Atlanta Condos For Sale

Real Estate FAQ’s | How Many Parking Spaces Will I Have?

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Real Estate FAQ at MyMidtownMojo.comA question I’m often asked by condominium buyers is How Many Parking Spaces Will I Have?

It has been a “standard” and a building code in the Atlanta Condo Market to have one parking space per bedroom. In other words, buy a 1-bedroom condo, get 1 parking space. Buy a 2-bedroom, get TWO parking spaces. Needless to say, for a couple, this could be a problem.

If you purchase a 1-bedroom and you BOTH have cars, you will need to look for an additional parking space. Where? Here are some options:

  • Other Condo Owners — There may be an owner of a 2-bedroom that only has one car. They might be willing to rent out their other parking space on a monthly basis. Check with the HOA Property Manager, or if the building has a website, or bulletin board where such information can be found.
  • Purchase an Additional Space — Some new construction condominiums will offer extra parking spaces For Sale during the early sales period. This may, or may not be a wise investment. You should not expect to ever get back what you pay for an extra parking space. I purchased one for $15,000 in 2007 when I bought my condo. I sold it in 2010 for $5,000. OUCH! But, if there is someone in the building that purchased like I did, and then wants to sell, this can be a great (and as my experience will tell you, cheap) way to get another parking space.
  • Lease a space off-site — Depending on where your condo building is located, there may be surface parking lots, or even parking Where Can I Find an Extra Parking Space in Midtown Atlantagarages where spaces could be leased. There is some serious lost revenue opportunities in Midtown Atlanta for the renting of parking spaces. Here is a photo that includes the top floor of the AT&T Parking garage on 5th and West Peachtree Streets. I’ve only ONCE ever seen a car on that top floor. There has to be a few thousand dollars in lost revenue there!

When purchasing an Intown Atlanta Real Estate condominium, always be sure to ask How Many Parking Spaces Will I Have?

Intown Atlanta Real Estate Buyer’s Guide | Your Lender, Your Loan, Don’t Lie

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Real Estate Buyer’s Guide Your Lender Your Loan, Don’t Lie

 

 

 

Earnest Money MyMidtownMojo.com August 14, 2015

 

There are many steps to buying a home and reaching that move in day! Probably the most important one will be to make sure you qualify for a mortgage, and are comfortable with the payments. In this part of the Atlanta Real Estate Buyer’s Guide, we’ll talk about getting your mortgage. Your Lender, Your, Loan, Don’t Lie!

Now the title might sound a bit harsh, but I’ll explain. There are many, many options to you when you look for a lender or mortgage broker to help you with the financing of your new home or condo. Above all else, you want to make sure they can get the job done. So what all is involved?

Selecting The Right Lender or Mortgage Broker

You found me, right? You decided that my knowledge of the Intown Atlanta real estate market was important, and I knew the area you wanted to buy in. You decided I understood what you were looking for. You need the same knowledge and understanding from your mortgage broker. But, they need to KNOW you….in a financial sort of way. They will be asking you lots of questions, and asking you for various documents. Don’t dilly dally in getting them what they need. They need it for a reason! And here’s where the “don’t lie” part comes in. If you missed payments on credit cards, or any other important financial “stuff” has happened to you, bring it up NOW! You can’t hide it…it WILL be found. And the sooner the better, so your mortgage broker can address the issue, and let you know if it IS an issue in your getting your loan.

Disclose, Disclose, Disclose

If you were selling your home, I’d be telling you this for a different reason. But for the purpose of BUYING your Intown Atlanta real estate, you need to disclose things for a different reason. If Grandma Hilma is proud of you and going to give you a gift ot $10,000 to help with your down payment, you need to disclose this. If you already have the money in your account, it will show on a bank statement and believe me, somebody is going to want to know where that came from. You’ll need a gift letter from Grandma. Same applies if the money is coming from your parents.  You’ll disclose your financial situation when your lender gets a copy of your credit report. Credit is crucial to getting your loan as well as getting a better interest rate on your loan.

You’ll need to show proof of income. Bank statements, pay stubs and previous years tax returns are going to be asked for. Gather these documents NOW…don’t wait till you’ve found the home or condo of your dreams, and now you’re trying to find all the paperwork you need for your lender.

Pre-Qualified vs. Pre Approved

This is often a confusing and misused set of terms in real estate financing. When you have been pre-qualified, most likely, your lender or mortgage officer has pulled your credit report, looked at the amount you told them you make and given you an indication you qualify for a certain mortgage amount. This helps you know the amount of Intown Atlanta real estate you can shop for. But by being pre-approved, you’ve provided your lender all the documents we’ve talked about. He’s been able to review all this information in greater detail, know your financial condition, and then just be waiting for you and I to write an offer on your home!

Intown Atlanta Real Estate Team In today’s real estate market, homes are moving quickly. And manytimes, the offer, especially on a foreclosure requires you have a pre approval from a lender. Sometimes it will be a lender other than you have initally choosen, but you can still get your actual loan with the lender you have selected.

During all this process, you may find out that you qualify for MORE than you want to spend. This is an important step for both you and I to take a look at. You might qualify to purchase a $300,000 home, but maybe YOU don’t want the payment that comes with it. After looking at the number, you and your lender might find you are more comfortable with the payment on a $250,000 home. This is important for you and me, so I can make sure we look at the right priced homes, and I don’t show you more of a home that you want to buy!

Your Lender, Your Loan, Don’t Lie leads to another equation….Your Lender, Your Loan = Your New Home!

I’ve got a great team that includes lenders I’ve worked with in the past. They know the Intown Atlanta Real Estate market and will help both you and I get you into 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!

A New Weekly Feature at MyMidtownMojo – What You Get For

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What You Get When Buying Atlanta Real Estate

What You Get For

 

If you follow us on Facebook at MyMidtownMojo or on my personal Facebook page, you know I love to see what real estate prices are around the country! So I usually pull the feature from the New York Times, “What You Get For….$”.

It features real estate from around the country at a certainly listing price point. Then I thought…hey, maybe we need something like that for Atlanta!! Why not?

So, starting today, and every Sunday, we will feature three homes (be they condominiums, townhomes or single family) at a certain price point. We will always offer up something from Midtown Atlanta, but we will then re-e-e-e-ch outside (known as OTP or Outside The Perimeter) to show you what that same price can purchase. Sometimes, it might be Midtown, Chamblee and Roswell. But we will look to places like Stockbridge and Henry County, Peachtree City and Newnan, Lawrenceville and Duluth, Alpharetta and Cumming…well you get the idea.

As a disclaimer, these are listings we are randomly pulling from the First Multiple Listing Service (FMLS) and will give full credit to the listing agent and their contact information. If you are represented by an agent as a Buyer, and you see a featured listing you are interested in, please contact YOUR agent directly to arrange a showing. If you ARE NOT REPRESENTED by an agent, and are looking for help in purchasing a home, be it one of the featured ones, or another one, then we’d be happy to assist you.

These posts will always be tagged “What You Get For” so you can easily search through and see past posts to keep tabs on real estate prices in the Metro Atlanta area!

So, watch for our first post and learn What You Get For $$$$ in Atlanta real estate.

 

Real EstateFAQ | What Kind of Condo Insurance Do I need?

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Real Estate FAQ at MyMidtownMojo.comI call insurance a necessary evil. You can’t live without it! And insurance comes in all shapes and sizes. From Medical and Dental, to automobile, life and of course your homeowners insurance. So, you’ve just bought that new Intown Atlanta Real Estate condominium, What Kind of Condo Insurance Do I Need?

As part of your condominium HOA Fees, you pay for the Master Association Policy. What’s that? That covers the main portion of the condominium building, such as common areas, lobby, exterior, etc. But when it comes to your condominium, you need to have a policy not only to protect your personal belongings, but to cover the interior of your condominium as well.

What’s all that stuff worth? You might be surprized when you look at this appraisal review of a 1,200 sq. ft. condo:

Real Estate FAQ What Type Of Insurance Do I need in a Condo

Unlike a single family home, you do not have to insure the roof, wall, and such in a condominium. What does a policy like this cost in comparison to a single family home? Here is an example from my condo policy….it was approx $400 per year.

Real Estate FAQ What Insurance Do I need in My Condo?

It is very important to understand that not all insurance agents understand condominiums and what type of policy you should have!!! Just ask me and I can refer you to an excellent agent that completely understands the Midtown Atlanta Condominium market and can answer any questions you may have regarding What Kind of Insurance Do I need in a Condominium?

5 Reasons You NEED a Real Estate Agent

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Why Use a Real Estate Agent5 Reasons You NEED a Real Estate Agent

Let’s face it. Some things are just better left to professionals.

If I knew how to work on my car, I probably would…but it goes to a mechanic. I hate painting, but I will paint the INSIDE of my house. When it comes to the outside, sorry, I hire a professional. Some people hire a lawn maintenance company….their yards look almost like a golf course.

So, when you are off to make one of the largest purchases, or a financial investment, called buying a home, don’t you think you might want to engage a professional? A real estate agent can help you through parts of the process that you might find challenging and down right difficult!

5 Reasons You NEED a Real Estate Agent

What’s The Market Like?

I never like to zing other companies, but it is no secret that some of the online real estate portals can be really off… I mean really, really off on what the value is of your home or condo, and those around you. A real estate agent that works the market where you are buying or selling can tell you more about what the current market conditions are, and what they will mean to you.

Experience

You may have bought your last home 3 or 5 or more years ago. Guess what? Times change. Things change….market trends change. A real estate agent is in real estate every day. In my case, I’m searching for homes and looking at what is happening in the markets I work on a daily basis…not every couple months, or even years. I understand the process of buying, selling and what you go through.

Paperwork and Paperwork

Yeah, we do have electronic signatures, but we still have lots of forms to fill out. From a Purchase and Sale Agreement to a Loan Exhibit to a Disclosure Statement. We are here as part of your team ( your lender, loan officer, inspector and more are all here to help you along the way) to help you understand these forms.

Negotiations

Buying or selling a home or condo should be a business-like process. But sometimes, it can get pretty emotional. As a Seller, you’ve lived in the home and it means something to you…how DARE they offer us that much! As a Buyer, you may have been searching and searching and you’ve finally found THE ONE, but the Seller is not budging. My job as your real estate agent is to be your negotiator…the buffer….between you and the Buyer/Seller…depending which side I’m representing.

Pricing Your home to sellPricing To SELL!

And it can be Pricing to BUY too! I’m here to help you understand those market conditions we just mentioned above, and how that special tiled floor you laid in your sunroom might not be worth as much as YOU think it is. I’m here to help you see what the market has said your home may be worth. Yes, you heard that right. The market WILL determine what your home is worth. You can list for $300,000. You might not get more than $285,000. Or in a tight inventory market, you might get MORE than your list price if there is more than one buyer interested in your home.

Working with a real estate agent will help the home buying and/or selling process be much smoother for you.  I’m here to help!

How Do Sellers Price Their Home?

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We’re often asked by our clients, “How much under the listing price should we offer?” This is an excellent question. The answer is difficult. There are four basic ways that sellers price their homes.

How Do Sellers Price Their Home? (and How Much should I offer?)

Chamblee Homes For Sale1. Ridiculously Overpriced!

These sellers have listened to a real estate consultant over-inflate the value of their home in an effort to obtain the listing. There’s a natural tendency on the part of sellers to list with the real estate consultant who gives them the highest promise. Some real estate agents give the seller a high “value” in an effort to obtain the listing.

These homes can be 10 to 20% overpriced. These sellers may need a “dose of reality” for a few months before they begin to realize that their home is way overpriced compared to others in the area.

The longer an overpriced home is for sale, the more likely we can get the seller to face reality and sell at a fair price.

2. A Little Overpriced…

Perhaps 75% of all homes for sale are priced in this range. These Sellers fall into two categories:

  • Those who feel their home is worth every penny of the asking price
  • Those who want to leave a little “negotiating” room. These homes can be 4-10% overpriced.

3. Priced at Fair Market Value

These sellers have carefully, and realistically studied other homes for sale. They’ve priced their homes very competitively. These homes usually sell within 30 days, or less, at very near the listed price.

In an active market, timing is everything.

In the good old days, you might have the luxury of viewing a home several times — even dragging your relatives to see it — before you actually made an offer.  “He/she who hesitates is lost” aptly explains buyers who dally when making a buying decision today!

4. Priced Below Fair Market Value

Sellers Tips For Pricing Your HomeThese homes are priced below value. Perhaps the seller wants a fast sale.

Perhaps the real estate consultant recommended too low a price.

These homes usually sell within 7-10 days, at or above the listed price. There are usually multiple offers in this situation, and you may need to make your first offer your best offer.

While it’s our intention to provide this information to a prospective BUYER  in how homes are price, a SELLER might want to read this as they look at how to price their home to most effectively get it SOLD! If you are looking to SELL your home, we can help there too! 

We are here to help you! Feel free to call us at 770.713.1505 or fill out the contact form and give us an idea of what you are looking for in your new home! We will be back in touch in a jiffy!

If you answered No to this question, Please click on the Preferred Vendor list Above once you have completed this form. There you will find contact information and links to our recommended Mortgage Lenders.
Sending

 

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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