FAQ

• If you are buying: Before you look at homes online or visit open houses, your first step is to get pre-approved for a mortgage. This clarifies your exact budget, helps you avoid falling in love with a home out of your price range, and proves to sellers that you are a serious buyer.
• If you are selling: Your first step is to get a Professional Home Valuation. Understanding what your property is worth in the current Metro Atlanta market dictates your budget for your next move.

Look for experience, local market knowledge, and transparent communication. You want an agent who acts as an active advisor, not just a doors-opener. At L McFadden Realty, we bring over 27 years of deep, local expertise in guiding clients through standard transactions, investments, short sales, and foreclosures.

It depends entirely on your loan type:

• VA Loans: $0 down (100% financing) for eligible veterans and active-duty service members.

• FHA Loans: Minimum of 3.5% down.

• Conventional Loans: Can start as low as 3% down for qualified first-time buyers, though 5% to 20% is more common.

• Note: Remember that you will also need cash reserves for closing costs (typically 2% to 5% of the purchase price).

• Pre-qualification is a quick estimate of what you might be able to borrow based on unverified financial details you provide verbally.

• Pre-approval is a formal commitment. The lender verifies your tax returns, pay stubs, and credit history. A pre-approval letter is what you need to submit an offer on a home.

Yes, absolutely! While these events do impact your credit, they do not bar you from homeownership forever. Generally, FHA and VA loans allow you to apply for a mortgage 2 to 7 years after a foreclosure or short sale has been completed, provided you have re-established good credit in the meantime.

We perform a Comparative Market Analysis (CMA). This involves looking closely at recent sales of similar homes in your immediate neighborhood, current active listings you’ll be competing against, and overall market trends in your specific area. Our goal is to price your home competitively to drive maximum buyer interest while ensuring you don’t leave money on the table.

Not necessarily. While major issues (like a failing roof or plumbing leaks) should generally be addressed or disclosed, smaller cosmetic updates aren’t always worth the time and money. We advise our clients on high-ROI prep work—like fresh paint, decluttering, and boosting curb appeal—while steering you away from costly renovations that you won’t recoup.

This is incredibly common, and we handle this delicate timing puzzle all the time. We can utilize strategy tactics like:

• Writing a home sale contingency into your purchase offer (making your buy dependent on your current home selling).

• Negotiating a temporary seller lease-back, allowing you to stay in your sold home for a short period after closing while you transition to your new property.