THINKING OF BUYING A HOME?

Here are the 10 most common questions you should know the answers to:


Q: Will I hire a professional inspector to inspect the home I am thinking of purchasing?

A: You will have the option of hiring your own inspector and on special loans such as a government FHA, one will be provided on your behalf per the conditions of the loan. A good private inspector will submit a report on his findings. It will be up to you to request any repairs be made by the Seller.

Q: I guess I will need to purchase home owner's hazard insurance prior to Closing. Can you tell me a little bit about this?

A: This will protect your home from fire, theft, or an accident that may occur to the property or on the property. Each insurance policy and provider are different and different premiums so it will be in your best interest to do some comparison shopping.

Q: And title insurance, what about that?

A: This would protect the equity you have invested in the home should any individual claim he holds a deed to the property.

Q: I am aware of "Lead Base Paint." What do I need to know when buying a resale?

A: There are now new pamphlets, addendum's, rules and regulations regarding lead base paint you must be aware of that will accompany your contract. This for homes built prior to 1978.

Q: Tell me about the infamous termite letter.

A: The Seller will be responsible for providing you with a clear and free termite letter at Closing. It is not uncommon for a termite letter to show no present infestation but previous. In such a case, there will be a graph attached showing where the termites were and what procedure was applied to get rid of them.

Q: Should I have a survey done on the property I am purchasing even if a plat is attached?

A: Only in the event there is some question to the property lines and what/how much land you actually own. An independent survey is really a means of safeguarding your investment for your piece of mind but many times is not necessary since the plat must be attached per current Georgia Real Estate contracts.

Q: And what about the Seller's Property Disclosure Form... Does this benefit the home buyer?

A: A Seller's Property Disclosure Form is filled out at the time of listing. This form protects the Seller and Buyer from undisclosed defects that the property or home may have. This form is very detailed and is filled out to the best of the Seller's knowledge as it pertains to the home and property.

Q: What kind of payment do I need to bring to the Closing table?

A: Be prepared to have a cashier's check made payable to you at the Closing. You will endorse that check over to the attorney closing your home. It is usually safe to get the amount written in at the bottom of your good faith estimate given to you by your lender as long as nothing had changed with respect to dollar amounts since you met with your lender.

Q: How about financing a new home purchase?

A: Your lender will brief you on all the loan programs available to you at the time of your initial application. There are adjustable rate mortgages, fixed rates, buydowns, adjustables that convert to fixed, VA loans, FHA loans and Conventional loans. A loan will be selected that will best suit each individuals needs at the time of purchase. Don't be afraid at this point in the process to ask questions!

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