The steps to buy a house might seem complicated at first. It’s no wonder first-time home buyers wondering how to purchase a home often feel overwhelmed. But if you dream of owning a home, it’s essential you know what to do and who to turn to, right? Plus, the home buying process is not as scary as it might seem at first. Just check out these 10 straightforward steps to buy a home, and you’re well on your way!
Steps to Buying a House
1. Are you ready to become a homeowner?
Whether you’re becoming a homeowner for the first time or you’re a repeat buyer, buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals. The David Fountain Team has guided several home buyers in how to purchase a home from beginning to end, so lean on us! That’s what we do every day.
2. Get a Realtor®
In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more. We will guide you through the hundreds of steps involved in purchasing a home. From the time you find a home, make an offer, get your offer accepted, and make it to the closing table, our team will be working tirelessly behind the scenes to make your home purchase as enjoyable and stress-free as possible.
3. Get a mortgage pre-approval
Most first-time buyers need to finance their home purchase and a consultation with a mortgage lender is a crucial step in the process. Especially in a competitive seller’s market like Nashville, it pays to have all your ducks in a row–including being pre-approved with a local Lender. Click here to see a list of our preferred local Lenders and find out how much you can afford before you begin your home search.
4. Look at homes
This is the fun part! A quick search on our site will bring up thousands of homes for sale in the Greater Nashville Area. Our home search engine is directly connected to our local MLS. Also, Realtracs (our local Multiple Listing Service provider) has developed a user-friendly app called HomeSnap that will provide you with the most update search results right from your phone, tablet, or laptop. To save time and frustration, educate yourself about our local market by scheduling a free buyer’s consultation with David or an associate with his Team. We can help you narrow your priorities and make an informed decision about which area and home will work best for you.
5. Choose a home
While no one can know for sure what will happen to housing values, if you choose to buy a home that meets your needs and priorities, you’ll be happy living in it for years to come.
6. Get funding
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Get as much information as possible regarding your mortgage options and other costs. With our current low rates, you may be surprised by how much you can qualify for. The David Fountain Team works with some of the best local Lenders in the Nashville area who offer loan options with closing costs assistance and no money down. Your current financial situation and goals will determine which loan option is going to work best for you. David and the Team are here to guide you in picking the best loan option and connecting you with the best local Lender for you.
7. Make an offer
While much attention is paid to the asking price of a home, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value—or additional costs—for buyers. David and his Team will guide you through this process to help you negotiate the best price and save you the most money possible on your next home purchase.
8. Get insurance
No sensible car owner would drive without insurance, so it figures that no homeowner should be without insurance, either. Real estate insurance protects owners in the event of a catastrophe. If something goes wrong, insurance can be the bargain of a lifetime. Lenders will also require that you purchase Home Insurance prior to closing on your new home. We will assist you in finding the best local insurance companies in our area offering the best coverage at competitive rates. Remember, the more you can save on your homeowner’s insurance the less your monthly mortgage could be. So, it pays to shop around!
9. Closing
The closing process, which in different parts of the country is also known as “settlement” or “escrow,” is increasingly computerized and automated. In practice, closings bring together a variety of parties who are part of the real estate transaction. David and his Team have partnered and will connect you with some of the best Title Companies in our area.
10. What’s next?
You’ve done it. You’ve looked at properties, got your offer accepted, obtained financing, passed inspections, cleared the appraisal process, and gone to closing. The home is yours!
