Home Buyer FAQs in Georgia
Buying a home in Georgia involves specific timelines, contract terms, and decisions that can impact both your risk and your negotiating position. Below are answers to common questions buyers ask during the process, especially once an offer is accepted.
My offer was accepted. What happens next?
Once your offer is accepted, the transaction moves into the under-contract phase. Key steps typically include delivery of earnest money, the due diligence period, inspections, appraisal, and final loan approval. Deadlines matter, and missing them can affect your options or leverage.
What is the Due Diligence Period in Georgia?
The Due Diligence Period is the time specified in the Purchase and Sale Agreement that allows buyers to investigate the property. During this period, buyers may negotiate repairs or terminate the contract and receive a refund of earnest money, provided they act within the deadline.
What is Earnest Money and how does it work?
Earnest money is a deposit submitted by the buyer to demonstrate good faith. It is typically held by a closing attorney and applied toward closing costs or the purchase price at closing.
Will rate shopping hurt my credit score?
No, when done correctly. Mortgage credit inquiries made within a short window are generally treated as a single inquiry for scoring purposes. Always confirm timing with your lender.
Do buyers need to attend the closing?
In most cases, buyers attend closing in person. However, options such as mail-away closings or power of attorney may be available depending on circumstances. Your closing attorney can advise on alternatives.
When is my first mortgage payment due after closing?
The first mortgage payment is typically due on the first day of the second month after closing. Mortgage payments are made in arrears, meaning you are paying for the prior month’s interest.
What factors should I consider when choosing a home inspector?
Buyers should look for licensed and insured inspectors with experience in the local market. A thorough inspection helps identify issues that may affect negotiations or future maintenance decisions.
Can I visit the property again after my offer is accepted?
Yes. Additional visits may be scheduled with the seller’s approval. Buyers also typically complete a final walk-through shortly before closing to confirm the property’s condition.
Who qualifies as a first-time homebuyer?
According to HUD, a first-time homebuyer is generally someone who has not owned a primary residence in the last three years, including certain single parents, displaced homemakers, and individuals whose prior residence did not meet code standards.
Can you help me find new construction homes?
Yes. Buyers can receive assistance locating new construction communities, evaluating builders, and navigating contract terms. Representation helps ensure buyers understand incentives, timelines, and upgrade decisions.
