Intown Atlanta Real Estate Buyers Guide Archives

Midtown Atlanta Condos Under $100,000

November 18, 2012 by Thom Abbott

Midtown Atlanta Condos Under $100,000

Why Do People Live in Midtown Atlanta?

Midtown Atlanta is a central location in the metro Atlanta area, and the walkability of the area is a key factor in why people live in Midtown Atlanta. Also, often called the “Heart of the Arts,” Midtown features the High Museum, Woodruff Arts Center and the Fox Theater, just to name a few. Step out the front door of your condominium and a host of dining options await you. From a walk in Piedmont Park to afternoon cocktails at Gordon Biersch Brewery on Peachtree Street, Midtown Atlanta is all about getting out on the streets and leaving your car in the garage. From most of the major condominium buildings you are walking distance to the CVS Pharmacy on 6th and Peachtree and the Publix Urban Market locate in the Plaza Midtown condominium building at West Peachtree and 8th Streets. All over Midtown Atlanta you’ll find restaurants serving up everything from salads to sushi.

Looking for a Condo in Midtown Atlanta?

Interested in Condos For Sale In Midtown Atlanta Under $100,000? Click that link to find all the currently available condos for sale in this area of Atlanta.

What’s the Neighborhood Like?

There is a variety of condominium homes to choose from in Midtown Atlanta. Finding one under $100,000 will certainly limit you to the buildings you can look at, but in that price range, you should be able to find a 1 bedroom ranging in size from 600-800 sq. ft. Most likely y0u won’t find your home in a high-rise building, but more so in the mid-rise condo buildings. Your condo may, or may not offer a balcony to take in the sights and sounds of Midtown. In smaller buildings located in the Historic Midtown area you may also have on-street parking rather than a garage or even a parking lot.

What’s Going on Nearby Midtown Atlanta?

Midtown still has some work to do when it comes to the shopper….but never fear, you have options. Atlantic Station is located across the Downtown Connector at 17th Street. It’s just far enough, you will have to break your car, or bike out to visit this one. Lenox Mall and Phipps Plaza are located in Buckhead, and you can use the MARTA train to get to and from there if you wish. Midtown West is an up and coming area with shops and restaurants. And you are within walking (or a MARTA train ride) from Downtown Atlanta where you will find the Georgia Dome (Home of the Atlanta Falcons football team) the Phillips Arena (concert and basketball central) and just on the other side of Downtown Atlanta is Turner Field, home of the Atlanta Braves baseball team.

What Schools will the Kids Attend?

If you have school age children, Midtown is served by Springdale Park Elementary, Inman Middle School and Grady High School. There are also some private schools, such as The Children’s School.

Now You Really Want to Find a Condo Here, Right?

If you are interested in the current Condominiums For Sale Under $100,000 in Midtown Atlanta, click on the link! My For Sale property information is a direct feed from the First Multiple Listing Service (FMLS) and us updated multiple times per day.

Lake Sinclair Blog: One more time why buyers should use the tried and true loan officers on my list

November 8, 2012 by Thom Abbott

This blog post comes from a fellow broker and good friend, Tammy Lankford Baker who is located on Lake Sinclair. There are many times when we are working with a Buyer that comes to us with “their lender” and want to work with them. I’ll ask what is the relationship, and why do you need to work with that individual? It’s not that their lender may not know what they are doing, but sometimes…..they don’t. They may be with a major bank and underwriting (loan approval) is done in another state. That’s a problem just waiting to happen. As a Buyer, your goal is to buy a new home or condominium. Let a TEAM of people we have put together that we KNOW will make it happen work for you!

See on Scoop.it – Midtown Atlanta Conversations and Condos

I wrote a couple of contracts within a day of each other earlier this month. Both buyers were pre-approved with the same lender. One used a loan officer I’ve done business with time and time again. The other used their local branch. I have the…

See on www.lakesinclairblog.com

National Fire Prevention Week -October 7-13, 2012

October 5, 2012 by Thom Abbott

You know, things just have a funny way of happening.

Just yesterday, I was on the 21st floor of Twelve Atlantic Station with my first-time home (condo) buyer doing the inspection on the condo she is buying. And while we were talking, the subject of water and fire came up.

Water because the home inspector was showing her where the main water shut off was if there was ever an emergency in her condo regarding water. If you don’t live in a high, or mid-rise condominium, the two biggest problem causes are water and fire.

So then this morning, I see that next week is National Fire Prevention Week, October 7-13 to be exact. And it got me thinking about all the high-rise buildings in Atlanta. Of course there are the office buildings, but let’s focus on the residential condominium buildings. And fire safety.

Most of today’s newer condominium towers have pretty advanced life safety systems. But the are not fool proof, and still require human intervention. If an alarm DOES sound, it’s still up the the building’s Concierge or security officer to determine if it’s a false alarm or a real emergency. As I have been told in many buildings, the alarms will sound on the floor above, and below where the actual alarm has been triggered. If not silenced within a certain amount of time (based on there NOT being an emergency) the alarm will then sound in the entire building. Now, I’m not a fireman, or fire marshal, so my understanding of this process should not be taken as the gospel truth!!!

But let’s just think about this for one minute. Heaven forbid, there IS a fire in your building? Do you have an escape plan? Have you really paid attention to where the stairs are located on your floor? You do know the elevators immediately return to the lobby, open and are not operational until a “fire key” is used to turn them back on? Do you know where the stairwell exits out of your building? Maybe National Fire Prevention Week would be a good time to make your plan.

Are you aware that the doors to stairwells in high rises LOCK behind you when you enter the stairwell? (Or at least from a security standpoint most of them do?) There are suppose to be select floors whereby you can get OUT of the stairwell and back into a hallway if the exit via a stairwell is blocked.

Do you have a fire extinguisher in your condo?

Here’s a Saturday or Sunday morning exercise for you. Take the stairs from your condo to the street. Yeah, I don’t care if you are on the 28th or 36th floor. Take the stairs. Find out about locked doors. Find out about points of access back into the building if you needed to.

You know what? I’m having some knee problems, so a stairwell trip would be a real challenge for me, but I think I may just try it myself.

I’ll report back to you about what I found. And if you DO take this challenge, let me know by posting a comment here.

For MORE Information about fire safety and prevention, visit the National Fire Protection Association’s website.

Intown Atlanta Real Estate Buyers Guide — Walk and Closing Day

August 6, 2012 by Thom Abbott

This is it! After searching, and negotiations, the day has come to complete your walk through and close on your new home or condo!

The Final Walk Through

Depending on when the Sellers move out of your new home or condo (it might also be vacant) you will want to do a Final Walk Through. Why? It may have been weeks, or even months since you were inside of the home or condo you are purchasing! If it was occupied by the Sellers, you want to make sure they did not damage anything after your home inspection or during their move out!

If you had repairs done as part of your Home Inspection, we will have looked at these prior to today to make sure they were done as agreed upon.

Closing Day!

This is our D-Day! We will meet at the closing attorney’s office and you and I, along with the Seller and the Seller’s Agent will sign all the documents necessary for you to become the new owner! As the Buyer, if you are obtaining financing, you will have the most things to sign at the closing table. If you are a first-time buyer, I try to get you a copy of the closing documents so you can review them in advance. They are lengthy, and often times, the closing attorney does not want to review them with you. Your closing documents are a result of your “loan package” coming from your lender or mortgage broker to the closing attorney. It your lender has delayed getting everything done, it may not be possible to get a copy to you in advance of the closing.

The HUD-1 or Closing Statement

Required by law, the HUD-1 is a recap of all the monies and expenses that are part of your closing.

The HUD-1 will detail all of your expenses with regard to purchasing the home or condo. It will also show credits to you from the Seller, such as if they agreed to buy you a home warranty, or pay money towards your closing costs.

Funds Needed For Closing

Once the HUD-1 has been completed you will know the exact amount of money you have to bring to closing. You probably already had a good idea of the amount from your lender. But it can always change. In the state of Georgia, any closing funds over $5,000 have to be wired to the closing attorney. They cannot be brought, even in certified funds.

Pursuant to O.C.G.A. Section 44-14-13, funds for closing must be remitted as follows:
$1.00 – $1,000.00 = a personal check is fine (GWM policy)
$1,001.00 – $5,000.00 = wire or certified check (no personal checks allowed)
$5,000.01+ = WIRE ONLY (as required by the statute

The actual closing should not take more than an hour, but there are times when funds have not reached the closing attorney and checks to the Seller (hopefully they are making some money on the sale) and the agents for their marketing fees cannot be issued until the funds are in the closing attorney’s account.

CONGRATULATIONS on the purchase of your new Intown Atlanta home or condominium! I hope you enjoy many years in your new home!

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

Finding the Right Agent

Your Lender, Your Loan, Don’t Lie

Desire vs. Require

Let’s Go Shopping — Looking For Your New Home

Making The Offer (The Contract)

Contingencies In The Contract

Inspections, Oh My!

Walk and Close, Oh Happy Day!

Intown Atlanta Real Estate Buyers Guide — The Inspection

August 5, 2012 by Thom Abbott

When you purchase Intown Atlanta Real Estate, an important part of the process is getting a home inspection by a licensed home inspector. In this part of our Intown Atlanta Real Estate Buyers Guide, we look at the Inspection process.

What Is A Home Inspection?

Once you have negotiated a contract on your home or condo, it’s a pretty good idea to check under the hood! You know, like when you buy a used car, you want to take it to your OWN mechanic and tell you what, if anything is wrong with it. The same is true for a home or condo. We walked through the home as we were shopping, but we didn’t really get a chance to look under the hood. That is where the home inspector comes in.

You can choose your own, or consult our Team Page to get potential inspectors. You will want to be sure they are licensed and ASHI certified. (American Society of Home Inspectors) There are many, many home inspectors available to you in the Intown Atlanta real estate market. Some offer additional services such as a recall notification service and a warranty on their actual inspection!

What Is Covered In A Home Inspection?

A home inspection will vary greatly in a single family home from that of a condo. Why? Well in a condo, you don’t have to inspection items like the foundation, the roof or the exterior of the building. Those are items that are not specifically your responsibility when living in a condo and are taken care of by the home owners association. (HOA). But, your inspector can check items like:

Electrical – Inspection of the electrical panel, outlets and such to see that they are operational and up to building code.
HVAC — The home inspector will test the overall operation of the system. There are standards regarding the air temperature that the system should blow, both hot and cold. Most home inspectors are NOT licensed HVAC contractors, so if an issue is identified by the home inspector, it might require an additional inspection.
Plumbing — This inspection will check the operation of faucets, toilets, hot water heater and check for visible leaks. In a condo, the inspector does not have access inside the walls and can only look at what he has access to. However, in a home, there may be a basement area where additional pipes are exposed that can be inspected. It is still possible to find homes in the Atlanta area that are on a septic tank. In other words, the have their own system on the property and are not connected to a public sewer. This can be tricky and a buyer should be prepared for additional inspections (and costs) to make sure the septic system is functioning properly. This can be a very costly repair!
Appliances — Again, by the home inspector checking the stove, dishwasher, refrigerator, etc., you can identify current or potential problems that may exist with these items.

What Happens After The Inspection?

Once the home inspector has completed his inspection, he will provide both you (Buyer) and your agent (ME!) a copy of the report. We review the report and look at all of the items identified by the inspection that may need repair/replacement. I’ll review this list with you and together we will decide and rank in order of importance (and possibily cost) what we would like replaced/repaired by the Seller. This is all done with an amendment to your Purchase and Sale Agreement, called the Amendment To Address Concerns With Property.

You may have heard from many people that the home inspector is the “deal killer!” While I would call that a bit harsh, it can be a point in the real estate purchase process where challenges come up. A Seller may not be willing to fix/repair any of the items we have requested. Or they may only want to addess part of the items. It’s a negotiation process indeed! Do they always move forward. Yes and No! It all depends on the willingness of BOTH the Buyer and the Seller to come to a mutual agreement. Sometimes that agreement may not be the actual repair or replacement of the items listed, but an agreed upon reduction to the contract sales price, or a price reduction in lieu of repairs.

I’m always confident that we will find the mutual ground needed to keep moving forward. But not always. If that happens, we will have structured your Purchase and Sale Agreement to give you the ability to terminate.

And we’ll go find you another perfect home!

Our next column will cover the final walk-through and …..yes…..Closing!

NOTE: You should also know about Home Warranties! What Is a Home Warranty?

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

Finding the Right Agent

Your Lender, Your Loan, Don’t Lie

Desire vs. Require

Let’s Go Shopping — Looking For Your New Home

Making The Offer (The Contract)

Contingencies In The Contract

Inspections, Oh My!

Walk and Close, Oh Happy Day!

Intown Atlanta Real Estate Buyers Guide | Contingencies In The Contract

July 28, 2012 by Thom Abbott

In this column of the Intown Atlanta Real Estate Buyers Guide, let’s talk about what contingencies can be a part of your real estate contract.

So, you’ve made your offer on the home or condo that you like. Most likely that offer is going to have contingencies attached to it. Let’s look at what some of those might be. Contingencies are kind of like a chance that something could, or could not happen.

Due Diligence Period — Out of all the contingencies you have in a Georgia Real Estate contract, this may be the most important one! During the due diligence period, you have the right to terminate the contract for any reason, whatsoever. While we will cover other contingencies that can be a part of your contract, this all encompassing contingency can help you end a contract if you need to. Of course, the time length of your due diligence period is one of the negotiations you will have gone through as you came to terms on your contract.

Keep in mind, the Seller will want this time period to be as short as possible to assure you are sticking with your contract. But their can be various reasons as to why the time period can be long, or short.

Appraisal Contingency — This is a VERY important contingency, and you should NEVER enter into a real estate contract without this as part of that contract. If any appraisal performed by your lender in obtaining financing for your purchase is for less than the purchase price of the Property, you as the Buyer have the right to request that Seller reduce the sales price of the Property. In this instance, perhaps the Seller cannot lower the price due to what they owe on the property. With this contingency in place, you can terminate your contract and receive your earnest money back.

If it’s not a huge difference, and it really is the home or condo of your dreams, I have seen Buyers pay the difference. That is something I would discuss with you based on the market, the home you have found and how long you think you will be living there.

Financing Contingency — While this still can be used, you should have crossed most of your financing hurdles with your pre-approval with your lender. With a pre-approval, your lender just needs a contract and then the appraisal for you to move forward. But there may be times and purchases when it makes sense to still have this contingency. This too can be covered with your Due Diligence period.

Short Sale Contingency– This contingency will come into play if you are purchasing a home from a Seller that is doing a short sale. This means that the owner of the home owes more than it is worth, and is asking the lender to take a reduced payoff on the mortgage. This contingency protects more the Seller than the Buyer in that it outlines the steps for the Seller to achieve a successful short sale and release of liens from the lenders.

There are other contingencies for selling your home first, and for back-up offers on the home you are looking at, but these are the main parts you will want to be familiary with.

In our next column, we’ll talk about the……Inspection!

Midtown Atlanta Condos Under $100,000

Why Do People Live in Midtown Atlanta?

Looking for a Condo in Midtown Atlanta?

What’s the Neighborhood Like?

What’s Going on Nearby Midtown Atlanta?

What Schools will the Kids Attend?

Now You Really Want to Find a Condo Here, Right?

The Final Walk Through

Closing Day!

The HUD-1 or Closing Statement

Funds Needed For Closing

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

What Is A Home Inspection?

What Is Covered In A Home Inspection?

What Happens After The Inspection?

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

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