Buying your own home

There are many, many things to consider before buying a home or piece of land to build on.  BELOW are links to helpful articles distilled from the collective experience of the National Association of REALTORS®, and collected for you by Dan and Dianne Ellis, REALTORS®.  The articles are in PDF format, and you'll need the free Adobe Acrobat Reader to view them.  The Adobe Reader is available for download HERE.

Also check out the articles HERE for both Buyers and Sellers, and HERE for articles about Finance.  If you're a Seller, go HERE.  HUD (the U.S. Dept. of Housing and Urban Development) has a web site with plenty of useful-to-know material HERE.

Things every home buyer should know:

In Tennessee, home buyers have the right to be represented by a Buyer's Agent.  Your Buyer's Agent is obligated to work on your behalf in locating the right home, negotiating the best price, and in completing all the steps necessary to a successful purchase.  Usually there is no cost to the Buyer. The Buyer's Agent is compensated from the Commission paid by the Seller to the Listing Agent.

Your Buyer's Agent has the keys to all MLS listed properties in Middle Tennessee.  However, only Realtors® have access to the MLS listings, and only Realtors have electronic keys to open lockboxes.  Licensed agents who are not Realtors® don't have access to the MLS, and have to find some other way of opening a home for inspection.

If you are interested in purchasing a new home in a new development, you are still entitled to work with a Buyer's Agent who works for you; you do not have to let the Selling Agents in the developer's Office (these Agents work for the Builder) write up a contract for you.

More things every home buyer should know:

If you see a For Sale sign while driving around, call the Real Estate office listing the property, or the owner if it's For Sale By Owner, and decide to work with them to buy the property...  is this a good idea?  Well, it might work out OK, but there are some things to consider.  First, it won't save you any money, and it might cost you more than if you work with a Buyer's Agent.  Second, the office listing the property is obligated to negotiate and transact the sale of real estate on behalf of the property owner - even if you hire them to help you purchase the house.  Their loyalty is to the seller, not to you.  Third, if problems come up in the purchase, you have no-one with expert knowledge representing your best interests to guide you through the pitfalls and difficulties.  Examples are - resolving encroachments, resolving liens, ensuring the title is good - there are lots of things to make sure of, so that you won't have something blow up in your face before, at, or after closing - and some problems can take years to surface.

A buyer's representative represents the consumer who is purchasing the property, not the seller.  In Tennessee, a buyer's representative works for and owes fiduciary responsibilities to the real estate buyer.   It is the buyer's representative that has the buyer's best interests in mind throughout the entire real estate transaction.

As you think about who to talk to, your first question might be, "Are you a REALTOR®, or only a real estate licensee?"  Only real estate professionals holding a current real estate license and who have joined the National Association of REALTORS®, may call themselves REALTORS®.  We display the logo on our business cards and other marketing materials because we are proud of the professionalism and education stressed by our National, State, and Local Associations of REALTORS®.

We are bound by a strict Code of Ethics and have pledged to protect and promote the interests of our clients by providing fair treatment to all parties involved in a real estate transaction. Our Code sets us apart from non-REALTOR® agents in its promise to the public that when you deal with a REALTOR®, you can expect fair and ethical treatment, and only REALTORS® are held accountable to the Code of Ethics and their professional behavior.

Buyers' Resource Articles