The Woodall Group Explains Inspections & Appraisals

Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.

It's come to our attention that many folks in our area don't know what the difference is between home inspections and appraisals. Today, we break these two real estate concepts down for you.

• Home inspections: These are recommended but not mandatory. An inspection is typically done by the buyer. They will hire an independent person, who does 2 or 3 inspections a day, to take a look at the house you're interested in and make sure there aren't any major problems. It's a thorough evaluation of the house - they will check the thermal and electrical, examine the attic, crawl spaces, under the kitchen sinks, and the roof, among other things. At the end, you'll get a report that tells you everything you need to know about the house. Inspections vary in price, but are typically between $300-$500. Before you get an inspection, ask what the particular company will include in the report. This is a great way to protect yourself from buying a defective home.
• Appraisals: These are mandatory if you are taking out a loan. An appraisal determines the value of your home or validates the value you want to sell it for. The appraiser will take notes about the various details of your house - such as the number of bedrooms and bathrooms, the size of the rooms, and the overall quality and condition of the home. They will then compare your home to other recently sold properties in your area and come up with a value. They will be sure to make adjustments for the size, age, and condition of your home to get a solid number. Banks order these when you apply for a loan. If you buy in cash, an appraisal is optional.

There it is, the many differences between the appraisal and inspection processes. As always, if you need any help with real estate in the Athens area, don't hesitate to give us a call or shoot us an email. We'd be pleased to serve you!

Is Cornerstone Rehab Loan Right for You?

Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, a good friend of ours from Cornerstone Home Lending Inc joins us to talk about a great new loan they offer. The question many homeowners want to know is, "How can you get money in your mortgage to fix or rehab a house?" Today, our friend Russ Tanner answers just that.

The answer to that question used to be you either get an FHA loan for around $2,000-$3,000, or you go to a local bank for a short-term construction loan before going to a lending company to get a permanent long-term fixed-rate type mortgage. Either way, you're making separate payments and are often getting not so favorable terms.

We're happy to introduce the Cornerstone Rehab Loan, which allows you to get one loan to both buy a home and do the renovations you want to. It's a streamlined way of borrowing money - you only have to close one time, with one set of fees. If you have the plans ready and get the specs in for an updated appraisal, you will be able to get this convenient loan.

It's designed to make the buying and renovating process a smooth, simple process. This rehab loan can save you a lot of headache if you were worried about getting a construction loan, about having to get two separate appraisals, and about dealing with two sets of closing costs. 

If you want a streamlined process that makes renovating your home a whole lot easier, give us a call. This loan also provides you with the benefits of being fully approved, which gives you the upper hand when competing with other buyers. Feel free to reach out to us with any questions you have about this great opportunity. We look forward to hearing from you!

Multiple Options for Mortgages

Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we want to talk about a few types of long term mortgages that most buyers use when they decide to purchase a house. There are a few different options out there, and depending on your situation, you could get a really nice loan and interest rate in this market.

Conventional mortgages are probably the most popular kind. There are a lot of options on this loan as far as down payments go. You can choose to pay 3%, 5%, 10%, or 20% down. The advantage of putting at least 20% down is that you can avoid the private mortgage insurance that you would have to pay with a rate any lower than 20%.

There are a few options for mortgages that don't require a down payment. VA loans are for active duty military or veterans. This loan comes with no down payment as a way to thank military members for their service. Another option for a no money down loan is a USDA loan. The catch with a USDA loan is that it has to go towards a rural development property.Nothing in Clark County qualifies, but there are properties close by that do qualify. Give us a call if you are interested in this type of loan and we can let you know where it will work. 

One of the other most popular types of loans are FHA loans. They can be obtained with a little lower credit score and you can have this loan with only a 3.5% down payment, with closing costs being rolled in.

If you've been thinking about buying, now is a good time. Interest rates are really low, and they will increase soon. Locking in a rate now could save you thousands down the road. If you have any questions at all about mortgages or anything else real estate related, let us know. We'd be glad to help.