There are 3 home buying costs often not discussed, that should be, when buying your Georgia home.
You should have liquid cash in order to cover these costs once your offer is accepted. So if your money is in an IRA or 401K it’s a good idea to call ahead and see how many days it will take you to get that money in hand.
1. earnest money deposit (EMD)
This is found on page one of your Georgia purchase and sale contract and is traditionally 1% of your offer amount. It is whatever you agree to offer. So make sure that amount is liquid in your account or you know how long it will take to get out of where ever it is. It’s typically due to the attorney within 3 days after offer acceptance.
2. Money for inspections
Plan on having roughly $1,000 to put towards your inspections. Whether it be home, pest, roof, septic, whatever you choose to inspect, you will need to have that money ready to go. That money is typically non refundable.* So if you find somethings on the report and ask the seller to fix them and you can not come to an agreement and you back out, you will not get that money back from anyone. (*sidenote the market is shifting so sometimes you can ask for these in the original offer.)
3. appraisal
The 3rd cost you need money for is your appraisal(assuming you are doing one.) Typically a lender will ask for a credit card to pay for the appraisal. It is law now, the buyer pay directly for their appraisal. A lender may credit it back through the process, however it is your responsibility upfront to have that money liquid.
3 costs when buying a Georgia home, as of today June 26, 2022 we are in a changing market, so some of these items may fluctuate. However, if you are house shopping you should be prepared financially. For more information on what to expect check out my first time home buyer series at JenniferInGeorgia.com or give me a call at (470)326-7077.
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