DECIDING TO BUY

Home ownership can both be exciting and scary because it will most likely be the biggest financial decision you will ever make. Having a qualified realtor like myself, assisting you ever step of the way will make this process enjoyable.

 

Why do you want to buy

Are you tired of paying your hard earned money on renting a property that you will never own? Are you wanting to experience the American dream of owning a home? Are you looking to transition from your starter home? Are you looking to relocate to Nashville, TN? If you’ve answered yes to any of these questions, let me help you make your dream a reality.

 

Perks of owning a home in Nashville, TN

• According to Forbes Nashville-Davidson--Murfreesboro--Franklin-TN increased from #20 to # 7 as America's Fastest-Growing Cities in 2018

• According to Tropical Sky vacations, Nashville is ranked # 3 on their list of the top 10 music cities in the world.

• Many people believe that renting is less expensive than owning a house. But it turns out it's actually cheaper to pay a monthly mortgage than renting in Nashville.

• Property ownership is an excellent investment. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

• More privacy

• Pride of homeownership

• Can customize and renovate the home to your liking

• Interest paid on mortgage is tax deductible

• You will eliminate monthly housing payments once it’s paid off

• Consistent payments with a fixed-rate mortgage

 

PREPARING TO BUY

Before you start shopping for your new home, it is a good idea to make some preparations.

 

One of the questions that I get asked the most is if it is beneficial to get pre-approved before starting the process of looking at homes. Although it is not a requirement, I would highly suggest getting a mortgage pre-approval before house hunting. Granted you should already have an idea of your budget and the maximum price range that you feel comfortable spending on your home before you even start talking to lenders. Also a mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 90 days). Final loan approval occurs when you have an appraisal done and the loan is applied to a particular property.

 

The second way it helps you is by making sellers take you seriously. This is especially important in a seller's market. If a seller receives three competing offers, but only one of the buyers has been pre-approved, they'll probably take the pre-approved offer more seriously -- and for obvious reasons.

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Would you turn down a qualified buyer for someone who hadn't even spoken to a lender yet? I wouldn't. I'd go with the buyer who had a pre-approval letter. .

You may be wondering what documents are needed to start the pre- approval process. No worries, below I’ve provided a list of some of the documents that most lenders will request.

 

1. Social security number for anyone who is on the mortgage loan

2. Proof of employment

3. Proof of income

4. Tax documents

5. Place of Residence

6. Bank account information

7. Credit information

8. Purchase agreement

 

Be Careful With Your Finances. Keep in mind that the home is not yours until the paperwork is complete, AND the deed is recorded!

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1. Don’t change jobs

2. Don’t make a large purchase

3. Do not allow any credit inquiries after the loan approval. Doing so, could lower your credit score.

 

TIME TO GO SHOPPING

Get on your mark, set, and let's go shopping and find the right property for you. What are  some of the features that you desire in your new home? It’s important for your to know the type of house that you are looking for ( detached house, condo, townhouse, etc.) and/ or style ( colonial, loft, craftsman, etc.).  What is the minimum and maximum square footage that will work best for you and your family? How many bedrooms and bathrooms are needed. Is a house without a garage a deal breaker? Are you looking to be in a particular school district? Let’s connect and determine your must haves vs. your nice to haves list. We will work together until we make your vision a reality.  
 

CLOSING

The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the closing in the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.

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MOVING IN

Congratulations are in order, but before we start celebrating we’ll need to tie up some loose ends.  

You’ve closed on your new home and scheduled the moving company. But before you spend the first night, you have some preparing, updating and socializing to do. To make the transition into your next location safe and enjoyable, keep this new home checklist top of mind:

1. COPY AND STORE HOUSING DOCUMENTS. After the closing, make three copies of your house closing documents. Store the originals in a safe-deposit box at your financial institution, and keep one set accessible in your home (preferably in a fireproof safe). You can allow home insurance providers to borrow the third copy as they set up your coverage.

2. CHANGE THE LOCKS. Replace the manual lock sets on all the home’s exterior entry doors. Don’t forget about any doors connecting an enclosed garage, greenhouse or pool to the main part of your home. Check storage sheds and detached garages for locks that need to be updated, as well.

3. UPDATE ALL KEYPAD CODES. Reset the numeric entry codes for electronic garage doors, gates and any other entry doors in the home. If the previous owner didn’t leave any instructions, look up the keypad manufacturer online, where many offer instructions for resetting their units.

4. PERSONALIZE THE MAILBOX AND FRONT DOORBELL BUTTON. Add your name and fresh address numbers, if they appear worn.

5. ADJUST THE HOT WATER HEATER. If you have small children in the home, dial the water temperature down to 120 degrees Fahrenheit or lower to reduce the risk of unexpected bathwater burns.

6. SCHEDULE A DEEP CLEANING. If you have carpet, a swimming pool, a hot tub or a home gym, you’ll want these areas professionally sanitized before moving in. Central vacuum and HVAC units should also be inspected.

7. UPDATE YOUR ADDRESS. Supply your employer, financial intuitions, loan companies, insurance providers, utilities and any business you frequently make payments to with your updated contact details. Luckily, much of this work can be completed online.

8. VISIT THE LOCAL SCHOOLS. Let the school districts know your family will be moving to the area soon and you have children who need to transfer to a new school. Your current school district will initiate this process by collecting pertinent paperwork as soon as you tell them you’re relocating.

9. MEASURE YOUR WINDOWS. While you have clear access, decide what types of window treatments you want, measure the spaces and start shopping. You can also hire an interior designer to conduct this work, while you prep the rest of the house. Once you move in, you’ll want privacy as you unpack.

10. FRESHEN THE INTERIOR. If you need to paint, replace flooring, add closet organizers, update light fixtures or replace cabinetry, do it before bringing your furniture and personal items into the home