Atlanta, Georgia is an incredibly desirable place to live, with a nearby airport, a means of ground transportation as well as tropical climate and a deep, cultural history. The availability of build-able land in Atlanta enables home buyers to find virtually any kind and price of housing they desire.

When searching for a home in Atlanta, there are a few things to keep in mind. Knowing how much you can afford and the type of home you want should always be at the top of your list. Once you’ve found a home that suits your needs, you need to make an offer. Sometimes this process can go on if the buyer and seller can’t agree on a price, but be patient and try to work things out. Your next objective should be to get an inspection done on the home to ensure that you won’t be stuck with a home that needs major repairs. After the signing process you will finally be able to enjoy your new home!

What is a HUD (Housing and Urban Development) Home?

An HUD home is a residential property recovered by the U.S. Department of Housing and Urban Development as a result of a foreclosure on an FHA-insured mortgage loan. HUD then offers the property for sale to recover some of the loses on the foreclosure claim.

Who is eligible for a HUD home?

Anyone is eligible for a HUD home as long as you have cash or can qualify for a loan. HUD homes are initially offered to people who are buying the home as their primary residence, often referred to as owner-occupant purchasers. Following the priority period for these homebuyers, unsold properties are available to all buyers, including investors. Any mortgage broker registered with HUD may submit an offer and contract to purchase on your behalf.

How do you buy a HUD?

HUD foreclosures are sold using a bidding process, meaning there’s an offer period, during which sealed bids are accepted from your agent. At the end of that period, all offers are then opened. HUD will usually accept the highest bid, or the bid that brings them the highest net. HUD then pays the real estate broker’s commission, if included in the contract. HUD does not, however, finance homes. You’ll need to finance through a financing institution, but be sure your financing is in order before you make an offer. If your bid is accepted, and you do not close on the house, you may lose the money deposit you submitted with the offer. If you have any further questions regarding buying an HUD home or would like to speak to a loan officer.

It is easy to get swept up in the excitement of shopping for a new home, especially when it is your first. It is fun to tour open houses and get a feel for what is on the market that might feel like home. That being said, beginning to house hunt before you have gotten pre-approved with a mortgage lender may lead to disappointment. You may think you know what you can afford, but your lender may have a very different idea. You don’t want to discover that after you have put in an offer on your “dream” home that you don’t qualify for the size of loan you need or that there are other complications related to your credit or other credit worthiness factors.

Mortgage Pre-Approval Before You Shop

When you get pre-approved for a mortgage through a mortgage website or lender, the lender does a complete financial review and provides you with the maximum price you can spend on your home. When you have this number in mind while house hunting,there are the following benefits:

• You can begin your house hunt with reasonable expectations based on what you can truly afford
• When submitting an offer on a home, exactly how much you can bid during the negotiations
• You receive a mixed interest rate for a short period of time. If interest rates go up between the time of your pre-approval and home purchase, you pay the lower rate

There are buyers that believe a pre-approval is only beneficial to make them more credible when making an offer. If the above teaches you anything it should be that getting pre-approved makes you more informed and reduces the stress of your house hunt. You have enough to focus you energy on, the last thing you need to worry about is getting your financing confirmed right before you make an offer on your home. Getting pre-approved is the first step you should take before house hunting.

The natural disasters to hit the east coast last month left many people thinking more about housing insurance than they likely had before! Some might be finding out the hard way that there’s not a lot you can do after the fact to recoup your losses if you had an inadequate policy, or no policy at all. But there are steps you can take to prepare yourself for the future – even if you’re a renter, having an insurance policy is a must!

Review any current insurance policies

Prior to a potential disaster it’s wise to review your insurance coverage. Even if you have a policy, it may not cover the things you think it does. For example, many policies don’t reimburse you for flood damage. If floods are a risk in your area, it’s likely a good idea to add on some sort of flood coverage that would take care of debris removal or sewage backups.

Find out how much your deductible is – that’s the price that you can expect to pay if you have any damage you need to claim. Another thing to check is whether or not your insurance covers the cost of a hotel or temporary housing if your home is not livable after the disaster.

In addition to reviewing the policy on your home or apartment you might also want to take a look at any coverage you have on valuables like jewelry or art. Make sure they’re up-to-date with the current value of the item.

What to do after a disaster

When filing a claim after damage from a natural disaster remember to document, document, document! Not only will you need to keep a record of exactly what was damaged and how, but you’ll want to keep track of things like conversations with insurance agents, inspectors you’ve talked to, and anything related to restoring your home back to its original condition. Be sure to follow your insurance company’s instructions for exactly what they need to insure replacement or restoration.

And don’t be afraid to negotiate. If what the insurance company offers to cover loss or damage isn’t what you determine to be a fair price, work with them to try to get a better settlement.

The best medicine is prevention – and that’s true when it comes to home insurance as well!

In the US, we have Halloween and Friday the 13th – days that we like dress up, watch scary movies, tell creepy stories and have a good time doing it. But for most people, the observance of all things ghoulishand ghostly stops there. Not too many of us allow these haunted holidays to affect our lives too much.

Not so the Chinese. And they have a whole month in which they take these strange elements of theunderworld very seriously. Ghost month, as it’s called, is observed during August this year, and is atime when, according to legend, the gate of the “Lower Realm” or hell is open and spirits of the deadare free to wander the earth for the month. Because the Chinese tend to take their superstition and religion very seriously, they refrain from making big decisions during this month, putting off things like weddings, business deals, starting new construction and – yep, you guessed it – purchasing real estate. The Taipei Times reports that housing sales have dipped five percent during this month in pastyears, making it much more than just a childish fear.

While most of us won’t stall our plans for an entire month, that doesn’t mean we should make big decisions indiscriminately. Taking a page from the book of the cautious Chinese may mean fewer upside down mortgages, more people who can pay their house payments, and an increased confidence that you’re making the right decision.
We’re not talking about going on a ghost hunt, but rather doing your due diligence and then some before purchasing a house. How long will it take you to pay it off? What will the payments be? Is it something you could swing if you lost your job? Do you have enough socked away in an emergency fund so you won’t be in danger of losing your house? Is it worth the asking price? Are there issues that you’ll haveto pay out-of-pocket to repair?

What are your long-term goals with the property?
All these are good questions to start asking before you even get serious about a specific place. Staying as detached as possible for as long as possible will enable you to make a more wise, informed decision.

Many who have considered purchasing a second home can be a little hesitant in today’s market. The outcome of your purchase isn’t necessarily clear (If I can’t afford it later on will I be able to sell? What if interest rates drop next month … next year?). And those who are in a position financially to purchase a second home often remember the excruciating process, and aren’t in a hurry to do it again. However, in all reality, anyone who already owns their own home is finished with the hardest part of taking out a mortgage. They have already proved their credit, they have already shown they can make payments on schedule. They’ve shown the lenders that they are a reliable homeowner. This time around, the bank will be begging for thier business; all they have to do is talk money. (Figure your mortgage here with our calculator.)

The thought of purchasing a second home can be overwhelming. There is first the excitement at the thought of owning a new house that your friends and family can vacation in. The idea of being able to temporarily live in a different neighborhood. But with all of the good also comes the bad. There is the added cost of essentially doubling your house expenses, the hassle and work involved with buying, finding insurance, etc. And, of course, there is maintenance and upkeep that comes with owning a home.

These are just a few reasons people every day obtain from buying a second or vacation home. However, for those who find the benefits outweigh the risks, there are several ways to help offset the costs and maintenance of your second home. Possibly the best way to lighten the heavy costs of home ownership is to rent out the property to vacationers. When yourself and loved ones aren’t using the house, take advantage of the extra income by lending it out to others. And in the slower or winter months (depending where your vacation home is located), your property can be used as a homier version of a hotel, where renters can stay for shorter amounts of time.

How to rent out your home

In order to prepare your vacation home for renters, there are a few preparations that should be made. First you should be registered with the state, and have necessary documents listed throughout the house, such as fire exits and emergency contact numbers. (Keep in mind that once these standards are met, you will be reaping the benefits of your property two-fold: enjoying it yourself and via extra profit.) Then, once all of your legal requirements are met, all that’s left to do is advertise your home for rent and bring in the customers.

If the thought of taking on a second mortgage seems unreasonable or overwhelming, just remember there are always ways to help offset the costs. And through renting, not only will your second home bring excitement and a place for you and your family to relax, you’ll be giving others the chance to enjoy it as well.

For more information on renting your second home, check out this free guide, Vacation Rental Marketing Made Easy.