RUN, don't walk ----- PART FIVE OF SIX
FIRST TIME HOMEBUYERS: IT'S A BUYERS MARKET
This step consists of many items, you should have by this point chosen your lender and been pre-approved. Your realtor will need to deliver to your lender the final executed sales contract to the lender to begin the final loan approval process.
During this phase you will want to have the home inspector of your choice do the home inspection. In our area of Tennessee the seller will normally have the termite inspection done for the purchaser, unless it's a foreclosure. You may need an inspection on the well if the property has well water, and if you have decided to have a survey done you will need to get this ordered. Depending upon the property you may have other inspections done, if they were a part of the contract.
You and/or your lender will need to select an appraiser and have a professional appraisal done on the property. Most lenders require this as part of the loan process. If the appraisal requires repairs, most lenders require them to be completed prior to the closing, regardless of who has agreed to pay for them.
You realtor should be there to assist and guide you through this process, however, there are many decisions that they can NOT make for you, they can only provide information to you to help you with the decision.
This stage of home buying can at times be very confusing and flustering. Don't stress let your Realtor help and advise you, normally this stage takes 30 days. Don't let buyers remorse depress or stress you, it normal to have these feelings, discuss them with your Realtor they can normally explain the situations that are causing these feelings and remember, this is leading up to one of the happiest days, YOUR HOMEOWNERSHIP!
Information Provided by:
Doris M. Freeman - Sherri L. Smith
615-438-3221 - 615-557-2070
"TEAM MOTHER DAUGHTER"
of Reliant Realty