Please feel free to contact Kenny Silva anytime to arrange a showing.
Check out this awesome condo right next to 5 points!
1015 Fatherland St. Apt 207 – $199,900
Sunday, March 07, 2:00pm to 4:00pm
Great location just steps from 5 points! features hardwood floors, granite in kitchen and bath, subway tile in bathrooms, jacuzzi tub, crown molding, decorator finish, french doors that open to private terrace w/ view of martin corner.
Interior Details
Exterior Details
Additional Details
Fire Sprinklers
Security
Cats allowed
Dogs allowed
No pet restrictions
Tax Amount: $2,007
Rooms and Dimensions
School
Utilites
Listed By:
Agent: Allen Perry
Keller Williams Realty
P (615) 425-3600
Welcome to the last in my series of 10 blog posts. Thank you for sticking with me for the past week and a half. I hope that by the bottom of this page, you will be completely prepared to go out there and purchase a home! Previous post: Step 9: Closing.
Step 10: What’s next?
So you’ve completed all the steps up to this point. You found a Realtor, you found a home, you made an offer, you signed all the paperwork, you closed, and now you’ve gotten the keys to a house that you can now call yours. What else could be left for you to do???
Well, first off, you want to find a safe place for all those papers you received copies of at closing. They are all extremely important when it comes time to do your taxes. Later on, they’ll figure into the home-selling process as well.
At closing, you should have figured out the status of all the utilities on the home. They need to be paid up to the closing date by the owners of the home. After that, you should make sure to transfer them all to your name to avoid any service interruptions.
About two weeks after closing, call your local property records office to ensure that the new deed has been recorded and there is an official record of your ownership interest in the home.
When sellers vacate a property, they don’t exactly scrub it down for you. After closing, the house will be ready for you to go in, clean it out, remodel it, paint it, etc. The sky is the limit!
From here, what you do with your home is completely up to you. Be sure to keep all of the proper insurance coverage up to date so you’re covered in the event of fire, theft, flood, earthquake, and so on…
Thank you so much for sticking around. I hope that this series provided some useful information for those new to the home buying process.
Happy house hunting. Let me know if I can help!!
Welcome back!
Ever listen to people talk about real estate and have no clue what they’re saying?
It’s like they’re speaking another language, right?!?
Admit it… No one is going to judge you… I didn’t understand most of it until recently.
Maybe you have friends who are searching for a house and looooove to talk about it.
Maybe you’ve been watching stories on the news about the housing market.
Glaze over this list from the FTC for a few minutes and give yourself a little brush-up on the terms.
Federal Trade Commission – “Talking the Talk”
Now you’ll be better equipped the next time you find yourself in a real estate conversation.
If you want a little more information, I’m always available for a cup of coffee.
Think about it.
Kenny Silva
Real Estate Consultant
Silva Real Estate Group
www.thesilvagroup.net
Cell:(615)336-6638
Office:(615)425-3600
Fax:(615)690-8721
Email:kenny@thesilvagroup.net
Facebook:http://bit.ly/7ZU3cI
Twitter:http://www.twitter.com/kennysilva
LinkedIn:http://www.linkedin.com/in/silvareg
WordPress:http://silvareg.wordpress.com
Keller Williams Realty
30 Burton Hills Blvd Suite 175
Nashville, TN 37215
Each office independently owned and operated.
Welcome to the ninth in my series of 10 blog posts. Stick with me for all 10 steps, and you’ll be armed with all of the information you need to get out there and purchase a home. Previous post: Step 8: Get Insurance.
Step 9: Closing
So now that you’ve gone through this whole process and finding a house, making an offer on it, negotiating, getting inspections, getting funding, and finding insurance, when do you get the house? When does ownership magically pass on from the seller to the buyer? That’s what closing is for.
The closing table brings together all of the various parties in a transaction. Its a fairly short process in which all of the final papers are signed, the keys are given to the buyer, and the funds are given to the seller. Sometimes the buyer and seller are at the process together, but usually each conducts their own closing in a separate setting.
The best part about the closing process itself is that the buyer has to do very little. If you’ve been on top of your game as far as loan applications, inspections, repairs, and insurance go, then it’ll be a piece of cake. A good Realtor will have been managing and monitoring the activities of all the parties involved, so as to minimize any surprises that may hinder the closing.
Just before you close, be it a day or a few hours (your choice,) you will have the opportunity to do a final walk through. This is basically a quick inspection that the buyer does to verify that the house is still in the same condition it was when they agree to buy it. This prevents the sellers from trashing the house on their way out.
Congratulations! You just bought a house. The keys are yours, the title is yours, and you’re free to move in. Next time, we’ll talk about the final steps involved in your move. Next post: Step 10:What’s Next.
Welcome to the eighth in my series of 10 blog posts. Stick with me for all 10 steps, and you’ll be armed with all of the information you need to get out there and purchase a home. Previous post: Step 7:Make an Offer.
Step 8 Get Insurance
We wouldn’t drive our cars without insurance, right?
Most of us get health insurance to cover the doctor’s bills, right?
So why wouldn’t you insure your home? This is the biggest investment you’ll probably ever make. You need to protect it.
There are several types of insurance involved in purchasing a home.
Title insurance: This is paid for, typically, with an up-front fee at the time of closing. A title insurance policy protects the purchasers against any defects in the title (ownership) of the home. This compensates buyers for any damages resulting from undiscovered claims against the home’s ownership. A “lender’s policy” covers the amount of the mortgage. An “owner’s policy” covers that amount as well as the amount of the down payment.
Homeowner’s insurance: This type of policy covers fire, theft, and liability. Lenders require this coverage when you take out a home loan. It not only protects their investment in the home, but it protects your property. Many items can be covered under homeowner’s insurance; wedding rings, office equipment, and furniture for example.
Flood insurance: Generally required in high-risk flood-plane areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents. Ask your Realtor if your chosen home is in a flood-plain and what choices in flood insurance exist.
Home warranty: Not necessarily an insurance plan in itself, a home warranty protects the purchaser in the event that things start to break in the home. Home warranties bought from third parties by home builders are generally designed to provide several forms of protection: workmanship for the first year, mechanical problems such as plumbing and wiring for the first two years, and structural defects for up to 10 years. Home warranties are typically 1-year service plans bought by the seller. If, within that year, something were to break that was covered under the warranty, the warranty company would step in and take care of it.
Your Realtor can point you in the right direction when it comes to getting information on home insurance. A good insurance broker can access rate quotes from several different companies and put together the best coverage that will meet your needs.
Now that you’ve learned how to protect this sizable investment, you’re ready to close on it! Come back next time and we’ll talk about getting your keys and moving on in! Next post: Step 9:Closing.
Welcome to the seventh in my series of 10 blog posts. Stick with me for all 10 steps, and you’ll be armed with all of the information you need to get out there and purchase a home. Previous post: Step 6:Get Funding.
Step 7: Make an Offer
So you’ve found your dream home and you’ve found a way to pay for it. Now what? Do you walk up to the seller with a check, tell him to wrap it up, and leave with your bright, shiny new house? Unfortunately, no, it’s not that easy. There is a process to follow. A good Realtor can guide you through it and make sure you understand what you’re doing.
Real estate contracts have a good deal of legalese involved with them. In the state of Tennessee, the standard real estate contract is 9 pages long. Not only does it name the price to be paid, but it outlines the terms out the deal. It provides deadlines for financing and inspections as well as contingencies that allow the buyer to back out of the deal if certain conditions are met (for example, the house is about to fall down.)
How much should I offer? Well, that depends on a myriad of factors. What is the condition of the house? What are similar homes in that neighborhood selling for? What is the seller’s situation. How much can you afford? The list goes on. That’s why it’s important to have a Realtor. He or she can counsel you on the market statistics, find out about the seller’s situation, and consult with you to develop the best strategy for getting you the most home for the least money.
To make an offer, you simply go out and find the house you want and then draw up the contract with your Realtor. They should go through it with you step by step and make sure you understand EVERYTHING. This is a very important document. You have to understand that by submitting the offer, you are legally binding yourself to purchase that property should the seller accept your offer. Along with the offer, you would typically send a check for a somewhat significant amount of money to show your willingness to purchase the home. This check will be applied to the purchase of the home. If you were unwilling to carry out the terms outline in it, you would be in default; meaning you’d probably lose that earnest money and you may even be sued!
The contract also sets up timelines for when things have to be accomplished such as loan applications and inspections. The closing date will also be specified in the contract. You’ve got to be on top of these deadlines, because failure to meet them will again result in default. We don’t want you losing your money and the house! Don’t fret, however, because a good Realtor won’t let that happen.
The next important step in this series involves you protecting your investment. Stay tuned for Step 8:Get Insurance.
Welcome to the sixth in my series of 10 blog posts. Stick with me for all 10 steps, and you’ll be armed with all of the information you need to get out there and purchase a home. Previous post: Step 5:Choose a Home.
Step 6: Get Funding
This is a big purchase; probably the biggest you’ll ever make. How are you going to pay for it? Well, unless you have one or two hundred grand sitting in the bank, you’re going to finance it! Let’s not be afraid, everybody does it. The trick to successfully navigating the home financing process is knowing all your options! A good Realtor will talk to you about your options and put you in contact with a knowledgeable lender who can take you through the process and get you the best loan with the best terms.
What Kind of Loan?
There are all kinds of home loans available. Many factors determine what kind of loans you’ll qualify for:
How much do you plan to put down? If you can afford to put 20% down on a home, then you’ll probably go with a conventional home loan on the remaining 80%. If you can’t put that much down, the bank will require some outside assurance that you won’t skip out on the deal. This usually comes in the form of a VA Home Guaranty (if you’re a qualifying veteran,) an FHA loan, or private mortgage insurance. With an FHA loan you can put down as little as 3.5%. With a VA loan, you can get away with putting nothing down!
How is your credit? The better your credit, the better your rates and terms. To get the best loans, make sure you keep up with your credit report to make sure that there are no errors on it. Also, keep your credit card balances low and pay all of your bills on time.
Are you a first-time home buyer? For most programs, first-time home buyers are defined as those who haven’t owned a house within the past 3 years. Many states have special programs and incentives to help first timers buy a home with little down-payment money.
How do I get a loan?
A good Realtor will have you talk to a lender before you even go out and look at homes. The lender will complete a pre-qualification process with you that will tell you exactly how much you can afford. He or she will also outline all of your closing costs, necessary paperwork, etc. The will give you a qualification letter that you can use when submitting offers. Sellers love qualified buyers. After you submit an offer on a home and get it under contract, you’ll be going back to that lender (or another if you’ve been shopping around) and actually applying for that loan. It is important to get that process underway immediately because there are several steps involved in it.
Now that we’ve armed ourselves with a reliable source of funding (via a pre-qualification letter,) we’re ready to make an offer on that perfect home you may have stumbled upon during your search! (Step 7: Make an Offer)
Hey everyone! I just listed a beautifully renovated home on 1005 Chicamauga Ave in East Nashville. I’m very excited about it! Give me a call and I’ll be happy to show it to you.
Open House Next Sunday 12/30 from 2-4 PM. Come by and have a look!
Listed Price: $266,499
Built: 1930 – Completed Renovation This Year
Sq. Ft: 1910
Bedrooms: 3 plus a bonus/flexible use room
Bathrooms: 2.5
This is a masterfully renovated home! Brand new HVAC and roof. New paint interior/exterior. New light fixtures, upgraded plumbing. Fully updated bathrooms, slate tile. New stainless steel appliances in kitchen. Solid maple cabinets, granite counters. French doors!
Check out the details at:
http://www.postlets.com/res/3134050
Welcome to the fifth in my series of 10 blog posts. Stick with me for all 10 steps, and you’ll be armed with all of the information you need to get out there and purchase a home. Previous post: Step 4:Look at Homes.
Step 5:Choose a Home
So you’ve gone out and seen all of these houses. Hopefully, they’ve been close to what you’re looking for. When the time comes, you won’t choose the right home. It will choose you. Something magical will happen when you walk in, look around, and know that this house is for you.
Warm and fuzzies aside, you need to be sure this home is a good buy. Is it priced right? Is the neighborhood falling apart? Is the government about to build a highway on top of it? These are all questions that need to be answered before you officially choose the home. A good Realtor can help you answer these questions before you waste your time and money.
Now that you’ve answered all the important questions, you’re ready to put your foot down and actually make an offer. It’s important to have a Realtor write up the offer. With 8-10 pages of standard purchase contract legalese, you can easily get lost if you try to navigate all yourself. Also, they’re going to advise you on the best price and best terms to offer in your contract. Once again, its easy to shoot yourself in the foot on this one. Use a Realtor.
At this point, three things can happen:
1. The seller can accept the offer. Hooray! You just purchased a home!
2. The seller can outright reject the offer. Condolences. Time to go look at some more houses.
3. The seller can counteroffer. This is the most common.
With counteroffers come negotiations. Hopefully, those negotiations will lead to a finalized contract in which you purchase a ____ home at a ____ price with ____ terms. If you use a great Realtor, you can go ahead and fill great into all those blanks.
Now that you’ve put the house under contract, it’s time to figure out exactly how you’re going to pay for it! That’s the next step in our 10 step series. Come back next time and check out Step 6:Get Funding.