““Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.””

— Franklin D. Roosevelt

This is a course you don't take in school! So how do you learn the ins and outs of a first time home purchase? You find a teacher aka a Real Estate Advisor...(like me) to help you, educate you, guide you and get you EXCITED about what will most likely be the largest and most emotional purchase of your life! If you have an experienced real estate agent by your side, this process becomes fun and exciting, and not overwhelming and stressful like you might think it would be.

So you are ready to buy a home! Well first things first. Find an experienced Realtor. From the very beginning you will have so many questions, they can get you started off and answer all those questions for you. Before you start searching for your dream home, if you haven’t already reached out to a lender, your real estate agent can refer you a few Lender options. Before you do anything else you need to get pre-qualified, that will determine what you can afford.

A common misconception people have is they think they need a huge down payment of 20% in order to buy a home, that's not true! It can be as little as 3-3.5% of the sale price, which is attainable! There are also 100% loans available where you won’t need a down payment at all. There are additional fees involved aside from down payments such as home inspection, appraisal, and closing costs. Your agent can discuss these with you. A few things will affect the loan and pre approval process is debt to income ratio, credit score, and how long you've been in your current field of work. So hop on a phone call with a lender, talk in person or apply online. I always have my buyers call because you will have questions and they can answer them all on the spot and pre-qualify you right then and there as well. And just like that... You are pre-qualified and should have a good idea of what you can afford! That’s the first step, later you will need to supply your lender with the necessary documentation so they can do a more extensive check on your finances and credit rating, this will get you pre-approved.

Time to get a realistic "must have list" and a "wish list" together. Those are two very different lists and your agent should set realistic expectations for you. You know that saying under promise and over deliver? Well it works well in my field of work! Unless your budget is unlimited you will probably have to make some compromises. Keep in mind the most important items and the things that can't be changed, like location! Don't sweat the small stuff, a little Sweat Equity will go a long way! You know I love a good fixer upper!

Now you get to become a real life House Hunter! It's a lot different than what you see on HGTV you might be on the hunt for as little as one day to many months depends on the market you live in. Once you've found that perfect home here is a basic idea of what to expect.

Submit an offer: You and your agent will come up with a sale price and you will submit that. There may be a counter offer or two (or more) depending on the situation. Once you have an accepted offer, you are officially Under Contract! There are multiple contingencies that can be included in a Purchase and Sale Agreement, the most common contingencies are inspection, financing and appraisal.
Home inspection. In some areas this may be a simple home inspection, but you might want to add on additional inspections, like radon, termite, mold or maybe there is a pool on the property. Just make sure all the necessary areas and items are inspected within your allowed inspection period. Keep in mind all deadlines through out the process. After the inspection you are usually able to request items to be repaired or replaced but not always.
Appraisal. In most cases an appraisal will be preformed. This is where an appraiser comes out looks at the home and tells you what the value of the home is. Your lender needs to know this value because the bank won’t loan you more than the home is worth! Once you've made it through all of your contingencies you will be on your way to the closing table!

If you have any questions leave me a comment and if you are thinking about buying in Nashville or the surrounding areas let’s connect! Alana LeBlanc RE/MAX Elite Office: 615-661-3900 Email: AlanaLeBlancRealty@gmail.com Good Luck and Happy House Hunting!