Georgia Real Estate

How can I protect myself when purchasing Georgia Real Estate?

Media coverage of the real estate market is full of stories about predatory lending practices, fraudulent brokers and inflated appraisals but protecting yourself is easy once you know how. Use these quick fraud prevention steps when buying Georgia real estate.

1. Only do business with reputable lenders you know and trust. If you are new to the area or shopping for a mortgage from a distance, call the Georgia Department of Banking and Finance at 770-986-1136 to confirm that the lender or mortgage broker is licensed in the State of Georgia and in good standing.

2. Always keep copies of all documents, receipts, pay stubs and other information submitted with the application.

3. Request copies of all signed documents.

4. Don't sign anything you do not fully understand.

5. Never sign a document that is not fully completed. Make sure all pertinent information is completely filled out before signing any document.

6. Review the Good Faith Estimate of Closing Costs and ask about any fees you do not understand prior to signing.

7. Obtain a written confirmation of the interest rate once you agree to lock-in a rate.

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How can I find a good Georgia real estate agent and appraiser?

Whether shopping for Georgia new homes or simply searching pre-existing Georgia homes for sale the first step to find the perfect property is locating a great real estate agent and obtaining a solid appraisal. As a prospective buyer, there are many advantages to using a competent real estate agent including an unsurpassed knowledge of the local market but not all agents are equal. Likewise, appraisers should have a solid understanding of market fundamentals in addition to the ability to evaluate specific proprieties. Here are a few tips to use when searching for a great Georgia buyer's agent or appraiser.

1. Begin by using the HomesandLand.com agent search tool while browsing prospective properties. It's fast, easy and convenient (not to mention free!). Take time to interview an agent by phone to determine how long they have practiced real estate, whether they are full or part-time agents and how they will go about helping you find the right property for your budget.

2. Eliminate any agents that don't meet your criteria and then review past disciplinary actions through the Georgia Real Estate Commission

3. Ask the real estate agent for recommendations on trusted appraisers.

4. Consider having a second independent appraisal performed.

5. Review the disciplinary actions at the Georgia Real Estate Appraisers Board.

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How can I purchase "as is" real estate?

Purchasing "as-is" property is a great way to find a new Georgia real estate bargain or the beginning of a long term headache depending if you fully understand the implications of buying "as is" real estate.

Listing a property "as-is" may be a warning sign that substantial repairs are required or it could simply mean the seller doesn't want to paint or take care of other minor cosmetic issues. Finding an "as is" property that only needs a few coats of paint, landscape and other minor cosmetic considerations is often a great way to build equity or afford more house for the money - just be sure that is the only problem. Use these helpful tips differentiate a diamond in the rough from a money pit!

Request a Property Disclosure Statement. Even if a property is sold "as is" it does not automatically exclude the seller from disclosing known material or major defects. Know and understand what is wrong and then decide if it is worth the time and effort required to fix, repair or remodeled.

Obtain an inspection. Especially when purchasing an "as is" property it is imperative to have a thorough inspection performed to understand the full extent of damages, delayed maintenance or other unrecognized problems.

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How can I avoid buying a haunted property?

We have all heard the story about a couple moving into their new home only to later learn the property was the scene of a crime or some other unfortunate event. These houses are referred to as "Psychologically Impacted Properties" indicating the dwelling itself wasn't physically damaged but the emotional stigma attached to the incident has resulted in a potential loss of desirability among some people. Learn how to avoid such unpleasant surprises when searching Georgia real estate listings.

Previous examples of Psychologically Impacted properties in Georgia include:

• A murder, rape or suicide took place on the property.
• The house has a reputation as being "haunted".
• The house was involved in some other criminal act.

According to Georgia state law, the seller and agent are not explicitly required to disclose these events unless a potential real estate buyer specifically asks - at which point they are obligated to answer to the best of their knowledge and ability.

To avoid unwittingly purchasing a psychologically impacted property be sure to ask the following questions to the real estate agent and seller:

1. Has the house been involved in a homicide or other felony?

2. Has the house been the site of a suicide?

3. Has the house ever been reported as being "haunted"?

4. Do you have any other knowledge related to potentially negative events associated with the house or property?

If you are not bothered by such events, these questions can still assist in the negotiation process since other potential buyers may find the property less desirable.

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How much square footage do I really need?

One of the first things you will want to consider when searching for your next Georgia home or condo is square footage. Most Georgia real estate listed on Homes and Land show the square footage of the home or condo with the added convenience of being able to search by your desired square footage range. Taking time to determine how much living area you really need is a good idea: buying more house than you need increases the cost of maintenance, property taxes and the price of the home. Here is how to calculate the right amount of square footage for your family.

1. Differentiate between square footage based on exterior walls versus interior walls. Depending upon the type of construction and other factors, the actual difference between measurements taken on the outside of the house versus inside of the home might result in rooms that don't fit your furniture or other important items.

2. If in doubt - measure it! Most sellers and real estate agents won't mind your taking the time to measure a house or room yourself.

3. Begin with the minimum. Take time to measure your current furniture or the furniture you would like to own. For example, measure the width and length of your bed plus nightstands, dressers and other large items then add at least two feet on either side for walking. Do the same for all important furniture throughout the home.

4. Include future growth. If you intend to start a family, begin a home based business or other events where you may need additional space then plan in advance. Since most people live in their homes for an average of 5 to 7 years, it is a good idea to calculate your future living area needs five years in advance.

5. Buy what you need but not more. One way to make sure your mortgage payments, insurance, property taxes and maintenance remain affordable is to buy only as much house as you need. Bigger is not always better - just more expensive!

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Is Georgia a good place to retire?

Georgia new homes has a lot to offer Baby Boomers and others nearing retirement; great weather, diverse geography and a much lower average cost of housing compared to other popular retirement regions. To find the perfect retirement or vacation home in Georgia use our quick help guidelines below.

Geography. Georgia is the largest state east of the Mississippi River but the small latitude is deceptive. When it comes to searching Georgia real estate listings there is something for everyone. Dade County in the Northwest region of Georgia is part of the Appalachian mountain range with elevations reaching a respectable 4,700 feet. At the other end of the spectrum are the Atlantic Coastal plains replete with swamps and the ease of navigating a nearly flat terrain.

Urban to Rural. From metropolitan Atlanta real estate to rural Macon Georgia, chances are you can find the right mix of privacy versus amenities at an affordable price. Enjoy the serenity of the Blue Ridge Mountains or the southern charm of Savannah. For those seeking a warm weather alternative to the hustle and bustle of the big city life, Atlanta has all the conveniences you are accustomed to without the snowfall.

Affordable. Although prices of real estate in Georgia have recognized gains in recent years, the cost of most homes remain more affordable than other noted retirement destinations such as California, Florida and Arizona making Georgia a great alternative for those seeking fun in the sun without the high prices!

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