How to Buy a House

Self-Evaluation

The first step is a self-evaluation of what you can afford to purchase.

  • Do you have a monthly budget? If not go online and create one
  • Ask yourself the following questions
  • Are you paying your monthly bills on time or early?
  • Are you paying your automobile payment on time?
  • What do you have in savings?
  • Check your FICO credit score online.
  • If your credit score is above 650, then you are ready for the next step which is mortgage per qualification.
  • If your credit score is below 650 then you should go to a credit restoration specialist. Contact William at Xperian Credit at 303 519-5400 or email william@xperiacredit.com for credit assistance. The cost is less than a $100.00.

Pre-Qualify for mortgage loan

Pre-Qualifying with a mortgage lender is like understanding how much you can spend on your credit card before you go shopping. It’s the amount the bank is willing to lend you to buy your new house. It doesn’t make sense to shop for homes when you don’t know how much you can borrow to purchase. We have one option available to you. Go to “What is my Rent Worth?” and plug in your rent.

Our website rent calculator will compute an approximate mortgage loan value that you may use for a guide to search for homes. Click here to Pre-Qualify.

Customize Search

Now that you know how much the bank will be willing to lend you to buy a home, it’s time to search. Searching online is the best route of course. The Google of home searches is the MLS. Every real estate website uses almost identical apps that accomplish the same purpose with one exception. Our search is different. Nashville Area Homes does not show homes for sale with a contract. NAH filters the homes on the MLS that have a contract with a contingency for financing, inspection or home for sale. Nashville Area Homes does not want you to fall in love with a home that is contracted by someone else, to serve your best interests.

Nashville Area Homes recommends you view hundreds of homes online. Narrow your choices to the Top 10 homes, then drive to each neighborhood to get a feel for the area.

Setup showings for your Top Homes

After you have driven to the neighborhoods of your top ten homes, you should be able to narrow down to the ones you liked the best. Now you should contact Nashville Area Homes. We are licensed to show all the homes listed for sale on the Multiple Listing Service. Once you see the interior of the homes, your choice will be clear of which home you want to buy.

Make sure you’re getting a good deal

So now you have selected the home you would like to purchase, but you don’t have any experience in ascertaining the real value of the properties in mind. The home has a listing price, but that might not be what it is worth. It may be overpriced or underpriced. You need research on the sales price of previously sold homes in the neighborhood. That will give you a rough idea of what the home is worth. But it won’t be accurate. The other homes have different amenities than the home that you may want to buy in the neighborhood. Understanding the real value of a home is an experience call, not a science. Selecting Nashville Area Homes (NAH) Realtor to represent you can save you and make you thousands and thousands of dollars. If you have not contacted us for a consultation, now is the time.

Offer to Purchase

Based upon hours of research, NAH will suggest a price at which to make an offer. You don’t want to make it too low or you could risk offending the seller which could work against you in negotiating the ultimate price. Making your first offer too high could lose you thousands and sometimes tens of thousands of dollars. Nashville Area Homes will work with you to strategize and develop the right offer to buy your dream home while minimizing the cost. We are able to provide you with exceptional services since our team is comprised of only hire full-time, professional, and experienced agents.

Negotiate

Now the seller will either accept, counter, or reject the offer. If they accept then you can move on to the next step below. If they counter your offer, you’re agent will help negotiate the price. Sometimes silence is the best strategy so the seller will realize you’re the best offer they’re going to get. Other times, it is preferential to go up in your offering price because someone else recognizes that your selection is the best home for the price in the market. It is completely situational. Only an experienced agent can help you at this point.

Contract and Inspect

When the buyer and seller agree to the terms and conditions of the offer we have a binding contract. Within 7 to 10 days a property inspection must be conducted. You wouldn’t want to buy a home without knowing if there is or isn’t something wrong with your home. Nashville Area Homes has a list of inspectors exclusively for our Clients. The inspector will make a written report of anything not functioning in the house and will confirm there are no flaws. The primary function of the inspection is to determine if there are unforeseen issues with the home. The home inspector will check the heating and air conditioning system, electrical, plumbing, roof, foundation, and all appliances that remain with the property.

Shop for home insurance

Now you need insurance on the house. The lender requires the home to be insured. We have a list of preferred insurers or you may shop around for your own insurance policy. The insurance policy must be prepaid for one year unless you have an 80% loan to value or less.

Schedule your move, utilities, and occupancy

Agreed occupancy date is in the contract. Utility companies should be notified at least a week prior to the closing date, so the utilities will not be turned off by the Seller, but will be transferred to your name at the closing date.

A walk through your new home is schedule one day before closing.

Walk through the property to insure you home is in the same condition as when contracted.

The day before closing the mortgage banker will inform the Buyer of the exact amount needed to close. If all the previous steps have been taken, then this is not an issue. You know how much of a loan you are taking on and what you Final Aug 1 st HOW TO BUY A HOUSE need to pay. The buyer brings the agreed upon funds in the form of a cashiers or certified bank check. Documents are signed by all parties and keys are presented at closing.

Schedule your move, utilities, and occupancy

Nashville Area Homes offers professional council to navigate the home buying process.

There are literally hundreds of pages of documents that require our client’s initials and signature.

The five categories in the home buying process where a Nashville Area Homes realtor will make or save you thousands
of dollars:

  • The Mortgage loan.
  • As an expert Realtor.
  • Negotiating and contracting the right home.
  • The home inspection.
  • Closing your home.

When we sit down and meet for a No Obligation Consultation, a Nashville Area Homes representative will walk you through the complete home buying process and show you how we will safe guard your interests.