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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326 E Trinity Ln Nashville, TN 37207

Price $3,083,320
Beds 4
Baths 4
Living Area SqFt 2,095
Status Active
MLS # RTC2706478
Property Type Horizontal Property Regime - Detached
 
 

805 Columbia Ave Unit 17 Franklin, TN 37064

Price $3,065,000
Beds 3
Baths 4
Living Area SqFt 2,724
Status Under Contract - Not Showing
MLS # RTC2758984
Property Type Other Condo
 
 

805 Columbia Ave Unit 21 Franklin, TN 37064

Price $3,059,000
Beds 3
Baths 4
Living Area SqFt 2,719
Status Under Contract - Not Showing
MLS # RTC2758988
Property Type Other Condo
 
 

746 Benton Ave Nashville, TN 37204

Price $3,050,000
Beds 5
Baths 7
Living Area SqFt 8,850
Status Active
MLS # RTC2571484
Property Type Single Family Residence
 
 

118r Knotty Log Way Sevierville, TN 37862

Price $3,000,000
Beds 8
Baths 10
Living Area SqFt 5,754
Status Active
MLS # RTC2757270
Property Type Single Family Residence
 
 

1319 Wildhorse Ridge Way Sevierville, TN 37862

Price $3,000,000
Beds 8
Baths 10
Living Area SqFt 5,754
Status Under Contract - Showing
MLS # RTC2681891
Property Type Single Family Residence
 
 

6016 Stone Cliff Lane Franklin, TN 37064

Price $3,000,000
Beds 4
Baths 4
Living Area SqFt 4,000
Status Under Contract - Not Showing
MLS # RTC2703901
Property Type Single Family Residence
 
 

25 E Main Street Unit 201-301 Chattanooga, TN 37408

Price $3,000,000
Beds 1
Living Area SqFt 13,000
Status Active
MLS # RTC2670954
Property Type Other Condo
 
 
 

9572 Hampton Reserve Dr Brentwood, TN 37027

Price $3,000,000
Beds 7
Baths 8
Living Area SqFt 8,875
Status Active
MLS # RTC2680899
Property Type Single Family Residence
 
 

4343 Sneed Rd Nashville, TN 37215

Price $3,000,000
Beds 5
Baths 7
Living Area SqFt 5,709
Status Under Contract - Not Showing
MLS # RTC2750887
Property Type Single Family Residence
 
 

2971 Spanntown Rd Arrington, TN 37014

Price $3,000,000
Beds 4
Baths 6
Living Area SqFt 6,674
Status Active
MLS # RTC2752419
Property Type Single Family Residence
 
 

5333 Highway 64 Copperhill, TN 37317

Price $2,999,999
Beds 3
Baths 4
Living Area SqFt 3,065
Status Active
MLS # RTC2551165
Property Type Single Family Residence
 
 

700 N Broadway Portland, TN 37148

Price $2,999,999
Beds 3
Baths 2
Living Area SqFt 2,105
Status Under Contract - Not Showing
MLS # RTC2494068
Property Type Single Family Residence
 
 

8467 Heirloom Blvd College Grove, TN 37046

$2,999,999 - 5Br/7Ba -  for Sale in The Grove Sec 6 Ph 4, College Grove
Open House
Price $2,999,999
Beds 5
Baths 7
Living Area SqFt 6,954
Status Active
MLS # RTC2709030
Property Type Single Family Residence
 
 

6933 Cross Keys Rd College Grove, TN 37046

Price $2,999,999
Beds 5
Baths 5
Living Area SqFt 4,725
Status Active
MLS # RTC2745772
Property Type Single Family Residence
 
 

1310 Robert E Lee Ln Brentwood, TN 37027

Price $2,999,999
Beds 5
Baths 8
Living Area SqFt 6,482
Status Active
MLS # RTC2747204
Property Type Single Family Residence
 
 

6065 Stone Cliff Ln Franklin, TN 37064

Price $2,999,999
Beds 3
Baths 4
Living Area SqFt 5,107
Status Active
MLS # RTC2759938
Property Type Single Family Residence
 
 

1939 Silver Fox Rd Thompsons Station, TN 37179

Price $2,999,990
Beds 5
Baths 5
Living Area SqFt 5,281
Status Active
MLS # RTC2708348
Property Type Single Family Residence
 
 

1582 Eastwood Dr Brentwood, TN 37027

Price $2,999,900
Beds 6
Baths 9
Living Area SqFt 7,047
Status Active
MLS # RTC2443685
Property Type Single Family Residence
 
 

2060 Old Lebanon Dirt Rd Mount Juliet, TN 37122

Price $2,999,900
Beds 3
Baths 2
Living Area SqFt 2,568
Status Active
MLS # RTC2703859
Property Type Manufactured On Land
 
 

2220 Nashville Hwy Columbia, TN 38401

Price $2,999,900
Beds 3
Baths 2
Living Area SqFt 1,952
Status Active
MLS # RTC2737042
Property Type Single Family Residence
 
 

1017 12th Ave S Unit A Nashville, TN 37203

Price $2,999,900
Beds 4
Baths 4
Living Area SqFt 4,440
Status Active
MLS # RTC2744891
Property Type Horizontal Property Regime - Attached
 
 

1731 Briarmont Pl Brentwood, TN 37027

Price $2,999,800
Beds 5
Baths 7
Living Area SqFt 5,037
Status Active
MLS # RTC2690485
Property Type Single Family Residence
 
 

1732 Briarmont Pl Brentwood, TN 37027

Price $2,999,000
Beds 5
Baths 7
Living Area SqFt 5,204
Status Under Contract - Not Showing
MLS # RTC2692351
Property Type Single Family Residence
 
 

1703 Southwick Drive Brentwood, TN 37027

$2,999,000 - 5Br/7Ba -  for Sale in Rosebrooke, Brentwood
Open House
Price $2,999,000
Beds 5
Baths 7
Living Area SqFt 4,921
Status Active
MLS # RTC2752262
Property Type Single Family Residence
 
 

2492 Old Natchez Trce Franklin, TN 37069

Price $2,999,000
Beds 5
Baths 6
Living Area SqFt 5,034
Status Active
MLS # RTC2757654
Property Type Single Family Residence
 
 

3267 Lebanon Rd Lebanon, TN 37087

Price $2,997,900
Beds 5
Baths 8
Living Area SqFt 9,075
Status Active
MLS # RTC2754740
Property Type Single Family Residence
 
 

515 Cox Hollow Rd Dover, TN 37058

Price $2,997,000
Beds 4
Baths 3
Living Area SqFt 4,122
Status Active
MLS # RTC2703271
Property Type Single Family Residence
 
 

4045 Outer Drive Nashville, TN 37204

$2,995,000 - 5Br/6Ba -  for Sale in Oak Hill, Nashville
Open House
Price $2,995,000
Beds 5
Baths 6
Living Area SqFt 5,327
Status Active
MLS # RTC2685614
Property Type Single Family Residence
 
 

1480 Old Hunters Point Pike Lebanon, TN 37087

Price $2,995,000
Beds 3
Baths 3
Living Area SqFt 3,950
Status Active
MLS # RTC2685905
Property Type Single Family Residence
 
 

2304 Valley Brook Rd Nashville, TN 37215

Price $2,995,000
Beds 4
Baths 4
Living Area SqFt 4,604
Status Active
MLS # RTC2707342
Property Type Single Family Residence
 
 

7562 Aubrey Ridge Dr Fairview, TN 37062

Price $2,995,000
Beds 3
Baths 3
Living Area SqFt 3,051
Status Active
MLS # RTC2739450
Property Type Single Family Residence
 
 

5290 Hickory Ridge Rd Lebanon, TN 37087

Price $2,990,000
Beds 5
Baths 3
Living Area SqFt 4,642
Status Active
MLS # RTC2430702
Property Type Single Family Residence
 
 

700 Hill Rd Brentwood, TN 37027

Price $2,990,000
Beds 5
Baths 6
Living Area SqFt 5,716
Status Under Contract - Showing
MLS # RTC2662820
Property Type Single Family Residence
 
 

4338 Chickering Ln Nashville, TN 37215

Price $2,990,000
Beds 5
Baths 4
Living Area SqFt 5,250
Status Active
MLS # RTC2665510
Property Type Single Family Residence
 
 

160 Chester Stevens Rd Franklin, TN 37067

Price $2,990,000
Beds 4
Baths 5
Living Area SqFt 5,567
Status Active
MLS # RTC2757785
Property Type Single Family Residence
 
 

1901 Eliot Road Franklin, TN 37064

Price $2,989,734
Beds 5
Baths 7
Living Area SqFt 4,916
Status Under Contract - Not Showing
MLS # RTC2694350
Property Type Single Family Residence
 
 

1907 Eliot Road Franklin, TN 37064

Price $2,989,734
Beds 5
Baths 7
Living Area SqFt 5,033
Status Under Contract - Not Showing
MLS # RTC2642763
Property Type Single Family Residence
 
 

9233 Joiner Creek Rd College Grove, TN 37046

Price $2,989,683
Beds 5
Baths 7
Living Area SqFt 5,496
Status Under Contract - Not Showing
MLS # RTC2685481
Property Type Single Family Residence
 
 

5005 Villa Crest Dr Nashville, TN 37220

Price $2,985,000
Beds 4
Baths 3
Living Area SqFt 2,996
Status Active
MLS # RTC2698163
Property Type Single Family Residence