Our Buyer Experience
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What It's Like Working With Us
We understand you have choices, often overwhelmingly, when it comes to the home buying process. Choices that include which agent, lender, type of mortgage, houses to view, real estate attorney, how to negotiate, which vendors to use, etc. The choices you make will determine what kind of experience you have and it all begins with selecting the right agent for you.
Our ultimate goal is to make you feel like a genius for choosing us to represent you. When you decide to work with our group, you will work with Terence directly to find and view homes, negotiate your offer and guide you through the transaction. In addition, you’ll also be working with Stephanie whose sole job is to ensure that once you’re under contract, all the little details behind the scenes are taken care of and that you’re aware of each important upcoming milestone.
We will go the extra mile for our clients; here are some of the areas we focus on to make sure we do:
Personalized Attention
Our team takes the time to understand our client's needs, preferences, and budget to help them find the perfect home. We also make ourselves available to show homes when it's convenient for you.
Expert
Guidance
We have in-depth knowledge of the local market and we're expert negotiators. We provide guidance on market trends, property values, negotiation strategies and vendor recommendations.
Stellar Communication
We communicate the way you would prefer to be communicated with, and promptly. Every client has Terence's personal cell phone for direct access.
The Details
Matter
We pay close attention to every detail of the home buying process, from the initial Buyer Strategy Session to the final closing, to ensure a successful outcome for our clients.
A Conversation is a Good Place to Start
Spend 30 minutes with us to determine your next steps. We’ll discuss what you’re looking for, answer any market questions you have, and, most importantly, get to know each other. It’s completely free, with no sales pitch or obligation afterward – we like to keep it fun.
Relocating To Metro Atlanta
1. Neighborhood Recommendations
Welcome to Atlanta! Whether you’re relocating for a new job, career, or new adventure, we hope you’ll love Atlanta as much as we do! Richardson Real Estate Group offers comprehensive relocation services: from your first home searches to viewing properties either in-person or virtually for out-of-town clients, to planning your move. We know Atlanta! Our years of expertise and in-depth knowledge are at your disposal. We will assist you in finding the perfect neighborhood, the right schools, the ideal house, and the kind of home life you’ve been dreaming of.
Based on your needs, we’ll send you a curated list of neighborhood recommendations that will suit your family size, lifestyle, employment location, home preferences, and budget. If schools are important, we’ll provide you with an overview of all the local metro Atlanta public, charter, and private schools. Deciding on the right neighborhood is your first step in finding the perfect home.
2. Finding The Right Home
When you’ve selected a few homes that meet your criteria, we’ll book a series of showings for you, in-person or virtually. We will ensure your time is well spent during house hunting time.
3. Making The Move
Once you have chosen a new home, we can assist with planning the logistics of moving. We can recommend preferred moving companies, cleaners, and contractors and assist with locking down a timeline, and more.
Ready to Plan Your Relocation?
If you know you’re going to be relocating to metro Atlanta, then having a plan to make the process as easy and stress-free as possible is your next step. A thirty-minute strategy session is all it takes to set you on the right path. Click below to request your Relocation Strategy Session.
Otherwise, feel free to browse our extensive Metro Atlanta Relocation Guide by clicking here.
First Time Home Buyers
Don’t let anybody fool you; when it comes to purchasing a home, we were all first-timers at one point. For many first-time home buyers, the process can seem daunting because we don’t know what we don’t know. The fear of the unknown can be intimidating, especially when it involves a financial commitment of this magnitude.
What’s a first-timer to do? For starters, hire a Realtor who enjoys working with first-time home buyers. Someone patient and knowledgeable who will be in your corner, your advocate and coach. It’ll make a world of difference and IS the key to having a positive and memorable experience.
We genuinely and thoroughly enjoy working with first-time home buyers. We love to share their joy and excitement when they finish signing at the closing table and realize they are now homeowners. Their smiles when handed the keys become memories we cherish. So if you’re looking for an agent who wants to work with you, please reach out; we’d love to hear from you!
Thinking of Purchasing Your First Home?
Congratulations, you’re one step closer to making that a reality! In just a thirty-minute session, we’ll get to know each other, discuss your needs and priorities and educate you about the buying process and market conditions. You’ll leave with a fresh perspective and confidence in knowing you have a solid game plan to be successful in purchasing your first home!
Build Your Home
Atlanta is one of the nation’s hottest markets for builders and developers. New neighborhoods and communities are springing up around town all the time. Purchasing a new construction home in metro Atlanta can be one of the most rewarding experiences a home buyer can have. But, it can also be the most frustrating if you haven’t surrounded yourself with the right team.
Terence’s first transaction as a new agent in April 2010 was new construction. Since, Terence and his team have helped many clients purchase a new construction home over the years.
Whether you’re looking to buy in a subdivision or build on your land, we have relationships with local and national home builders that can help. As a result, we often know of upcoming communities and opportunities before they are released.
We know how to negotiate the best possible terms for our clients. We understand how builders think. We are your strongest advocate during construction to ensure your interests are protected.
Build your dream home with confidence when you choose us to represent you.
Thinking of Purchasing Brand New?
We know new construction. In just a 30 minute strategy session, we can help you devise a plan to bring your dream of buying new construction to reality. You’ll leave with a fresh perspective about the process and have your questions answered while we get to know each other. Let’s start the conversation!
Financing Options
There are a multitude of loan options available for home buyers seeking a mortgage. Explore the specifics of each loan by clicking on each type below:
A conventional loan is a type of mortgage that is not government-insured or guaranteed. It is instead backed by private lenders such as banks and mortgage companies and adheres to underwriting guidelines established by government-sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans are available in a variety of terms, such as fixed-rate or adjustable-rate, and can be used to purchase a home or refinance an existing mortgage. They usually require a higher credit score than government-backed loans, but they may have lower interest rates and more flexible underwriting criteria.
Loan Maximum: In metro Atlanta it is $726,200. Jumbo loans allow you to stretch beyond this limit.
To qualify for a conventional loan, you’ll typically need:
- Down payment: At least 3% of the purchase price, although 20% is preferred to avoid PMI.
- Credit score: At least 620 or higher.
- Credit history: No recent bankruptcies, foreclosures, or serious delinquencies.
- Debt-to-income ratio: 45% or lower but some lenders may bump it to 50% with higher credit scores.
- Stable employment: A minimum of two years on the job.
- Proof of income: Pay stubs, tax returns and bank statements. More if you're self-employed.
- Property condition: Property that meets the lender’s minimum property standards.
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer to review your individual financial situation.
An FHA loan is a mortgage that is insured by the Federal Housing Administration. FHA loans are for primary residences only. It has lower down payment requirements and less stringent credit score requirements to help low-income and first-time home buyers qualify. The FHA insures the lender, but the borrower is responsible for mortgage insurance premiums (MIP) for the life of the loan. Because this insurance can raise your monthly mortgage payment, you should carefully consider your financial situation before deciding whether an FHA loan is right for you.
Loan Maximum: In metro Atlanta it is $592,250. In the counties outside of the metro area, the loan limit is $472,030. Here’s a link with each county’s limit.
To qualify for an FHA loan, you’ll typically need:
- Primary residence: The property must be the borrower's primary residence and sole current FHA loan.
- Down payment: At least 3.5% of the purchase price.
- Credit score: At least 580 or higher.
- Credit: history: A clean credit history, without recent bankruptcies, foreclosures, or serious delinquencies.
- Debt-to-income ratio: 43% or lower.
- Stable employment: A minimum of two years on the job.
- Proof of income: Pay stubs, tax returns and bank statements. More if self-employed.
- Property condition: A property that meets the lender’s minimum property standards.
- Mortgage Insurance: Payment of an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP).
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer to review your individual financial situation.
To qualify for a VA loan, you’ll typically need:
- Proof of military service: Active duty, veteran or a surviving spouse.
- Certificate of Eligibility: You must obtain your Certificate of Eligibility (COE) from the VA.
- Primary residence: The property must be the borrower's primary residence.
- Credit score: Th VA doesn't require a minimum credit score but individual lenders may require 620 or higher.
- Credit history: no recent bankruptcies, foreclosures, or serious delinquencies.
- Debt-to-income ratio: 41% or lower.
- Stable employment: A minimum of two years on the job.
- Proof of income: Pay stubs, tax returns and bank statements. More if you're self-employed.
- Property condition: The property must meet the VA's minimum property standards.
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer that specializes in VA loans to review your individual financial situation.
A USDA home loan, also known as a USDA Rural Development Loan, is a government-backed mortgage program offered by the U.S. Department of Agriculture (USDA). It is designed to provide affordable financing to low- and moderate-income households in rural areas to purchase, build, or improve a home. A USDA home loan has several advantages over traditional mortgage options, including: 1. No down payment required. 2. Lower interest rates. 3. Flexible credit requirements.
Loan Maximum: It varies by eligible county. In eligible areas in Bartow, Carroll, Cherokee, Douglas and Paulding counties for instance, it’s $377,200. For counties a bit further out like Floyd and Polk, it’s $336,500. Whereas Cobb, Dekalb and Fulton are not eligible. Here’s a link to the USDA’s Loan Limit Map
How do I know if an address is eligible? Use the USDA’s address verification tool, click here.
To qualify for a USDA loan, you’ll typically need:
- Property location: The property must be in an eligibile USDA area.
- Credit score: Most lenders will typically require a score of 620 or higher.
- Debt-to-income ratio: Most lenders will require 41% or lower.
- Income limits: You must meet the income limits for the area based on location and household size.
- Stable income: Proof of income, including pay stubs and W-2 forms. More if you're self-employed.
- Credit history: A clean credit history, without recent bankruptcies, foreclosures, or serious delinquencies.
- Home ownership: If you've owned a home in the past, there may be restrictions on your eligibility.
- Property condition: A property that meets the lender’s minimum property standards.
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer to review your individual financial situation.
Jumbo loans are used when a regular conventional loan won’t be enough to cover the purchase of a high value home due to the conventional loan’s limit of $726,200. Jumbos stretch beyond this limit. They come at a cost of requiring a higher credit score, income and down payment and often carry a higher interest rate.
Loan Maximum: Maximums can vary widely depending on the lender. Some lenders cap the size of the loan at $2-4 Million, while others will let you borrow significantly more, such as $5-10 Million or more.
To qualify for a Jumbo loan, you’ll typically need:
- Down payment: From 10-25% depending on the lender.
- Credit score: A credit score of at least 700 or higher.
- Credit History: A clean credit history, without recent bankruptcies, foreclosures, or serious delinquencies.
- Debt-to-income ratio: of 43% or lower.
- Stable employment: A stable employment history, with a minimum of two years on the job.
- Proof of income: Pay stubs, bank statements and tax returns. More if self-employed.
- Cash reserves: Enough cash and assets in reserve to cover 6-12 months of mortgage payments.
- Property condition: A property that meets the lender’s minimum property standards.
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer to review your individual financial situation.
A Physician Loan, also known as a Doctor Loan, is a type of mortgage loan specifically designed for physicians, dentists, veterinarians and other medical professionals. These loans often offer special benefits, such as low down payment requirements, no mortgage insurance and flexible qualification criteria.
For instance, some physician loans may require as little as 0-5% down. Furthermore, some loans take into account your high levels of student loan debt and offer flexible qualification criteria that allow you to still qualify for a loan. Physician loans aren’t usually offered with a fixed rate, though some lenders do have them.
Loan Maximum: Similar to Jumbo loans, it varies wildly from lender to lender. Many have a sliding cap, so $1 Million at 0% down, $2 Million at 10% down and so forth.
To qualify for a Physician loan, you’ll typically need:
- Primary residence: The property must be the physician's primary residence.
- Down payment: Many physician loans are offered at 0% down.
- Credit score: It varies, some lenders may not require a higher score.
- Credit history: A clean credit history, without recent bankruptcies, foreclosures, or serious delinquencies.
- Debt-to-income ratio: Lenders will often allow a DTI ratio higher than 50%.
- Proof of employment: Proof of employment as a physician, such as a contract or letter from your employer.
It is important to check with a lender for their specific requirements for a physician home loan and to compare offers from multiple lenders to ensure you are getting the best deal for your needs.
In addition to the other loans outlined above, there are some options that allow for creative financing when and where applicable. The following loan types also carry varying degrees of risk. Please make sure you understand the risks by discussing the pros and cons with your agent and with a qualified loan officer that specializes in the type of creative financing you’re interested in.
Other types of mortgage financing options:
- Adjustable-Rate Mortgages (ARMs): A mortgage with an interest rate that changes over time based on a specified index.
- Balloon Mortgages: Typically 5-7 years with interest-only payments and followed by a lump sum payment to pay off the balance.
- Interest-Only Mortgages: Make interest-only payments for 5-10 years until interest and principal payments are required.
- Reverse Mortgages: A loan for senior citizens, allowing them to convert the equity in their home into cash.
- Fixed-Rate Mortgages: A mortgage with an interest rate that remains fixed for the life of the loan.
- Bridging Loans: A short-term loan used to "bridge the gap" between buying a new home and selling an existing one.
These are general guidelines and specific requirements may vary by lender. If you have any concerns about your eligibility, it’s a good idea to talk to a loan officer to review your individual financial situation.
Frequently Asked Questions
While 20% down (or more) is certainly an option if you have the cash, conventional loans are available for as little as 3% down, FHA loans for 3.5% down while VA and USDA loans do not require a down payment.
The home buying process can take anywhere from a few weeks to several months, depending on the specific circumstances of the transaction.
Generally 2-3% of the purchase price of the home, a typical buyer’s closing costs when obtaining a mortgage include: home inspection fees, loan origination fee, appraisal fee, credit report fee, title search and title insurance, survey fee, recording fee, homeowners insurance, property taxes, pest inspection and homeowners association (HOA) fees. Note that these costs may vary based on the lender, location, and details of the transaction.
Yes, there are several first-time home buyer programs available in Atlanta, including the Georgia Dream Homeownership Program and the Federal Home Loan Bank of Atlanta’s Homeownership Program.
We are here to help you find the perfect home for your needs and budget. We’ll work together to identify your must-haves and preferences, and I’ll show you homes that match those criteria, all within budget.
We will guide you through the process of making an offer on a home. We’ll discuss your budget, the home’s condition, the market and any other factors that may affect the purchase price and come up with the right offer strategy.
We will help you evaluate the condition of a home before you buy it, by doing a walkthrough with you and pointing out any issues that may need attention. In addition, once under contract, you will have a due diligence period where you can hire your own home inspector and cancel on the house without penalty if anything major is found that the Seller won’t address.
Atlanta is a huge market for builders and there are always new neighborhoods opening up all around the metro area. We have relationships with most of the builders which helps with getting information about upcoming neighborhoods.
A fixed-rate mortgage has an interest rate that stays the same for the life of the loan, while an adjustable-rate mortgage has an interest rate that can change over time. When interest rates rise, variable rate mortgages become popular again and people use them until rates drop and then refinance. There are a lot of caveats and potential pitfalls with this strategy. We can help explain the risks.
The home inspection process is an important step in the home buying process. An inspector will thoroughly evaluate the home to identify any potential issues that may need to be addressed.
Georgia is a real estate attorney state. While other states close real estate transactions with title companies, transactions in the state of Georgia must be closed with a real estate attorney. We have relationships with most of the real estate attorneys and can recommend good attorneys all over town.
Some common contingencies that are included in a home purchase contract include due diligence (ie your home inspection window), appraisal and financing contingencies.
Property taxes in Atlanta typically range from 1-2% of the home’s value.
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