Taking the stress out of the buying process

We here at abode residential have a standard established to cut down on the anxieties and stresses associated with buying a home. What is often times referred to as someones largest investment they'll ever make, we empathize, and walk you through every stage of the process. This time should be exciting and invigorating, not stressful. When you are prepared, this process can be enjoyable, and it's our goal to set those expectations so that reaching your milestones are painless. 

Funds Needed To Buy A Home

Earnest Money
  • Earnest money can be $1000-$2000.
  • Can be in the form of cashiers check, money or wire. 
  • Can be held by the Buyers Broker, Listing Broker or Closing Attorney
  • Earnest Money shall be credited to Buyer at time of closing or refunded if transaction does not close. 
Down Payment
 
  • Check with your loan officer about any down payment assistance programs you may be eligible for.

  • Down payment funds are due at closing and can come from various sources: Savings Accounts, 401k programs, gift funds from family members, etc. 

  • Down payment funds must be wired to closing attorney if over $5000 up to 48 hours prior to closing. 

Personal Home Inspection

  • Average cost is $350 - $500. Get at least 2 quotes for best pricing. This inspection is highly recommended. The Home Inspection is your first real introduction to your home, so we highly recommend you attend as well. 

Taxes and Insurance | Prepaids

  • A portion of these costs are due at time of closing to establish your escrow account. This escrow contribution will be added to you mortgage payment and paid monthly. 

Appraisal Inspection Cost

  • Generally $450-$600 and paid at time of appraisal order and usually paid online. Check with your loan officer for instructions. 

As you begin your home buying process, we want to share a few tips to help make your loan go as smoothly as possible. We've compiled this list of mortgage DOs and Don'ts while your mortgage is being processed. By following these guidelines, you can help make sure that your loan is processed and closed in a timely manner. 
 DO
  • DO provide copies of all requested documentation in a timely manner. 
  • Do keep your file current with the most recent copies of your pay stubs and bank statements
  • Do continue to make all payments on credit cards, loan and rental or mortgage accounts as agreed.
  • Do obtain a legible and fully executed copy of your purchase and sale agreement. 
  • Do make a copy of your escrow deposit check provided with your contract offer and provide evidence that is has been cashed/deposited by the Broker or Closing Attorney. 
  • Do arrange for a homeowners insurance coverage binder on your home effective on the date of your closing. 
Don't 
  • ​Don't apply or take out new credit cards, auto or personal loans durning the course of your loan process. 
  • Don't make any large unverifiable and un-documentable deposits or withdrawals to your checking or savings accounts. 
  • Don't allow your bank accounts to fall below the amount given to you by your loan officer. 
  • Don't quit or change employment.
  • Don't take any cash advances on credit cards to pay for your upfront costs or downpayment. 
  • Don't make a Contract Purchase Offer for an amount higher than you approval amount without first discussing the details with your loan officer.  

The Home Buying Process

Select a Realtor

Obtain Financial Approval

Analyze Your Needs in a Buyer Consultation

Select Properties 

View Properties

Write an offer to purchase

Negotiate Terms

Accept the contract

Conduct Inspections

Resolve any issues

Conduct title search

Remove Embumbrances

Obtain title insurance

Obtain Mortgage Financing

Credit Check Underwriting Appraisal Survey Insurance

Remove Contingencies

Obtain Funds for Closing

Close the property

Take Possession of Home!

Licensed in Georgia. All information is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale or rental. 

© 2018 by abode residential

(Buckhead) 2911 Piedmont Rd Ne

Atlanta, GA 30305

Phone: 404-876-4901 | Fax: 404-920-2894

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