5 Tips For A Smooth Real Estate Closing

Here are five great tips for a smooth and stress-free real estate closing:

You have read the news, and have heard some horror stories from your friends, and now it’s your turn to close on your new home. Follow these five tips and enjoy your special day!

1. Don’t close at the end of the month. Buyers try to close at the end of the month to avoid paying some days of taxes, interest, and insurance. Most mortgage companies are over burdened and understaffed, and with having to prepare numerous closing packages all the same day, this causes delays on all ends… the closing attorney’s, the mortgage company, and yours. Closing a couple of days before the end of the month will be well worth the extra expense.

2. If you are hoping to take possession on the same day as you close, then close on a Thursday. This way, if money doesn’t get transferred to the seller until Friday, you can still move in before the weekend.

3. Close in the morning. The later you close, the greater the chance the money and the clear to close from the lender will not make it until the next business day. This is especially true if you are selling a home then buying one on the same day.

4. Get a Power Of Attorney (POA). If you are your significant other are on different schedules, then have one person close. On the buying side the most important thing to know is how much money you need to bring, that the closing documents have the correct interest rate shown, and what your monthly payments are. On the selling side it is just a few pieces of paper and your done. Unless everyone feels the need to be there, get a POA, especially if you are doing more than one transaction and want to start in the morning.

5. Wire your funds to close to the closing attorney’s office the day before the closing. Worst case scenario, if you don’t have your settlement statement before you close, by law, you have gotten a Good Faith Estimate from your lender showing your closing costs. This form tells you how to much to bring to closing. What is doesn’t tell you is what the transfer fees for subdivisions/condo associations are, and any other miscellaneous fees. Add a few hundred dollars to the Good Faith amount and wire it to the closing attorney’s office if they have not provided you with a preliminary HUD statement at least by noon time on the business day prior to closing. It is always better to have more than you need and a check cut back to you by the attorney than too little!

These tips, plus using a reputable closing company, will ensure you sail smoothly through your closing!

For more information on the Atlanta area real estate market, please email me at ed@edshort.com or call me at 404.918.2500.

~ Ed Short, Atlanta REALTOR®

 

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Atlanta Real Estate Report – For September, 2011

Metro Atlanta Real Estate Market Dynamics

Through September, 2011, for the twenty county area of Metro Atlanta, housing  inventory is down while homes sold and under contract have increased.

The following information is based on a comparison of September, 2011 vs. September, 2010 for single family homes in Metro Atlanta:

Homes for sale (inventory) declined by 18.4% from 42,850 in September, 2010 to 34,959 in September, 2011.

Homes under contract increased by 48.6% from 2,855 in September, 2010 to 4,242 in September, 2011.

Homes sold increased by 26.7% from 2,806 in September, 2010 to 3,556 in September, 2011

(Numbers are based in information from FMLS – Information is deemed reliable but not guaranteed)

For the City of Atlanta, GA:

$367,616 is the average list price per Trulia as of  10/12/2011.

$182,750 is the median sales price as reported by  Trulia (7/’11 to 9/’11) which is up 2.7% year-over-year.

Nationally:

4.12% is the average 30-year fixed mortgage rate as reported by Freddie Mac as of 10/19/2011.

For more information on the Atlanta area real estate market, please email me at ed@edshort.com or call me at 404.918.2500. 

~ Ed Short, Atlanta REALTOR®

About Our Company

About Our Company… A Video Introduction To Better Homes and Gardens Real Estate Metro Brokers

For all your real estate needs and referrals, please contact me! 

~ Ed Short, Atlanta REALTOR®

The High Five

5 Tips I Share With Home Buyers Before We Start The Home Buying Process Together:

  1. Don’t start online shopping before your mortgage loan is pre-approved. What you think you can afford, and what the bank will approve you for, might be different. Find a loan officer that you can trust and want to work with, and get pre-approved before online shopping. If you are looking at the $450K range homes, but you can actually afford up to $400K, then it will be a let-down. I can recommend several excellent loan officers to you if you need references.
  2. Be realistic. You may have so many things you want for your home, but most likely you can’t have them all… most likely you will have to trade something off. Think about what is most important to you.
  3. Don’t expect to find the home you want to buy from the first viewing tour. Most likely, you won’t find the house you want to buy from the first tour. The first viewing tour is more for understanding what to expect in your price range. Don’t get discouraged even if nothing catches your attention.
  4. If you find the home you really like, don’t keep sleeping on it too long. There is a chance that somebody else might like it too at the same time you like it. If you know you like it, and you feel like ‘this is it!’, then go for it and make an offer!
  5. Relax! Most of the time, things will work out just fine! I know at times it may feel nerve wracking, and I don’t discount your stress, but just try to relax and have fun!

If you have the right kind of mindset, your home buying experience will be more pleasant and less stressful!  Enjoy home shopping! 

~ Ed Short, Atlanta REALTOR®

The Real Estate Matchmaker

Are You Planning To Buy A House And Wondering How To Go About It?

When you purchase a house, you need to know all the details about it, such as its age, price, features, schools, and so on. Only after reviewing all of the property details can you make an informed decision to purchase the property. The best place for such comprehensive information is the MLS, or Multiple Listing Service. In the Metro Atlanta area, there are two MLS’s: FMLS (First Multiple Listing Service) and GAMLS (Georgia Multiple Listing Service).

    FMLS and GAMLS lists most of the properties offered by real estate professionals in the Metro Atlanta area. Except those properties that are specifically exempt from these listings, you can find virtually any property for sale in the metro area via these useful sources. 

In order to obtain access to these listing services, you need to contact an agent or broker who can provide you with access to property listings through a search ‘gateway’ to homes that match your particular criteria.

These MLS’s are truly an astounding source of information and have been in existence for years as a resource for real estate professionals and home buyers. What used to be information in bulky paper directories has now evolved into comprehensive online resources containing all the information you would want to know about a house including multiple photos and virtual tours.

What kind of information can you access via the MLS’s ? In short, almost everything! Of particular importance are such things as:

  • Where is the house located?
  • What are the school districts?
  • How many bedrooms and baths does it have?
  • What is the age?
  • What are the neighborhood amenities?
  • What features and improvements does the house have?
  • Is there a basement?
  • What are the property taxes?

Most home buyers have specific requirements in mind when looking for a house. Agents can match the specialized information in MLS with your requirements, allowing you to find the house you want more quickly.

For more information about the MLS’s, or if you would like a customized property search via the MLS’s, please contact me. 

~ Ed Short, Atlanta REALTOR®