What is the price range of homes that I can afford?
The budget for your new home depends on different factors from your financial stability to your life style, and how you are plaining on paying. We encourage you to look at your current home needs, your current household budget and lifestyle. Do you want to make sure you always have extra money for travel? If you have a financial advisor you may want to meet with him/her to see additional options. If you are going to get a loan, next meet with mortgage loan officer to review your needs and desires and take the time to be pre-qualified.
What is the importance of a Home Inspection?
Home Inspections are a comprehensive review of the home you are wanting to buy. Home Inspectors give you the buyer an additional set of eyes at the home and comprehensive review of the home. Inspecting the condition of the home including detecting safety issues, immediate repair needs, and maintenance issues can help you make a clear decision on the home. Also, a home inspection may be mandatory depending on your payment for the home. But even if it is not, we highly recommend for all buyers to have a home inspection done on a home.
How quickly can I close?
Typically, the process takes between 30-45 days. However, the closing process is dependent on multi-factors such as the sellers, mortgage company, and title clearance. Depending on your needs we can look at helping to facilitate this process such pre-qualifying you, and through the type of homes we search for you.
What is the difference between pre-qualified and pre-approved?
A Pre-Qualification indicated that the potential buyer(s) has provided information needed to complete a loan application and that the information given by the potential buyer has been taken at face value. Some of the supporting documents may have been submitted to the Loan Officer however, it is not necessary to have all the documents and verification of funds to close for a Pre-Qualification letter to be issued. Lenders trust what buyers tell us when giving a Pre-Qualification letter.
A Fully Underwritten TBD File indicated that the potential buyer(s) has provided information needed to complete a loan application. Additionally, they have provided all documents need for an Underwriter to provide an approval with conditions. These documents include (but are not limited to, as all files are unique) financial statements proving funds needed to close, employment verification i.e., pay stubs, identification, rental or mortgage history, W2’s and or tax returns, etc. Once all the necessary documents are compiled the file is submitted to our UW’s for review. The UW then reviews the documents, makes a decision if the file meets the program standard and if it does the UW issues an approval with conditions. Conditions will include any additional information necessary to move the file to closing. Some conditions will include a contract, appraisal, insurance, title, etc. as the initial approval will be a TBD or To Be Determined address of a property.
Explain the buying/selling process if I need to sell my current house before purchasing.
In most cases the client is going to want to look at homes prior to putting their home on the market. This is fine to get an understanding of what the market has to offer. Should the client find a home and want to make a contingent offer on their home selling, they will need to already have their home listed and on the market.
With a contingency offer comes a “kick out clause” and “right to market” which allows the seller to maintain an “active” status on the MLS and continue to market to other buyers. Should another buyer chose to submit an offer the client will have a 24 or 48 hour period to proceed with the sale of the home and lift the contingency or to terminate the offer.
What is your schedule and availability?
We understand your schedule and availability is what matters most. If you are in the Chattanooga area, just let us know when seeing homes and talking is most convenient. If you are out of town, just let us know when you are coming into town and your schedule.
How will you keep in contact with me during the buying process?
We will maintain contact with you throughout the entire buying process via email, text, and phone, updating you every step of the way. One of our first questions to you is how do you like to be contacted and how often. Our communication with you, is about you and what you prefer.
How can I help with the search process?
Be upfront with what you are looking for and wanting. If you see a house you like, drive by the home first and check out the surrounding areas. Provide honest feedback on the homes you are seeing.
Tell me about the local school.
Here is a great website to look at current school standings, and additional educational options.
How many homes does your typical client see before finding their home?
It depends on the client and the family’s needs and wants list. We make every effort to provide our clients with the type of home and features that fit their needs. Each client is different and may start out wanting one type of home and end up with a completely different home.
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Additional questions. Please call or email us and we will gladly answer any questions you have.