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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1084 Albatross Way Gallatin, TN 37066

Price $2,850,000
Beds 4
Baths 4
Living Area SqFt 4,600
Status Under Contract - Not Showing
MLS # RTC2694128
Property Type Single Family Residence
 
 

5720 Pinewood Rd Franklin, TN 37064

Price $2,850,000
Beds 4
Baths 5
Living Area SqFt 7,068
Status Active
MLS # RTC2746506
Property Type Single Family Residence
 
 

25 Tradition Ln Brentwood, TN 37027

Price $2,850,000
Beds 4
Baths 5
Living Area SqFt 5,086
Status Active
MLS # RTC2747495
Property Type Single Family Residence
 
 

5308 Lancelot Rd Brentwood, TN 37027

$2,850,000 - 7Br/7Ba -  for Sale in Neighbors Of Granny White, Brentwood
Open House
Price $2,850,000
Beds 7
Baths 7
Living Area SqFt 8,870
Status Active
MLS # RTC2755945
Property Type Single Family Residence
 
 

263 Waters Edge Dr Estill Springs, TN 37330

Price $2,850,000
Beds 3
Baths 4
Living Area SqFt 4,492
Status Active
MLS # RTC2757719
Property Type Single Family Residence
 
 

1033 Southside Ct Unit + 1035 Nashville, TN 37203

Price $2,849,899
Beds 4
Baths 4
Living Area SqFt 6,232
Status Active
MLS # RTC2641952
Property Type Horizontal Property Regime - Attached
 
 

4032 General Bate Dr Nashville, TN 37204

Price $2,849,000
Beds 5
Baths 6
Living Area SqFt 5,216
Status Active
MLS # RTC2691731
Property Type Single Family Residence
 
 

1208 Mooresville Pike Columbia, TN 38401

Price $2,849,000
Beds 4
Baths 4
Living Area SqFt 4,521
Status Active
MLS # RTC2699911
Property Type Single Family Residence
 
 

4505 Shys Hill Rd Nashville, TN 37215

$2,849,000 - 5Br/7Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,849,000
Beds 5
Baths 7
Living Area SqFt 5,386
Status Active
MLS # RTC2744622
Property Type Horizontal Property Regime - Detached
 
 

150 Oak Hill Ct Hendersonville, TN 37075

Price $2,849,000
Beds 5
Baths 5
Living Area SqFt 6,623
Status Active
MLS # RTC2759023
Property Type Single Family Residence
 
 

95 Leonard Ave Unit 8 Nashville, TN 37205

Price $2,828,750
Beds 2
Baths 3
Living Area SqFt 2,263
Status Active
MLS # RTC2748928
Property Type Flat Condo
 
 

1480b Old Hunters Point Pike Lebanon, TN 37087

Price $2,825,000
Beds 3
Baths 3
Living Area SqFt 3,950
Status Active
MLS # RTC2685909
Property Type Single Family Residence
 
 

9494 Grand Haven Dr Brentwood, TN 37027

Price $2,800,000
Beds 6
Baths 8
Living Area SqFt 5,542
Status Active
MLS # RTC2669600
Property Type Single Family Residence
 
 

3607 Rainbow Pl Nashville, TN 37204

Price $2,800,000
Beds 5
Baths 6
Living Area SqFt 3,838
Status Under Contract - Showing
MLS # RTC2687685
Property Type Single Family Residence
 
 

111 W Tyne Dr Nashville, TN 37205

Price $2,800,000
Beds 5
Baths 5
Living Area SqFt 4,765
Status Active
MLS # RTC2696350
Property Type Single Family Residence
 
 

5017 High Valley Dr Brentwood, TN 37027

Price $2,799,985
Beds 4
Baths 6
Living Area SqFt 8,060
Status Active
MLS # RTC2688649
Property Type Single Family Residence
 
 

6067 Congress Drive Franklin, TN 37064

Price $2,799,960
Beds 7
Baths 7
Living Area SqFt 5,888
Status Active
MLS # RTC2704014
Property Type Single Family Residence
 
 

6908 Farm Path Ln College Grove, TN 37046

Price $2,799,900
Beds 4
Baths 5
Living Area SqFt 4,913
Status Under Contract - Not Showing
MLS # RTC2696953
Property Type Single Family Residence
 
 

415 Bushnell St Nashville, TN 37206

Price $2,799,900
Beds 5
Baths 4
Living Area SqFt 5,017
Status Under Contract - Showing
MLS # RTC2703072
Property Type Single Family Residence
 
 

6301 Percheron Ln Arrington, TN 37014

Price $2,799,000
Beds 4
Baths 6
Living Area SqFt 5,896
Status Active
MLS # RTC2668478
Property Type Single Family Residence
 
 

407 Hogans Branch Rd Goodlettsville, TN 37072

Price $2,799,000
Beds 4
Baths 6
Living Area SqFt 8,691
Status Active
MLS # RTC2740270
Property Type Single Family Residence
 
 

4617 Delta Springs Ln Franklin, TN 37064

Price $2,795,000
Beds 4
Baths 5
Living Area SqFt 5,460
Status Under Contract - Showing
MLS # RTC2696523
Property Type Single Family Residence
 
 

1216 Montpier Dr Franklin, TN 37069

Price $2,795,000
Beds 4
Baths 3
Living Area SqFt 3,795
Status Under Contract - Showing
MLS # RTC2707859
Property Type Single Family Residence
 
 

3899 Belmont Blvd Nashville, TN 37215

$2,795,000 - 5Br/7Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,795,000
Beds 5
Baths 7
Living Area SqFt 6,560
Status Under Contract - Showing
MLS # RTC2759350
Property Type Horizontal Property Regime - Detached
 
 

3901 Belmont Blvd Nashville, TN 37215

$2,795,000 - 5Br/7Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,795,000
Beds 5
Baths 7
Living Area SqFt 6,560
Status Active
MLS # RTC2760913
Property Type Horizontal Property Regime - Detached
 
 

396 N Hunter Rd Portland, TN 37148

Price $2,790,000
Beds 4
Baths 5
Living Area SqFt 4,146
Status Active
MLS # RTC2680989
Property Type Single Family Residence
 
 

584 Lancaster Hwy Lancaster, TN 38569

Price $2,790,000
Beds 4
Baths 2
Living Area SqFt 3,477
Status Active
MLS # RTC2751553
Property Type Single Family Residence
 
 

4201 Farrar Avenue Nashville, TN 37215

Price $2,790,000
Beds 6
Baths 7
Living Area SqFt 5,137
Status Active
MLS # RTC2757299
Property Type Horizontal Property Regime - Detached
 
 

2031 Overhill Drive Nashville, TN 37215

Price $2,790,000
Beds 6
Baths 8
Living Area SqFt 5,865
Status Active
MLS # RTC2757312
Property Type Horizontal Property Regime - Detached
 
 

9241 Joiner Creek Rd College Grove, TN 37046

$2,789,968 - 5Br/7Ba -  for Sale in The Grove, College Grove
New
Price $2,789,968
Beds 5
Baths 7
Living Area SqFt 4,817
Status Active
MLS # RTC2762052
Property Type Single Family Residence
 
 

2504 Double Branch Road Columbia, TN 38401

Price $2,750,000
Beds 5
Baths 2
Living Area SqFt 2,784
Status Active
MLS # RTC2511864
Property Type Single Family Residence
 
 

951 Evans Road Nashville, TN 37204

$2,750,000 - 5Br/6Ba -  for Sale in Oak Hill, Nashville
Open House
Price $2,750,000
Beds 5
Baths 6
Living Area SqFt 5,670
Status Active
MLS # RTC2633391
Property Type Single Family Residence
 
 

1702 Old Hickory Blvd Brentwood, TN 37027

Price $2,750,000
Beds 4
Baths 3
Living Area SqFt 4,174
Status Active
MLS # RTC2687678
Property Type Single Family Residence
 
 

3803 Whitland Ave Nashville, TN 37205

Price $2,750,000
Beds 4
Baths 7
Living Area SqFt 6,791
Status Under Contract - Showing
MLS # RTC2691371
Property Type Single Family Residence
 
 

214 38th Ave N Nashville, TN 37209

Price $2,750,000
Beds 5
Baths 5
Living Area SqFt 4,961
Status Active
MLS # RTC2698275
Property Type Single Family Residence
 
 

504 Doubleday Ln Brentwood, TN 37027

Price $2,750,000
Beds 4
Baths 6
Living Area SqFt 5,966
Status Active
MLS # RTC2702586
Property Type Single Family Residence
 
 

1 Breckenridge Nashville, TN 37215

Price $2,750,000
Beds 4
Baths 4
Living Area SqFt 5,325
Status Active
MLS # RTC2707041
Property Type Single Family Residence
 
 

834 Maxwell Ct Nashville, TN 37220

Price $2,750,000
Beds 4
Baths 4
Living Area SqFt 3,976
Status Active
MLS # RTC2745956
Property Type Single Family Residence
 
 

3513 Pleasant Valley Rd Nashville, TN 37204

$2,750,000 - 4Br/5Ba -  for Sale in Oak Hill, Nashville
Open House
Price $2,750,000
Beds 4
Baths 5
Living Area SqFt 4,717
Status Active
MLS # RTC2757322
Property Type Single Family Residence
 
 

6013 Native Pony Trl College Grove, TN 37046

Price $2,749,000
Beds 4
Baths 5
Living Area SqFt 4,888
Status Active
MLS # RTC2753723
Property Type Single Family Residence