BUYERS

The Buying Process

 

  1. Call me to represent you as your Exclusive Buyer‘s Agent.

  2. We will sit down to talk about your housing needs and wants and wish-list (location, price, condition, etc).

  3. You will need to get preapproved by a reputable mortgage company or bank (I can assist you with this).  Most offers will no longer be considered without a lender preapproval letter.

  4. We will review the “good faith estimate” so you will know what your closing costs and fees to purchase are.  Remember, the buyer’s agent fee is NOT paid by you, the buyer.

  5. We will start looking for your home!  I will be emailing you listings to preview online.  You can assist me by driving by the homes to see which home and neighborhoods you like.

  6. The process of looking for your new home can take as little as a week or as long as a few months.  The typical time to find a home is about one to two months for a qualified buyer.

  7. When we find your home:


    1.  I will do a market analysis to determine the value of comparable homes in the area to assist you in determining the appropriate price to offer.

    2. We will make the offer in writing.  I will protect you by putting contingencies into the offer to advocate your best interest in the purchase.  Examples of these are: financing contingency, satisfactory home inspection contingency, appraisal contingency, etc.

    3. The offer will be negotiated back and forth between you and the seller, with me negotiating on your behalf.

    4. When the seller agrees to your offer with contingencies you have a contract.

    5. We will set up a time for the home inspection to be performed.  The home inspection phase can be the most difficult part of the process for home buyers.  The home inspector can find a long list of defects in the home.  Do not be discouraged by the inspection report.  We will review the report and determine which issues to be concerned about and should ask the seller to remedy before closing.  The seller will typically cap the dollar amount of repairs they are willing to do before closing.

    6. Your lender will order the appraisal after the home inspection has been resolved.

    7. I will send the contract to the lender and the closing attorney to prepare the closing documents.

    8. You will need to obtain homeowner’s insurance.

    9. You will need to call utility companies to have the utilities turned on in your name for the closing and/or possession date.

    10. You should schedule movers or rent a truck a few weeks prior to your possession date to ensure they are available.

    11. As the closing date approaches, you will receive a HUD-1 Settlement Statement which shows the breakdown of what your fees to purchase are and how much you will need to bring to closing.  We will review the HUD-1 before closing.

    12. Upon receiving the HUD-1 Settlement Statement, you will know how much money you will need to bring to closing. The money will need to be in the form of a cashier’s check made payable to the closing attorney. This is a state law requirement.

    13. Your closing will take anywhere from I0 minutes (for a cash sale) to an hour (for a loan sale).  There will be a stack of documents to sign.  You will want to read the HUD-1 Settlement Statement, your Truth in Lending Statement, the Promissory Note and the personalized portion of your Deed of Trust and Warranty Deed.  Your closing attorney and I will explain these documents to you clearly.

    14. You will sign, sign, sign and sign.

    15. Finally you are a new home owner and move into your new home!  CONGRATULATI0NS!!!

Rules to Remember When Thinking About Buying a Home

 

 

 

  • Do not make any large purchases on credit.
  • Do not buy a car.
  • Do not make any large deposits into your checking or savings account without leaving a paper trail to show where it came from.
  • Do not bounce any checks.
  • Do not change jobs.
  • Do not quit your job.
  • Try to limit credit inquiries on your credit report.

 

Greater Nashville Home Programs- A summary of housing related programs for home buyers in the Greater Nashville area.  A number of programs provide home buying assistance to individuals based on income.

 

www.greaternashvillehomeprograms.com

 

 

 

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REALTOR.com Home Buyers Guide(PDF)
Loan Application Checklist(PDF)