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The Buying Process
from paperwork to the closing table.
THE BUYING PROCESS
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WHY CHOOSE US?
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Finding the right property: We utilize GAMLS, FMLS, Navica, KWLS as well as social media so that we have maximum exposure to homes & land in the area
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We help identify your needs & wants and also look outside the box at all options to find the perfect property for you and your family
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Showingtime: a tool that helps us maximize our home search, showings and appointments
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Social Media: we utilize social media to promote buyer needs, so that we also have the chance to find properties that may not be on the market yet
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I partner with the worlds best admin, she is THEBOMB.com
MOVING FORWARD
When you decide that you are going to move forward with the buying process, regardless of timeline - paperwork is next and typically takes around 20-30 minutes to complete.
Once we have a timeline in place we will be able to come up with a plan to start looking at properties together. But first we need to get you connected with a lender to start the pre approval process.
PRE-APPROVAL
You will need to go through the pre approval process first and foremost before looking at properties, so that we know exactly what we are able to view. We want to make sure that we know what we are able to shop for and in the correct price range.
We need to make sure we are not looking too high or too low for your needs. This also gives you leverage in the offer process, especially in a multiple offer situation.
Connect with a local lender to get you the best options and interest rates available. I will share our preferred lenders list with you.
NO CREDIT CHANGES
You will not want to have any credit changes during this process, unless otherwise told by your lender. Don't even pay anything off hoping it will make your credit increase. Any questions that you have, you will want to contact your lender prior to making any changes, for any questions that you may have or any other lender related question!
SHOPPING TIME
The average home buyer looks at 3-5 homes or properties before making a decision. The biggest key to narrowing down properties of interest is to be completely honest with us during the showing process. These aren't our homes, so you won't hurt our feelings if you do not like something about them please tell us. But your honesty is KEY to us knowing what you are looking for and gives us the ability to help at our highest capacity.
Keep in mind that some buyers only look at one property and they know that's the one. And that's okay too!
FOR SALE BY OWNER
& new construction
See one you like? Call us first! We can negotiate our commission with the seller, so that you are still represented at a high level and we will make sure you aren't being taken advantage of. We also update our contracts annually so that you will be protected on the legal side as well.
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Just like a FSBO we can call the builder or listing agent and negotiate our commission all while representating you to get the best deal and have your best interest in mind. If you go to an open house, let them know you are working with an agent and share my name on the sign in sheet. If they tell you to use their lender or agent to save on closing cost or an incentive, call me because our vendors can typically match what they are offering.
OFFER TIME
First we make an offer, we put our best foot forward from the very beginning We may negotiate back and forth a little and then we will go binding, which means you will officially be under contract. Sometimes this takes a little time and may need to be adjusted a few times before it's agreed upon. Once we are officially binding we will move forward with the home inspection and buying process.
EARNEST MONEY
Earnest money is money that you will put down once your offer is officially accepted. Typically its 1% of the purchase price and mailed to the earnest money holder, which will be declared in the contract.
The earnest money holder will deposit the money into their escrow account until the closing date. At closing your earnest money can be used toward your down payment, closing cost or you can get that money back at that time.
HOME INSPECTION
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A home inspection is not required in Georgia but it is HIGHLY recommended. Home inspections typically cost around $450. Our main concern will be major items, not necessarily cosmetic issues.
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I will get you our preferred home inspector list when that time comes.
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We will use the information provided in the home inspection report to request any repairs, this could lead to another round of negotiations.
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The average home inspection takes 3-4 hours and may take up to 24 hours to hear anything back.
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Sometimes the buyers take this time to go back through the home, take a look at the floorplan again and take measurements for furniture, etc.
AMENDMENT TO ADDRESS CONCERNS
We will use this form to request any repairs during
the due diligence period. Once both parties have
agreed to the terms on the Amendment and sign,
we are 50% of the way to closing!
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Once due diligence is over you can no longer ask
for any repairs to be done or request your earnest
money back. The repairs will typically be done 5
days prior to closing, along with any paid invoices
submitted by the sellers. We will check these items
at our final walk through prior to closing.
The cost for the appraisal is typically around $400-$500 and this is paid for by the buyer.
The appraisal protects you from overpaying for the property. The lender will typically order the appraisal once they have the
binding contract and is usually completed and given to us within 21-28 days after our binding contract. You will pay the lender directly for this service.
APPRAISAL PROCESS
The appraisal typically takes anywhere from a week or two to hear back once the appraiser appraises the property. We should receive a copy of this report as the buyer. When the appraisal comes back at value, we move forward.
When the appraisal comes back under contract value we are able to possibly appeal it or do one of the following:
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1. Seller comes down to appraisal price
2. Buyer brings difference in cash
3. Buyer and Seller meet in the middle
4. The contract terminates
Once the appraisal is done and agreed upon, we are 75% of the way to closing!!
WIRING FUNDS
Typically the week of closing, the closing attorney will reach out to you with the final numbers and let you know the amount to wire to their office.
They will also provide wiring instructions to share with your banking institution.
*anything over $5,000 has to be wired.
Once this is complete, and we have clear to close from your lender, we are just waiting for closing to happen!
THE CLOSING PROCESS
Layla will schedule closing for us. We will let you know when and where this will be held. Typically scheduled a week prior to the closing date.
Please bring TWO forms of ID and any other funds that are due.
Some buyers choose to do a mail away option or to assign a POA in case you are out of town on the closing day.
