Whether you’re a first time home buyer or a seasoned home buyer, buying a home in Middle TN needs to have a strategic plan. If you follow these steps, especially if you’re a first time home buyer; you’ll realize that the process is simple:
Get Mortgage Pre-Approval
The first step is to talk to a mortgage lender. The lender will look at many factors like your income, debt, and credit credit score. This will determine the maximum loan amount they will give you while locking into a interest rate. The lender should provide a pre-approval letter for you. Many sellers will not go into a contract with a buyer if they don’t have proof that they are financially capable of affording the property.
Get Represented By A Buyer Agent
Let founder of 615Homestead.com, Realtor™ Ian Golightly represent you when buying or leasing a property. Let’s set up a time to meet/talk to discuss what you are looking for and what are your expectations. I promise the rest of the process will fall into place after meeting.
It’s Time To Put In A Offer
Now that we’ve got your eye on the perfect property, it’s time that we put in that offer. The offer will be written on a standard formatted form that most Realtors use. This form will disclose the offering price plus other attention to detail information that we will need to go over once that form is drawn up. Before we decide the offering price, you will get a market analysis in that area to help you decide how much you should offer.
Option Period & Inspections
Hey! The offer is accepted by the seller, so now what? After the seller has accepted your offer you now enter the option period. The option period is a time frame that is usually 7-10 days that gives you the option to terminate the contract for any given reason. Keep in mind most contracts will have a penalty fee to terminate during that specific time frame.
If you’re ready to continue on the process of buying your home, then you should schedule a inspection as soon as possible. If you don’t know a reputable inspection company we will get you one. During this time frame we suggest you to schedule an appraiser as soon as possible. There’s a huge demand for appraisers and there isn’t enough of them. It may take days or even a week for them to make it out to the property. So keep that in mind since time is in its essence and you have deadline duties to execute.
The inspection and the appraisal will allow you to obtain important information. With this information; you may want to renegotiate with the seller the price or even ask for certain things to be fixed. If everything was aligned to your expectations, then you move on with the process.
The Closing Date
At the day of closing, we will meet at the title company. You will have the opportunity to review the settlement statement, sign a packet of papers, receive copies of important paperwork, and then the keys get handed over.Then….. Congratulations you are a new homestead owner!
Are you a first time home buyer in Middle TN?
Get your dream home the correct way. We’ll navigate you through the whole process. At the same time we will make sure you get the perfect home for the perfect price. Call me or txt me at anytime of the day, my phone is on 24/7/365 @ (615) 582-7777.