The real estate purchase steps may be confusing if you are doing it for the first time. The Franklin TN first time buyer advice below will make it less confusing. Real estate is a big financial investment and home buyers should become well educated.

Before Starting a Property Search

Get Pre-approved

Contact a local loan officer and ask for a pre-approval. Note that some banks might offer different alternatives than other lenders. Review the services and closing costs to figure out the best program. Beginning this process in advance may help you understand the estimated up-front and monthly costs of property ownership. This will also offer an indication of what price range you should consider.

Get Assistance from a Realtor

Find a real estate agent to help with your home purchase. Select an individual that best suits your personality. Knowledgeable agents will help explain the alternatives, negotiate offers, and ensure a less stressful purchase. This is particularly critical for first time buyers.

Information About the Buying Process

Showings

Only consider homes that fit your price range. This avoids the disappointment of wanting a home that you cannot afford. Real estate tours can be time consuming, so sticking to your price will also prevent wasting of time.

Contracts

Real estate agents will provide fill in the blank contracts that are revised yearly by legal experts from their local association.  Real estate agents can provide advice on contracts and negotiating them, but they may not practice law. In some more complex transactions, you may require legal counsel, consider using a real estate lawyer to explain legal jargon and request any desired edits to them. It is important that you sufficiently understand the conditions and obligations of any contract before signing them.

Property Inspections

Do not expect to use an inspection to renegotiate price or change contract terms as they sometimes do not identify any problems at all. Also stay away from negotiating previously disclosed problems. Such strategies are not usually successful and may cause you to waste the inspection costs. In situations where problems are found, homeowners may offer to repair defects, compensate you for them, or be unable to do anything. Maintaining a good relationship with sellers can better the chances of resolving disputes.

Walk-Thru Prior to Closing

Prior to the closing, you should have the chance to view the property one last time. Try and perform this after the homeowners have removed their property. If any issues are found at the walk-thru, you should resolve them before signing closing paperwork.

The Closing

All parties signing any paperwork must bring two forms of legal identification. Closing costs and down payment money must be certified. Have your checkbook ready in case there are any unexpected adjustments. Once the closing paperwork is filed, the home will be yours!

More Franklin TN First Time Buyer Advice

The property buying process can be less stressful if you acquire an introductory understanding of what may take place. For more comprehensive Franklin TN first time buyer advice, contact Jim Eaton at Blueprint Realty, Inc.