Top buyer questions

What are the neighborhood & school systems like?

There are many areas in West TN with desirable neighborhoods and qualified schools. Here I will provide a link to a site that can give you a list that will answer those and more questions; click here https://www.niche.com/k12/search/best-school-districts/s/tennessee/ to visit.

Do I need a realtor to buy a home?

The short answer is no. Realtors do almost everything for you; as a buyer, you don't have to pay them in most cases. A buyer's agent receives a commission from the seller's agent for bringing the buyer to complete the transaction. However, having a Realtor will help you through the complicated process to stay within the timeline required by the contract. Realtors represent you throughout the transaction and beyond with their expertise and network.

How much will property taxes cost?

Each county has its tax rate, and you can find essential information here https://www.tn.gov/revenue/taxes/local-taxes/property-tax.html.

Are there zero-down programs for first-time home buyers?

The government has a few options that don't require a downpayment on a home. Some of these programs include the VA loan and USDA loan option with zone specifications, among other requirements. The best thing to do is speak to a mortgage company or bank to guide you, answer these questions, and let you know if you qualify.

How long does it take to buy a home?

The whole process from when the offer is accepted takes 30-45 days.

How much do I have to pay a Realtor as a home buyer?

As stated above, the buyer usually doesn't pay the buyer's agent. The seller's agent shares the commission received from the sale of the property with the buyer's broker.

What kind of credit score do I need to buy a home?

You should have a 620+ score, but some lending companies will accept credit scores as low as 580 for an FHA loan. Contact your loan officer to provide more accurate information.

What's a debt-to-income ratio?

A simple explanation is that the debt-to-income ratio compares how much debt you have to what your earnings are, using your gross monthly income.

What are closing costs, and how expensive are they?

Besides the down payment, closing costs are not included nor the same as the down payment. The closing costs are usually between 3 and 5 percent of the loan amount, covering fees and expenses such as title insurance, attorneys fees, taxes, appraisals, etc.

Can a seller refuse to pay for repairs?

A seller can refuse to make or pay any repairs if the repairs are not stipulated in the sales agreement.

In conclusion, buying a home is exciting, but it can also bring stress during the process. Before hunting for your home, try to familiarize yourself with the process to minimize the surprise factor. Always remember that house-haunting is complicated because it is one of the most important decisions and possibly the most significant purchase in one's life. All I can say is try to picture yourself in the house when looking at candidates, balance the pros and cons of the prospects, and have fun!