You Must Clear These Hurdles Before Buying Your First Home

Buying your first Knoxville home for sale is a process.

It starts when you start looking at Knoxville homes for sale and ends once all of the closing paperwork is signed. The process of buying a home can take a matter of weeks or a matter of months, depending on the buyer.

While the process of buying a home is always a little bit different for every buyer, the overall process is the same for every buyer. When you buy your first home, here are 5 hurdles every buyer must overcome.

Hurdle #1 – Finding That Home Sweet Home

Finding the right home can be exciting, but sometimes it can be a bit of a challenge. Some buyers find the right home in matter of days, while others take weeks or even months to find the right home.

There is no tried and true formula as to how long it will take the right home. It depends what a buyers search parameters are, how many homes are on the market, and how competitive the market currently is.

For buyers that struggle to find a home early on, it can always help to widen the search area a little bit, if the buyer permits. It can also help to have a clear understanding of what you’re searching for. The more you know what you’re looking for, the easier it will be to find it.

Hurdle #2 – Getting An Accepted Offer

Just because you find the right Knoxville home for sale, doesn’t mean you’ll necessarily get an accepted offer. A seller’s market has made it slightly more challenging for buyers when there are multiple buyers vying for homes.

If you’re seriously interested in a home, it helps to write a strong offer from the start. In markets where things are selling in a matter of days, it’s important to take that in account as you write your offer, as many of those houses are selling at list price.

In the case of a competitive market, it’s important to make the offer as appealing to a seller as possible. This could mean asking for less in your offer, increasing the sales price when asking for seller paid closing costs, or upping the earnest money. If you’re serious about a home, you want make that clear to a seller right off the bat.

Hurdle #3 – The Home Inspection

An essential step of buying a Knoxville home for sale is the home inspection. The home inspection can be one of the largest reasons that a transaction falls apart.

A home inspection will reveal if there any major issues in a home. Depending on what is found, a buyer may ask for repairs or walk away from the home inspection altogether.

Sometimes the seller is willing to negotiate and sometimes they’re not willing to negotiate, it all just depends. But, this is a crucial part of buying a Knoxville home because it lets you know what you’re buying.

Hurdle #4 – Loan Approval

Loan approval is also a very important hurdle to overcome when buying a Knoxville home. A vast majority of home buyers need some type of loan in order to buy a house.

A pre-approval doesn’t always guarantee that you’ll get approved for a loan in the end. Changes in income, employment, or credit at the last minute are all things that can cause loan denial. As a buyer, it’s important that you’re aware of what things could cause a last-minute denial during the process.

Generally, it’s important to avoid making any major changes. Do not incur additional debt. Don’t quit your job or change jobs. Avoid spending large sums of money.

If you have questions, it can be important to talk to your loan officer sooner rather than later.

Hurdle #5 – Closing Time

Ultimately, nothing is complete until everything is signed off on at closing.

There can always be last minute hiccups, like a final walk through, that can cause issues at the last minute. It’s just important to remember that nothing is final until everything has been signed and the money had exchanged hand.

In a majority of cases, closings go smoothly, but last minute things can happen.

Are you thinking about buying your first Knoxville home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our Knoxville Home Search Page.