Local Buying Tips
Things to Consider About Purchasing a Home in North East Tennessee
- Have your financing ready before starting to look for a home. Get prequalified!
- Figure on getting about 90% of what you want in a home. There are no perfect homes!
- The people of Tennessee are proud of their property. Low-ball offers may insult them and cause them not to work with you.
- Beware of inspection shock! Home inspectors typically find 25 or more things wrong with most homes. Don’t Panic!
- Typical Loans and Home closings can take up to 45 days to finalize.
- The type of loan you are getting may determine the type and condition of the home you can buy.
How Does a Typical Buying Process Go?
- Buyer contacts agent and agent seraches for properties which fit Buyer’s criteria.
- The agent will send properties to buyer via email or other means
- Buyer may also conduct his own search.
- Buyer chooses properties of interest to look at
- If Buyer is local, it is highly suggested that Buyer do a driveby on each property before scheduling a showing.
- Approximately 70% of homes can be ruled out just by a simple driveby.
- Once the right property is found, agent will write an offer for the Buyer and submit to Seller/Seller’s agent.
- Offer’s may sometimes be countered
- Once offer is accepted by both sides, it becomes a binding contract.
- Contract is submitted to Lender, inspections are conducted, appriasal is conducted, loan is processed and title work completed.
- Loan goes into underwriting for approaval
- After underwriting approaval, the clear to close is given and a Title Company or other qualified perosn will close the deal.
- Buyer has a new Home!
