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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4613 General Lowrey Drive Nashville, TN 37215

Price $3,695,000
Beds 5
Baths 8
Living Area SqFt 8,436
Status Active
MLS # RTC2706114
Property Type Single Family Residence
 
 

1110 Granny White Court Nashville, TN 37204

Price $3,695,000
Beds 5
Baths 7
Living Area SqFt 5,753
Status Under Contract - Not Showing
MLS # RTC2680720
Property Type Single Family Residence
 
 

9300 Double Run Ct College Grove, TN 37046

Price $3,695,000
Beds 6
Baths 9
Living Area SqFt 8,058
Status Under Contract - Not Showing
MLS # RTC2706532
Property Type Single Family Residence
 
 

9302 Exton Ln Brentwood, TN 37027

Price $3,695,000
Beds 5
Baths 7
Living Area SqFt 6,569
Status Active
MLS # RTC2637452
Property Type Single Family Residence
 
 

1106 Granny White Ct Nashville, TN 37204

Price $3,690,000
Beds 5
Baths 7
Living Area SqFt 5,794
Status Active
MLS # RTC2651944
Property Type Single Family Residence
 
 

739 W Meade Dr Nashville, TN 37205

$3,675,000 - 5Br/7Ba -  for Sale in West Meade, Nashville
Open House
Price $3,675,000
Beds 5
Baths 7
Living Area SqFt 6,410
Status Active
MLS # RTC2745704
Property Type Single Family Residence
 
 

9803 Hartwick Court Brentwood, TN 37027

Price $3,659,335
Beds 5
Baths 7
Living Area SqFt 6,389
Status Under Contract - Not Showing
MLS # RTC2670357
Property Type Single Family Residence
 
 

1928 Silver Fox Rd Thompsons Station, TN 37179

Price $3,658,000
Beds 5
Baths 6
Living Area SqFt 6,200
Status Active
MLS # RTC2690986
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 1501 Nashville, TN 37201

Price $3,600,000
Beds 2
Baths 3
Living Area SqFt 1,530
Status Active
MLS # RTC2650342
Property Type Flat Condo
 
 

6417 Currywood Dr Nashville, TN 37205

Price $3,600,000
Beds 5
Baths 6
Living Area SqFt 6,519
Status Active
MLS # RTC2746273
Property Type Single Family Residence
 
 

722 Wilson Pike Brentwood, TN 37027

Price $3,600,000
Beds 5
Baths 7
Living Area SqFt 6,505
Status Active
MLS # RTC2754164
Property Type Single Family Residence
 
 

1348 Duncanwood Ct Nashville, TN 37204

Price $3,600,000
Beds 5
Baths 7
Living Area SqFt 5,118
Status Under Contract - Showing
MLS # RTC2668804
Property Type Single Family Residence
 
 

2630 Clayton Arnold Rd Thompsons Station, TN 37179

Price $3,599,000
Beds 4
Baths 7
Living Area SqFt 6,507
Status Active
MLS # RTC2447722
Property Type Single Family Residence
 
 

4524 Harpeth School Rd Franklin, TN 37064

Price $3,599,000
Beds 4
Baths 6
Living Area SqFt 5,623
Status Active
MLS # RTC2675064
Property Type Single Family Residence
 
 

8908 Palmer Way Brentwood, TN 37027

$3,599,000 - 7Br/9Ba -  for Sale in Marshall Place, Brentwood
Open House
Price $3,599,000
Beds 7
Baths 9
Living Area SqFt 7,207
Status Active
MLS # RTC2687154
Property Type Single Family Residence
 
 

144 Abberly Ln Hohenwald, TN 38462

Price $3,595,000
Beds 6
Baths 3
Living Area SqFt 5,326
Status Active
MLS # RTC2745805
Property Type Single Family Residence
 
 

211 Printers Aly Unit 300 Nashville, TN 37201

Price $3,575,000
Beds 4
Baths 4
Living Area SqFt 4,415
Status Active
MLS # RTC2746148
Property Type Loft
 
 

211 3rd Ave N Unit 400 Nashville, TN 37201

Price $3,575,000
Beds 4
Baths 5
Living Area SqFt 4,213
Status Active
MLS # RTC2746149
Property Type Other Condo
 
 

7445 River Road Pike Nashville, TN 37209

Price $3,575,000
Beds 1
Baths 2
Living Area SqFt 1,277
Status Active
MLS # RTC2493001
Property Type Single Family Residence
 
 

1104 Halcyon Ave Nashville, TN 37204

Price $3,550,000
Beds 4
Baths 4
Living Area SqFt 4,247
Status Under Contract - Showing
MLS # RTC2745597
Property Type Single Family Residence
 
 

1990 Dr Robinson Rd Spring Hill, TN 37174

Price $3,550,000
Beds 3
Baths 3
Living Area SqFt 2,837
Status Active
MLS # RTC2660692
Property Type Single Family Residence
 
 

899 Messenger Rd Sparta, TN 38583

Price $3,500,000
Beds 5
Baths 3
Living Area SqFt 6,096
Status Active
MLS # RTC2564608
Property Type Single Family Residence
 
 

1415 Cedar Bluff Rd Lebanon, TN 37087

Price $3,500,000
Beds 3
Baths 3
Living Area SqFt 2,080
Status Active
MLS # RTC2653901
Property Type Single Family Residence
 
 

1668 Nashville Hwy Columbia, TN 38401

Price $3,500,000
Living Area SqFt 1,778
Status Active
MLS # RTC2663082
Property Type Single Family Residence
 
 
 
 

5407 Cane Ridge Rd Antioch, TN 37013

Price $3,500,000
Beds 3
Baths 2
Living Area SqFt 1,916
Status Active
MLS # RTC2654195
Property Type Single Family Residence
 
 

805 Goslin Branch Road Burns, TN 37029

Price $3,500,000
Beds 4
Baths 3
Living Area SqFt 2,744
Status Active
MLS # RTC2671715
Property Type Single Family Residence
 
 

9121 Joiner Creek Ct College Grove, TN 37046

Price $3,500,000
Beds 5
Baths 6
Living Area SqFt 5,939
Status Active
MLS # RTC2750760
Property Type Single Family Residence
 
 

4502 Granny White Pike Unit 2 Nashville, TN 37204

Price $3,500,000
Beds 5
Baths 6
Living Area SqFt 5,827
Status Active
MLS # RTC2751120
Property Type Horizontal Property Regime - Detached
 
 

2891 Callis Rd Lebanon, TN 37090

Price $3,500,000
Beds 3
Baths 3
Living Area SqFt 2,856
Status Active
MLS # RTC2690547
Property Type Single Family Residence
 
 

4321 Old Hickory Blvd Old Hickory, TN 37138

Price $3,500,000
Living Area SqFt 0
Status Under Contract - Showing
MLS # RTC2670732
Property Type Single Family Residence
 
 
 
 

5537 Hawks Landing Dr Arrington, TN 37014

Price $3,500,000
Beds 4
Baths 7
Living Area SqFt 7,576
Status Under Contract - Showing
MLS # RTC2661470
Property Type Single Family Residence
 
 

2404 Belmont Blvd Nashville, TN 37212

Price $3,500,000
Beds 4
Baths 7
Living Area SqFt 6,346
Status Under Contract - Showing
MLS # RTC2701633
Property Type Single Family Residence
 
 

9204 Joiner Creek Rd College Grove, TN 37046

Price $3,500,000
Beds 5
Baths 7
Living Area SqFt 6,574
Status Under Contract - Not Showing
MLS # RTC2708972
Property Type Single Family Residence
 
 

1113 Granny White Ct Nashville, TN 37204

Price $3,500,000
Beds 5
Baths 7
Living Area SqFt 5,468
Status Under Contract - Not Showing
MLS # RTC2751194
Property Type Single Family Residence
 
 

6020 Mt Pisgah Rd Nashville, TN 37211

Price $3,500,000
Beds 3
Baths 2
Living Area SqFt 2,303
Status Active
MLS # RTC2252370
Property Type Single Family Residence
 
 

908 W Main St Franklin, TN 37064

Price $3,500,000
Beds 5
Baths 4
Living Area SqFt 6,651
Status Active
MLS # RTC2661728
Property Type Single Family Residence
 
 

5106 Heathrow Brentwood, TN 37027

Price $3,500,000
Beds 5
Baths 4
Living Area SqFt 4,489
Status Under Contract - Not Showing
MLS # RTC2557173
Property Type Single Family Residence
 
 

2814 Kenway Rd Nashville, TN 37215

$3,500,000 - 5Br/6Ba -  for Sale in Green Hills, Nashville
Open House
Price $3,500,000
Beds 5
Baths 6
Living Area SqFt 6,308
Status Active
MLS # RTC2678998
Property Type Single Family Residence
 
 

3348 Sweeney Hollow Rd Franklin, TN 37064

Price $3,499,999
Beds 3
Baths 4
Living Area SqFt 3,237
Status Active
MLS # RTC2693991
Property Type Single Family Residence
 
 

1140 Landing Pvt Ct Gallatin, TN 37066

Price $3,499,900
Beds 5
Baths 8
Living Area SqFt 9,057
Status Active
MLS # RTC2680890
Property Type Single Family Residence