In this economy, cash buyers have the advantage and are swooping in on great housing deals to beat out buyers obtaining loans through banks. Sellers are jumping on these offers because the cash is already secured, they don’t have to worry about finances falling through at the last minute, and it can guarantee quick closing dates on their Thomasville homes for sale. 

While dealing in ready money definitely gives real estate investors an advantage, don’t get discouraged. There are a few guidelines financed buyers can follow to give them a better hand when it comes to beating out competitors that throw down the cash card.

Get pre-approved. Talk with a reputable bank and get a pre-approved home loan for a certain amount before you start shopping for Thomasville homes for sale. This will give you an idea of the maximum you can spend and ensure you have the funds to back up your bid.

Save for a large down payment. The more money you can put down up front, the more likely it is that you will sway the seller to accept your bid. This is especially true if the seller is a bank, because it wants to erase bad debt quickly.

Build a relationship. Cash investors usually have a good rapport with listing agents, and so should you. Figure out who the seller’s agent is and introduce yourself, or have your real estate agent send greetings on your behalf. You should also be sure you’ve hired an agent who knows how to build beneficial relationships with buyers, sellers, other agents, and everyone involved in the home selling process. The more the seller’s agent gets to know and trust you and your agent, the better chance you will have.

Seek out the seller’s needs. Ask your real estate agent to try and find out if the seller has any special requirements, such as needing a shorter or longer closing period. If you offer to be thoughtful and flexible, you have more of a chance of beating out the cash buyer.

Don’t let cash investors deter you from getting good deals on Thomasville homes for sale. Prepare, save, build a relationship and be flexible, and you might have a new house before you know it. 

Want to work with agents who know how to build beneficial relationships?  Give First Thomasville Realty a call today at 229-226-6515 or email us at info@FTRealty.com .

If you get a mortgage for more than 80% of your Thomasville real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis. 

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Thomasville real estate:

Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.

Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay as much as you would have to for PMI.

Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options.

Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional.

Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we’ve all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you haven’t saved enough to afford an expensive home, downsize your expectations and buy within your means.

If you’d like a referral to an outstanding mortgage professional or need help finding Thomasville real estate that fits your budget, give First Thomasville Realty a call today at 229-226-6515 or email us at info@FTRealty.com .

Urban legends can be found within every industry, and Thomasville real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isn’t as easy as it sounds and is probably just what you think — a big fat myth. 

Whether you’re an experienced buyer or it’s your first time purchasing Thomasville real estate, do your research and don’t get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years.

You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, they’re not always a great deal. Banks are required to sell a property as close to fair market value as possible, and only drop the price in small increments after 60 to 90 days. Foreclosed homes are also usually in worse repair and banks are less likely to negotiate on them.

As a first-time homebuyer, it’s easy to get 100 percent financing. While some homebuyers might be nostalgic for the subprime mortgage era when anyone could obtain full financing — that just isn’t the case any longer. While there is assistance out there, most first-time buyer programs require that you put down a certain amount.

A fixer-upper means a lowball offer. Gone are the days when just because a home needed a little cosmetic help you could make an incredibly low offer. Don’t do it because you’ll get rejected, and the buyer won’t take you seriously.

The market may be down, but that doesn’t mean you’re going to walk away with a steal. Save your money, keep your credit score in check and don’t fall prey to any of these common Thomasville real estate urban legends.  

If you’re in the market for a new home or you’d like to hear about more urban legends that buyers typically fall for, please call First Thomasville Realty at 229-226-6515 or email us at info@FTRealty.com  for more information.

You’ve heard of purchasing antiques, jewelry and collectibles at auction, but the idea of purchasing Thomasville homes that way could be a little daunting. Not only is the investment larger than normal, but the process might seem too quick for those who like to take their time and ensure they’ve checked off every box on their house-hunting list. 

While purchasing property at an auction isn’t the normal route for most buyers, that’s no reason to discount it. So if you’re interested in Thomasville homes that are up for auction, take the following tips into consideration before you make a bid.

Get in contact with the auction firm. Firms want to explain how the sales process works, so that buyers won’t be intimidated and will be more likely to bid. The more bidders, the higher the price could be driven up.

Have the property inspected and appraised prior to the auction. While this usually comes out of your own pocket, it will give you a better idea of how high you’re willing to bid.

Consider a pre-auction offer. If you can’t live without this property, then you might want to consider putting in an offer before the auction. However, it will need to be an extremely desirable offer for the seller to call off the auction. If you want a deal on the house, then just wait until auction day.

Read the auction terms carefully. Even if you’ve bid on property at auction before, read the terms for this specific house. All auctions are different.

Set a budget and stick to it. Decide how high you’re willing to bid and make sure you take into account the buyer’s premium fee. This is a fee that they add on to the highest bid in order to create a contract price.

Don’t let a dream house slip away just because you’re unfamiliar with how auctions work. You can get a great deal and may even enjoy the excitement of the bidding. Follow the steps above, or attend an auction before you dive in — they’re public, so anyone can go to watch. 

If you’re in the market for Thomasville homes or would like to learn more about how property auctions work, please call First Thomasville Realty at 229-226-6515 or email us at info@FTRealty.com for more information.

One way lenders increase their profits on your Thomasville real estate mortgage is by charging settlement fees. While many fees are standard and required, others may be negotiated. 

Shop Around For Better Closing Fees 

The Good Faith Estimate (GFE), as required by RESPA, is presented to you after you apply for a loan to purchase your Thomasville real estate. It gives you a heads up as to what fees you should expect at closing. 

If you don’t like the numbers you’re seeing on the GFE, shop around with other lenders. If you were approved for one loan, you can likely be approved for another.  Collect comparable GFEs and see how the interest rate, monthly payments, points, and closing fees stack up. Your best bet is to tell your lenders that you’re comparison shopping, so they give you the best numbers possible. 

Common closing fees you can expect to see on your Good Faith Estimate include:

Appraisal Fee – Fee for an independent appraisal of the value of the property. This fee often ranges from $350 to $500. Note that payment for this fee is sometimes required prior to closing.

Credit Report Fee – This is the cost of acquiring a credit report.

Title Insurance Fee – This is the fee paid to a title company for research and insurance related to the title of the property.

Processing Fee – The processing fee covers the cost of the person who handles collecting the paperwork, such as credit reports and employment history, for underwriting. Sometimes, the processor is the loan officer. 

Loan Origination Fee – Also called underwriting fee, administrative fee or processing fee, the loan origination fee is charged by the lender for evaluating and preparing your mortgage loan. This fee can cover the lender’s attorney’s fees, document preparation costs, notary fees, and similar charges.

Application Fee – This fee covers the processing of an application for mortgage insurance.

All loans have fees; there’s no escaping them.  If there aren’t any fees, the cost of making the loan has been wrapped up in other areas such as the interest rate or points.  So as you comparison shop, remember to look at the long-term cost of the loan, not just settlement fees.  

That said, with some comparison shopping and negotiation, you may be able to decrease your fee amounts without the price being woven elsewhere into the loan for your Thomasville real estate. 

Whether you’re ready to buy or need more information before taking the plunge, First Thomasville Realty can help. Give us a call today at 229-226-6515 or email info@FTRealty.com.

Before you sign on the dotted line for your new Thomasville home, be sure to get the information you need to make a sound financial decision. That includes getting a thorough home inspection by a qualified professional. 

This may seem like one more hoop to jump through, but a detailed and complete inspection can reveal some unpleasant surprises about your new Thomasville home purchase. It can also impact the price you pay for the property. Remember, part of your offer should include a clause that specifies who will pay for any necessary repairs discovered by the inspection. 

When looking for an inspector:

Ask your friends: Word of mouth is still the best way to go, as their good experience can lead to yours.

Ask your real estate agent: Agents have worked with many buyers and sellers and have heard the stories of money saved by a solid inspection.

Ask Google or the Yellow Pages: If no one has a good recommendation, you can always go in blind. Research any prospects you find thoroughly.

No matter how you find inspectors’ names, take the time to check them out.

 Once you have a home inspector in mind, be sure to:

Check licensing: Licensing varies from state to state. Know the rules for your area.

Check references: Any reputable inspector should have a list of happy former clients. Call a few of them.

Check the Better Business Bureau: A few minutes can save you some headaches. You don’t want an inspector with 20 complaints lodged against him no matter how wonderful Uncle Eddie says he is.

Request sample reports: Review sample reports from the inspector. The reports should be thorough.

Check qualifications: Make sure your inspector has a background in engineering, architecture or contracting work. You want someone who can recognize and identify problems. Ask inspectors about their education, experience and professional association membership (such as the American Society of Home Inspectors).

If you’re looking to buy a Thomasville home, give First Thomasville a call today at 229-226-6515 or email us at info@FTRealty.com . We’ll take you step-by-step through the buying process, including getting the home thoroughly inspected by a qualified professional.

As the new year starts, pursuing your dream of buying a Thomasville home may be on your list of resolutions. Prices and interest rates are extremely low, which means 2012 could be the perfect year to buy a home. As exciting as that is, I bet it can also feel a little overwhelming. 

One of the best ways to attack a big goal is to break it down into smaller goals. So here are four smaller goals you can tackle to accomplish your larger goal of buying a home:

1.    Prepare for battle: Before you begin looking for a house, look at your financial situation. Do what you can to clean up any credit blemishes, pay off debt and save toward a down payment.

2.    Check your qualifications: There’s no sense looking at million dollar mansions if that’s not in your budget. Talk to a mortgage professional, or preferably several, to get an idea of what loan amount is available to you. Get preapproved for your mortgage so that you’re ready to make an offer when you locate your perfect Thomasville home.

3.    Build your army: Finding a real estate agent that you click with can make all the difference in navigating the home buying process successfully. He or she can save you tons of time by pointing out the advantages and disadvantages of neighborhoods and homes so that you only look at places that truly fit your needs.

4.    Define your perfect space: It’s worth spending some time considering which characteristics of a home are most important to you. Think about the neighborhood, school system, and commute times, along with basics like number of bedrooms and square footage.

Once you have a clear understanding of your financial situation, know what you’re looking for, and have the help you need to find the perfect Thomasville home, you will be amazed at how much more prepared you feel to take the next steps in the process. 

If you want to discuss more details on the home buying process, contact First Thomasville Realty today at 229-226-6515 or info@FTRealty.com.