Real Estate News -- You Can Use
DeLain Climmons
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Real Estate News — You Can Use
Information to assist you in buying or selling real estate

Author: DeLain Climmons

Gorgeous Town home in South Fulton

Gorgeous town home shows like a model!  Freshly painted, hardwoods on main.  Upgraded light fixtures are exceptional!  Rod-iron balusters on wooden staircase!  Lovely master bedroom, vaulted ceiling, BIG garden tub, walk-in closet, double vanity.  NEW front load washer/dryer included!  Two sliding doors to private patio and backyard!  Beautiful well kept community.  Painting is underway!

 

New house or new car?

How many times have you driven through an apartment complex and thought you were in a luxury car dealership? I am puzzled as to why so many buyers will get a new car then think about where to park it!  The minute you drive off the lot the depreciation begins.  Owning a home on the other hand, typically appreciates in value.  I understand every situation is different and there are many variables to consider, but I can’t comprehend the rational for paying rent while also financing a luxury car.  What are your thoughts?

Top 10 Buyer Mistakes

10 Mistakes Buyers Should Avoid

  1.  Making an offer without first being prequalified.
  2. Not having a home inspection – trying to save money will cost you money tomorrow.
  3. Limiting your search to open houses, ads or the internet.
  4. Choosing a Real Estate agent who is not committed to forming a strong relationship.
  5. Thinking there is only one perfect house out there.
  6. Not considering long term needs. – Will the home fit your needs in 3 to 5 years?
  7. Not examining insurance issues – Talk to your agent to find the protection plan you need.
  8. Not buying a home protection plan – most sellers pay up to $350 for a home warranty.
  9. Not knowing total cash involved – get a Good Faith Estimate (GFE) from your lender.
  10.  Not following through on due diligence – check out crime rates, schools, power lines, etc

What you need to get pre-qualified to buy

Step 1:  Get Prequalified

  1. Have you pulled your credit report to verify there are no discrepancies, collections, judgments or disputes?
  2. Do you have at least 12 months of credit history with a creditor that reports to at least one of the 3 credit bureaus?
  3. Do you have judgments or collections on your credit report that need to be paid off or satisfied?
  4. Are you disputing any derogatory credit history or a debt reporting that is not yours on your credit report?
  5. Do you have student loan debt that is in deferment for 12 months or longer?
  6. Have you determined where your down payment is coming from and can it be documented?
  7. Have you had consistent employment for 24 consecutive months and can it be verified?
  8. Are the deposits on your bank statements over $200.00 sourced? If not can they be proven by additional documentation?
  9. Do you have any credit or new debts not reporting on your credit report?
  10. Do you pay child support or alimony? If so, do you have the documentation to verify the amount?
  11. Have you filed bankruptcy within the last 7 years? If so, has it been discharged? Do you have the documentation to prove it?
  12. Have you been foreclosed on within the last 7 years?

 

 

***If you are applying with a cosigner or co-borrower for a mortgage, all of the above questions will apply to them as well.

 

 

What things do sellers need before listing their home?

SELLERS CHECKLIST

 

 

 

Safety is number #1 when your home is listed. Before you call a realtor,

take a moment to review ways to keep you and your family safe.

 

You will need to locate the following items:

o   Extra set of keys to the front and back doors

o   Alarm code to be placed in lockbox

o   Consider how to secure pets during showings

o   Copy of survey or plat

o   Copy of your security or warranty deed, title policy, etc

o   Most recent tax bill

o   Mortgage paperwork with lender name, address, phone number

and balance

o   If there is more than one loan, provide same information as above

o   If home is held in a trust, provide name of trustee,

trust account number and contact information

 

If you live in a condominium or townhome

 

o   Copy of Covenants, Association Declaration or  By-laws

o   Name, phone, address and email address of HOA

o   Management company name, address, phone and email

o   Balance of HOA budget

 

 

 

 

 

 

 

 

 

 

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DeLain Climmons

Associate Broker

delainclimmons@gmail.com

770-284-8821770-284-8821 main

Climmons Group Real Estate

P.O. Box 1983 Powder Springs, GA 30127