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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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
 
 

555 Church St Unit 2306 & 2308 Nashville, TN 37219

Price $3,299,000
Beds 3
Baths 4
Living Area SqFt 2,954
Status Active
MLS # RTC2691637
Property Type High Rise
 
 

2156 Golf Club Ln Nashville, TN 37215

Price $3,295,000
Beds 4
Baths 6
Living Area SqFt 7,379
Status Active
MLS # RTC2637912
Property Type Single Family Residence
 
 

431 Brown Road Paris, TN 38242

Price $3,295,000
Beds 3
Baths 2
Living Area SqFt 4,158
Status Active
MLS # RTC2700117
Property Type Single Family Residence
 
 

3015 Lockwood Ridge Ln Franklin, TN 37064

Price $3,290,000
Beds 5
Baths 6
Living Area SqFt 7,074
Status Active
MLS # RTC2706196
Property Type Single Family Residence
 
 

612 Cantrell Ave Nashville, TN 37215

Price $3,270,000
Beds 5
Baths 7
Living Area SqFt 6,029
Status Active
MLS # RTC2705608
Property Type Single Family Residence
 
 

8860 Edgecomb Dr College Grove, TN 37046

Price $3,250,861
Beds 5
Baths 7
Living Area SqFt 5,782
Status Under Contract - Not Showing
MLS # RTC2750497
Property Type Single Family Residence
 
 

932 W Main St Franklin, TN 37064

Price $3,250,000
Beds 5
Baths 4
Living Area SqFt 4,505
Status Active
MLS # RTC2746251
Property Type Single Family Residence
 
 

1811 Shelby Ave Nashville, TN 37206

Price $3,250,000
Beds 3
Baths 1
Living Area SqFt 2,179
Status Active
MLS # RTC2758125
Property Type Single Family Residence
 
 

2823 Sugar Tree Rd Nashville, TN 37215

Price $3,250,000
Beds 5
Baths 5
Living Area SqFt 5,136
Status Active
MLS # RTC2757268
Property Type Single Family Residence
 
 

2804 Oakland Ave Nashville, TN 37212

Price $3,250,000
Beds 4
Baths 5
Living Area SqFt 4,798
Status Active
MLS # RTC2674753
Property Type Single Family Residence
 
 

5101 Yale Ct Brentwood, TN 37027

Price $3,250,000
Beds 5
Baths 9
Living Area SqFt 6,814
Status Active
MLS # RTC2698522
Property Type Single Family Residence
 
 

4001 Iroquois Ave Nashville, TN 37205

$3,250,000 - 5Br/7Ba -  for Sale in Royal Oaks, Nashville
Open House
Price $3,250,000
Beds 5
Baths 7
Living Area SqFt 7,020
Status Active
MLS # RTC2684336
Property Type Single Family Residence
 
 

1944 Silver Fox Rd Thompsons Station, TN 37179

Price $3,249,990
Beds 5
Baths 6
Living Area SqFt 5,360
Status Active
MLS # RTC2708349
Property Type Single Family Residence
 
 

1373 Duncanwood Ct Nashville, TN 37204

$3,249,900 - 5Br/7Ba -  for Sale in Monroe, Nashville
Open House
Price $3,249,900
Beds 5
Baths 7
Living Area SqFt 7,222
Status Active
MLS # RTC2744365
Property Type Single Family Residence
 
 

1100 Norfleet Dr Nashville, TN 37220

Price $3,249,000
Beds 5
Baths 6
Living Area SqFt 6,372
Status Active
MLS # RTC2669860
Property Type Single Family Residence
 
 

1106b Bradley Rd Gallatin, TN 37066

Price $3,200,000
Beds 5
Baths 5
Living Area SqFt 5,839
Status Active
MLS # RTC2752045
Property Type Single Family Residence
 
 

9556 Yellow Finch Ct Brentwood, TN 37027

Price $3,200,000
Beds 6
Baths 8
Living Area SqFt 7,482
Status Under Contract - Not Showing
MLS # RTC2739477
Property Type Single Family Residence
 
 

1077 Stockett Dr Nashville, TN 37221

Price $3,199,000
Beds 4
Baths 5
Living Area SqFt 6,487
Status Active
MLS # RTC2702853
Property Type Single Family Residence
 
 

725 14th Ave S Unit A & B Nashville, TN 37203

Price $3,198,000
Beds 10
Baths 9
Living Area SqFt 6,867
Status Active
MLS # RTC2708570
Property Type Horizontal Property Regime - Detached
 
 

1010 Grassland Ln Nashville, TN 37220

Price $3,195,000
Beds 5
Baths 6
Living Area SqFt 6,212
Status Under Contract - Showing
MLS # RTC2691139
Property Type Single Family Residence
 
 

1710 Primrose Ave Nashville, TN 37212

Price $3,190,000
Beds 5
Baths 6
Living Area SqFt 5,347
Status Under Contract - Showing
MLS # RTC2683631
Property Type Single Family Residence
 
 

8852 Edgecomb Dr College Grove, TN 37046

Price $3,184,300
Beds 5
Baths 7
Living Area SqFt 5,617
Status Active
MLS # RTC2749979
Property Type Single Family Residence
 
 

405 Westview Ave Nashville, TN 37205

Price $3,175,000
Beds 4
Baths 5
Living Area SqFt 6,197
Status Active
MLS # RTC2760101
Property Type Single Family Residence
 
 

623 Gambill Cove Tubbs Rd Mount Juliet, TN 37122

Price $3,175,000
Beds 2
Baths 2
Living Area SqFt 2,748
Status Active
MLS # RTC2747919
Property Type Single Family Residence
 
 

805 Columbia Ave Unit 22 Franklin, TN 37064

Price $3,165,000
Beds 3
Baths 4
Living Area SqFt 2,811
Status Active
MLS # RTC2758987
Property Type Other Condo
 
 

3601 Rainbow Pl Nashville, TN 37204

Price $3,165,000
Beds 4
Baths 4
Living Area SqFt 5,018
Status Active
MLS # RTC2761403
Property Type Single Family Residence
 
 

1625 Rosebrooke Drive Brentwood, TN 37027

Price $3,150,000
Beds 5
Baths 6
Living Area SqFt 5,442
Status Under Contract - Showing
MLS # RTC2749234
Property Type Single Family Residence
 
 

6306 Wild Heron Way College Grove, TN 37046

$3,149,000 - 4Br/5Ba -  for Sale in The Grove, College Grove
Open House
Price $3,149,000
Beds 4
Baths 5
Living Area SqFt 5,804
Status Active
MLS # RTC2758637
Property Type Single Family Residence
 
 

830 Cheltenham Ave Franklin, TN 37064

Price $3,125,000
Beds 5
Baths 7
Living Area SqFt 5,062
Status Under Contract - Showing
MLS # RTC2701863
Property Type Single Family Residence
 
 

5495 Brick Church Pike Goodlettsville, TN 37072

Price $3,100,000
Beds 4
Baths 5
Living Area SqFt 6,251
Status Active
MLS # RTC2676926
Property Type Single Family Residence
 
 

351 New Era Landing Rd Linden, TN 37096

Price $3,100,000
Beds 2
Baths 2
Living Area SqFt 2,400
Status Active
MLS # RTC2671220
Property Type Single Family Residence
 
 

440 Dogwood Ln Dunlap, TN 37327

Price $3,100,000
Beds 3
Baths 2
Living Area SqFt 3,072
Status Active
MLS # RTC2684156
Property Type Single Family Residence
 
 

1221 Echo Ln Franklin, TN 37069

Price $3,100,000
Beds 5
Baths 7
Living Area SqFt 5,460
Status Active
MLS # RTC2706965
Property Type Single Family Residence
 
 

811 Borum Rd Ashland City, TN 37015

Price $3,100,000
Beds 4
Baths 3
Living Area SqFt 4,158
Status Active
MLS # RTC2760024
Property Type Single Family Residence
 
 

9640 Stanfield Rd Brentwood, TN 37027

Price $3,100,000
Beds 5
Baths 7
Living Area SqFt 6,581
Status Active
MLS # RTC2673226
Property Type Single Family Residence
 
 

4224a Granny White Pike Nashville, TN 37204

Price $3,099,000
Beds 6
Baths 8
Living Area SqFt 5,995
Status Active
MLS # RTC2686493
Property Type Horizontal Property Regime - Detached
 
 

4224b Granny White Pike Nashville, TN 37204

Price $3,099,000
Beds 6
Baths 8
Living Area SqFt 6,136
Status Active
MLS # RTC2704019
Property Type Horizontal Property Regime - Detached
 
 

1406 5th Ave N Nashville, TN 37208

Price $3,099,000
Beds 5
Baths 5
Living Area SqFt 3,752
Status Active
MLS # RTC2753875
Property Type Single Family Residence
 
 

1949 Eliot Road Franklin, TN 37064

Price $3,094,250
Beds 5
Baths 7
Living Area SqFt 5,002
Status Active
MLS # RTC2646566
Property Type Single Family Residence