Home Buying Process
The Home Buying Process explained
So.. How do you get started in buying a home?
1) Getting Approved for a loan
The very first step in the home buying process is to find out if you can get financing and if so, how much can you get approved for. Unless you have cash to buy your home, then it is crucial to get the financing and loan approval out of the way BEFORE you start looking. You must know how much of a monthly payment you can afford and how much house that payment will buy you. The only way to know is to talk to a lender and have them take an application. This can be done over the phone and in minutes they will run your credit and will be able to tell you all the details you need to know including the interest rate you qualify for and what price is the most you can buy. At that point you can figure out what monthly payment you are comfortable with and you’ll know what price range you need to focus on when you start searching for your home. You may call any of the big banks like Bank of America, Suntrust, etc.. or if you want a more personalized experience send us an email and we will give you a references on Lenders that have worked with our clients in the past and that we would highly recommend. Email us at firstname.lastname@example.org for a recommendation.
2) Start Searching
Now that you know your price range, the second step in the home buying process is to start searching for homes. We have built this website so you can find everything that is listed for sale using a REALTOR. We are REALTORS and our website is linked to the MLS, so if it is listed here at NashvilleBuyHomes.com it means that is is listed on the MLS. The left column of the site is dedicated to give you different ways to search for homes. Go back to the home page to start searching.
Also, you can choose to work with us and we will help you find what you are looking for and also show you the homes in person. Having a Realtor represent your best interest when purchasing a home is the only way to ensure that you get the best possible deal and that you don’t get burned during the transaction or end up overpaying for a home.
3) Make an offer.
Once you find the home you like you must be ready to make an offer. Here is where we can help you the most as we can research the property values in the neighborhood and find out as much as possible about the seller’s situation so we can make the best possible offer for you. Remember we represent you and will fight for you from start to finish. This is one of the most important steps in the home buying process and will determine how great of a deal you get. So have us represent you so you get the most out of your money! use the contact us form to email us or call/text at 615-669-7204
4) Close on your home
After we successfully negotiate the best possible offer for you and all parties have signed agreeing to all terms, we need to start working towards closing, which is when you get the keys to the house!
Before that, there a very important steps we need to take. First we need to submit your Earnest Money, which is your good faith deposit to show the seller that you are a serious buyer. Earnest money amount depends on the purchase price but on a $150,000 home it is customary to give $1,000. You get this money credited back to you at closing. If you don’t end up buying the home you get it refunded, given that you have a good reason not to pursue the purchase. In example, your couldn’t get financing at the last minute or the home had hidden defects that arose after inspections.
Which brings us to the required and elective inspections. We will help you coordinate the Termites Inspection and the Home Inspection. Both are extremely important. The Termites inspection is required by your lender and determines if there is infestation or not. If there is, then the house can be treated at the seller’s expense.
Not required but recommended to all our buyers is the Home Inspection. It ranges in average from $280 – $380 dollars depending on square footage, but it may be the best money spent in your whole life. The home inspector will examine the home looking for defects that could become a big problem down the road. If any issues are found we regroup and discuss how you want to move forward. There are several things you can consider and we advise you on all the options available for you to choose. For example, if there are problems with the foundation, it may be better to walk away from this home, or depending on the degree of the issue we may request that the seller fix the problem for you to consider buying the home. Many things can happen, so the inspection of the home is crucial and is your best bet when buying a home.
After both inspections are clear and all parties have agreed to terms. we let your lender know that it is ok to order the Appraisal of the home. Once the appraisal is done, then we just have to wait for the closing date. On that day, you will sign the final documents and will receive the keys to your new Home!!
As you see, there are many things that can go wrong in the home buying process. But it doesn’t have to be a stressful process for you and your family, in fact, it can be a fun and rewarding experience and you can have everything under control if you let us represent you as your Realtor. Contact us to get started! It is free and there are no obligations.
Request more information or a free over the phone consultation at 615-669-7204 or email at email@example.com
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