Buyer FAQ
I want to buy, what's my first step?
03/03/2009 -
Step 1 | Get Pre-qualified. Even better, get pre-approved. Your lender will help you determine how much you can afford. Don’t waste time and become frustrated looking at homes that are out of your price range. When you find your home and an offer is presented, the sellers will consider your offer more seriously if you are pre-qualified or pre-approved. |
Step 2 | Hire a reputable and experienced agent to assist your research. We search for properties for you after getting to know your needs and wants. We will email, fax, call or mail you the information, show you the home, write up the offer, present it and once under contract coordinate the closing. |
Step 3 | Be prepared to write up a non-contingent offer. If you have a property that you need to sell, it should be in escrow waiting to close or already sold and closed (See below I’m afraid to sell my house first). |
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How do I get Pre-Qualified?
03/03/2009 -
It is easy to get pre-qualified. Best of all, it doesn’t cost you a dime. Use a lender (like a bank) or a mortgage broker. It is important that you use a dependable and highly qualified loan originator. I have a "preferred lender" list I will be glad to furnish you and a list of questions to help determine the best rate and loan costs.
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How are Agents Paid?
03/03/2009 -
In the state of Tennessee, sellers normally pay commissions. This covers both the buyer’s and seller’s Brokers. Your agent should diligently work for you and search for properties with the agreement that you will allow him/her to write up an offer and negotiate on your behalf.
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Should I use several agents to help me find a home?
03/03/2009 -
Excellent question! I don’t recommend it. All agents have access to the same multiple listing information. Using multiple agents causes unnecessary overlaps of information and creates confusion as to who is representing you. This makes agents less committed to you. It is in your best interest to select one agent to search for your new home. Good negotiating skills are vital too when you select an agent. This is why you need one agent representing you and working on your behalf.
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I'm not sure what I want to buy? What do I do?
03/03/2009 -
Create a wants/needs list. If you’re looking for the absolute perfect house, the chances of finding it are slim and you will be setting yourself up for disappointment. By developing a practical list, you increase your chances of finding several homes that meet your needs. Remember, a home is an investment in your future…you’ve got to start somewhere. Get the most you can afford now. It will appreciate over time and you can always move up as your financial ability grows.
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I'm worried if I sell my house first, I won't find a new home. How do we work around this?
03/03/2009 -
First, you should look at several homes to determine that yes, there are several homes that will meet your needs in size and price. By doing this, you will have a comfort level to make the decision to list your home for sale. There are several clauses to put in the listing agreement to give you some protection.Second, be prepared to move twice. Make the commitment to "make the move!" Should your home sell before closing on the new home, you may need a short term rental. But, remember the ultimate goal of buying your dream home will become a reality.
Third, we can write a purchase agreement on your new home contingent on the sale of your present home. There are several clauses to put in a purchase agreement that will protect you.
You can see why you need professional guidance through these transitions.
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