Seller. The Buyer pays for the Appraisal as part of closing costs.

A typical home sale will involve many different inspectors. A A "Pest Control Inspector" will always be used if the Buyer is getting a loan on the property. Before any lender will issue a mortgage on a home in Georgia, a "clear Termite Letter" must be issued. This certifies that the home is clear of all termites at that moment in time. The Seller pays for the termite letter and any required treatments.

A "Home Inspector" is typically called in by the Buyer. This inspector will conduct a thorough inspection of the home — the construction materials, operation of various systems and appliances, etc. Be careful, anyone can get a business license and call themselves a home inspector. There is currently no license required in Georgia for Home Inspectors.

Most consumer advocates recommend hiring a Home Inspector that has some sort of designation by a professional home inspection organization. The most widely recognized designations in this area are ASHI and CABO. Every home Buyer should also realize that the Home Inspector's liability is limited to the amount the home Buyer pays for the inspection, typically between $250 and $400.

Based on the initial Home Inspector's findings, a number of other more specialized inspectors may be consulted. These might include a Structural Inspector, a Radon Inspector, a Stucco Inspector, or others. These additional inspections will cost several hundred dollars. This cost is usually picked up by the home Buyer. However, these costs are totally negotiable and it is reasonable to ask the Seller to participate in the expense.

Note: Smart Home Sellers will frequently have all necessary inspections and appraisals already done before the first buyer walks in the door. This helps quell a Buyer's two most pressing concerns — 1) Is this a good house? And 2) Is it worth what they are asking?

Finally, on the day of closing, both Buyer and Seller attend the closing that is conducted by a Closing Attorney. Most people don't realize until they get to the closing table that the attorney represents the Mortgage Lender, not the Buyer or the Seller. The Buyer or Seller is welcome to bring his or her own attorney to the closing if they wish. This rarely happens in metro-Atlanta closings.

As the number one seller of homes in the 30189 zip code, Gina's team members are recognized as the expert in helping people buy, sell or lease Towne Lake area homes. We hope that you love Gina's magazine, The TowneLaker, and that you will think of us, CENTURY 21 Advantage, first when you need to buy, sell, or lease real estate in the Towne Lake area. Visit us at ginacarr.com or viewtownelakehomes.com.

The Carr Report

Professionals Make the Difference

Gina Carr,
Advantage Team Leader.

After a home goes "under contract," various professionals are brought in for their expertise. Appraisers, inspectors, mortgage brokers, and closing attorneys and others are all critical to the process.

Usually, the first appointment most buyers make after signing a contract to buy a home is with their Mortgage Lender. Since few people pay cash for their homes these days, the Mortgage Lender is an integral player in the success of the real estate transaction.

A good Mortgage Lender will have you pre-qualified before you even go out to look for a home. There is little worse than getting your heart set on a particular home and then finding out that you can't qualify. The Mortgage Lender will look at such things as your credit score, your income sources, and your down payment. He or she should also be able to advise you on which of the many loan programs available will best suit your personal situation.

Most loans in Atlanta are done by Mortgage Brokers. A Mortgage Broker is a person (or a company) that functions as an intermediary between you, the person looking for money, and the "investors," entities with lots of money to lend. They will typically search for the best program for your needs. Alternatively, some people get their loans directly from the investor (usually in the form of a commercial bank or a mortgage company). All of these entities usually have competitive programs. You should usually go with the individual at the entity where you feel most comfortable. Be sure to get your good faith estimate of closing costs in writing.

Appraisers assess the value of the home. They use a variety of methods including the Cost Method, the Comparable Sales Method, and the Income Method (for investment property). In most home sales, the dominant method is the Comparable Sales Method. The Appraiser tries to use the most "Comparable" recent sales — same neighborhood, floor plan, construction materials, etc.

Although the Appraiser is objective, there is no doubt that the Appraiser knows the agreed upon sales price and — unless it is way off base — the Appraiser is going to come in with a price that is amazingly close. The assumption is that the contract was negotiated as an arms-length transaction between a knowledgeable Buyer and a knowledgeable