FAQ's

Question: How can I obtain a Georgia Real State License?

Answer:
Salesperson candidates must successfully complete a 75 hour prelicense course and pass the State exam. Broker candidates must hold a salespersons license for at least three years, then complete a 60-hour prelicense course and pass the State exam.

Question: Where are the required courses offered?

Answer:
Independent study (computer) courses are offered by the Waddell Realty School of Real Estate, #1 Bradley Park Court, Columbus, Georgia. Phone (706) 653-1400.

Question: How do I begin my real estate career?

Answer:
1. Register for and complete the prelicense course. 2. Interview with Brokers. (If your State exam application is signed by your broker, you will be issued an active license at the exam center. If you have not affiliated with a broker, your license will be "stored" with the Georgia Real Estate Commission until you activate it with a Broker.) 3. Pass the State exam. 4. Complete your first year, 25-hour, post license course. Contact Donnie Baggett or Allen Parham for further details at (706) 653-1400. We'd love to discuss your career in real estate!

Question: What is required after I am licensed?

Answer:
Your enthusiasm and a commitment to a full time career of expert services for Buyers and Sellers will be a winning combination. Personal and financial rewards are unlimited and come with a positive attitude and continuous development of industry knowledge. Select a Brokerage firm with full-time managing Broker who is experienced, respected, and available daily for support. Waddell Realty Co.,Inc. does provide these services, and scheduled training for newcomers to the business, as well as veteran sales associates. Waddell Realty School of Real Estate offers prelicensing courses and continuing education courses. Call Donnie Baggett or e-mail us for more information on your career in Real Estate.

Question: Are all the courses offered approved for credit?

Answer:
All courses offered by Waddell Realty School of Real Estate have been approved by the State of Georgia Real Estate Commission and have met all State requirements.

Question: Why should I take an on-line or CD-Rom course?

Answer:
They are convenient. You can take the course on your own schedule, start when you want to; work at your pace.

Question: How do the On-Line pre-License and Post License and Broker Courses work?

Answer:
Each course is divided into lessons designed to take 20 to 30 minutes to complete. Once you have mastered the subject materials, you will be prompted to answer multiple choice questions to test your understanding. You will not be allowed to go to the next lesson until you have successfully answered the required questions.

Question: Can I pause or stop a lesson?

Answer:
Yes, you can stop or pause anytime, bookmark and save your place, and begin again later. You will not have to complete work you have already successfully completed.

Question: How long will it take me to complete the course?

Answer:
The Prelicense Course is designed to take 75 hours of computer time. The Postlicense Course is 25 hours, the Broker Course is 60 hours and Continuing Education Courses are available in 3-hour and 6-hour courses.

Question: Can more than one person take the same course at the same time?

Answer:
No, each participating student must enroll separately. Only the registered student can take the Course and receive credit.

Question: What must I do to complete the course?

Answer:
In order to get credit, you must complete all the course lessons. When completed, a "Student Affidavit" will be required to attest to the fact that you personally completed the course yourself. For the courses that require an exam, contact Donnie Baggett (706) 653-1400 to arrange for the exam.

Question: Can I use the Course to review after I have completed the lessons?

Answer:
Yes, you may review the Lessons for up to 90 days after registration.

Question: Can I use more than one computer to access the Course?

Answer:
Yes, any computer that has access to the Internet can be used.

Question: If I have a criminal conviction, a nolo contendee plea, a first offender plea, a license disciplinary action or a DUI, can I get a license?

Answer:
In some cases. Please call Donnie Baggett (706) 653-1400 for more information.

Question: How do I get the brokerage firm license number of the firm with which I plan to affiliate?

Answer:
Ask your prospective broker for the number. Be sure to tell him or her that you need the firm's license number that begins with the letter "H", not his or her personal license number that begins with a "B" or "Q".

Question: How old must be to take an examination?

Answer:
17, for salesperson's and community association manager's license, but you cannot activate the license until you are l8 and have met all other requirements for that license. 20, for the broker's or associate broker's license, but you cannot activate the license until you are 21 years of age and have met all other requirements for that license.

Question: Need More Information On Real Estate Courses?

Answer:
CLICK HERE: http://www.waddellrealtyco.com/dsp_onlineSchools.cfm

Question: What Kind of Computer Can I Use?

Answer:
IBM PC Compatible computer (minimum 350 MHz processor with 8MB RAM) SVGA (800x600) video card, driver and monitor Microsoft Windows 95/98/NT/ME/2000/XP Microsoft Internet Explorer version 5.5 or higher (Career WebSchool does not support "Beta" Versions of Internet Explorer) Microsoft standard Arial, Times New Roman, Symbol, and Wingdings fonts Adobe Acrobat Reader Printer (for Course documentation and affidavit statement) Please contact Donnie Baggett for any more specific questionse (706) 653-1400 Examples: Q - If you have a license in another State, what do you do? Q - If you had a Georgia license and it has lapsed, what do you do?

Question: What is the BEST TIME to sell a home?

Answer:
There is not a "Best Time." Selling or finding a buyer for your home depends on a lot of differnet things: Demand, Interest rates, Economic Conditions and the needs of the potential buyers. The time of the year you need to sell can make a difference. In our area, more homes are sold in the Spring and Summer. Homes do sell during the FAll and Winter but it usually takes a little longer to find that "just right" buyer but remember, we sell homes everyday of the year. Call us for a personal marketing plan to determine the best time, the best price and the best conditions to begin marketing your home.

Question: What is my home worth

Answer:
Whether or not you've decided to move, we can tell you what your home is worth...and back up our estimate with market facts. We'll perform a comprehensive market analysis including data about recently sold propterites available to us as a member of our area's multiple listing service. When we give you our estimate of your home's current market value, you can be confident that the price is based on solid data--not a "guesstimate."

Question: Can you sell within my time frame?

Answer:
There are generally four factors that play a large role in how many days of market exposure it takes to receive a winning offer. One of those factors is your choice of listing agent and their marketing plan. If you'd like to learn the other three critical factors, give us a call and We'd be glad to share them with you!

Question: Financing: I have poor credit, and I don't have much for a down-payment, can I become a homebuyer?

Answer:
Yes, there are many programs available that may allow you to buy a home. You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local government to see if there are any local homeownership programs that might work for you. You can also contact us at (706) 653-1400 and we can put you into contact wth several mortgage brokers that may be able to assist you.

Question: Financing: What is a down payment?

Answer:
The down payment is a percentage cost of the home that you must pay when you go to settlement. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down- and sometimes less.

Question: What is earnest money?

Answer:
Earnest money is the deposit you make on the home when you submit your offer. Earnest money proves to the seller that you are serious about wanting to buy the house. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies.

Question: Financing: What does "Pre-Qualification" mean?

Answer:
In a pre-qualification, you will be asked basic information about yourself and the type of home you are interested in buying. You will have the oppotunity to view various mortgage programs and their rates. This will hlep you narrow down which mortgage programs best fit your needs before you apply. If you'd like to determine the maximum loan amount you may qulaify for, you can visit the calculator section of the website.

Question: Taxes: How are property tax bills paid?

Answer:
Depending on your loan progam and state restrictions, your monthly mortgage payment may or may not include funds to pay your property taxes. If your payment includes money for property taxes these funds are held in escrow by the lender and the lender pays your property taxes as they are due. If your payment does not include property taxes, you are responsible for paying them by the due date.

Question: Taxes: Can I exclude the gain from the sale of my home?

Answer:
You may qualify to exclude from your income all or part of any gain from the sale of your main home up to $250,000 for single tax filers, or $500,000 for married tax filers, if all of the following are true. 1. If you are married and want to qualify for the $500,000 exclusion, you must file a joint return for the year. 2. You, or your spouse if filing as married, must meet the ownership test. 3. For married persons, both you and your spouse must meet the use test. Singles must also meet the use test. 4. You, nor your spouse in case of married filers, have not excluded the gain from the sale of another home in the past two years. Read the complete text on the IRS website at Excluding the Gain, you should also consult with your CPA or tax advisor on this subject.

Question: Inspection: What amount of homeowner's insurance is required?

Answer:
Your homeowner's insurance policy should cover the cost to rebuild the home. This insured amount may be higher or lower than the actual purchase price as long as it meets the program requirements. The insurance company you choose can give you an actual quote based on specific information about the property.

Question: Insurance: How do I know if I need flood insurance?

Answer:
Most standard homeowner's insurance policies do not cover loss due to flood. The law requires that if yor home is located in a Flood Hazard Area you must purchase flood insurance. If you chose, you can obtain flood insurance coverage even if you are not required to do so by the lender. The law requires lenders to do a flood hazard determination on all properties securing a mortgage. Many properties in our area are located in flood zones. Be sure to verify your property's elevation above sea level as this can effect your insurance rates. Please visit FEMA for more information.

Question: Do I need title insurance?

Answer:
Title insurance protects the lender and homeowner against any loss resulting from a title error or dispute. Title insurance protects the homeowner until the property is sold. A title search is a search of public records to confirm the property's owner and to find out if there are any liens against the property. New title insurance policies are required on purchase money mortgages and traditional refinance mortgages.

Question: Inspection: Is a termite insepction required?

Answer:
For conventional loans, the investor or lender will require a termite inspection if there are no visual signs of infestation. All government loans require a pest inspection.

Question: Inspections: What does the term "as-is" mean?

Answer:
The term "as-is" means the seller is not going to make any repairs to the property. This, however, does NOT mean that the seller is exempt from disclosing known problems with the property. The seller must disclose all known defects to the buyer. Not disclosing known defects is fraud, a very serious crime. Homes sold "as-is" often bring a lower sales price, as the buyer will make price adjustments for known, necessary repairs. It is wise, and recommended, that the buyer have a professional home inspection done on the property. We also recommend that the buyer have a roof inspection done by a qualified roofing company, as well as have the pool and air conditioning system inspected by a service company.

Question: Inspections: What are the facts on mold?

Answer:
Here are some things to consider on this topic of growing importance. There is no such thing as a mold-free home; and doorways, windows, and heating, ventilation, and air conditioning systems serve as the main points of entrance. Though mold is not hazardous to healthy people it can make asthma, hay fever, and allergies worse or cause infections in people with compromised immune systems. Mold thrives in moist areas and can ruin paint, wallpaper, drywall, and wood surfaces. To keep the substance in check, the American Society of Home Inspectors urges homeowners to quickly fix plumbing or roof leaks; immediately wash and completely dry mold-infested areas; replace ceiling tiles, carpeting, and other absorbent materials that have been contaminated; clean and dry air conditioners, refrigerators, and dehumidifier drip pans often; and use exhaust fans or open windows when showering and cooking. They also are advised to keep indoor humidity levels at 30%-50% relative humidity; use bathroom cleaning products that kill mold; add mold inhibitors to paint; and avoid carpeting bathrooms.

Question: How much can I afford to buy?

Answer:
The purchase price of your new home usually comes down to how much a mortgage lender will loan. Add in your down payment and it's that simple. Or is it? Let's discuss...call us.

Question: How do I get my home ready for sale?

Answer:
Before you invest any time or money in fix-ups, ask a professional like Waddell Realty Co., LLC. Experience shows that we can save you time and labor by avoiding projects that are not valued or noticed by most buyers. Let's discuss your particular home.

Question: What can a licensed real estate professional do for me that I can't do for myself?

Answer:
For sellers, important advantages include expert help with: -Analysis and advice on our local market -Negotiations with buyers and their agents -Qualifications and screening of home shoppers -Contract details -Access to multiple listing service data For buyers we provide: -Time savings by finding prospective homes that meet your criteria -Essential information about the area, schools, taxes, etc. -Immediate notice of the newest listings on the market -Help finding the best lender and interest rate

Question: Do you have a plan to sell my home?

Answer:
Our professional effective, marketing plan is designed to sell your home in the shortest time for the highest possible price and with the least amount of inconvenience to you. To market you home effectively, we employ a number of proven tools and techniques. These include coordination with cooperating agents, open houses, advertising, website exposure, signage, promotion through our multiple listing service and much more. If you'd like to learn more about our custom marketing plan for your property, contact us today!

Question: Why should I buy a home, instead of renting?

Answer:
Number 1, you will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way! Another benefit of owning is that you can deduct the cost of your mortgage loan interest from your federal income taxes. In the beginning, interest will compose nearly all of your monthly payment, for over half the number of years you will be paying your mortgage. This can add up to BIG savings at the end of each year. You are also allowed to deduct the property taxes you pay as a homeowner. Another financial plus in owning a home is the possibiltiy of the home increasing in value over time. If you rent, you have nothing and face the possibility of increasing rental rates.

Question: Financing: Can you apply for a loan before you've found a property?

Answer:
Yes! You have the opportunity to get pre-approved for a mortgage today. A pre-approval will take into consideration your personal information such as income, debt, and credit history. If you receive a pre-approval, we will use this information to determine your maximum loan amount. Once you find a property we can complete the remaining pieces of the application.

Question: Financing: How do I know if I can get a loan?

Answer:
If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer and save up your money. But before you give up, why don't you contact us? We may be able to help you evaluate your loan potential and find something that fits your budget. We know about many kinds of mortgages that lenders are offereing and we can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you will know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

Question: Financing: How much money will I have to come up with to buy a home?

Answer:
The amount of money required to purchase a home depends on a number of factors, includng the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money, down payment and closing costs. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.

Question: Financing: Do you need to sell your existing home before you apply for a new mortgage loan?

Answer:
The answer to this question is "No." You can apply for a new mortgage loan before you sell your current home. However, depending on your income and debt levels, you may be required to sell your current home before you can close on your new loan.

Question: When I find the home I want, how much should I offer?

Answer:
We can help you in this area by providing answers to these questions: Is the asking price in line with prices of similar homes in the area? Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You should get a professional home inspection before you make your offer. We can help you arrange one. How long has the home been on the market? If it's been for sale for a while, the seller may be more eager to accept a lower offer. How much mortgage will be required? Make sure you really can afford whatever you make. How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.

Question: Closing: What if my offer is rejected?

Answer:
Your original offer is often rejected for one reason or another. But do not let that stop you. Now you begin negotiating. We will help you. You may have to offer more money, but you may ask the seller to cover some or many of your closing costs or to make repaires that would not normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember, do not get so caught up in negotiations that you lose sight of what you really want and can afford! We can help you keep on track.

Question: Closing: What are closing costs?

Answer:
Closing costs are the costs associated with processing the paperwork to buy a house. Closing costs, which is paid at settlement, averages 3-4% of the amount of your loan. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise at closing.