Steps to Buy a Home
Since you will need a lot of documentation for your loan officer, you should start compiling your financial situation-related documents as soon as possible. These include bank statements, paycheck stubs, deeds for any property you own, credit card account balances, retirement accounts, two years of tax returns, etc. Organize this information in folder for the lender. It is also a great idea to have a credit report so that you will have time to clear up any discrepancies, errors, or issues.
Determine how much you can spend.
Before you ever talk to a lender, it is very helpful to figure out your net worth, which is your assets (cash, land, car, valuables, stocks, bonds, savings, and retirement accounts) minus any liabilities (loans, credit card debt, current monthly bills). Then, ask yourself how much you have for a down payment and what kind of monthly payment you can/are comfortable paying.
Now it’s time to talk to a lender. The loan officer will ask you to fill out an application and provide the supporting documentation that you gathered in the first step. This will show the bank that you are a “good risk” for a loan. Even with tighter lending guidelines, there are still a large variety of loans available, and your loan officer may have a lending solution that you have not thought about. I recommend talking to a couple different lenders to compare products.
Sell your current home.
It’s always better to sell your home, or at least have it “under contract,” before shopping for another home. You will be in a much stronger negotiating position if you do not have to include a contingency that you must sell your house before you can close on your new one. In today’s market, sellers tend to be uncomfortable with those types of contingencies. If you need assistance selling your current home, contact me and I’ll be happy to help.
Evaluate neighborhoods / areas.
I am very familiar with most of the neighborhoods in the Rutherford, Williamson, and Davidson counties area and much of the Middle Tennessee region. When trying to determine which neighborhood is right for you, we will discuss the following factors:
- Property values and trends
- Proximity to shopping, recreation, places of worship, etc.
- Transportation options
- Sense of community
- Future development
- Commuting time to work
- Aesthetic qualities such as tree-lined streets, sidewalks, parks, well-kept homes, etc.
Let me do the work for you.
I am dedicated to providing the best real estate service to all my clients. When working with you, I promise to do the following:
- Provide you with a list of homes that may meet your needs
- Provide you with any new homes that meet your requirements that are added to the Listing Service as soon as they are entered
- Coordinate appointments with sellers to view homes that interest you
- Accompany you on tours of neighborhoods and specific homes
- Negotiate contracts and complete all necessary addendums on your behalf
- Assist in contacting a home inspector to insure your home and systems are sound
- Accompany you on home inspection, if schedule allows
- Coordinate and provide access to your new home as often as you like (within the seller’s scheduling constraints)
- Be available for questions at any point during the process by phone or email
- Provide representation at the closing table to ensure everything goes smoothly and all contract requirements have been met