I want to buy a new home, what do I do first?

No matter if this is your first home or your tenth, it begins with the money and it ends with the money. That is why a REALTOR® will advise you to get pre-approved for a mortgage before looking at homes. Why? Being comfortable with payment, the type of mortgage (FHA, VA, Conventional, ARM or fixed rate mortgage) is necessary for a REALTOR® to write a closable offer. It also makes you a stronger buyer in the eyes of a seller.

Listen to your REALTOR® about the financing process. Not all lenders are the same…some are bankers others are brokers…learn the difference. Do not shop lenders based on interest rates. Make sure you are dealing with a lender that is placing you in a mortgage that suits how long you plan to be in this home and where you are in life…beginning a family; watching yours grow and leave; retirement close…it matters.

Beware of incentives or discounts builder/sellers give that are tied to a particular mortgage or title company. Insist on full disclosure of fees and yield on the interest rate. Know they are making money …all businesses must…just where and how much is the issue. Don’t be afraid to compare charges and closing costs. Ask for a Good Faith Estimate.

Now with your financing in process…go find your new home.

What is different about the real estate process in Tennessee than where I currently live?

Of course this depends on where you are now or, how long it has been since you last brought or sold a property. There are differences state to state in how property is transferred and how you take title.

Briefly, in Tennessee we are responsible for full disclosure concerning the property of what we know or finding out whatever when asked. We work under Agency Law where we can do client representation but only by written mutual agreement.

Sellers are required to complete a Tennessee Property Disclosure form to let others know what they know about the property.

We are a title state which requires the closing to occur with attorney/closing companies and the purchase of title insurance by either the buyer or seller.

I am thinking about buying a new construction house. Can I deal with the on-site agent to buy it and not have my own agent?

Yes, but we don’t recommend it. Know the on-site agent is an employee/seller’s agent of the builder. Their highest legal responsibilities are to the Builder not you. Think of it this way…you have just entered a courtroom without an attorney…you do not have anyone to ‘speak’ for you…no one on your ‘side’.

Better decision is to have a REALTOR® represent you as your agent. It is rare that no problems or miscommunications occur during a transaction as best we try for them not to happen. It is good peace of mind insurance to hire a REALTOR® to act as your Buyers Agent.

Concerned about additional costs…don’t be. It is a common business practice in the Middle Tennessee market for builder/sellers to cooperate and compensate REALTORS® as Buyer’s Agents.

What do I need to look for in a listing agent?

REALTORS® with a proven track record in results. Too many sellers still believe the main job of a listing agent is marketing. The most important assets a good listing/sellers agent has is their negotiation and management skills of the closing process. Look for experience earned by full time years in the business.

Pay attention to our designations…they reflect an investment not just in dollars but in time and effort. Look for someone with an eye on the total market not just your immediate neighborhood. Ask for letters of testimonials from others who have used their services. Ask about their involvement with their fellow REALTORS® not only with their office but local, state and national. Look for a REALTOR® who will put their promises in writing or they will release you if you become dissatisfied with their services.

Do not shop for a REALTOR® based on who will do the job for the least amount of money. If someone cannot negotiate their fees…why would you believe they can negotiate the most money for your property?