Understanding the
Atlanta Home Buying Process


Step #9 - Inspections and Negotiating Repairs

Now that you have a signed contract, you will most likely have an opportunity to perform inspections and surveys of the property. We can help you hire a professional home inspector to go through the home with you, to ensure that everything is in working order and to prevent any unpleasant surprises after you move in. We can also help you hire a professional surveyor, so you will know exactly where the property lines are located.

I say "most likely" because all contracts are different. Generally speaking, you will have a specific number of days to have the home inspected and surveyed. If you discover a defect in the property before the inspection period expires, you can ask the seller to repair the defect or make a price concession so you can repair it yourself. If they are not cooperative, you will most likely have the options of buying the home "as-is" or terminating the contract.

If the hurdle of negotiating repairs is successful, you are well on the way to home-ownership!

 

Step #10 - Get An Appraisal

After we submit your signed contract to your lender, they will hire an appraiser to inspect the home and create an appraisal of the property. The appraiser will locate similar homes in the area that have sold within the past six months and use the sales price, along with many other factors, to determine the current value of your new home. The appraiser will then submit the appraisal to the lender.

If the appraised value is less than your purchase price, then you will most likely have the option of asking the seller to reduce the purchase price to the appraised value. If the seller agrees, then you have bought your dream home for less than you planned, but if the seller refuses, you can terminate the contract and buy a different home.

If the appraised value is equal to or greater than the purchase price, then the lender will continue processing your loan and preparing for the closing.

 

Step #11 - Insurance

Now it's time to call an insurance agent and speak with them about insuring your new home. You should also consider purchasing flood insurance. While many homes appear to be safe from flooding, recent floods in Georgia have shown that even homes outside of flood plains can be damaged during heavy rainfalls.

Step #12 - Completing the Mortgage Process >