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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8126 Boiling Springs Pl Brentwood, TN 37027

Price $3,499,900
Beds 5
Baths 6
Living Area SqFt 4,591
Status Active
MLS # RTC2635909
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
 
 

5507 Broken Ridge Hollow Ln Thompsons Station, TN 37179

Price $3,499,900
Beds 5
Baths 6
Living Area SqFt 5,957
Status Active
MLS # RTC2745226
Property Type Single Family Residence
 
 

6029 Sedberry Rd Nashville, TN 37205

Price $3,499,900
Beds 5
Baths 6
Living Area SqFt 6,299
Status Under Contract - Showing
MLS # RTC2745981
Property Type Single Family Residence
 
 

6437 Brownlee Dr Nashville, TN 37205

$3,499,900 - 5Br/6Ba -  for Sale in West Meade Estates, Nashville
Open House
Price $3,499,900
Beds 5
Baths 6
Living Area SqFt 7,234
Status Active
MLS # RTC2751894
Property Type Single Family Residence
 
 

5462 Parker Branch Rd Franklin, TN 37064

Price $3,499,900
Beds 3
Baths 4
Living Area SqFt 4,876
Status Active
MLS # RTC2754190
Property Type Single Family Residence
 
 

1804 Writers Cir Brentwood, TN 37027

$3,499,900 - 5Br/6Ba -  for Sale in Voce, Brentwood
New
Price $3,499,900
Beds 5
Baths 6
Living Area SqFt 6,475
Status Coming Soon / Hold
MLS # RTC2757104
Property Type Single Family Residence
 
 

5028 Carters Creek Pike Franklin, TN 37064

Price $3,499,000
Beds 3
Baths 4
Living Area SqFt 4,574
Status Under Contract - Showing
MLS # RTC2665030
Property Type Single Family Residence
 
 

1027b Battery Ln Nashville, TN 37220

Price $3,495,000
Beds 4
Baths 6
Living Area SqFt 5,745
Status Active
MLS # RTC2701714
Property Type Horizontal Property Regime - Detached
 
 

8069 Heirloom Blvd College Grove, TN 37046

Price $3,495,000
Beds 5
Baths 7
Living Area SqFt 7,062
Status Active
MLS # RTC2703201
Property Type Single Family Residence
 
 

1405 Ashwood Ave Nashville, TN 37212

Price $3,495,000
Beds 7
Baths 6
Living Area SqFt 4,861
Status Active
MLS # RTC2705604
Property Type Single Family Residence
 
 

3162 Franklin Pike Lewisburg, TN 37091

Price $3,495,000
Beds 4
Baths 6
Living Area SqFt 4,839
Status Active
MLS # RTC2753868
Property Type Single Family Residence
 
 

6328 Callie Ln Brentwood, TN 37027

Price $3,495,000
Beds 6
Baths 8
Living Area SqFt 6,832
Status Active
MLS # RTC2754823
Property Type Single Family Residence
 
 

106b Timber Hills Rd Hendersonville, TN 37075

Price $3,490,000
Beds 4
Baths 4
Living Area SqFt 8,183
Status Active
MLS # RTC2662634
Property Type Single Family Residence
 
 

405 Webb Rd W Bell Buckle, TN 37020

Price $3,450,000
Beds 4
Baths 4
Living Area SqFt 5,053
Status Active
MLS # RTC2662241
Property Type Single Family Residence
 
 

819 Evansdale Dr Nashville, TN 37220

$3,450,000 - 6Br/7Ba -  for Sale in Oak Hill, Nashville
Open House
Price $3,450,000
Beds 6
Baths 7
Living Area SqFt 5,961
Status Active
MLS # RTC2749579
Property Type Single Family Residence
 
 

708 Sills Ct Nashville, TN 37220

$3,435,000 - 5Br/6Ba -  for Sale in Oak Hill, Nashville
Open House
Price $3,435,000
Beds 5
Baths 6
Living Area SqFt 5,784
Status Coming Soon / Hold
MLS # RTC2755457
Property Type Single Family Residence
 
 

1682 Smith Hollow Rd Watertown, TN 37184

Price $3,400,000
Beds 3
Baths 4
Living Area SqFt 3,962
Status Active
MLS # RTC2648406
Property Type Single Family Residence
 
 

6049 Stone Cliff Ln Franklin, TN 37064

$3,400,000 - 4Br/5Ba -  for Sale in Cliffs @ Garrison Creek, Franklin
New
Price $3,400,000
Beds 4
Baths 5
Living Area SqFt 5,600
Status Active
MLS # RTC2755978
Property Type Single Family Residence
 
 

4625 Delta Springs Ln Franklin, TN 37064

Price $3,399,999
Beds 4
Baths 7
Living Area SqFt 6,372
Status Active
MLS # RTC2685671
Property Type Single Family Residence
 
 

4612 Belmont Park Ter Nashville, TN 37215

Price $3,399,900
Beds 5
Baths 6
Living Area SqFt 6,819
Status Under Contract - Showing
MLS # RTC2699331
Property Type Single Family Residence
 
 

12 Middleton Park Ln Nashville, TN 37215

Price $3,395,000
Beds 4
Baths 6
Living Area SqFt 5,899
Status Under Contract - Showing
MLS # RTC2696901
Property Type Single Family Residence
 
 

1010 Nancy Green Ridge Rd Prospect, TN 38477

Price $3,395,000
Beds 3
Baths 2
Living Area SqFt 1,221
Status Active
MLS # RTC2703005
Property Type Single Family Residence
 
 

1729 Briarmont Pl Brentwood, TN 37027

Price $3,391,370
Beds 5
Baths 7
Living Area SqFt 5,622
Status Active
MLS # RTC2651281
Property Type Single Family Residence
 
 

900 20th Ave S Unit 1707 Nashville, TN 37212

Price $3,380,000
Beds 3
Baths 4
Living Area SqFt 2,905
Status Active
MLS # RTC2686919
Property Type High Rise
 
 

1030 17th Ave S Unit 401 Nashville, TN 37212

Price $3,375,000
Beds 3
Baths 4
Living Area SqFt 3,657
Status Active
MLS # RTC2751942
Property Type High Rise
 
 

1010 Church St Unit 4102 Nashville, TN 37203

Price $3,375,000
Beds 3
Baths 4
Living Area SqFt 2,213
Status Active
MLS # RTC2752302
Property Type High Rise
 
 

8598 Heirloom Blvd College Grove, TN 37046

Price $3,351,251
Beds 5
Baths 7
Living Area SqFt 6,236
Status Under Contract - Not Showing
MLS # RTC2592908
Property Type Single Family Residence
 
 

3001 Arrington Creek Ln Nolensville, TN 37135

Price $3,325,000
Beds 5
Baths 8
Living Area SqFt 7,505
Status Under Contract - Not Showing
MLS # RTC2658016
Property Type Single Family Residence
 
 

5105 Cornell Ct Brentwood, TN 37027

Price $3,325,000
Beds 5
Baths 8
Living Area SqFt 7,404
Status Active
MLS # RTC2679751
Property Type Single Family Residence
 
 

209 Bay Pointe Dr Old Hickory, TN 37138

Price $3,325,000
Beds 4
Baths 6
Living Area SqFt 8,631
Status Active
MLS # RTC2698491
Property Type Single Family Residence
 
 

9722 Concord Brentwood, TN 37027

Price $3,300,000
Beds 5
Baths 6
Living Area SqFt 5,951
Status Active
MLS # RTC2744652
Property Type Single Family Residence
 
 

8125 Boiling Springs Pl Brentwood, TN 37027

Price $3,300,000
Beds 4
Baths 6
Living Area SqFt 5,284
Status Under Contract - Not Showing
MLS # RTC2528294
Property Type Single Family Residence
 
 

6215 Bresslyn Rd Nashville, TN 37205

Price $3,300,000
Beds 6
Baths 7
Living Area SqFt 6,251
Status Under Contract - Not Showing
MLS # RTC2618517
Property Type Single Family Residence
 
 

9281 Double Run Ct College Grove, TN 37046

Price $3,300,000
Beds 5
Baths 7
Living Area SqFt 6,119
Status Under Contract - Not Showing
MLS # RTC2666486
Property Type Single Family Residence
 
 

4041 Russellwood Dr Nashville, TN 37204

Price $3,300,000
Beds 5
Baths 6
Living Area SqFt 5,777
Status Under Contract - Showing
MLS # RTC2687095
Property Type Single Family Residence
 
 

415 Cooksey Batson Rd Charlotte, TN 37036

Price $3,300,000
Beds 3
Baths 3
Living Area SqFt 5,594
Status Active
MLS # RTC2699313
Property Type Single Family Residence
 
 

1141 Glendale Ln Nashville, TN 37204

Price $3,299,999
Beds 6
Baths 6
Living Area SqFt 5,767
Status Under Contract - Showing
MLS # RTC2706162
Property Type Horizontal Property Regime - Detached
 
 

2173 Smalling Rd Lafayette, TN 37083

Price $3,299,900
Beds 4
Baths 2
Living Area SqFt 3,600
Status Active
MLS # RTC2551636
Property Type Single Family Residence
 
 

3556 Pleasant Valley Rd Nashville, TN 37204

Price $3,299,900
Beds 5
Baths 7
Living Area SqFt 6,466
Status Active
MLS # RTC2753178
Property Type Single Family Residence