You’ve Found The Perfect Knoxville Home. What Happens Next?
The journey to buying your first Knoxville home is much more than just finding the right home. The journey is only just beginning when you find the right home.
Here’s what happens next when you find the right Knoxville home. Consider it to be a marathon, not a sprint. It’s a journey that’s up and down.
Make An Offer
First and foremost, you need to make an offer on the perfect Knoxville home that you’ve found. It’s not a done deal when you’ve found the right home. Your offer needs to get accepted before you take the next step forward to owning your Knoxville home.
Here are a few things to consider when you think about making an offer.
The most important component is price.
Apply For A Loan
Before you start searching for homes, you should already be pre-approved with a mortgage company. While it may be a bit more work to do this before you start your home search, it will make applying for a loan easier, since your mortgage company will already have a lot of the necessary paperwork.
Once an offer has been accepted, you’ll need to make your mortgage application within 3 days of offer acceptance. At this time, your mortgage company will provide you with your loan estimate, which will help you have an understanding of what you will be bringing to closing.
Once you’ve initiated your loan application, you’ll need to sign off on your loan estimate and other loan paperwork. You’ll also probably be required to pay for your appraisal and credit report when you officially apply for your loan. There may be other documentation that your lender requires you to submit as well.
Inspect The Home
Even when a home looks good from the outside, it can be hiding a whole slew of issues below the surface. This is why a home inspection is done. It gives a buyer a chance to kick the tires, so to say, before they buy a home.
A home inspection is completed once an offer has been accepted. The real estate contract will specify how long a buyer has to complete the home inspection. Home inspections can investigate a variety of issues in a home. Depending on the age of the home that you’re buying, you may do additional inspections than just a simple inspection, including a radon test, pest inspection, or structural inspection.
A home inspection usually takes somewhere between 3 to 4 hours, depending on the size of the home. As a buyer, you are able and encouraged to attend your home inspection. It’s a time for you to learn a bit about the Knoxville home that you’re buying. An inspector will identify any potential issues at a home. This will allow you to decide if you want to negotiate repairs, buy the home as is, or walk away from the home.
When you get the results of your Knoxville home inspection, go over the inspection report with your realtor and truly talk the report through. A Knoxville realtor can help talk the problems through and let your know what your next potential steps are.
When you get a Knoxville home inspection, you have the following options:
- You can walk away.
- You can negotiate.
- You can accept the property as is.
During your conversation with your realtor, he or she can help offer advice on what your next steps should be. Sometimes, the issues can be so grave, it may just be better to walk away from the transaction altogether.
There’s nothing wrong with going back to the seller and trying to see what repairs they are willing to make. As a buyer, though, it’s just important that you understand the issues at hand and the true cost or repairing them, if you will be taking on some of the issues yourself.
Finally, it is time to close on your Knoxville home. Closing day is an exciting day, especially for Knoxville first-time buyers.
On the day of closing, you’ll do a final walk through of the home. During your final walk through, you’ll look at the home one more time to ensure that it’s in same or better condition than the last time that you saw it. This is the time to make sure that all of these necessary items have been left in the home and to make sure any repairs were completed as well.
Then, there is the actual closing that takes place. Before you go to closing, be sure that you’ve reviewed your closing disclosure. This will ensure that you have a full understanding of all the numbers. In addition, be sure that you bring a cashier’s check or wire your funds for closing. Signing closing documents typically only takes about an hour.
Once closing document are signed, you’re officially a homeowner. The journey to buying your first home is complete.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first-time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.