Buying your first home should be an exciting time; however, many people find it very scary and don’t know where to begin! Once you know the right steps and and have the right agents guiding you, it can become a much easier/hassle free experience.
1. We recommend finding an agent first. We at Nashville on the Market think this is important because before you start the process an agent can go over (in more detail) the entire process.Our team goes over everything step by step so there are no surprises. This allows you to ask any questions and start working in the right direction. Also, a good agent will have lenders they can recommend who they know will help the first time homebuyer on the lending side and who offers programs for first time homebuyers.
2. Get pre-approved. Please do this before you start looking. It is important to know how much you can afford so you are not looking at properties too high or too low. Lenders will be looking at your debt to income ratio (aka how much money you have coming in versus going out), credit scores, etc. We at Nashville on the Market recommend a specific lender because we know they work fast, answer their phones, explain the whole process and have great programs for first time homebuyers. We work with someone who CARES. This is important. Throughout the process you need to be working with people who care. The lender should be explaining how much you can afford, the programs you qualify for, and how the payments are structured. Also, even if you don’t qualify our lender will give you the steps you need to get there!
3. Get with Your Agent & Start Looking – Now that you know how much you can afford it is time to start the search. At Nashville on the Market we work together with our clients to search for properties. We always recommend driving by the properties to make sure they are in the areas you are wanting. Then we will schedule to show you your favorites. This is the fun part! My advice is always go with your gut. We at Nashville on the Market have an app which lets you search the most updated listings it also will send you alerts when homes matching your criteria enter into the market! Trust us it pays to be ahead of other buyers! Let us know if you are interested in receiving our free app!
4. Make an offer – when you find somewhere you love, make an offer! Your offer will be taken more serious now that you have been pre-approved!
5. Once your offer has been accepted – it becomes a contract! Now in this contract you will have specified a time in which you must do the inspection. Do the inspection! You will get a long list of all the problems – first look to see if there is anything that is a deal breaker/then look at things that are important to you that you would like fixed. This re-opens the negotiations.
6. Close – your agent, your lender, and your title company will all work with you to get you those keys in your hands. Make sure you are working with professionals who will explain to you the process.
7. Move!
If you are thinking about taking the steps to buy your first home contact us at Nashville on the Market! We hope our Nashville First Time Homebuyer Guide helps!
