1. Decide to buy.Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.

Base your decision to buy on facts, not fears.

  1. If you are paying rent, you very likely can afford to buy
  2. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
  3. The lack of a substantial down payment doesn’t prevent you from making your first home purchase
  4. A less-than-perfect credit score won’t necessarily stop you from buying a home
  5. The best way to get closer to buying your ultimate dream home is to buy your first home now
  6. Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way

2. Hire your agent.

The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.

Seven main roles of your real estate agentA Buyer’s Real Estate Agent:

  1. Educates you about your market.
  2. Analyzes your wants and needs.
  3. Guides you to homes that fit your criteria.
  4. Coordinates the work of other needed professionals.
  5. Negotiates on your behalf.
  6. Checks and double-checks paperwork and deadlines.
  7. Solves any problems that may arise.

Eight important questions to ask your agent

Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:

  1. Why did you become a real estate agent?
  2. Why should I work with you?
  3. What do you do better than other real estate agents?
  4. What process will you use to help me find the right home for my particular wants and needs?
  5. What are the most common things that go wrong in a transaction and how would you handle them?
  6. What are some mistakes that you think people make when buying their first home?
  7. What other professionals do you suggest we work with and what are their credentials?
  8. Can you provide me with references or testimonials from past clients?

3. Secure financing.

While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.

From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.Six steps to Financing a Home

  1. Choose a loan officer (or mortgage specialist).
  2. Make a loan application and get preapproved.
  3. Determine what you want to pay and select a loan option.
  4. Submit to the lender an accepted purchase offer contract.
  5. Get an appraisal and title commitment.
  6. Obtain funding at closing.

4. Find your home.

You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long-if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.

Questions to ask yourself

  1. What do I want my home to be close to?
  2. How much space do I need and why?
  3. Which is more critical: location or size?
  4. Would I be interested in a fixer-upper?
  5. How important is home value appreciation?
  6. Is neighborhood stability and priority?
  7. Would I be interested in a condo?
  8. Would I be interested in new home construction?
  9. What features and amenities do I want? Which do I really need?

5. Make an offer.

When searching for your dream home, you were just that-a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies (or “conditions” in Canada).

Price-the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision.

Terms-the other financial and timing factors that will be included in the offer.

Terms fall under six basic categories in a real estate offer:

  1. Schedule-a schedule of events that has to happen before closing.
  2. Conveyances-the items that stay with the house when the sellers leave.
  3. Commission-the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
  4. Closing costs-it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
  5. Home warranty-this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
  6. Earnest money-this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.

6. Perform due diligence.

Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important.

A home owner’s insurance policy protects you in two ways:

  1. Against loss or damage to the property itself
  2. liability in case someone sustains an injury while on your property

The property inspection should expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.

  • Your major concern is structural damage.
  • Don’t sweat the small stuff. Things that are easily fixed can be overlooked.
  • If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.

7. Close.

The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done.

You just have a few preclosing responsibilities:

  1. Stay in control of your finances.
  2. Return all phone calls and paperwork promptly.
  3. Communicate with your agent at least once a week.
  4. Several days before closing, confirm with your agent that all your documentation is in place and in order.
  5. Obtain certified funds for closing.
  6. Conduct a final walk-through.

On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following:

  1. Finalize your mortgage.
  2. Pay the seller.
  3. Pay your closing costs.
  4. Transfer the title from the seller to you.
  5. Make arrangements to legally record the transaction as a public record.

As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.
8. Protect your investment.

Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch.

Even after you close on your house, you agent can still help you:

  1. Handle your first tax return as a home owner.
  2. Find contractors to help with home maintenance or remodeling.
  3. Help your friends find homes.
  4. Keep track of your home’s current market value.

Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.

Home maintenance falls into two categories:

  1. Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.
  2. Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.

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9755 Cainsville Pike Lascassas, TN 37085

Beds 4
Baths 2
Living Area SqFt 1,248
Status Active
MLS # RTC2753979
Property Type Single Family Residence
 
 
 

164 Rob Roy Ln Auburntown, TN 37016

Beds 3
Baths 3
Living Area SqFt 2,580
Status Active
MLS # RTC2747980
Property Type Single Family Residence
 
 
 

206 Apollo Dr Murfreesboro, TN 37130

Beds 4
Baths 4
Living Area SqFt 4,622
Status Under Contract - Not Showing
MLS # RTC2744992
Property Type Single Family Residence
 
 
 

2868 Culleoka Hwy Culleoka, TN 38451

Beds 3
Baths 3
Living Area SqFt 2,652
Status Active
MLS # RTC2753022
Property Type Single Family Residence
 
 
 

9575 Cherokee Trail Crossville, TN 38572

Beds 2
Baths 2
Living Area SqFt 1,710
Status Active
MLS # RTC2745971
Property Type Single Family Residence
 
 
 

15955 Greenville Rd Hopkinsville, KY 42240

Beds 2
Baths 2
Living Area SqFt 1,393
Status Active
MLS # RTC2746092
Property Type Single Family Residence
 
 
 

700 Sylvian Dr Lafayette, TN 37083

Beds 2
Baths 1
Living Area SqFt 1,350
Status Active
MLS # RTC2741659
Property Type Single Family Residence
 
 
 

1105 Jackson Dr Athens, AL 35611

Beds 3
Baths 2
Living Area SqFt 2,033
Status Active
MLS # RTC2748205
Property Type Single Family Residence
 
 
 

326 Whitaker Rd Shelbyville, TN 37160

Beds 3
Baths 2
Living Area SqFt 1,976
Status Active
MLS # RTC2748425
Property Type Manufactured On Land
 
 
 

344 Whitaker Rd Shelbyville, TN 37160

Beds 6
Baths 4
Living Area SqFt 5,373
Status Active
MLS # RTC2748422
Property Type Single Family Residence
 
 
 

266 County Road 406 Athens, TN 37303

Beds 5
Baths 8
Living Area SqFt 7,250
Status Active
MLS # RTC2749340
Property Type Single Family Residence
 
 
 

1245 Lasalle Dr Smyrna, TN 37167

Beds 4
Baths 3
Living Area SqFt 1,810
Status Active
MLS # RTC2749228
Property Type Single Family Residence
 
 
 

21 Arnold Rd Flintville, TN 37335

Beds 3
Baths 1
Living Area SqFt 1,608
Status Active
MLS # RTC2749311
Property Type Single Family Residence
 
 
 

702 Sylvian Dr Lafayette, TN 37083

Beds 3
Baths 3
Living Area SqFt 2,955
Status Active
MLS # RTC2743083
Property Type Single Family Residence
 
 
 

1411 Leaf Ave Murfreesboro, TN 37130

Beds 3
Baths 2
Living Area SqFt 1,685
Status Active
MLS # RTC2707770
Property Type Single Family Residence
 
 
 

706 Poplar Ave Murfreesboro, TN 37130

Beds 2
Baths 2
Living Area SqFt 1,146
Status Active
MLS # RTC2751173
Property Type Single Family Residence
 
 
 

210 Kingwood Dr Sparta, TN 38583

Beds 3
Baths 2
Living Area SqFt 1,156
Status Active
MLS # RTC2751264
Property Type Single Family Residence
 
 
 

147 Mayberry St Sparta, TN 38583

Beds 3
Baths 1
Living Area SqFt 1,232
Status Active
MLS # RTC2751250
Property Type Single Family Residence
 
 
 

1315 Toddington Dr Murfreesboro, TN 37130

Beds 3
Baths 3
Living Area SqFt 1,891
Status Active
MLS # RTC2751195
Property Type Single Family Residence
 
 
 

8384 Burleson Ln Murfreesboro, TN 37129

Beds 3
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2746023
Property Type Single Family Residence
 
 
 

132 Highland Dr Winchester, TN 37398

Beds 3
Baths 2
Living Area SqFt 1,466
Status Active
MLS # RTC2751647
Property Type Single Family Residence
 
 
 

2901 Clear Creek Rd Pulaski, TN 38478

Beds 3
Baths 3
Living Area SqFt 4,695
Status Active
MLS # RTC2662200
Property Type Single Family Residence
 
 
 

1505 Three Island Rd Walling, TN 38587

Beds 3
Baths 1
Living Area SqFt 1,390
Status Active
MLS # RTC2752284
Property Type Single Family Residence
 
 
 

307 Bone Cave Rd Rock Island, TN 38581

Beds 2
Baths 1
Living Area SqFt 960
Status Active
MLS # RTC2752401
Property Type Single Family Residence
 
 
 

1328 Farmwood Dr Murfreesboro, TN 37128

Beds 4
Baths 4
Living Area SqFt 4,207
Status Active
MLS # RTC2750459
Property Type Single Family Residence
 
 
 

2941 Browns Lake Rd Goodlettsville, TN 37072

Beds 3
Baths 2
Living Area SqFt 1,344
Status Active
MLS # RTC2752135
Property Type Modular Home
 
 
 

830 Covington Grove Blvd Bowling Green, KY 42104

Beds 6
Baths 6
Living Area SqFt 6,598
Status Active
MLS # RTC2752823
Property Type Single Family Residence
 
 
 

405 E Main St Hartsville, TN 37074

Beds 3
Baths 1
Living Area SqFt 2,030
Status Active
MLS # RTC2753125
Property Type Single Family Residence
 
 
 

369 Adams Ridge Ln Woodbury, TN 37190

Beds 4
Baths 4
Living Area SqFt 3,378
Status Active
MLS # RTC2751349
Property Type Single Family Residence
 
 
 

611 Circle Dr Mount Pleasant, TN 38474

Beds 3
Baths 2
Living Area SqFt 2,044
Status Active
MLS # RTC2748542
Property Type Single Family Residence
 
 
 

690 Browning Branch Rd Hartsville, TN 37074

Beds 2
Baths 1
Living Area SqFt 1,036
Status Active
MLS # RTC2753392
Property Type Single Family Residence
 
 
 

116 Raspberry Ln Smyrna, TN 37167

Beds 3
Baths 3
Living Area SqFt 2,675
Status Active
MLS # RTC2753984
Property Type Single Family Residence
 
 
 

1516 Hilldale Dr Murfreesboro, TN 37129

Beds 3
Baths 1
Living Area SqFt 1,000
Status Active
MLS # RTC2753950
Property Type Single Family Residence
 
 
 

109 Lbj Dr Gallatin, TN 37066

Beds 3
Baths 2
Living Area SqFt 2,356
Status Active
MLS # RTC2753913
Property Type Manufactured On Land
 
 
 

7990 Betts Rd Greenbrier, TN 37073

Beds 3
Baths 3
Living Area SqFt 3,100
Status Under Contract - Not Showing
MLS # RTC2739980
Property Type Single Family Residence
 
 
 

2917 Old Mcminnville Hwy Woodbury, TN 37190

Beds 3
Baths 2
Living Area SqFt 1,626
Status Active
MLS # RTC2753849
Property Type Single Family Residence
 
 
 

184 Mcgowan Rd Morrison, TN 37357

Beds 4
Baths 3
Living Area SqFt 1,971
Status Under Contract - Not Showing
MLS # RTC2705026
Property Type Modular Home
 
 
 

1112 Allisona Rd Eagleville, TN 37060

Beds 4
Baths 4
Living Area SqFt 5,356
Status Active
MLS # RTC2745594
Property Type Single Family Residence
 
 
 

201 Summit Drive Road Linden, TN 37096

Beds 3
Baths 4
Living Area SqFt 3,200
Status Active
MLS # RTC2751038
Property Type Single Family Residence
 
 
 

1503 5th Ave W Springfield, TN 37172

Beds 3
Baths 3
Living Area SqFt 2,908
Status Active
MLS # RTC2752212
Property Type Single Family Residence