The process of buying a home is much easier than people think. The flow chart below is a simple way to see how the process works. The first three items can be done interchangeably. Selecting an agent first is most helpful because they can, and should be able to, offer insight on the lenders that offer the most competitive rates. They are also very helpful in narrowing your search to homes that are in line with the criteria you are searching for. The next step is selecting and previewing homes. As agents, we do not only show houses that are listed by our company alone. We search any home that is currently listed for sale no matter the company or sign in the yard. Once you find a property you absolutely love, we will prepare an offer ASAP. *IMPORTANT* If you find a property you really love, try to get an offer written soon after. Too many times people lose the home they love because they wait too long to write an offer. Once your offer is written three things can happen: 1. Your offer will be accepted, 2 Your offer will be rejected or 3. This is the most common outcome, there will be a counter offer and the seller will adjust the terms to what they think is fair. This may go back and forth a little but both parties will usually come to some sort of agreement and the contract will be accepted. This is the start of the contingency period where you ensure your investment is in good condition, worth your the amount you offered, and also the time for you to secure the financing. This is a very tough time in the home buying process because a lot of the things happening are behind the scenes. The fist step in this process are the inspections. It is highly recommended that you get a home inspection, even in new construction homes. You want to make sure that your home is sturdy and there are no issues. If you know a licensed Tennessee home inspector you can use them and if not our team knows and has a list of a few different options. You can message me if you want a list of them. They will give you a report of any and every thing they find both good and things that may need improvement. At this time, you will review your list with your agent and decide a few different things. 1. The repairs are way too extensive and you want to cancel the contract. 2. There is nothing that needs to be repaired and you are willing the accept the home as it is. 3. You will review the inspectors report and decide on things that need to be repaired. This option is most common and you will go back to negotiations. If there the buyer and seller cannot agree on terms of repairs then the contract will likely be terminated and you will start the process over again. There is also a pest/termite inspection that will be done. This is to ensure that there are no major problems with pests and no termites present. The appraisal is the next minor obstacle that will need to be crossed and you will also need to get qualified for insurance on the home. You will not be paying the premium until you actually move in but you just need proof to say the home is insurable. The appraisal is generally ordered by the financing company and can take a little while to come back. This is generally the reason for most delays. When the appraiser finishes the appraisal, it will be compared against your offer. If the appraisal is lower than your offer then we will get either get the seller to lower the price to the appraisal price, pay the extra price with your personal funds, or terminate the contract based on the appraisal and start the process over again. If everything is good, the financing company will work to secure the funds for the closing of the home. The one thing that I did not mention is the title search. The title company does a search to ensure that there are not liens or any other issues with the title on the home you are going to purchase. If there are any issues they will alert us. This is uncommon but very important to ensure you homes is free and clear of any issues. After everything has been done above you will be clear to close. Once at the closing table you will sign all your paperwork, bring any money required for closing and take possession of your new home! This is a very basic description on what it takes to buy a home. If you have any specific questions please feel free to message me any time!
Author:Tanya Gorman Phone: 408-316-3512 Dated: March 28th 2016 Views: 3,402 About Tanya: ...
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About Kristin Gwaltney Team - Keller Williams Realty
The Kristin Gwaltney Team is ONE of the TOP Team of Realtors in the Clarksville TN, Montgomery County TN, Fort Campbell KY real estate market. The Kristin Gwaltney Team is one of the top because of the way our Team of Realtors takes care of its clients. In the custom home market, we are number ONE. The Kristin Gwaltney TEAM has over 20 years of experience in the Clarksville real estate market with professionals responsible to the different phases of the home buying process. This ensures for you a very smooth and stress free experience.
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