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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1074 Archer St Nashville, TN 37203

Price $2,629,000
Beds 5
Baths 7
Living Area SqFt 4,477
Status Active
MLS # RTC2751888
Property Type Horizontal Property Regime - Attached
 
 

1580 Eastwood Dr Brentwood, TN 37027

$2,625,000 - 5Br/6Ba -  for Sale in Raintree Forest - Reserve, Brentwood
Open House
Price $2,625,000
Beds 5
Baths 6
Living Area SqFt 5,445
Status Active
MLS # RTC2305409
Property Type Single Family Residence
 
 

2310 Vaulx Ln Nashville, TN 37204

$2,625,000 - 7Br/5Ba -  for Sale in 12th South, Nashville
Open House
Price $2,625,000
Beds 7
Baths 5
Living Area SqFt 4,655
Status Active
MLS # RTC2703804
Property Type Single Family Residence
 
 

9493 Grand Haven Dr Brentwood, TN 37027

Price $2,600,000
Beds 6
Baths 8
Living Area SqFt 5,159
Status Active
MLS # RTC2669599
Property Type Single Family Residence
 
 

4420 Highway 48 Cumberland Furnace, TN 37051

Price $2,600,000
Beds 3
Baths 4
Living Area SqFt 3,147
Status Active
MLS # RTC2670942
Property Type Single Family Residence
 
 

717 Glass Ln Franklin, TN 37064

Price $2,600,000
Beds 5
Baths 6
Living Area SqFt 5,574
Status Active
MLS # RTC2740397
Property Type Single Family Residence
 
 

1263 Enclave Road Chattanooga, TN 37415

Price $2,600,000
Beds 5
Baths 7
Living Area SqFt 8,963
Status Active
MLS # RTC2748297
Property Type Single Family Residence
 
 

86 Bay Cove Trl Winchester, TN 37398

Price $2,600,000
Beds 6
Baths 8
Living Area SqFt 7,038
Status Active
MLS # RTC2748901
Property Type Single Family Residence
 
 

4366 Chickering Ln Nashville, TN 37215

Price $2,600,000
Beds 4
Baths 4
Living Area SqFt 3,750
Status Under Contract - Showing
MLS # RTC2753253
Property Type Single Family Residence
 
 

119 Gower Rd Charlotte, TN 37036

Price $2,600,000
Beds 3
Baths 4
Living Area SqFt 2,957
Status Under Contract - Showing
MLS # RTC2754075
Property Type Single Family Residence
 
 

430 Wingrove St Nashville, TN 37203

Price $2,599,999
Beds 2
Baths 1
Living Area SqFt 1,713
Status Active
MLS # RTC2647080
Property Type Single Family Residence
 
 

108 Alpine Ct Franklin, TN 37069

Price $2,599,000
Beds 5
Baths 5
Living Area SqFt 5,642
Status Active
MLS # RTC2664023
Property Type Single Family Residence
 
 

3640 Knollwood Rd Nashville, TN 37215

Price $2,599,000
Beds 4
Baths 5
Living Area SqFt 4,462
Status Active
MLS # RTC2693630
Property Type Single Family Residence
 
 

34 Fox Vale Ln Nashville, TN 37221

Price $2,599,000
Beds 4
Baths 5
Living Area SqFt 5,842
Status Under Contract - Showing
MLS # RTC2695403
Property Type Single Family Residence
 
 

121 Hickory Hill Dr Estill Springs, TN 37330

$2,599,000 - 5Br/4Ba -  for Sale in Hickory Hill Peninsula, Estill Springs
New
Price $2,599,000
Beds 5
Baths 4
Living Area SqFt 4,727
Status Coming Soon / Hold
MLS # RTC2755664
Property Type Single Family Residence
 
 

1202 Nichol Ln Nashville, TN 37205

$2,599,000 - 5Br/5Ba -  for Sale in Belle Meade, Nashville
New
Price $2,599,000
Beds 5
Baths 5
Living Area SqFt 3,409
Status Active
MLS # RTC2757233
Property Type Single Family Residence
 
 

6810 Drumright Hills Ln College Grove, TN 37046

Price $2,598,900
Beds 4
Baths 6
Living Area SqFt 4,150
Status Active
MLS # RTC2636469
Property Type Single Family Residence
 
 

8472 Heirloom Blvd College Grove, TN 37046

Price $2,595,000
Beds 4
Baths 6
Living Area SqFt 5,338
Status Active
MLS # RTC2662563
Property Type Single Family Residence
 
 

5617a Pinewood Rd Franklin, TN 37064

Price $2,595,000
Beds 3
Baths 4
Living Area SqFt 4,379
Status Active
MLS # RTC2707763
Property Type Single Family Residence
 
 

6113 Lookaway Cir Franklin, TN 37067

$2,595,000 - 5Br/5Ba -  for Sale in Lookaway Farms Sec2, Franklin
New
Price $2,595,000
Beds 5
Baths 5
Living Area SqFt 4,589
Status Active
MLS # RTC2756301
Property Type Single Family Residence
 
 

1514 Tyne Blvd Nashville, TN 37215

Price $2,590,000
Beds 5
Baths 6
Living Area SqFt 5,305
Status Active
MLS # RTC2672590
Property Type Horizontal Property Regime - Detached
 
 

6231 Bresslyn Rd Nashville, TN 37205

Price $2,590,000
Beds 5
Baths 7
Living Area SqFt 5,800
Status Active
MLS # RTC2696504
Property Type Single Family Residence
 
 

1097 Hamilton Way Franklin, TN 37064

Price $2,589,990
Beds 5
Baths 6
Living Area SqFt 5,360
Status Active
MLS # RTC2705809
Property Type Single Family Residence
 
 

554 Rosedale Ave Unit 1&2 Nashville, TN 37211

Price $2,588,000
Beds 8
Baths 8
Living Area SqFt 5,645
Status Active
MLS # RTC2751877
Property Type Horizontal Property Regime - Detached
 
 

8881 Edgecomb Dr College Grove, TN 37046

Price $2,586,463
Beds 5
Baths 7
Living Area SqFt 4,817
Status Under Contract - Not Showing
MLS # RTC2683627
Property Type Single Family Residence
 
 

4003 Graybar Ct Nashville, TN 37215

$2,585,000 - 5Br/6Ba -  for Sale in Graymont, Nashville
Open House
Price $2,585,000
Beds 5
Baths 6
Living Area SqFt 5,724
Status Active
MLS # RTC2705394
Property Type Single Family Residence
 
 

1131 Woodvale Dr Nashville, TN 37204

Price $2,575,900
Beds 5
Baths 6
Living Area SqFt 5,956
Status Active
MLS # RTC2740337
Property Type Single Family Residence
 
 

1607b 4th Ave N Nashville, TN 37208

Price $2,575,900
Beds 4
Baths 5
Living Area SqFt 3,737
Status Active
MLS # RTC2752105
Property Type Townhouse
 
 

6710 Greeley Dr Nashville, TN 37205

Price $2,575,000
Beds 5
Baths 6
Living Area SqFt 5,010
Status Active
MLS # RTC2745222
Property Type Single Family Residence
 
 

451 Salem Rd Clarksville, TN 37040

Price $2,550,000
Beds 4
Baths 5
Living Area SqFt 6,234
Status Under Contract - Not Showing
MLS # RTC2667799
Property Type Single Family Residence
 
 

622 Madison Street Nashville, TN 37208

Price $2,550,000
Beds 3
Baths 4
Living Area SqFt 3,542
Status Under Contract - Showing
MLS # RTC2683226
Property Type Townhouse
 
 

809 Lynnwood Blvd Nashville, TN 37205

Price $2,550,000
Beds 4
Baths 5
Living Area SqFt 4,020
Status Active
MLS # RTC2707470
Property Type Single Family Residence
 
 

116 Fairways Dr Hendersonville, TN 37075

Price $2,550,000
Beds 4
Baths 8
Living Area SqFt 7,400
Status Active
MLS # RTC2754227
Property Type Single Family Residence
 
 

3420b Golf Club Ln Nashville, TN 37215

Price $2,549,000
Beds 5
Baths 6
Living Area SqFt 4,259
Status Active
MLS # RTC2751336
Property Type Single Family Residence
 
 

5201 Bond Springs Ct Thompsons Station, TN 37179

Price $2,541,500
Beds 5
Baths 7
Living Area SqFt 5,525
Status Coming Soon / Hold
MLS # RTC2748071
Property Type Single Family Residence
 
 

701 Legends Crest Dr Franklin, TN 37069

Price $2,535,000
Beds 5
Baths 7
Living Area SqFt 6,628
Status Active
MLS # RTC2739333
Property Type Single Family Residence
 
 

1642 Honeyman Pt Brentwood, TN 37027

Price $2,526,000
Beds 5
Baths 6
Living Area SqFt 4,557
Status Under Contract - Not Showing
MLS # RTC2677138
Property Type Single Family Residence
 
 

9409 Thatchbay Ct College Grove, TN 37046

Price $2,525,000
Beds 4
Baths 5
Living Area SqFt 4,343
Status Active
MLS # RTC2745147
Property Type Single Family Residence
 
 

2013 Hamilton Way Franklin, TN 37064

Price $2,524,990
Beds 5
Baths 6
Living Area SqFt 5,099
Status Active
MLS # RTC2705772
Property Type Single Family Residence
 
 

1644 Honeyman Pt Brentwood, TN 37027

Price $2,505,428
Beds 5
Baths 6
Living Area SqFt 4,977
Status Under Contract - Not Showing
MLS # RTC2625440
Property Type Single Family Residence