It's A Buyers Game! Are you IN or OUT? (Part 4)

Yes, it certainly appears that Midtown Atlanta Real Estate and many other parts of the country will be a Buyers' market for sometime to come. And for you to be IN that market, or "game" as I've titled this series, you need to be armed with some powerful tools.

Let's recap some of those tools we've discussed so far. In Part 1, How to Choose Your Real Estate Agent, we talked about the importance of this "tool." The right agent will make all the difference in finding the right home for you and guiding you through a successful and smooth real estate closing.

In Part 2, Buyers Brokerage or Agency, Who's Working for Whom, I talked about the importance of having representation when buying a home. You also want to know if your agent is representing you the Buyer, the Seller, or in some cases, BOTH.

Then, in Part 3, we talked about your Buyer's Checklist. From getting a pre-approval with a lender, to your needs and wants in a home, you are going to see HOW important that checklist is today, when we talk about...

What Questions To Ask When Buying A Home?

Some of these questions will mirror your checklist, and to keep this an easy read I'm going to make them more bullet points instead of a long read blog.

Buyer Tour Booklet? Make sure your agent provides you with a list of the properties you will be seeing anytime you go out. If you look at 10 homes in one day, you will forget what the first one looks like when you hit number 10, and taking notes will help you review what you have seen. On days you tour property with your agent, be sure to dress comfortably (based on the weather) so you can enjoy the day and focus on what you are seeing.

Location? As you look at homes, pay attention to what's around the home/condo you like. Is it close to schools, public transportation, shopping, and highways? What is the future development potential around the building or community? Remember the saying, "location, location, location." You can raise or lower the price, but you can never change the location of the home you buy.

Rules and Regulations? Whether you are looking at a condominium or a single family home, most new communities have rules you need to live by. Whether it's what you can place on your balcony or what color you can paint your house, these are important things for you to consider. What if that huge back yard looks perfect for a pool and the neighborhood does not allow them? All of these questions can be answered in the covenants and restrictions documents that you should review before purchasing.

Home Condition? Is it a new, never been lived in home/condo with a builder warranty? Bank owned or foreclosed property? Has the home been recently occupied or vacant for any length of time? Part of your making an offer on a home/condo will be to have it professionally inspected. We'll touch on that again in our last part on the Purchase and Sale Agreement.

Features and Benefits of the Home/Condo? This goes back to your Buyer's Checklist. Don't fall in love with a home if it does not have all the features and benefits you've identified as important to you. Or be prepared to "negotiate" with your spouse or significant other as to what you can or cannot live without.

Are Your Prepared To Make An Offer? A home purchase will most likely be the single biggest purchase you ever make. And it can be emotional as well. From loving everything you see, to having those "second thoughts" about spending the money. Be sure in your mind you are ready to make this decision and move. This will help both you AND your agent in making the process smooth and easy. The days you are on tour with your agent, be sure to have your checkbook with you. While it's a Buyer's market, homes and condos that are priced right will not stay on the market long. You won't be the only person shopping, and the last thing you want to do is miss out on the great opportunity because you were not prepared to give that earnest money check and get an offer submitted that day!

In the last part of this series, I'll review select parts of the Purchase and Sale Agreement used in the State of Georgia.

Happy Home Hunting!