for buyers

Your REALTOR

Know your credit score

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

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

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

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

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

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

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

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

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.

Get Ready for a Home Showing

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.

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.

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.