As your Memphis and North Mississippi Realtors, The Landry Team will manage every aspect of helping you buy a home. We will assist you in every step, from finding the perfect house to closing on your new home! A buyer will be faced with legal forms, negotiations, pricing, inspections and much more. It only makes sense to work with professionals who know the Memphis Area communities.
The Landry Team also has designated Buyer's Agents who only work with people buying homes. They have taken custom classes and training allowing them to assess and assist you specifically in the process of buying a home.
During this entire process, The Landry Team will be your guide. At each step we will communicate what you will need to address and what needs to be resolved. Throughout the entire process, we will remain proactive to keep your transaction on track!
The process of buying a home is as follows:
1. Preliminary Consultation
The first time we meet, we will discuss your objectives in buying a new home. We will also spend time on reviewing the home buying process. This will be a great time to ask any questions you may have.
2. Obtaining a Loan "Pre-Approval" or Getting "Pre-Qualified"
A "Pre-Approval" or "Pre-Qualified" means that you have met with a Loan Officer, your credit files have been reviewed and the Loan Officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. To speak with our Lender or for more information, please visit Memphis Home Loans.
3. Establish Your Search Criteria
A home is more than just a 3 bedroom 2 bath home in Collierville, TN. A search with that criteria will produce very different homes varying in design and style. Together, we will consider your priorities and establish a criterion that works for your search. Once the criteria is established, we will set up an online account that will keep you informed on any updates on your current properties or new homes fitting your criteria. You may sign up here for our Daily Memphis and North Mississippi Property Search.
4. Look At Homes
Once we have established your desired search criteria, we will begin sorting through the homes that fit your needs. When we identify the properties of interest, we will then make the necessary arrangements to tour the homes. We can look anytime. We will set up days and times in advance and work around your commitments. In most cases 24 hours of notice is needed to establish a visit. If the circumstance arises requiring an immediate visit, we will make every attempt possible to arrange a visit.
5. Choosing a Home
After the buyer has narrowed down the properties and finally selected a home they want to purchase, we discuss your options about the home. These options are: A home has been placed on the market for which the seller has established an asking price as well as other terms. In effect, this is an offer. The buyer can choose to accept the sellers offer and create a contract, reject the offer and make a counter-offer suggesting different terms. At this point, the seller may accept, reject or make a counter-offer.
The bargaining between the buyer and seller is the most complex and personal step of the home buying process. This step is where The Landry Team is extremely valuable with our experience in negotiating real estate transactions and knowledge of the community. We have sold numerous homes and know the local Memphis Home Values and North Mississippi Home Values.
6. Make an Offer
- To create an offer we prepare and present the following information to the seller:
- a) Price
- b) Date of Purchase and Sale
- c) Date of Closing
- d) Contingencies
- e) Inspection Contingencies
- f) Mortgage Contingencies
- g) Earnest Money
- h) Signature of all Buyers
- Negotiate any terms or conditions necessary
- Sign revised offer if applicable
- Receive final offer signed by the seller
7. Get an Accepted Offer
Once an offer is accepted, several time sensitive tasks must be completed.
- Home Inspection - Conducted within 5-10 days
Buyer and Agents will be present
Additional tests can be conducted at this time (Radon Test, Lead Based Paint, etc.)
Buyer pays the Inspection Company directly at the time of inspection.
- Response to Inspection - Within 24 hours of Inspection Report
We provide notice of any issues needed to be addressed and insure your comfort level with the property.
- Obtain any Additional Documents/Information
Any special contingency documents or other forms that may be necessary.
- Mortgage Application
Within a few days of accepted offer, you should contact your Lender and begin the full application process.
- Coordinate with Attorney
We send contract and any other necessary information to the Closing Attorney to handle the transaction.
- Obtain Home Owners Insurance
- Pro-Actively Address Any Issues That May Arise
- Conduct a Walk Through of the Property
During this Walk Through, we inspect any items that were previously addressed in the Home Inspection Report and verify that no other events have negatively changed the state of the property since the inspection.
8. Close and Move In
Typically an average closing can take place in 1 month of offer. The closing date could be sooner or extended for longer if necessary at the time of writing the offer.