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Atlanta Georgia RE Questions & Answers

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Below you will find a few common questions asked by our Buyers and Sellers during the real estate transaction process. If you don't see a question here that you'd like to have answered, please submit a question and we'll answer it in a timely manner - - without obligation!

Q. I'm considering buying a house with a good resale value. How do I determine if my house will increase in value within the next five years so that we can upgrade? I can buy a smaller house in a great location or get twice as much house in a good location. Which is a wiser decision?

It's like buying stocks. How do you really know which ones will increase most in value over the next five years? As with any investment, there are risks.

The most often quoted rule is that location is the most important factor. You want to make sure that the house does not back to busy streets and is as close to the interior of the tract as possible. Avoid corners and intersections. Choose the middle of the block or a cul de sac. You'll want to be sure it has at least two bathrooms (if you are buying in an older area).

Sometimes it is just timing that works out best for you. For example, if you buy a home before a major surge in local prices.

Q. My house recently went into escrow that was supposed to last 60 days. One week before closing we were notified by the real estate agent that the house did not appraise for the amount agreed upon in the sales contract. The buyers are refusing to obtain another mortgage company or another appraisal at my cost. Do they forfeit their 2,500.00 that is in escrow to me, or is it a technicality and they get their money back?

You're probably not being given the true reason for cancellation. First, look at your purchase contract. Most Realtors put deadlines in the contract during which certain things must occur, such as appraisal or loan approval. Review the contract to see if they lived up to those types of terms in the contract. Second, press to find out why it took 55 days to get an appraisal. This just seems wrong. Request the name and phone number of the appraiser so your agent can make inquiries.

Escrow normally cannot release the deposit money without the permission of both sides. Continue to press until you feel you are being given the real reasons for not closing the transaction.

Keep in mind that if you are asking for legal advice that can only be obtained from a lawyer.

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