Atlanta Condos For Sale

Why Does It Take You So Long to Do Market Reports?

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Why Does it take you so long to do Market ReportsA post of a personal nature…but a question asked. Why Does it take you so long to do Market Reports?

I’m in the process of getting Market Report posts done for September, 2016 numbers. A person who follows my blog regularly, asked the question yesterday,

“Why is it October 28 and you are still doing SEPTEMBER Market Reports? It seems like this is already old news. Why don’t we see them on September 1 or 2?”

Ok. That’s a fair question that needs an answer.

The easy answer would be, “They are a lot of work.” Well they are!

But the truth is there are several factors at play. First, I wait until the 15th of the following month, to make sure that the MLS has been updated with all the closings for the month I’m writing about. So, I don’t start on September reports until October 15.

Why Does it take you so long to do Market ReportsSecond, I have TWENTY-TWO, yes 22 major condo buildings in the Midtown area. I’d probably push 35 or more if I did ALL the condo buildings!!! That’s some serious buildings to pull numbers for.

Third, there is more to a market report, than just throwing numbers out there. I believe my readers expect some type of analysis of the information. Often, it’s pretty straight-forward. Not much inventory, some are Under Contract, and some have Sold…and the Days on Market are short and sweet.  But not always. Take the September, 2016 Market Report for Viewpoint Midtown.  One of the Sold listings had been on the market for some 110 days!!! That’s crazy in this market. So I had to take further time to look into that specific listing and be able to offer up an explanation of what happened. I can usually look at a listing and tell what the issue was. In this case, it was a Seller who had a tenant that wanted to stay in the condo, and they were looking for an investment buyer vs. an owner-occupied buyer. And that took some time.

I get a lot of great feedback on my Market Reports. These are not those “zestimates” that you hear about….this is an actual real estate agent, that works in the market on a day-to-day basis, looking at the activity, not in a high-reaching view, but building, by building. What sells down the street may have some impact on your value, but it’s more important to know what is happening right in YOUR building. As that will have a more direct impact on your value if you are planning to refinance or sell.

So, it takes time to write some 22 blog posts about all the Midtown Atlanta condo buildings. In fact, for September, I may have to condense some of the buildings into a multi-building post, just so I can get the info out there.

I hope it’s information you find helpful when YOU have a question, “How’s the real estate market?”

Now, let me get back to Market Reports!!!

How Much are the Utilities In a Condo?

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When I’m working with a condo buyer, there are many questions that come up during the search process, and I do my best to answer every single question. Some have very specific answers, while others the answer will vary.

How Much are the Utilities In a Condo?

How much are the utilities in a condoBecause many of my Buyers have not lived in a condo before (maybe an apartment which can be the same, depending on the utilities) they want to know, and understand the costs. When I’m asked for this information, I then try and get it from the Listing Agent, who hopefully will have done THEIR homework in taking the listing and getting this information.

In most Atlanta condominiums, the electricity is billed separately through Georgia Power Company. In some buildings, the water and sewer are included in the monthly HOA (homeowners association) dues. But many newer buildings have meters whereby the individual owner is billed for their water and sewer. And older buildings have had them installed. The primary reason is because water and sewer in the city limits of Atlanta is more expensive due to rate increases that were passed to offset major repairs to the city’s water system.

Now, even a water bill will vary if you run your dishwasher or washing machine frequently, take numerous showers or baths. You want to monitor your water bill for changes. We recently had a tenant-occupied condo where the water bill kept climbing each month, along with the electric bill. Guess what that meant? Yep….water heater went bad. And that was a $1500 repair. (Hence, why asking for a home warranty during our contract negotiations can be important if you know the condo has an older water heater.

Electric bills are usually pretty modest, because of the type of construction, along with the fact you usually have a home on all sides of you. This provides insulation.  But there are some factors that can make your electric bill climb:

  • What temperature do you keep your thermostat at? 68? 72? Higher or lower?
  • Do you open your balcony doors and still have the A/C or heat on?
  • Which direction does your condo face? East gets the morning sun and West gets the afternoon sun…and
  • If you leave your blinds open, your A/C may work overtime trying to keep your condo cool.
  • Did the previous owner work from home, or travel? Being home all the time means more things on!
  • If an older condo, you may not have an efficient system, and it uses more juice!

Other utilities you will pay will be for your cable TV, and that too will vary based on the kind of package/number of channels you have.

Overall, utilities in a condo will be cheaper than a single family home, but it’s good to know what the history is so you can plan!

If you are looking to buy or sell an Atlanta condo, just contact us at 770.713.1505 and we can help you gather this kind of information to make the sale of your condo easier!!

Debunking the 20 Percent Down Payment

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Down Payment for Home PurchaseYou’ve been on the fence about buying a home, right?

Maybe I should rent a bit longer?

My biggest challenge is saving that money for that HUGE 20% down payment I have to have…..

Wrong!!

Debunking the 20% Down Payment

According to a recent survey, 67% of home buyers plan on putting at least 20% down on their mortgage. But did you know, you more than likely don’t need a 20% down payment?? You may get a loan with as low as 3% (based on numerous factors)***

There ARE low down payment options available TODAY for you to purchase a home! And remember, these great interest rates will not be here forever, and when they start to tick up, they can quickly change your buying power and what the cost of your monthly payment will be.

If you have been thinking about buying, but afraid you don’t have the down payment….STOP!

The first thing to do is contact a member of our Lender Team!!! They can do a pre-approval for you and discuss your financing options. Of course, the type of home you are buying (condominium or single family) as well as your credit and your current debt will all play a factor in what type of loan you qualify for.

But why not find out your options FIRST? Then you will know if you are on the right track to buy your home, and there is a pretty good chance you won’t need 20% for a down payment.

***TD Bank conducted a survey focused on potential first time home buyers. Survey topics include how soon respondents are looking to purchase, where they would like to purchase, amenities they’re looking for, and how they will finance their home when the time comes. .

How Long Does It Take to Close on A House In Atlanta?

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How Long Does It Take to Close on a House in Atlanta?

Closing process in Atlanta real estateWhen I’m working with both Buyers and Sellers, this is a Frequently Asked Question that comes up! And it’s a simple and complicated question to answer.

First off, the date you close on your home purchase (or sale if the Seller) is certainly negotiable as you present your offer. Maybe you need to move quickly because of a job transfer. Maybe the Seller has not found their new home yet and needs some extra time? See how either of those could impact how quickly you close?

One major factor in the closing process is if you are obtaining a mortgage to purchase the property. THEN,  your lender can have much to say about the process. From the time you go “Under Contract” to closing, can happen in 30 days, but things need to fall in place at just the right time. A key part of this is having your loan pre-approved. Now, you will hear many descriptions of what a pre-approval really is, from both the real estate agent side, as well as the lender side. But ideally, what we are looking for is your loan officer has reviewed all the required documents (tax returns, bank statements, pay stubs, W-2’s, employment letter (if applicable) and has identified anything they feel could be a problem with your loan going through the underwriting process. This is not to say something still could not come up that an underwriter wants more information about.

Appraisal and Condominium Review (If Applicable)

Having this process mostly complete, then leaves the appraisal and potentially a condominium review. The appraisal is the process of the lender having the value of the property determined to make sure the value meets (or exceeds) the contract price. Issues can arise here, and we will talk about those in another post! A condominium review is when the lender submits a questionnaire to the home owners association to learn more about the community. Things like number of rentals, or delinquent hoa fees are looked at to make sure the association is a healthy one.

If you are a cash buyer, these two steps may be by-passed, at your discretion, or guidance from your real estate agent.

Another factor with a mortgage is the new required disclosures and timelines from the TILA-RESPA Integrated Disclosure.  (Warning, that link may be more information that you want to read…but it tells you all the rules!!) These new rules require that the Buyer have the Closing Disclosure 3 days before the closing date. Any delays in the closing process mentioned above, and the closing date is going to get moved.

Based on these factors, it’s still not unreasonable to do a 30-day closing, but we are finding that our lender partners are much happier with 45 days to get the process completed.

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Thomas Ramon Realty can assist buyers in all forms of Atlanta relocation needs including new construction houses, condos, townhouses, for sale by owner homes, residential lots, townhomes, lofts, and new homes in various subdivisions across the Atlanta Metro region. If you are interested in foreclosure homes including, short sales (not found to often anymore), REO properties, bank owned properties and other types of foreclosure properties, then we can assist you.  If you’re searching for an Atlanta home, then we invite you to search any community and view the listings on our site.  And if you’re searching for condos or townhomes for sale in the Atlanta area, feel free to browse our updated listings of Atlanta condos, townhouses, townhomes, lofts on our site.

For Sale By Owner | Who You Have to Negotiate With

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For Sale By Owner | Who You Have to Negotiate With

When you think about selling your home or condominium on your own, you really have many hats to wear. And during the process, you’ve got many people you will have to deal with. Yourself.

FSBONEGOTIATE

The Buyer

If you are not offering a commission to a Buyer’s agent, you may be talking directly to your buyer. Be careful. You could tip your hat in the negotiation process if you say something you shouldn’t.

The Buyer’s Agent

But you are paying a Buyer’s agent if they bring you a buyer. Now, you have no one to act on your behalf in the negotiations…but the Buyer does. Their agent. If you’ve sold a home or two, this rodeo may not be a problem for you. And then again….

The Buyer’s Attorney

In Georgia, the closing attorney represents the lender, if there is a mortgage involved in the purchase. So, rather than your agent calling to check on the progress of the title search, and all, you will be.

The Home Inspection Company

You should not be present for the home inspection. Maybe you already know that? But, if you have any questions about the report, you’ll be directing the to the Buyer’s Agent (who represents who….?) or you will be calling the inspector yourself with any questions you have about the report.

For Sale By Owner Who you negotiate withThe Termite Company

If the Buyer is asking about your termite bond, or elects to have a termite inspection, and issues arise, you will be the negotiator.

The Buyer’s Lender

Want to know if all the documents needed by the lender have been submitted by the Buyer? How is the loan progressing? Appraisal in? You’ll be trying to call the Buyer’s lender, or calling the Buyer’s agent, and hope they are responsive to your calls and questions.

The Appraiser

Times have changed, and the lender cannot contact the appraiser directly. They must go through an appraisal management company. You, on the other hand, can pick up the phone and scream if you have an appraisal issue!

The Title Company

In Georgia, this is also the Closing Attorney, who requests the title search on behalf of the lender.

The Town or Municipality

Perhaps the Buyer (at the recommendation of the Buyer’s agent) had a survey done on the property if it’s a single family home. And there is an issue on the survey. You’ll be contacting the city if there is an issue with say a property line, or utility easement, or other surprise you may not have known about.

The Buyer’s Buyer

Does the Buyer of YOUR home need to sell their home? How do you know how that side of the equation is going? You’ll be asking the Buyer’s agent to find out for you….and hope you are getting a straight answer that will not later delay our closing.

Your Bank

Besides the possibility of a short sale, if you need payoff information, you will need to contact your bank and get this information. This would be the same if you had your own agent, but if it were a short sale, most likely your listing agent would have had you hire an attorney to negotiate your short sale terms.

There is a lot that goes on when you sell your home. And it can be a stressful time, managing all the parts. And to do it by yourself……whew!!

If you are considering selling your home or condominium, why not contact us to help you through this process, not to mention help you with the marketing of your home. It’s a big financial part of your life.

Maybe you need a real estate agent!

Are You an Unconventional Borrower?

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Are You An Unconventional Borrower?

East West Bank Vinings
Now YOU Can Own a Home!

WHAT is an Unconventional Borrower you ask? Well, believe it or not, there are many of us out there!

Some of the home buyers that fall in this description might be:

  • Self- employed or independent contractors (such as real estate agents of if you are a 1099 employee.
  • Small business owners
  • Individuals with irregular income (contract consultant)
  • Immigrants with limited credit and job history

If you might fit in one of these categories, and thought you could NEVER buy, then we have found a lender that can help you!!

Now, I’ll first off say, that you need to have some serious “skin in the game” in the form of 40% for a down payment. Yeah, that’s alot. But, it’s better than 100% of the purchase price, right?

The Bridge to Home Loan Program with East West Bank is an opportunity to help those that might not otherwise be able to get a loan to purchase a home or condominium. Imagine if you were a couple, and one of you was not a U.S. Citizen, but you wanted to purchase a home. And your significant other (from the other country) has good income or assets in this other country. Well, a traditional mortgage will not consider anything from the other country….so your ability to purchase would be based solely on YOUR income and debt!

So now, not only can we help you FIND the home you are looking for, we have a lender to help you with the financing! Keep in mind, this program will take longer to clear the underwriting process, and if a condominium, the community will have to be approved by the lender. (A traditional lender will have most likely done a loan in that condo building and already be familiar with it.) What this means, is we will have to work with the Seller and Seller’s agent to get a longer escrow (Under Contract) period as well as a longer financing contingency. All because of the unique nature of you, the Buyer, we need to have more time to finish the process.

Contact us and we can arrange a meeting with the lender in person, if you are here in the Metro Atlanta area. They can make arrangements if you are not here, but most likely they will need to meet with you in person at some point. This might even be possible through a Skype call!

You can also contact St. Lawrence Campbell at East West Bank. His information is below!

Let’s get ready to find you a home in Atlanta!

Loan Options Unconventional Buyers

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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