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Atlanta Homes for Sale: Atlanta, GA Real Estate | Brooks

Home Buying Guide

What is the difference between pending and contingent?

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When looking for a new house, you’ll come across homes in various stages of the sale process.

What should you do if the house you want is listed “contingent” or “pending”?

What does the term “contingent” signify in the real estate world?

In real estate, what does the term “pending” mean?

Understanding the differences between contingent and pending will assist you in identifying properties that you may still be able to purchase, as well as how to proceed if you are interested in making an offer on a home for sale.

What does “contingent” mean on a house?

When a property is marked as contingent, it means the seller has accepted an offer.

Because they are likely to fall out of contract if required provisions are not granted, contingent transactions are nevertheless active listings. If all goes well, contingent deals will advance to a pending state.

In real estate, what does the term “pending” mean?

When a property is categorized as pending, it means the seller has accepted an offer and all contingencies have been met or waived.

Deals that are still in the works are no longer considered active listings.

The status of a residence will remain pending until all legal work has been completed.

Real estate contingencies are likely to occur in a real estate transaction. A variety of factors can influence real estate contingencies.

The following are some of the most typical contingencies when purchasing a home in Atlanta:

Inspection Contingency: If a house inspection discovers issues, the buyer has the option of requesting repairs, compensation, or opting out.

Appraisal Contingency: If an appraisal finds that the house is worth less than the offer, the buyer has the option of requesting a lesser price or opting out.

Financial Contingency: If a buyer is unable to obtain the house loan or mortgage that they expected, the seller has the option to opt-out.

Title Contingency: The buyer has the option to opt-out if a title report finds a conflicting ownership status. 

Is it possible to make an offer on a house that is contingent or pending?

It’s vital to remember that you may make an offer on a house at any point during the process (before it is marked as sold), which is why having the most up-to-date information and working with a real estate agent who knows how the local real estate market works is crucial.

It is not unusual for buyers to fall in love with a house that is contingent or pending, you should contact a local real estate agent as soon as you see a home that you like. Even if the home that you fell in love with is no longer available, a comparable home for sale is waiting for you.

Downpayment Assistance: Walton County, GA

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Cities in Waltonton, GA:

What is offered?

Get as much as $7,500 towards your downpayment in Walton County, Georgia, GA Down Payment Assistance Programs

Grant are avilable for each calendar for various aspects of the homebuying process. Grants are available for down payment assistance for various programs across Georgia.

Assistance may be available for mortgage closing costs help, and first time home buyer grants. These programs are available on a first come-first served basis (in most instances)and for the entire state of Georgia.

  • Walton County, Georgia, GA Down Payment Assistance Program Grants
  • Walton County, Georgia, GA First Time Homebuyer Assistance
  • Walton County, Georgia, GA Discounts on Mortgage Insurance

Get access to downpayment assistance programs now!

Click on the link below to get a list of downpayment resources

Learn More

GEORGIA DREAM – Standard Program

GEORGIA DREAM – PEN Program

Georgia DREAM: CHOICE Program

Walton County, GA Cities Downpayment Assistance Programs

  • Loganville, GA Downpayment Asistance Pragrams
  • Monroe, GA Downpayment Asistance Pragrams
  • Social Circle, GA Downpayment Asistance Pragrams
  • Jersey, GA Downpayment Asistance Pragrams
  • Good Hope, GA Downpayment Asistance Pragrams
  • Walnut Grove, GA Downpayment Asistance Pragrams

Gwinnett County Homestretch Downpayment Assistance Program

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What is the Gwinnett Homestretch Downpayment Assistance Program?

The Homestretch Down Payment Assistance Program provides down-payment assistance to homebuyers who qualify based on their income.

The buyer must have the ability to purchase a home, but they are hindered by a lack of money needed for a down payment.

What is offered?

The program offers assistance up to $7,500 as a five-year deferred payment loan with 0% interest to qualified homebuyers. These buyers must occupy the home as their principal residence for a period of at least five years.

Get downpayment assistance programs sent to you now!

Click on the link below to get a list of downpayment resources

Learn More

Eligibility

Property must be either a single-family detached home or townhome

Property must be located within Fulton County

Property must pass an inspection

Must earn below 80% of Area Median

Must be a first-time homebuyer

Must remain in the home for at least 6 years

Must have at least one credit score above 640

Debt-to-Income Ratio cannot exceed 43%

Benefits

Up to $10,500

Maximums

The purchase price of the property may not exceed $238,000 for an existing home OR $243,000 for new construction.

gwinnett-homestretch-downpayment-assistant-program

Georgia Homestead Exemption

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What is a homestead?

A homestead, according to Georgia law, is the “real property owned by and in possession of the applicant on January 1 of the taxable year and upon which the applicant resides.” Therefore, a homestead is a person’s primary residence. 

How Do I Get a Homestead Exemption in Georgia?

A homestead exemption is granted to those who apply and meet the following requirements:

1.  A person must actually occupy the home, and the home is their legal residence for all purposes.

2. The owner must have been living in the home as of January 1 of the taxable year. That means that if you moved into your house on January 2, you will NOT be granted homestead exemption until the following year. 

When Should Georgia Homestead Exemption be Filed?

The Georgia Homestead Exemption has to be applied for between January 1 and April.

What Homestead Exemptions are offered by the State of Georgia?

  • Standard Homestead Exemption: A $2,000 exemption from county and school taxes. However, local municipalities can claim additional resources for schools and other debts. (O.C.G.A. § 48-5-44)
  • Individuals 65 Years of Age and Older: Individuals 65 years and older may claim a $4,000 exemption from all county ad valorem taxes if the income (not including retirement payments up to the social security maximum benefit) of that person and his spouse does not exceed $10,000 for the prior year.(O.C.G.A. § 48-5-47)
  • Individuals 62 Years of Age and Older: Individuals 62 years and older are exempted from all ad-valorem taxes for educational purposes. However, the income of that individual or couple cannot exceed $10,000 for the prior year. (O.C.G.A. §48-5-52)
  • Disabled Veteran or Surviving Spouse: Any qualifying disabled veteran may be granted an exemption of $60,000 plus an additional sum from paying property taxes for the county, municipal, and school purposes. (O.C.G.A. § 48-5-48)
  • Surviving Spouse of U.S. Service Member: The un-remarried surviving spouse of a member of the armed forces who was killed in or died as a result of any war or armed conflict will be granted a homestead exemption from all ad valorem taxes for the county, municipal and school purposes in the amount of $60,000 plus an additional sum. (O.C.G.A. § 48-5-52.1)
  • Surviving Spouse of Peace Officer or Firefighter: The un-remarried surviving spouse of a peace officer or firefighter killed in the line of duty will be granted a homestead exemption for the full value of the homestead for as long as the applicant occupies the residence as a homestead. (O.C.G.A. § 48-5-48.4).
  • Floating Inflation-Proof Exemption: Individuals 62 years of age or over may obtain a floating inflation-proof county homestead exemption. If the appraised value of the home has increased by more than $10,000, the owner may benefit from this exemption. Income, together with a spouse or any other person residing in the house cannot exceed $30,000. (O.C.G.A. § 48-5-47.1)

Homestead Applications are Filed with Your County Tax Officials (depending on your county, you will have to file with the tax assessors or the tax commissioner). For most counties, homestead exemptions may be filed online, through physical mail, or in-person.

Barrow County homestead exemption filing process

Cobb County homestead exemption filing process

Cook County homestead exemption filing process

Dekalb County homestead exemption filing process

Fulton County Homestead exemption filing process

Gwinnett County Homestead exemption filing process

Rockdale County Homestead exemption filing process

Walton County homestead exemption filing process

Georgia Dream Second Mortgage Program Standard Loan

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Georgia-Dream-first-time-home-owner-program

The Georgia Dream downpayment assistance, zero interest, the loan is a way for the state to help first-time homebuyers who meet certain income criteria.

This is a zero-interest loan and the money will have to be paid back if the property is sold or transfered.

Eligibility

First-Time Home Buyers, OR

Homebuyers who have not owned a home in the past three years, OR

Those who purchase a home in certain areas

Household income cannot exceed: 

1 or 2 persons: $84,000

3 or more persons: $96,000

Benefits

No Interest

No monthly payments

Funds can be used for downpayment, closing costs, prepaid and principal reduction

Maximum Amount

$7,500

Drawback

The money will have to be paid back when the house is sold or transferred.

See a list of programs you may qualify for based on where you plan to purchase.

Get downpayment assistance programs sent to you now!

Click on the link below to get a list of downpayment resources

Learn More

Georgia Dream Choice Downpayment Assistance Mortgage Program

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Georgia-Dream-first-time-home-owner-program-choice-option

If you live in the state of Georgia and a member of the household has a disability, you may qualify for up to $10,000 in downpayment assistance.

Eligibility

Protectors, Educators & Nurses (PEN) — or work for these industries or active military.

First-Time Home Buyers, OR

Homebuyers who have not owned a home in the past three years, OR

Those who purchase a home in certain areas

Household income cannot exceed: 

1 or 2 persons: $84,000

3 or more persons: $96,000

Get downpayment assistance programs sent to you now!

Click on the link below to get a list of downpayment resources

Learn More

Benefits

No Interest

No monthly payments

Funds can be used for the downpayment, closing costs, prepaid and principal reduction.

Maximum Amount

$10,000

Drawback

This is a loan. Therefore, it will have to be paid back when the property is sold or if the house is transferred to a new owner.