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 This section includes information and real estate services for buying a home in South Nashville and Williamson County, including the Franklin, Spring Hill and Thompson Station areas. Click on the links below to access our various services.
- LISTINGS - preview our up-to-date inventory of properties for sale. Signature Realtor Group provides the highest level of personalized service to its prospective buyers, so please let us know if you see something you like.
- SELF-GUIDED PROPERTY SEARCH - this self-guided feature allows buyers to search for homes on their own using the MLS.
- LISTINGS WATCH- Register to receive listing by email
- RESOURCE CENTER - Loads of links and information to help you in your decision
- MORTGAGE CENTER - Great tools & calculators to help you figure payments, costs, definitions, and more...
- SELLING A HOME - Visit the section to obtain an online market analysis of your home.
Buying a home can be an overwhelming and complicated process. The first step is to gather as much information as possible. To aid in your buying experience, we have collected several homebuyer reports. Please click on the links below to access this information.
10 Steps to Prepare for Home Ownership
- Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.
- Develop a wish list of what you'd like your home to have. Then prioritize the features on your list.
- Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
- Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 and 7 percent of the home price.
- Get your credit in order. Obtain a copy of your credit report.
- Determine how large a mortgage you can qualify for. Also explore different loans options and decide what's best for you.
- Organize all the documentation a lender will need to preapprove you for a loan.
- Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
- Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
- Find an experienced REALTOR® who can help you through the process.
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How Big a Mortgage Can I Afford?
Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too.
This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be too.
Rent: _________________________
Multiplier: X 1.32
Mortgage payment:__________________
Because of tax deductions, you can make a mortgage payment-including taxes and insurance-that is approximately one-third larger than your current rent payment and end up with the same amount of income.
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10 Tips for First-Time Homebuyers:
- Be picky, but don't be unrealistic. There is no perfect home.
- Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
- Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs
- Don't wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
- Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
- Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
- Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as type of mortgage terms that suit you best.
- Don't let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.
- Don't be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.
- Get help. Consider hiring a REALTOR® as a buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. And often, buyer's reps are paid out of the seller's commission payment.
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5 Common First-Time Homebuyer Mistakes
- They don't ask enough questions of their lender and miss out on the best deal.
- They don't act quickly enough to make a decision and someone else buys the house.
- They don't find the right agent whose willing to help them through the homebuying process.
- They don't do enough to make their offer look good to a seller.
They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.
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10 Things a Professional Realtor Can Do for You
- Obtain and qualify prospects, eliminating professional lookers and non-qualified prospects.
- Diplomatically handle objections and overcome them.
- Assist in helping both the Seller and the Buyer navigate through the complex world of financing.
- Follow up with prospects without weakening your position.
- Handle the sale of your buyer's house if they need to sell prior to purchasing.
- Explain closing costs.
- Know how to justify your asking price to the Buyer.
- Relieve you of having to stay home to wait for Buyer's phone calls or for showings.
- Provide strangers access to your property without jeopardizing you or your family.
Guide you through the closing process, including inspections, disclosures, obtaining flood hazard and hazardous materials information, assist in obtaining permits, assist the appraiser in valuing the property at the price where it sold, as well as a variety of other issues that may occur in any given transaction.
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All reports reprinted from REALTOR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS. Copyright 2003. All rights reserved. www.REALTOR.org/realtormag
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