Is this information current?: The standard disclaimer is that any information that you get on the Internet is most likely outdated. This is definitely true, especially concerning real estate in the state of Georgia. All of the info you see here is probably dated, and that's why you need to consult with us reather than "go it alone" without the aid of a current, licensed and professional real estate agent such as ourselves. Bottom line, the real estate industry changes daily, and that's whay you should hire competent professional and up-to-date people to help you in this ever-changing environment. So go ahead and review this information, understanding that much of it has changed, and when you're ready, contact us and we'll bring you up to date as we help you buy or sell that next home.
Attorneys: Did you know that about 99.9% of Georgia homes are bought and sold today without an attorney representing either party? Know why? If you've bought and sold a home in another state, you probably are familiar with having attorney reviews, lengthy escrow periods, squabbles between principles or their agents, and other problems. Well, the Georgia Real Estate Commission (GREC) is one of the most active in the country, and over the years has fine tuned the buying and selling process to ensure protections for all parties. Because of their stringent oversight, most closings are conducted by specially trained "closing agents/attorneys" who represent the lender to ensure all the documentation is completed correctly. This simplifies the closing process and minimizes unnecessary delays and costs. (see WNCW Closings 101)
Standard Contract: Again, over the years the GREC has fine-tuned the "Purchase and Sale Agreement" or the contract that most real estate agents use in Georgia. No legal mumbo-jumbo to dream up, the agents simply fill in the pre-printed forms with the necessary terms and conditions of the offer, and when the seller's agent receives it, they are already familiar with the standard conditions of the contract, and don't have to delay negotiations while an attorney figures out what's really in the offer. (See Contract)
Inspection Clause: Part of the Georgia Standard Contract is the Inspection Clause whereby the buyer has the opportunity to have the home inspected, and if repairs are required, to negotiate with the seller to have them done prior to closing. This is one of the most misunderstood parts of the sale, and is there to protect both the buyer and the seller from known and unknown defects. A defect is something that is not performing in the way it was intended. For example, a dishwasher that is no longer working is a defect, and could legitimately be a repair item. So is a cracked window and broken tile in the floor. A bad paint job is not a legitimate repair item, because the only flaw is cosmetic. However, be careful what you ask for: if that broken tile is old, and the color is no longer available, the new tile won't match. Same with siding or brickwork. Special emphasis needs to be placed on the existence of "defective building products" such as LP siding, Polybutylene pipe and synthetic stucco. Talk with your agent about these before you start looking at houses. (do a Google Search on these products to review the Class Action Lawsuits, ie, "polybutylene class action lawsuit", "lp siding class action lawsuit", "EIFS stucco class action lawsuit")
Sellers Disclosure: While not required by law, all sellers are encouraged to complete a "Seller's Disclosure" to assist buyers in understanding the history of any property. In it the seller shares whatever information they have about the maintenance and repair history of the house. This helps protect both parties in the event a defect becomes a problem. Buyers can now understand more about the home prior to making an offer, and sellers have the written opportunity to divulge all known problems and their repair solutions. (see Sellers Disclosure)
Agent Representation: If you've ever had a previous experience with a real estate agent, either good or bad, you've probably got some preconceived notions about using an agent to represent you in your next real estate move. Georgia law allows real estate agents to use various forms of representation: Seller representation, buyer representation, exclusive buyer agent representation, dual agency (where agents or their companies can represent both parties), and designated agency (where two agents from the same company or office can represent either party. Georgia law requires that all agents divulge their representation status as early as practical in any real estate transaction, and to establish their client relationship in writing before performing any real estate-specific services such as showing homes to prospective buyers, creating Comparative Market Analyses (CMAs), or writing contracts. (see Buyer Brokerage Agreement)
Advantages of working with us: As real estate professionals, we represent both buyers and sellers. Thus we understand what both parties are thinking and why. So when it comes to negotiation, we can help explain why the other party is responding to your offer in a certain way, and can offer successful strategies to overcome the other party's objections. When we represent buyers, we're there to serve their needs. Our goal is to make your real estate experience the best possible, so much so that you'll choose us as your agents for life and recommend us to everyone you know. Click here to read Tony and Marti's Mission Statement.
How agents get paid: Most buyers are looking for a "deal", and think that if they don't use an agent to represent them that they'll save half the commission. This simply isn't the case because sellers have already signed a legal agreement with their listing agent that commits them to paying the full commission at the time of sale, even if only one agent is involved. Agents aren't greedy, it just the way our real estate system works. Most offices/brokerages are members of the local Multiple Listing System, and as a member, they have already agreed to share the commission with any other MLS member who represents the buyer. That share is set forward at the time the seller lists the home and cannot be negotiated by the buyer.
Staying out of Jail: Mortgage Fraud is one of the more prevalent crimes in real estate transactions today. Scan the headlines of any major metropolitan newspaper, and you'll find somebody being charged with defrauding a lending institution in a real estae deal. Most often, this occurs when a buyer sees an oppportunity to make some money, with the real value of the house being overinflated, or being "flipped" in a short period of time with no real improvements being made. Even real estae agents have been charged with mortgage fraud or lose their license over an illegal "kickback" scheme of their commissions to the buyer or seller. So buyers need to be aware that if they're looking to get a "deal", it's probably illegal and can land them in a lot of trouble, legally and criminally. That's why we subscribe to the strict code of ethics of the National Association of Realtors.
Get to know your Real Estate Agent: A good Real estate agent is also a Realtor and subscribes to the code of ethics of the National Association of Realtors (NAR). They also belong to the local Board of Realtors, and are subject to the rules and regulations of the Board. This guarantees you that the Realtor that you choose is trustworthy, and will be looking out for your best interests. Tony and Marti are Realtors and are members of the Atlanta Board of Realtors. As Life Members of the Million Dollar Club, we've been recognized as consistent top producers and have built our business on the continued positive recommendations of our clients to other home buyers and sellers. These referrals are the proof that we conduct ourselves in a professional and upstanding manner. Many of our Client testimonials are available on request and many are posted on our website. You can return to the home page to read them or Click here for more testimonials
Advantages of working with a good real estate agent like us: As your buyers agent we promise to only show you those properties that meet your criteria, to work in your best interests and to assist you in negotiating the best price, terms and conditions for the purchase of your next home. Additionally, we can show you any house on the market. As a member of BOTH MLS systems, we can get you into every house listed with a cooperating broker, as well as the unrepresented sellers. After a frank discussion about what your housing needs really are, we'll start out by determining the price range that best fits your economic situation, then find potential homes that fit your needs in your target neighborhood. Once a candidate home is identified, we'll research what similar homes have sold for, in order to assist you in determining a Fair Market Value (FMV) for the home. We'll then discuss strategies for the offer and negotiation process. Once we have the home under contract, we'll guide you through the inspection process and the final steps to get us to the closing table in the allotted contract timeframe. Because we work with both buyers and sellers, we can make recommendations to you that are based in the reality of what the sellers are thinking, and offer suggestions that have successfully allowed previous sellers and buyers to arrive at a successful conclusion to their negotiations. Frankly, since we work both sides of the street, we know what works and what doesn't work, and can use these secrets to get you the best deal possible. For Buyers, we'll begin by asking you to complete the Buyers Needs Analysis and returning it to us. This simple form has been proven to help our clients better define what they are looking for in their next home.
The "team" approach: When you sign the Buyers Agreement, you're committing to work with us as your real estate agent. We expect you to be forthright in communicating with us, especially when you don't understand something about the home buying process. No one can reasonably expect every home buyer to know everything about real estate. That's why you've hired us. But if there's something that you don't understand, you need to stop us and ask questions right then. If you want to get some background information about real estate, we highly recommend Elyce Glink's book "100 Questions Every First Time Homebuyer Should Ask". we've read it and it's great! Elyce is a consumer advocate, author and radio show host, and is frequently heard on WSB Radio's (am 750) afternoon shows with Clark Howard. UNFORTUNATELY, comma, because her book was published in 2005, some of the material is dated, and may not reflect current real estate practices, trends and legal rulings. Additionally, it is sometimes purposely confusing and vague because it is written on the "national" level. Statutes vary from state to state, and real estate practices vary from county to county, meaning that what's true about how much commission is customarily paid or what constitutes a "good offer" is dramatically different depending on where the property is located. More importantly, some information in the book may make you the target of a lawsuit or legal proceedings. So having the services of a Realtor like me, who is current in the practices and procedures of the area you're going to purchase in, is critically important. And since our services are ultimately paid for by the owner of the property you're going to buy, why not?
What's the insight into the Atlanta Market? Many news media are touting the upcoming "real estate bust" due to continued uncontrolled appreciation and scarcity of housing. These "attention grabbers" are describing national trends, where in many areas, there has, indeed, been out-of-the-ordinary appreciation and overpriced housing. Recent studies have shown that the Atlanta market is NOT one of those over-priced, excessively inflated housing markets (see the CNN/Money Report on the Top Ten Cities in America: Where to Buy Now (Atlanta)). We have consistently had moderate appreciation rate of approximately 4-6% per year, and continue to see actual home prices that are within 3% (on average) of the homes' true value when compared to their statistical economic model. So if you're used to a market where the asking price of a home is just a starting "guess", leave that one behind, and lets have a good discussion about housing prices here. (see page 5 of the National City Housing Valuation Analysis, Oct 2005)
