Welcome!
Thank you for contacting us to assist with the purchase of your new home. We know this can be an overwhelming process. For that reason, it is our mission to make this process as personal, professional, and enjoyable as possible by offering a concierge level of service.
Within this Buyer Guide, you will find useful material to review in preparation for buying.
Through our service, we aim to create clients for life and hope to earn your referrals in the future!
Happy Home Shopping,
Living Wright Realty Group
Getting Started
Preparation
You are ready to buy a new home, so what next? Whether you are a first-time home buyer or a seasoned pro, having a plan and the proper team in place will make your experience an exciting and stress-free one. To initiate this process, there are a few steps to take that will yield a smooth transaction ultimately landing you in your dream home. Let’s begin this process with the following:
Meet for a Buyer Consultation
This is where we review the process of purchasing a home. Here we will also discuss the local market conditions and current strategies for buying.
Hire a REALTOR® and Execute Brokerage Agreement
This ensures you’re working with the best of the best. The agreement will give legal structure to our working relationship so that we can offer you the highest level of service.
Obtain a Pre-Approval with a Trusted Lender
Living Wright Realty Group is happy to make recommendations should need them.
*If you are a cash buyer Proof of Funds will be required when submitting offers.
Gather Desired Home Criteria and Set Up Search
As you see homes of interest come through your personalized search you will reach out to us so that we can collect more information and schedule the showings.
Financial Responsibilities
Earnest Money
This is due when your offer is accepted and deposited upon receipt. Earnest Money is held by a Real Estate Broker or Closing Attorney in an escrow account. EM typically equates to 1% of the sales price (Example: $150,000 Sales Price x 1% = $1,500 Earnest Money). Earnest Money is credited to the Buyer at closing.
Home Inspection
A home inspection is not required but is recommended. The typical cost of a basic home inspection can range from $300-$700.
There may be other inspections that you may want to consider on a case-by-case basis such as radon testing, sewer scope, septic inspections, etc. these range in cost.
Appraisal
An appraisal is required in any financed purchase. The lender will order the appraisal and you will pay for it. The typical cost can range from $450-$650.
HOA Related Costs
A Home Owners Association Clearance Letter is required prior to close on any home that is associated with an HOA. Sometimes the Seller will offset the cost to the Buyer. Letters can range from $25-550. Please pay close attention to the Association Disclosure prior to placing your offer. If you are concerned about these costs, the HOA can be contacted directly.
Down Payment
Depending on the type of loan you will be obtaining your down payment can equate to 3.5% -20% + of the loan (Example: $150,000 Sales Price x 3.5% = $5,250 Down Payment).
Closing Costs
Your closing costs can equate to around 3% - 6% of the loan. Keep in mind your prepaids, taxes, mortgage, loan origination fee, attorney fees, home owner insurance, etc. are all included in this cost. Your lender will be able to give you a more accurate estimate of what these costs will look like.
Every Step of The Way
The Benefits of Having Buyer Representation
Your real estate broker is there every step of the way to answer questions and assist you through the entire closing process, having the knowledge to help you ask the right questions.
1Your Interests Are Personally Represented
Enlisting the services of a professional Buyer’s Agent is similar to using an accountant to help you with your taxes or a doctor to help you with your health care. If you had the time to devote to learning everything about accounting or medicine, you could do these services yourself. But who has the time? This is why you allow other professionals to help you in their specific areas of expertise. We let you concentrate on your full-time job, while we do ours. We will guide you through the buying process and exclusively represent your interests as we help you secure, negotiate, and close on your dream home.
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You Get A Personalized Specialist Who Knows Your Needs
Your Buyer’s Agent gets to know your real estate needs and concerns on a personal level through open communication. They will save you a lot of time by providing you all the details about any home before you see it. In addition, your Buyer’s Agent will listen to your feedback and concerns about each home.
Agents Are Buffers For You
As a buyer, agents communicate on your behalf to coordinate showings and speak directly with co-op brokers so that your best interests are protected.
Third Party Advantage
Potential sellers or buyers are more likely to tell your agent the truth, even if it is unflattering. Your agent provides you with all the possible options and opportunities without holding back.
You Will Quickly And Conveniently Get A Great Home
The advantage to signing a Buyer’s Agency Agreement with us is that you will have a professional agent working to find and secure the ideal home for you. It is nearly impossible to find a home that meets your needs, get a contract negotiated, and close the transaction without an experienced agent. You won’t need to spend endless evenings and weekends driving around looking for homes or trying to search computer networks by yourself. When you tour homes with your professional Buyer’s Agent, you will already know that the homes meet your criteria and are within your price range.
They Provide A Consumer Market Analysis (CMA)
Providing you with information like average price per square foot (of sold homes) and the average amount of time it takes homes to sell in particular areas will prove invaluable during your home sale or purchase process.
REALTORS® Handle Your Transaction With Confidentiality
They protect your best interests, while handling volumes of paperwork for you. Your time is valuable. A real estate agent or Advisor gives you the peace of mind that your transaction will be handled professionally.
To Set You Up For Success
Your Team of Experts
A successful purchase starts with the right team. Ensuring you have the right experts in place to navigate you through the home search, offer, loan, inspection and closing process is invaluable and will make your experience a positive one. Their expertise will ensure that any questions or concerns you may have are acknowledged and addressed.
Your REALTOR®
Your REALTOR® is not only here to help guide you through your search and home purchase, but they are also there to answer questions along they way regarding any step of the process.
Lender
Make sure that your lender or financial representative is someone with whom you feel comfortable. Having the right financial partner is extremely important.
Home Inspector
Every home has a few blemishes. It is a home inspector’s mission to find them. It is when you can say, after reviewing an inspector’s report, “I love it,” that you know this is the home for you!
Appraiser
An appraiser is one who determines the fair market value of property. The role of the appraiser is to provide objective, impartial, and unbiased assessments about the value of your potential home.
Closing Attorney
Your purchase is an important transaction, and using a closing attorney who is willing to take the time to answer your questions and also specializes in real estate law are essential.
How Does Everyone Get Paid?
Real Estate Agent
Often the Seller pays the real estate agent’s compensation at the closing. However, in the instance that the Seller is not covering the compensation, the Buyer is responsible for paying the pre-agreed upon compensation. If this were to be the case the compensation structure would be discussed prior to the contract being executed.
Lender
The Lender is typically paid via the Loan Origination Fee. This is part of the Buyer’s Closing Costs.
Closing Attorney
The Settlement Fee is paid to the Attorney and will be disclosed in the Closing Disclosure. This fee can also be requested upfront. This fee is included in the closing costs.
Insurance Agent
The Homeowner’s Insurance Premium (Hazard Insurance) is paid at closing. Part of the money collected for escrow will go toward this premium the following year. The Insurance Agent is paid by the insurance company.
The Day Has Come.
The day has come, and you’ve found your dream home. Now what? Even though your REALTOR® is there to negotiate and walk you through the closing process, here is a general outline of the process.
1
Make An Offer
Your real estate agent will walk you through the steps required to make an offer on a home in your area. Your offer will likely include earnest money that will apply toward your down payment on the home and may include contingencies such as hiring a home inspector. Expect some negotiation, and discuss a competitive offer with your agent.
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Once The Offer Has Been Negotiated & All Parties Have Signed, You Are Officially Under Contract, Congratulations!
At this point, the Due Diligence period begins. During this time we will schedule your Inspection and turn in your Earnest Money. If you would like to have any additional inspectors out or meet contractors for quotes this is your window to do so. It is not guaranteed, but most Seller’s will honor these appointment requests.
3
Negotiations From Inspection Take Place
Based on the inspection findings we will discuss and assemble the Amendment to Address Concerns to be presented. There may be instances where the Seller would prefer to negotiate a financial concession toward closing costs in lieu of repairs. There are instances where a Seller may deny any repairs or concessions we will work through this on a case-by-case basis.
4 The Home Appraisal
When it comes time for a home appraisal, this serves as a hands-off process for the buyer and seller. During this process, your home appraiser will assess the value of the home, verifying the purchase price stacks up correctly to the value of the home based on a market comparison and assessment of interior and exterior of the home. Should there be a discrepancy in the appraised value and the purchase price your real estate advisor will assist you with the next steps.
5 Get Final Mortgage Approval
Once your offer to purchase is accepted, you’ll work with your lender to get final approval for your home purchase by the date specified for the closing. The lender may require you to pay property taxes or homeowners insurance for the first year at the time of closing, so make sure you know what funds will be expected.
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Contingencies Come Due
Any contingencies that are part of the contract must be satisfied by the defined time periods outlined in the contract. It is important to stay on top of communication with your lender during the contract period. Your real estate advisor will also stay on top of these timelines and will keep in communication with all necessary parties along the way.
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Attorney Will Prepare The File To Close
The attorney will reach out to gather your Buyer information. They will complete the title search to prepare the paperwork for closing. Please get them all items requested in a timely fashion.
8
Pre-Closing
Once all contingencies are satisfied and the attorney confirms clear title we will schedule the closing. Once the closing is scheduled we will reach out to give you all important closing details. Your real estate advisor will review the preliminary Settlement Statement provided by the attorney prior to closing. However, they will not see your Closing Disclosure unless you choose to share it with them. The lender will provide you with the amount to wire the closing attorney. The attorney will provide wiring instructions, please confirm them over the phone with the attorney before sending the wire. This is an extra precaution in an effort to avoid wire fraud. Be sure that you are receiving the wire instructions directly from the closing attorney or through a secure portal. Never trust wire instructions until you verify the location is secure and accurate.
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Attend the Closing
We will perform a final walk-thru before closing. If repairs were negotiated during the Due Diligence they should be completed prior to closing and paid invoices provided to us in advance. If no repairs were negotiated we will still perform a final walk-thru before closing. Once all of the above steps are completed, you’ll be on your way to the closing table. This is when the deed to the home is transferred from the seller to the buyer. Every transaction varies, but be prepared to sign a good amount of paperwork. An attorney or settlement agent will guide you through the process. After all parties have signed at the closing and funding is approved you will receive keys and the home is officially yours!
Strategy Stipulations To Consider
**Consider these ahead of time as some stipulations you may want to be familiar with should you be in a multiple-offer situation!
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An “Appraisal Gap” Is Where A Buyer Agrees To Pay Above An Appraised Value Up To A Specified Difference:
“All parties agree that if the property does not appraise for the Purchase Price then the buyer agrees to pay the difference between the appraised value and the Purchase Price in cash at closing up to the amount of $______________________ (specify excess payment). This obligation is in addition to any other down payment requirements imposed by the buyer’s lender. Upon this occurrence, the sales price shall be the Appraised value plus the cash payment amount.”
An “Escalation Clause” Is Where The Buyer Agrees To Pay A Higher Specified Amount Than Another Offer The Seller May Receive Up To A Certain Amount:
“In the event that Seller receives additional bona fide offers to purchase the Property with terms acceptable to Seller, but which result in net proceeds of sale equal to or greater than the net proceeds of sale payable to the Seller under this Offer, then the sales price stated in this Offer shall automatically increase by $___ over the highest competing bona fide offer. The sales price under this Offer shall in no event exceed $___(the “Cap”). Seller shall provide buyer with copies of any and all offers above $___ [insert contract sales price].”
An “As-is Stipulation” is used when a Buyer agrees to purchase a home in the condition it is presented in at the time the offer is made without additional negotiations to come after an inspection:
“Buyer agrees to purchase the Property “as-is” and will not request that any defects be repaired or replaced in any amendment submitted on the Property. Buyer shall retain the right to inspect.”
Waiving Contingencies is when a Buyer waives the right to a particular contingency.
This May Happen
Multiple Offer Stipulations: You will be bidding, you may have to offer above the list price, and potentially use other strategies so that the offer can stand out and be competitive. If this is the case we will review the strategies and options with you when preparing the offer.
The property may not appraise for the contract price. If this happens, we will discuss your options with you and negotiate on your behalf to come up with a solution.
Closings can be delayed for one reason or another; taking care in the early stages of the contract period should prevent this. If we do have a delayed closing there is no reason to panic, we will get the situation resolved and close as soon as possible. We operate with a “no freak-out policy.”
HOA’s or Management companies may not respond in a timely manner which could cause delays. Seller will probably not agree to fix everything from an inspection report; your REALTOR® will help guide you but be prepared to request wisely.
The mortgage company will probably pull your credit report a few days before closing (so don’t do anything that changes your credit situation between application time and closing time!)
You may have to write a Letter of Explanation to a lender.
You may feel nervous at times during this process. You are making a significant and very personal purchase. It’s quite normal to feel a little nervous, but don’t worry we will be sure to encourage logical decisions.
What to Bring to Closing
Your Agent
It is important to have an advocate who understands the intricacies of the home-buying process. This is especially critical for first-time homebuyers. It’s nice to have someone with you who knows what’s going on and has your interests in mind at all times.
Your Photo ID
Of course, buying a home requires you to first prove that you are who you say you are. You will be signing a number of documents that will need to be notarized. A photo ID such as a driver’s license or current passport will do the trick. If you don’t have either of these, a state-issued ID should work.
Congratulations, New Homeowner!
After the excitement of closing on your new home, it’s essential to think about what comes next. If you financed your purchase, your mortgage payment, encompassing Principal, Interest, and Escrows, will become a monthly responsibility. Annually, when taxes and insurance bills surface, your mortgage company will handle the payments from your escrow account. For cash buyers, it’s crucial to note that taxes and annual insurance premiums remain their responsibility, requiring prompt payment each year. If you purchased a home as a primary residence we will reach out to you after the New Year to remind you to file for your Homestead Exemption.
In the midst of settling into your new home, always remember that your Engel & Völkers Advisor is here for you at every turn, offering guidance and support beyond the closing process. Whether it’s managing your mortgage details or assisting with any queries that arise, we look forward to being a constant presence in your homeownership journey.
What We Will Do For You
Your Best Interest Is Our Best Interest.
We will do everything in our power to make you successful, protect you, advocate for you, and help you get to the closing table with ease.
We Are The Ultimate Resource To You.
Our market knowledge, connections, and strategies are top-notch. We know how to write winning offers and position our clients to achieve their home ownership goals both today and in the future.
We have an extensive list of vendors and many relationships spanning our industry we have worked hard to make and cultivate for you. We do not get kickbacks or referral fees from anyone we recommend. We solely recommend based on customer service, value, and quality of work.
Expect us to guide you step-by-step through the process. You will never have to guess what’s coming next or if your REALTOR® is paying attention. We will provide you with all the resources and guidance you need.
Vendors List
Appraisers:
D.S. Murphy 678-636-4813
Custom Closets:
Artisan Custom Closets artisancustomclosets.com
Dryer Vent Cleaning:
Dryer Vent Specialists 404-777-9447
Foundation Repair/ Waterproofing:
Black’s Foundations and Waterproofing 770-489-2901 blackswaterproofing.com
Engineered Solutions of Georgia 678-290-1325
Electricians:
D2D Electricians - Daniel 404-550–5107
Henry Stensvold 404-615-2548
Exterminators/Pest Control:
Northwest Exterminating - Jeff Hill 678-776-0517
Gilstrap Exterminators
678-697-4430
Garage Door: Metro Garage Door 770-281-4480
General Contractors: All-N-One - Alan White 770-771-2398
Granite Installer: Best Cheer Stone & Cabinets 404-996-2178
Stone Unlimited 678-381-2006
Gutter Installation/Service: Atlanta Gutter Experts 770-369-2724
Hardwood Floors: Crump Flooring 678-232-8352
Hardwood Floors Center - Nicolae Rosca 770-751-9100
Heating & A/C: McKee Heating & Air ConditioningMark McKee 770-557-5587
Home Cleaning Services: Amazon Cleaning 770-906-4001
House Cleaning Services - Aline Batista/Rose Santos 404-454-4049
Inspectors:
Buyers Protection Group - Chuck Turner 800-285-3001
Garmon Inspections - Russ Garmon 770-368-8151
Insulation: Bird Family Insulation 404-538-9168
Interior Design: Michelle Kay Designs – Michelle 770-331-9352
Junk Removal Services: Joseph’s Junk Removal Services josephsjunkremoval.com
Kirbside Junk Removal - Kirby
404-345-7982
Lawn Care: Grass Clips 770-447-6900
O’Neill Landscapes
770-627-5012
Movers:
Moving Etc. 770-634-3423
Atlanta Peach Movers
404-569-7575
Organizing Services: Happy Tree
404-580-4220
Plumbing: Master Flo Plumbing 770-668-4767
Pool Design & Install:
Hilltop Pools 770-471-3889
JKB Pools
404-271-7542
Roofers:
Top Notch Roofing & ConstructionJohn Fischer 678-476-2986
Strategic Roofing 678-923-1449
Septic Install/Service/ Inspection: Septic Service Pro 678-899-6457
Richards Septic Service 770-926-2136
Structural Engineer: GA Engineers - Robert “Bob” Clein 770-232-7580
Engineered Solutions of GA 678-904-3791
Stucco Inspection & Repair: SIR Inc. 770-232-9062
Surveyors: McClung Surveying 770-434-3383
Geo Survey 770-795-9900
Tree Services:
Griffin Tree Services - Darrell Griffin
404-234-4810
Arbor One - Allen Graham 404-309-9634
TV Installation & Mounting:
TV Installation of Atlanta 678-334-5483
Wallpaper:
Atlantic Wallpapers 678-900-2185
Windows: Window World of Atlanta 770-303-0757
Apex Energy Solutions 678-366-5065
Window Cleaning: Thad’s Window Cleaning 678-949-8640
Window Tinting/Privacy Film: Sundown 770-940-1599
Testimonials
“Kate Wright earned the highest possible recommendation we could ever provide. She was detailed, very responsive, attentive, extremely knowledgeable of the market, and an all around great person. For anyone buying or selling a home, I would encourage you to make Kate your broker. This is a decision you will not regret. Thank you Kate!”
“I have worked with Kate on 3 properties now and hope to for many more! She is extremely responsive and no question is a dumb question with her. She also understands the importance of continuing education in this ever evolving market and her learnings directly translate into her work. She’s an expert in the field and is passionate about it. Highly recommend Kate!!”
“Kate is the best! I was really able to lean on her a lot. Her expertise and wealth of knowledge made buying a home as close to stress-free as possible. She was with me every step of the way and really helped me pick the perfect house (after pointing out many duds). A lot of my friends have used Kate, and I’ll continue to recommend her to everyone I can.”
“Wow... we have had Kate Wright’s help twice now and simply would never consider going anywhere else. The depth of knowledge and responsiveness has been beyond our expectations. What a fantastic experience! We’ve seen others struggle and have difficult times selling or even buying and we simply point them to Kate Wright’s team. We simply did not have a single negative experience and felt safe and well informed throughout the whole process.”
Scan here to explore Kate’s glowing testimonials from satisfied clients.
