Steel Magnolias Realty, LLC

101 Colony Park Drive, Suite 300

Cumming, Georgia  30040

678.455.3699 Phone       678.455.3398  Fax

 

Buying Process

Our Home Buyers Team at Steel Magnolias Realty is prepared to assist you in the purchase of your next home.  Whether a first time home buyer or an experienced buyer, we have the tools and resources available to make the home buying experience a pleasant one. As a Home Buyer, you are about to make one of the largest investments of your life.  Purchasing real estate should not be taken casually.  It can be a very emotional process.

Many buyers unknowingly view property with the seller’s agent rather than their own.  At Steel Magnolias Realty we believe that by having your own Buyer’s agent and a strong team of professionals, you will realize that finding a home is one of the most stress free parts of the buying process.  Prior to actually searching for a home, we will empower you with information on all aspects of the buying process.  We believe that an educated consumer is the smartest buyer.

 To begin your Home search:

 * Buyer must be pre-approved by lender before viewing property.  A pre-approval letter must be obtained for submission with the Purchase and Sale Agreement.  This has proven to be a strong negotiation tool and could be a major factor in the acceptance of a contract.  We can provide a list of mortgage companies for you to contact.  We recommend that you research several mortgage companies to obtain the best rates possible and find the best fit for you.

 * Buyer to retain a Buyer’s Agent.  You will be asked to sign a Buyer Brokerage Agreement pursuant to Georgia Real Estate License Law.  This Agreement sets forth agent’s relationship to buyer and allows agent to give you real estate advice and negotiate on your behalf.

 * Property search.  We will introduce you to properties utilizing our multi-list systems that meet your specific criteria instead of using the “hit or miss” system of house hunting.  Once you find the right property we will provide a Comparable Market Analysis (CMA) to help determine the best price of the property, not just the “list price”.  At this point a thorough review of the Seller’s Property Disclosure Statement is necessary.

 * The Offer.  In order to submit an offer (Purchase and Sale Agreement) on any property, the following information is required:

                *             Offer amount

                *             Loan type (i.e., FHA, VA, USDA, Conventional or other)

                *             Interest Rate (i.e., fixed or adjustable)

                *             Approximate closing costs

*             Earnest money to be paid, normally between $500.00 - $1,000.00. You should be aware that most foreclosures require 1% of the purchase price. [Check will not be negotiated until all parties have accepted contract.  Earnest money will be held in a Broker’s Trust Account and will be applied to purchase of home at closing.]

                *             Closing date

*             Buyer information, including full name, address and telephone numbers

 * Negotiation.  In the event the original offer is not accepted, the negotiation process begins.  It is not unusual for both parties to submit counteroffers.  It is important that everyone understand that the “binding contract date” occurs when ALL PARTIES agree to the terms of the contract.  It is imperative that Buyers be accessible during this process as “time is of the essence”.

 * Inspection.     Buyers have the right to have an inspection (including termite) of the property at Buyer’s expense.  This provision is included in the Purchase and Sale Agreement.  The home inspection is highly recommended.  Inspections generally range in price from $275.00 to $400.00.  It is far wiser to pay for the inspection initially, than to purchase the home only to find that it requires thousands of dollars in repairs.  A list of inspectors can be provided for your review.

Closing.   Prior to closing it will be necessary for Buyer to obtain Homeowner’s Insurance and bring the original policy to closing.  It is also recommended that you obtain Title Insurance, which can be handled at closing.  It is Buyer’s responsibility to contact Lender for any additional funds needed at closing, which will need to be wired into the Closing Attorney’s Escrow Account prior to closing.  You will be provided “wiring instructions” from the closing attorney’s office.  You will also need two forms of identification (i.e., Driver’s license and/or Passport). 

* Utilities.  Don’t forget, you will need to make arrangements to have utilities turned on!!!!!!!

CELEBRATE!!!!!  

 (If at any time during this entire process you have any questions or we may be of assistance, please do not hesitate to contact us.)

Please call or email today for a FREE real estate consultation or information!!!

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