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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1554 Latimer Ln Hendersonville, TN 37075

Price $3,900,000
Beds 6
Baths 5
Living Area SqFt 7,463
Status Active
MLS # RTC2746772
Property Type Single Family Residence
 
 

1020 Legacy Hills Dr Franklin, TN 37064

Price $3,899,000
Beds 4
Baths 5
Living Area SqFt 5,253
Status Active
MLS # RTC2708617
Property Type Single Family Residence
 
 

827 Kirkwood Ave Nashville, TN 37204

$3,899,000 - 5Br/7Ba -  for Sale in 12 South, Nashville
Open House
Price $3,899,000
Beds 5
Baths 7
Living Area SqFt 5,633
Status Active
MLS # RTC2745574
Property Type Single Family Residence
 
 

910 Sunset Ridge Dr Franklin, TN 37069

Price $3,890,000
Beds 6
Baths 9
Living Area SqFt 6,668
Status Active
MLS # RTC2642069
Property Type Single Family Residence
 
 

1320 Hildreth Dr Nashville, TN 37215

$3,890,000 - 5Br/6Ba -  for Sale in Seven Hills, Nashville
Open House
Price $3,890,000
Beds 5
Baths 6
Living Area SqFt 7,989
Status Active
MLS # RTC2744526
Property Type Single Family Residence
 
 

444 Beech Creek Rd N Brentwood, TN 37027

Price $3,888,888
Beds 6
Baths 8
Living Area SqFt 7,358
Status Active
MLS # RTC2688282
Property Type Single Family Residence
 
 

6104 Hickory Valley Rd Nashville, TN 37205

Price $3,875,000
Beds 6
Baths 7
Living Area SqFt 7,167
Status Active
MLS # RTC2684811
Property Type Single Family Residence
 
 

410 Brook Hollow Rd Nashville, TN 37205

$3,849,900 - 5Br/8Ba -  for Sale in West Meade, Nashville
Open House
Price $3,849,900
Beds 5
Baths 8
Living Area SqFt 6,433
Status Active
MLS # RTC2748998
Property Type Single Family Residence
 
 

1820 Petty Hollow Rd N Lynnville, TN 38472

Price $3,816,000
Beds 4
Baths 2
Living Area SqFt 2,134
Status Active
MLS # RTC2617089
Property Type Single Family Residence
 
 

1132 Waller Rd Brentwood, TN 37027

Price $3,800,000
Beds 5
Baths 7
Living Area SqFt 7,086
Status Active
MLS # RTC2511138
Property Type Single Family Residence
 
 

1054 Sunrise Cir Ashland City, TN 37015

Price $3,800,000
Beds 1
Baths 3
Living Area SqFt 3,200
Status Active
MLS # RTC2633376
Property Type Single Family Residence
 
 

1416 Latimer Ln Hendersonville, TN 37075

Price $3,800,000
Beds 4
Baths 6
Living Area SqFt 7,635
Status Active
MLS # RTC2672239
Property Type Single Family Residence
 
 

5755 N Lick Creek Rd Franklin, TN 37064

Price $3,800,000
Beds 3
Baths 2
Living Area SqFt 1,592
Status Active
MLS # RTC2695860
Property Type Single Family Residence
 
 

4484 Sycamore Rd Greenbrier, TN 37073

Price $3,800,000
Beds 3
Baths 3
Living Area SqFt 3,120
Status Active
MLS # RTC2708163
Property Type Single Family Residence
 
 

6351 Shadow Ridge Brentwood, TN 37027

Price $3,800,000
Beds 4
Baths 6
Living Area SqFt 6,658
Status Active
MLS # RTC2745287
Property Type Single Family Residence
 
 

1657 Boswell Rd Winchester, TN 37398

Price $3,800,000
Beds 5
Baths 7
Living Area SqFt 8,002
Status Active
MLS # RTC2746411
Property Type Single Family Residence
 
 

1052 Buena Vista Dr Franklin, TN 37069

Price $3,800,000
Beds 4
Baths 6
Living Area SqFt 5,070
Status Under Contract - Showing
MLS # RTC2747400
Property Type Single Family Residence
 
 

839 Battery Ln Nashville, TN 37220

Price $3,799,996
Beds 6
Baths 7
Living Area SqFt 7,594
Status Active
MLS # RTC2754259
Property Type Single Family Residence
 
 

306 Westview Ave Nashville, TN 37205

Price $3,795,000
Beds 4
Baths 7
Living Area SqFt 5,884
Status Under Contract - Showing
MLS # RTC2688281
Property Type Single Family Residence
 
 

207 Haverford Ave Nashville, TN 37205

Price $3,785,000
Beds 5
Baths 8
Living Area SqFt 6,894
Status Active
MLS # RTC2745221
Property Type Single Family Residence
 
 

1900 Silver Fox Rd Thompsons Station, TN 37179

Price $3,763,000
Beds 4
Baths 6
Living Area SqFt 6,519
Status Active
MLS # RTC2744287
Property Type Single Family Residence
 
 

8601 Shortleaf Ct College Grove, TN 37046

Price $3,760,000
Beds 6
Baths 7
Living Area SqFt 7,199
Status Under Contract - Showing
MLS # RTC2681558
Property Type Single Family Residence
 
 

5032 High Valley Drive Brentwood, TN 37027

Price $3,750,000
Beds 5
Baths 6
Living Area SqFt 8,001
Status Active
MLS # RTC2652443
Property Type Single Family Residence
 
 

305 Morning Mist Ln Franklin, TN 37064

Price $3,750,000
Beds 5
Baths 6
Living Area SqFt 7,312
Status Under Contract - Showing
MLS # RTC2751498
Property Type Single Family Residence
 
 

3104 Woodlawn Dr Nashville, TN 37215

$3,749,900 - 6Br/7Ba -  for Sale in Green Hills, Nashville
Open House
Price $3,749,900
Beds 6
Baths 7
Living Area SqFt 7,284
Status Active
MLS # RTC2704581
Property Type Single Family Residence
 
 

225 Lake Hills Road Tullahoma, TN 37388

Price $3,700,000
Beds 5
Baths 8
Living Area SqFt 12,866
Status Active
MLS # RTC2644984
Property Type Single Family Residence
 
 

126 Brookfield Ave Nashville, TN 37205

Price $3,700,000
Beds 6
Baths 6
Living Area SqFt 5,451
Status Active
MLS # RTC2660487
Property Type Single Family Residence
 
 

1344 Duncanwood Ct Nashville, TN 37204

Price $3,700,000
Beds 5
Baths 8
Living Area SqFt 5,514
Status Active
MLS # RTC2668798
Property Type Single Family Residence
 
 

3220 Baker Ln Franklin, TN 37064

Price $3,700,000
Beds 5
Baths 8
Living Area SqFt 9,310
Status Active
MLS # RTC2670944
Property Type Single Family Residence
 
 

1457 Witherspoon Dr Brentwood, TN 37027

Price $3,700,000
Beds 5
Baths 7
Living Area SqFt 8,274
Status Active
MLS # RTC2689156
Property Type Single Family Residence
 
 

1002 Halcyon Ave Nashville, TN 37204

Price $3,700,000
Beds 6
Baths 7
Living Area SqFt 5,476
Status Active
MLS # RTC2702263
Property Type Single Family Residence
 
 

1294 Broad Oaks Dr Brentwood, TN 37027

Price $3,700,000
Beds 6
Baths 8
Living Area SqFt 6,122
Status Under Contract - Not Showing
MLS # RTC2704354
Property Type Single Family Residence
 
 

6525 Jocelyn Hollow Rd Nashville, TN 37205

Price $3,700,000
Beds 5
Baths 6
Living Area SqFt 6,516
Status Under Contract - Showing
MLS # RTC2745071
Property Type Single Family Residence
 
 

731 Summerly Dr Nashville, TN 37209

Price $3,700,000
Beds 5
Baths 7
Living Area SqFt 6,594
Status Active
MLS # RTC2751352
Property Type Single Family Residence
 
 

1344 Redbud Ln Columbia, TN 38401

Price $3,700,000
Beds 3
Baths 5
Living Area SqFt 5,524
Status Active
MLS # RTC2755193
Property Type Single Family Residence
 
 

917 Kirkwood Ave Nashville, TN 37204

Price $3,699,999
Beds 5
Baths 7
Living Area SqFt 5,059
Status Active
MLS # RTC2736899
Property Type Single Family Residence
 
 

6656 Eudailey Covington Rd College Grove, TN 37046

Price $3,699,900
Beds 5
Baths 7
Living Area SqFt 6,344
Status Active
MLS # RTC2678455
Property Type Single Family Residence
 
 

8872 Edgecomb Dr College Grove, TN 37046

Price $3,699,257
Beds 5
Baths 7
Living Area SqFt 5,992
Status Active
MLS # RTC2752855
Property Type Single Family Residence
 
 

1463 Rozella Way Gallatin, TN 37066

Price $3,699,000
Beds 4
Baths 5
Living Area SqFt 5,411
Status Active
MLS # RTC2680374
Property Type Single Family Residence
 
 

6724 Greeley Dr Nashville, TN 37205

$3,699,000 - 6Br/9Ba -  for Sale in Hillwood Estates, Nashville
Open House
Price $3,699,000
Beds 6
Baths 9
Living Area SqFt 6,915
Status Active
MLS # RTC2699840
Property Type Single Family Residence