3 Tips for Those who are Moving to Atlanta and Buying a Home
Gain more Assurance about Your Move into Atlanta, Georgia.
Metro Atlanta is a great place to live, work learn, and play
and many of those who have moved here for employment often choose to make their
long-term home in the area. Of course,
making the move to Atlanta is often accompanied by a significant dose of uncertainty,
pitfalls, and other frustrations, much like with a relocation to any other metropolitan
area. In fact, the correction of a home
buying error is often cited among the reasons why homeowners nationally tend to
sell their homes. Consider these three
tips to make the most of your relocation package and quickly achieve your
homebuying objective with less uncertainty in your move into Metro Atlanta,
Georgia.
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Get Financials in Order
Obtain the Offer Letter
When starting a position in a new area, most employees are
formally notified through an offer letter that includes a start date, future
salary, and more. A copy of the offer
letter will be requested by the lender along with other documents required to
process the application for a mortgage on your Atlanta area home, so it is
important to keep it safe and accessible for future use.
Five Things Needed to Approve a Loan for a Mortgage
The lender will need the following information to fully
approve a loan for those starting employment in the same industry or
transferring with the same employer here in Metro Atlanta.
- A copy of the offer letter
- Tax Returns – the most recent two years (sometimes three for the self-employed)
- Bank Statements – Two most recent months, all sides, ideally showing the down payment funds
- Pay Stubs – Two most recent months
- The phone number of a contact who can verify employment
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Determine Existing Sale Proceeds
Metro Atlanta Home Buyers who are planning to sell an
existing home first should determine how much can be expected on the sale of
that property, particularly if some of those funds will be used to buy. Ask a local real estate agent for an estimate
of the proceeds most likely to be expected upon the sale of the home. Commonly referred to as an estimate of
net-to-seller, this document itemizes all of the expenses that the seller should
expect to pay at settlement on a future date along with the net funds to be
received. While some relocation packages
cushion against losses on the sale of a home, obtaining a net-to-seller
worksheet will help the owner decide if the time is right to sell, then buy, or
rent.
Review Credit History and Tax Transcripts
Review your credit history if a mortgage to purchase a home is being considered. The credit histories being reported from all three bureaus can be accessed, downloaded, and printed directly from AnnualCreditReports.com. In reviewing those reports, look for entries of missed payments, and strange or unfamiliar accounts, and dispute any errors right away because resolving them may require some time. After correcting any errors in the reported credit histories, consider obtaining your credit score with the understanding that the one seen by lenders is often different.
Also, pull and review tax transcripts with the IRS to confirm that they are there and consistent with the tax returns that will be submitted to the lender. Remember, this is about limiting surprises at a rather vulnerable time, so getting ahead is vital for success and peace of mind.
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Arrive at an Estimate of the Monthly Payment and Funds Required to Close
The best way to arrive at an estimate of the monthly payment
and funds that will be required of you to close is through a discussion with a
local mortgage lender. Just for kicks,
however, you may use a mortgage calculator and some history of past
transactions as a guide. After finding the
perfect property in an area of interest, add the price from the listing, the
estimated down payment (after funds have been reserved for closing costs,
typically around three percent, and an additional two or three thousand dollars
for other expenses), annual property taxes, and a reasonable mortgage interest
rate to a local mortgage loan calculator to arrive at an estimated monthly
payment. Then you compare notes with
a preferred local lender. Some
relocation packages may fund closing costs or they may be negotiated with the
seller as a term of sale, but it’s best to capture them as a worst-case
scenario.
Calculate the Estimated Cost to Move to Atlanta.
Find a Lifestyle and Home
While opinions vary on the next steps, I’ve long held that a
local real estate agent and area expert should be the first step taken at the
start of the process. A good agent will
ask questions that get the answers required to help home buyers find the
quality of life that matches their needs, whether that is defined by better
schools, entertainment, easy access to the City of Atlanta, lake homes for
sale, new construction properties, and more.
Some even provide a list of the local lenders that offer 100% financing
programs that include down payment assistance that significantly reduces the
funds needed for the buyer to close. Situations vary by the home buyer, so it
really helps to have someone who is familiar with the entire process and
available options on your home-buying team.
Interview a few local real estate agents while discussing
your wants and needs in Metro Atlanta. Share
the properties you’ve found in Georgia MLS and ask for similar ones in the
area. With your pre-approval in hand, tour
a few of the homes for sale, make and get an offer accepted, close on the
transaction, get to work, and start enjoying life in the ATL.
Wrapping Up your Relocation into Metro Atlanta, Georgia
Remember to keep the standard moving tasks in mind. Ask the utility companies about how to get the
gas, power, and water in the new homeowner's name as soon as the closing
date is confirmed. Have the mail being
held in your originating city forwarded to your new address. Get a Georgia State Issued Identification Card, apply for homestead exemption, register to vote, and register vehicles. Check with administrators
about vaccinations and other steps to register kids into
schools. Oh, and somewhere along the way, think about
moving your belongings into your new residence.
