Got a Question? Take Care Realty Has Your Answer

At Take Care Realty, we understand that buying or selling a home or commercial property can be an overwhelming experience. We have created a list of the most frequently asked questions we receive. As always, Troy Morrison is available to answer any questions pertaining to your home buying or selling experience.

1. What is the First Step of the Home Buying Process?

Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender will give you a dollar amount for how much home you can afford.

2. What Kind of Credit Score Do I Need to Purchase a Home?

Most loan programs require a FICO score of 620 or better. Borrowers with higher credit scores represent less risk to the lender, often resulting in a lowerdown payment requirement and a better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender’s risk.

3. How Much Do I Need for a Down Payment?

The national average for down payments is 11%. But there are loan programs with down payments as low as 3.5%. Some loan programs also allow gift contributions from family members to help with the down payment.

4. What is Earnest Money?

When you make an offer on the home you love, your agent will ask for a check to accompany it (the deposit is typically 1% to 2% of the purchase price). Earnest money is made in good faith to demonstrate - to the seller - that the buyer’s offer is genuine. Earnest money is then used towards the down payment if the offer is accepted.

5. How Do I Get My Home Ready for Sale?

There is a lot of work to be done before your home is ready to list. At Take Care Realty, we will advise you on what is needed to prepare your home (or commercial property) for optimal presentation. The most important tasks are cleaning things up, decluttering, and renting storage if necessary. We will also advise you on what repairs should be performed, as well as quick and easy updates that will make your home more appealing.

6. How Is The Value of My Home or Property Assessed?

As a Licensed Real Estate Agent in Georgia, I will perform what is called a Comparative Market Analysis (CMA).

A Competitive or Comparative Market Analysis (CMA) is a tool used by brokers and salespeople to assist consumers in determining a property’s asking price. It is not an appraisal. Appraisals can only be completed by licensed appraisers.Courtesy of Google

The CMA Report generated will include the following:

  • Closest homes in similarity that have sold close to the property.
  • Similar homes are currently under contract but haven’t closed yet.
  • Competing properties that are currently for sale in the general price point.

Take Care Realty will focus much more heavily on what has sold already when generating the list price for your home or commercial property.