great lender working with you to make sure there are no last minute hangups with things like this!

Buyer Tips For Midtown Atlanta Real Estate

September 27, 2013 by Thom Abbott

CONGRATULATIONS!

You’ve made the decision to become a home owner! Believe me….I know the anxiety and the emotions you are feeling. Not only have I purchased and sold several of my own homes, but I work daily with people just like you! I’m here to help you every step of the way.

These Buyer Tips For Midtown Atlanta Real Estate are about some of the steps you should take to protect yourself during the home buying process. These steps are not really about the process, but just some things to keep in mind as you purchase your home or condominium. You can learn more about the buying process by reviewing and reading our Intown Atlanta Real Estate Buyer’s Guide.

Reading and Keeping Copies of EVERYTHING!

The real estate or home buying process is not with out a few sheets of paper. Seriously! While you will have gone through some of the paper process with your loan application, the next big document will be the Purchase and Sale Agreement. Now, this won’t be a strange document to you when you work with me. At our first initial consultation, I’ll have given you a blank copy of every document related to the purchase so you’ve had a chance to look them over and know what they are about.

The Purchase and Sale Agreement is a legally binding contract that obligates you to complete the purchase of the home or condo we’ve found! There will be various timelines (or deadlines) established by this contract, and I’ll be right alongside you to help make sure we meet each and everyone of them. Critical deadlines are your Due Diligence Period (when we will do your inspection) and your Appraisal and Financing Contingencies.

Home Inspection

Speaking of Due Diligence and inspections….you should ALWAYS have the home or condo you are buying inspected by a professional home inspector. (We have two great recommendations on Our Team Page here. While a condo may have less issues to address, most homes have at least a few item that me need to be repaired, or even replaced.

A home inspector will do a detailed inspection of the systems such as plumbing, electrical and appliances. This is mostly all you can check in a condo. In a single family home however, there are more things to look at like the roof, gutters and foundation and a basement, if there is one.

Once the inspection is completed, we will receive a report that we can review and determine which items we want to request be repaired. This is somewhat of a “second negotiation” after you are already Under Contract. It can be one of the times that your home purchase can be derailed if the Seller is unwilling to make repairs (if they are significant enough) or make any concession in the agreed upon price of the home.

The Neighborhood

When you are searching for a home or condominium, the neighborhood, or location is every bit as important as the home itself. You should take time to familiarize yourself with the area.

Are you moving from a quite suburban home with a yard to a high rise condo in Midtown Atlanta? Well, you might see that there is a difference in the noise levels of outside activity you hear. Just because you bought on the 27th floor, does not mean that you won’t hear cars or emergency vehicles. If you sleep with your balcony doors open (when the weather is cool!) you are certain to hear even voices from the street.

You want to look for both the desirable and undesirable conditions. Will you find the “perfect” place? Probably not…but we will get really darn close! There might be a Publix Market on the ground floor of Plaza Midtown, but if your view includes the Downtown Connector, this might not be what you are looking for. If there are vacant lots in the vicinity of the building you are looking in, you can do further research via local planning authorities as to what (an how high it could be that would affect your view) can be built there.

You should also consider purchasing a Home Warranty. Often times this can be negotiated to be paid for by the Seller of the property. If not, you may want to consider purchasing one on your own. They don’t cover everything, and often times have many exclusions, but can be worth it. They can cost up to $575 per year, but the cost of replacing a hot water heater can be more than that.

If you have other questions about the home buying process, just ask me! I’m here to help you make the biggest purchase of your life one of the easiest!!

Millennials or Generation Y and Midtown Atlanta

June 17, 2013 by Thom Abbott

I don’t think it’s a secret in many major cities in the U.S….people would much rather have a 10 minute drive to work than an hour drive each way. But such is the price that many pay to live in the suburbs, have the “McMansion” large home, big yard, 2-3 car garage and good schools for their kids. But don’t think for a moment that Mom or Dad would not prefer to have a shorter commute.

The same may not be so true for the Millennials or Generation Y…those born from 1977-1994. Many having not decided yet if they are going to have children are looking at their living options in a different light.

In an article in today’s New York Times, titled Home Loans for Millennials, raises some interesting points and questions about the future of the housing market, and where people will choose to live. (Gosh, I even posted on my Facebook wall an article about China and how they are forcing their population into dense urban areas)

Millennials or Generation Y and Midtown Atlanta

“The next generation of potential home buyers prefer to live in developments with an array of housing types close to shops and mass transit, a recent survey shows. Is this bad news for the baby boomers who will eventually be looking to sell their big suburban houses?” the article says.

How will these people shape the Atlanta real estate market? Where are the areas with development with an array of housing types close to shops and mass transit? Well we all know that mass transit is a lack-luster event in Atlanta. But at least we have great communities like Midtown Atlanta and Midtown West that offer multi-family housing options (i.e. condominiums and apartments) as well as surrounding areas like Morningside and Virginia Highlands for single family home options.

“The institute recently released the results of a survey showing the generation’s penchant for urban-style living. About 60 percent say they prefer a mix of housing choices, along with proximity to shops, dining, offices and transit. Seventy-five percent said they valued walkability — a preference that jibes with this generation’s declining number of licensed drivers, according to a report by U.S. Pirg, a nonprofit consumer advocacy group.

Of the 63 percent who said they planned to move within the next five years, nearly 40 percent expect to live in some type of multifamily housing.”

Certainly, Midtown Atlanta is one of, if not the most walkable communities in Atlanta. While we work to build a better retail component in the area, certainly restaurants, entertainment, farmer’s markets and more make it a desirable area to live, and perhaps work, depending on your profession.

The NYTimes article and the study done by the Urban Land Institute’s Terwilliger Center For Housing also said that more than half of the young adults surveyed by the institute are renting, but they haven’t given up on the American dream. In fact, nearly 70 percent said they expected to buy within five years.

If you want to experience the sights and sounds and excitement of the urban lifestyle of Midtown Atlanta, give me a call at 770-713-1505, email me at Info@MyMidtownMojo.com, or if you are ready to start your home search, give me some information and we’ll get the search started.

What IS Being a Midtown Atlanta Real Estate Agent All About?

May 18, 2013 by Thom Abbott

As a consumer, you may not really know or understand the role your real estate agent plays when you buy or sell a house.

That really could be OUR fault! But then, we sometimes serve as the “punching bag” as you will…kind of shielding you from all the things the happen, and HALF TO HAPPEN in order for you to buy or sell that house or condominium.

What IS Being a Midtown Atlanta Real Estate Agent All About?

Well, at the end of the day, there really is one goal…..

Spring Selling Season Is Here….And So Are the Cocktails!

March 30, 2013 by Thom Abbott

Yeah, we are really stretching the topic on this one. Sort of. Actually they do have something in common, the Spring Selling Season Is Here…and So Are the Cocktails!

First off, it’s almost April, and the Spring home selling season is upon us! Now, it’s not like the market has been in ANY kind of winter hibernation…quite the opposite has been happening in Midtown Atlanta! Sales have been rocking and rolling since before the holidays, and don’t show any signs of letting grass grow under their feet this Spring.

The Spring Selling Season Is Here … And Buyer’s Best Be Prepared!!

So how DOES a Buyer Be Prepared? Well if you are here at MyMidtownMojo, we hope you’ve made the decision on the real estate agent you are going to use to help y0u find your Midtown Atlanta condo! Now, our next step is to get you pre-approved with one of your Lender Partners! Why? The market is on a fast track with limited inventory! You need to be ready to pounce when we find you the right condo, and that pounce includes a pre-approval from a lender. (NOT a pre-qualification and I’ll explain the difference in a moment) When you submit that offer to the Seller, we want them to know you have done the leg work and the steps needed to have a pre-approval. It will make your offer look better knowing you have your financing in place.

In a pre-approval, you’ve submitted documents like your tax returns, bank statements, W-2”s and such so the lender can have all this information verified. Here’s a perfect example. I’m working with a Buyer right now that just had a $93,000 deposit made into her checking account. Can you say BIG RED FLAG to an Underwriter for her loan approval? YOU BET! Well, in the pre-approval process, she can submit the documentation necessary NOW as to what that deposit is for. (It happens to be the proceeds of her half of the sale of a home with her husband.) Well, she will need to provide documentation as to where it came from.

And So Are the Cocktails!

What do cocktails have to do with the Spring Selling Season? Well, for one…it’s Spring! You’ll soon be hitting the pool or club room at your condo building, or opening up those balcony doors and enjoying the sunshine. And why not with a great new Spring Cocktail you’ve learned about here and can share with your friends!

Plus, we’ll want to celebrate when YOU buy YOUR Midtown Atlanta Condo!

Here’s some great Cocktail Recipes from Southern Living Magazine! Let’s sample a few of these!

Spring Selling Season Is Here….And So Are the Cocktails!

47 Skills You Need to Survive Homeownership!

CONGRATULATIONS!

Reading and Keeping Copies of EVERYTHING!

Home Inspection

The Neighborhood

Millennials or Generation Y and Midtown Atlanta

The Spring Selling Season Is Here … And Buyer’s Best Be Prepared!!

And So Are the Cocktails!

HomeSmart