From your first question to your keys
Buying a Home in Manchester, TN, Step by Step
Buying a home is exciting, and it goes more smoothly when you know what comes next. Here is the process I follow with buyers in Manchester and Coffee County.
1. Set your budget
Think about the monthly payment you are comfortable with, not just the maximum a lender will approve. Include property taxes, insurance and any HOA dues.
2. Get preapproved
A lender will review your income, credit and savings and give you a preapproval letter. Sellers expect it with an offer. If you are a first time buyer, look at the Tennessee Housing Development Agency programs in my first time buyer guide.
3. Choose your agent and sign a buyer agreement
Since August 17, 2024, agents who work with buyers through an MLS need a written buyer agreement before touring homes. It explains what I will do for you and how I am paid. Compensation is negotiable. Read how buyer representation works.
4. Make your list and search
Write down your must haves and nice to haves: bedrooms, lot size, school district, drive time, city or county. I will set up an MLS search for homes that match. My neighborhoods guide can help you choose areas.
5. Tour homes
Look past paint and furniture. Pay attention to the roof, windows, water stains, the layout and the lot. For rural property, ask about well, septic and road access.
6. Write an offer
We will look at recent comparable sales and decide on price and terms together, including earnest money, inspection period, financing, appraisal and closing date.
7. Inspections
Hire a licensed home inspector. Consider extra inspections where they make sense, such as wood destroying insects, radon, septic or a survey. Review the seller's disclosure statement carefully; Tennessee law requires most sellers to provide one.
8. Appraisal and loan approval
If you use a loan, your lender orders an appraisal and finishes underwriting. Avoid new debt or job changes during this time.
9. Final walk through and closing
Before closing, walk through the home to make sure it is in the agreed condition. At closing you sign the loan and transfer documents. Tennessee charges a recordation tax on the deed and the mortgage; the Department of Revenue lists $0.37 per $100 for the transfer tax and $0.115 per $100 of debt for the mortgage tax, with the first $2,000 exempt. Your closing statement will show the exact amounts.
10. Move in
Change the locks, set up utilities and register with your school district if you have children.
Request my buyer guide below and I will send it along with homes that fit your list.
Common questions
Do I need a buyer agreement to tour homes in Tennessee?
When an agent who participates in an MLS works with you, a written buyer agreement is required before touring, a practice change that took effect August 17, 2024.
What taxes do buyers pay at closing in Tennessee?
Tennessee charges a recordation tax: $0.37 per $100 on the transfer and $0.115 per $100 of mortgage debt, with the first $2,000 exempt. Your closing statement shows exact amounts.
Matt Sargent is a Tennessee licensed affiliate broker with Keller Williams who helps buyers and sellers in Manchester and Coffee County. Call (615) 497 1658 or send a message.