Buying a home in Nashville?
Buying a home can be stressful for a lot of people, but with a little planning ahead of time, it's not all that difficult.
I like to give buyers a road map of the whole deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Get ready to purchase a home
Before you start looking for a home, there are plenty of things you need to do.
You'll want to make a check list of items you want to have, plan for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good guideline to follow.
Step 2 – Talk to a real estate agent
This is where The Hammonds Group, Inc. can help.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Nashville area.
In addition, I'll assist you in getting started on your loan.
I partner with some of Nashville's finest mortgage professionals, so you can rest assured that you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll begin looking for available houses on the market that are a great fit for you.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
When we tour the homes, I'll call attention to positive features, as well as negative ones. I'll also ask you what things you like and don't like.
Most often, buyers change their wish list as we tour homes and some items become far more essential than others.
If that happens, I'll search the listings again and trim it down to the home you've been waiting for.
Step 4 – Know the market
My knowledge of the Nashville market is a necessary element in your home search. I'm acquainted with all the neighborhoods and schools, and I can communicate some districts are "hot" and demand immediate action and the ones that are "cool" and allow for careful consideration.
As we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions. Every real estate agent in Nashville will convince you they comprehend the market.
If things don't add up, contact me at 615-216-4809 or e-mail me at , and I'd be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in Nashville, and when we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as getting financing, finishing the home inspection, and a clear title.
Upon presenting your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's usually put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's really common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Obtain financing
Once the deal is complete, you'll start working with your mortgage lender to close the loan.
This won't be a long process at all if you're pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your home. This should occur at a title company or escrow office and is often a smooth and peaceful event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 615-216-4809 or e-mail me at .