for buyers

Your REALTOR

Know your credit score

Know your credit score

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The knowledge and help of a REALTOR® can make all the difference! You

should also understand what’s involved in having a REALTOR® represent you

as your own agent. It’s your choice.

In Tennessee, a REALTOR® does not become your representative or

agent until you have signed a Buyer Representation Agreement with that

REALTOR® – an actual contract for representation – spelling out how you will work together.  All licensed professionals are real estate agents. The difference is a REALTOR® is a member of the National Association of   REALTOR®  and  the 

Know your credit score

Know your credit score

Know your credit score

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Knowing your credit score prior to meeting with an agent will help the agent determine what level assistance to provide. A good agent will have processes in place to assist you if your credit is not perfect. If an agent tell to come back once you've fixed your credit that should be the last time they see you.  Find a realtor that's willing to work with you through the entire process.

Credit Scores

Know your credit score

Improving your credit

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  • 579 and below – Bad Credit Score
  • 580 – 619 – Poor Credit Score
  • 620 – 679 – Fair Credit Score
  • 680 – 739 – Average Credit Score
  • 740 and above – Great Credit Score

  

  • FHA Loan – 580+ credit score (special circumstances 500 – 579)
  • VA Loan – 620+ credit score (580 for some lenders)
  • USDA Loan – 640+ credit score
  • FHA 203K Loan – 620+ credit score
  • Conventional Loan – 620+ credit score

Improving your credit

5 Things not to do during the closing process

Improving your credit

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  • Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: 
  • Check for errors in your credit report. 
  • Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com (see resource page). If you find any errors, correct them immediately. 
  • Pay down credit card bills. 
  • If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
  • Don’t charge your credit cards to the max. 
  • Pay down as much as you can every month
  • Don't close accounts, it can potentially lower your credit scores.  

5 Things not to do during the closing process

5 Things not to do during the closing process

5 Things not to do during the closing process

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CHANGE YOUR MARITAL STATUS

How you hold title is affected by your marital status. Be sure to make both your lender and the title

company aware of any changes in your marital status so that documents can be prepared correct.

CHANGE JOBS

A job change may result in your loan being denied, particularly if you are taking a lower-paying position or

moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process,

as the lender may call your employer to re-verify your employment just prior to funding the loan.

SWITCH BANKS OR MOVE YOUR MONEY TO ANOTHER INSTITUTION

After the lender has verified your funds at one or more institutions, the money should remain there until

needed for the purchase.

PAYING OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT

If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice.

Otherwise, leave your accounts as they are until your escrow closes.

MAKE ANY LARGE PURCHASES

A major purchase that requires a withdrawal from your verified funds or increases your debt can result in

your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so

avoid purchases that could impact your loan approval.

Who's on your team

5 Things not to do during the closing process

5 Things not to do during the closing process

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Your realtor will assemble your team and track the process from start to finish. Your realtor should monitor deadlines  and schedule appointments  in order to close on time. Other members on your team include but not limited to:


  • Lender
  • Home Inspector
  • Wood Destroying Insect Inspector
  • Insurance Agent
  • Appraiser
  • Closing Attorney


Your realtor should give you at least  two to three to chose from.

During the search process your realtor will:

  • Analyze your needs and wants
  • Walk you through the pre qualification or pre approval  process
  • Provide prospective homes based on your desired location
  • Schedule home showings
  • Present and negotiate offers on your behalf
  • Coordinate with vendors during the inspection period
  • Monitor timelines during the  contract period 
  • Coordinate the pre closing and closing process. 


for sellers

When selling your home

Before Putting Your Home up for Sale

Before Putting Your Home up for Sale

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The knowledge and help of a REALTOR® can make all the difference! You

should also understand what’s involved in having a REALTOR® represent you

as your own agent.

In Tennessee, a REALTOR® becomes your representative or agent when you

have signed a Listing Agreement with that REALTOR® – an actual

contract for representation – spelling out how you will work together to market your property successfully.

Once you have signed a Listing Agreement, this contract obligates your agent to be your loyal advocate and to promote

your best interests above all others in the negotiation and closing of a successful sale. As your agent, the REALTOR® will

obey your lawful instructions and cannot suggest to a buyer or buyer’s agent any price for your property that you have

not authorized.

Before Putting Your Home up for Sale

Before Putting Your Home up for Sale

Before Putting Your Home up for Sale

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  Schedule an agent pre-sale home tour.
The agent will be able to give you a good indication of the trouble areas that will stand out to potential buyers.

Organize and clean.
Pare down clutter and pack up your least-used items. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.  

 Get replacement estimates.
Do you have big-ticket items that will need to be replaced soon? Find out how much it will cost to repair an older roof or replace worn carpeting, even if you don’t plan to do so. It'll be handy when negotiations begin.

Spruce up the curb appeal.
Walk out to the front of your home, close your eyes, and pretend you’re a prospective buyer seeing the property for the first time. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? What do you see framing the entrance, if anything? 

Get Ready for a Home Showing

Before Putting Your Home up for Sale

Get Ready for a Home Showing

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 Remove clutter. Clear off counters and pack unnecessary decorative items. Put extra furniture in storage, and remove out-of-season items. Don’t forget to clean out the garage, too.

Let it shine. Cleaning windows and screens will help bring more light into your home. Replace burnt bulbs, and consider higher wattage in low-light areas. Clean the walls or brush on a fresh coat of bright, neutral paint. Replace heavy curtains with sheer ones and show off your view. 

  Keep it clean. A deep clean before listing your home will make upkeep easier. Consider hiring a cleaning service to help  

Maximize comfort.In summer, shut A/C vents on the first floor so more air will get upstairs. Reverse the process in winter.. Perform a sniff test.Clean carpeting and drapes to eliminate odors. Open the windows to air out the house. Consider potpourri or scented candles and diffusers   

¨Take care of minor repairs. Sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained. 

In Addition  Make the bath is luxurious ,  Send the pets to the neighbors ,  Lock up valuables, weapons and medication .

Finally Head out. It can be awkward for everyone if you’re home at the time of a showing. 

Before going to market.

Before going to market.

Get Ready for a Home Showing

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Before your home goes to market your realtor will:

  • Conduct a home tour with recommendation on how to maximize your return on your investment
  • Provide you with  a market analysis on current market conditions.
  • Develop a marketing plan  to ensure maximum exposure of your home.



While on the market.

Before going to market.

While on the market.

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While your home is on the market your realtor will:


  • Schedule all showing appointments.
  • Provide a weekly update on showings
  • Monitor market conditions to make sure your home is competitive.
  • Assist you with the negotiation process.


Closing

Before going to market.

While on the market.

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During the closing process your realtor will:

 

  • Monitor timelines after an offer has been accepted. 
  • Coordinate with buyers vendors to access your home and meet with the appraiser during the appraisal process.
  • Coordinate the pre-closing and closing process.