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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4007 Rampart Way Spring Hill, TN 37174

$554,990 - 5Br/3Ba -  for Sale in Hardins Landing, Spring Hill
Open House
Price $554,990
Beds 5
Baths 3
Living Area SqFt 2,974
Status Active
MLS # RTC2700779
Property Type Single Family Residence
 
 

7118 Ivory Way Fairview, TN 37062

$554,990 - 4Br/3Ba -  for Sale in Pennock Place, Fairview
Open House
Price $554,990
Beds 4
Baths 3
Living Area SqFt 2,568
Status Active
MLS # RTC2743481
Property Type Single Family Residence
 
 

6911 Danswerk Drive Murfreesboro, TN 37129

Price $554,900
Beds 4
Baths 4
Living Area SqFt 3,025
Status Under Contract - Not Showing
MLS # RTC2667797
Property Type Single Family Residence
 
 

2929 Madison Ave Murfreesboro, TN 37130

Price $554,900
Beds 4
Baths 3
Living Area SqFt 2,672
Status Active
MLS # RTC2703849
Property Type Single Family Residence
 
 

215 Suesand Ct Pleasant View, TN 37146

Price $554,900
Beds 4
Baths 4
Living Area SqFt 3,537
Status Active
MLS # RTC2757301
Property Type Single Family Residence
 
 

321 Timber Ln Lebanon, TN 37087

Price $554,900
Beds 4
Baths 3
Living Area SqFt 2,243
Status Active
MLS # RTC2757619
Property Type Single Family Residence
 
 

1533 Nickelby Pl Thompsons Station, TN 37179

Price $554,900
Beds 3
Baths 3
Living Area SqFt 2,095
Status Active
MLS # RTC2757123
Property Type Townhouse
 
 

437 Nob Hill Dr N Sparta, TN 38583

Price $554,900
Beds 4
Baths 3
Living Area SqFt 3,060
Status Active
MLS # RTC2662151
Property Type Single Family Residence
 
 

1001 Highpoint Ct Mount Juliet, TN 37122

Price $554,900
Beds 4
Baths 3
Living Area SqFt 3,085
Status Active
MLS # RTC2748753
Property Type Single Family Residence
 
 

2005 Ambie Way Fairview, TN 37062

Price $554,900
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2750319
Property Type Single Family Residence
 
 

6710 Hanworth Trace Smyrna, TN 37167

$554,875 - 5Br/4Ba -  for Sale in Blakeney, Smyrna
Open House
Price $554,875
Beds 5
Baths 4
Living Area SqFt 2,809
Status Active
MLS # RTC2750450
Property Type Single Family Residence
 
 

6817 Earlham Court Smyrna, TN 37167

$554,875 - 4Br/3Ba -  for Sale in Blakeney, Smyrna
Open House
Price $554,875
Beds 4
Baths 3
Living Area SqFt 2,556
Status Active
MLS # RTC2755964
Property Type Single Family Residence
 
 

358 Hammock Ln Spring Hill, TN 37174

Price $554,500
Beds 4
Baths 4
Living Area SqFt 2,087
Status Active
MLS # RTC2680996
Property Type Townhouse
 
 

456 Doversley Court Hendersonville, TN 37075

Price $554,178
Beds 3
Baths 3
Living Area SqFt 2,259
Status Under Contract - Not Showing
MLS # RTC2667953
Property Type Single Family Residence
 
 

2224 Alexander Blvd Murfreesboro, TN 37130

Price $554,000
Beds 4
Baths 3
Living Area SqFt 2,827
Status Active
MLS # RTC2746246
Property Type Single Family Residence
 
 

2002 Moulder Pl Columbia, TN 38401

Price $553,991
Beds 5
Baths 3
Living Area SqFt 2,800
Status Under Contract - Not Showing
MLS # RTC2700921
Property Type Single Family Residence
 
 

7008 Cardiff Drive Smyrna, TN 37167

Price $553,990
Beds 4
Baths 3
Living Area SqFt 2,476
Status Under Contract - Not Showing
MLS # RTC2608507
Property Type Single Family Residence
 
 

7593 Maggie Dr Antioch, TN 37013

Price $553,900
Beds 4
Baths 4
Living Area SqFt 2,598
Status Active
MLS # RTC2708701
Property Type Single Family Residence
 
 

713 Conifer Drive Spring Hill, TN 37174

Price $552,990
Beds 3
Baths 3
Living Area SqFt 2,089
Status Under Contract - Not Showing
MLS # RTC2618359
Property Type Single Family Residence
 
 

4732 Indian Summer Dr Nashville, TN 37207

Price $552,400
Beds 4
Baths 3
Living Area SqFt 2,862
Status Active
MLS # RTC2650250
Property Type Single Family Residence
 
 

605 Tompkins Lane Gallatin, TN 37066

Price $552,329
Beds 4
Baths 3
Living Area SqFt 2,627
Status Under Contract - Not Showing
MLS # RTC2641726
Property Type Single Family Residence
 
 

2981 Windstone Trail Columbia, TN 38401

$552,189 - 4Br/3Ba -  for Sale in The Ridge At Carter's Station, Columbia
New
Price $552,189
Beds 4
Baths 3
Living Area SqFt 2,957
Status Active
MLS # RTC2758915
Property Type Single Family Residence
 
 

313 Jasmine Park Hermitage, TN 37076

$551,900 - 3Br/3Ba -  for Sale in Wembley Park, Hermitage
Open House
Price $551,900
Beds 3
Baths 3
Living Area SqFt 2,136
Status Active
MLS # RTC2564702
Property Type Single Family Residence
 
 

7608 Danswerk Drive Murfreesboro, TN 37129

$551,873 - 3Br/3Ba -  for Sale in Sycamore Grove, Murfreesboro
Open House
Price $551,873
Beds 3
Baths 3
Living Area SqFt 2,748
Status Active
MLS # RTC2757535
Property Type Single Family Residence
 
 

5803 Craven Lane Murfreesboro, TN 37128

Price $551,830
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2709310
Property Type Single Family Residence
 
 

6902 Chatsworth Ct Murfreesboro, TN 37129

$550,900 - 3Br/2Ba -  for Sale in Sycamore Grove Sec 1, Murfreesboro
Open House
Price $550,900
Beds 3
Baths 2
Living Area SqFt 2,302
Status Active
MLS # RTC2698713
Property Type Single Family Residence
 
 

3069 Inman Dr Thompsons Station, TN 37179

Price $550,900
Beds 5
Baths 3
Living Area SqFt 1,925
Status Under Contract - Showing
MLS # RTC2751748
Property Type Townhouse
 
 

448 Doversley Ct Hendersonville, TN 37075

Price $550,859
Beds 3
Baths 3
Living Area SqFt 2,327
Status Under Contract - Not Showing
MLS # RTC2667948
Property Type Single Family Residence
 
 

7402 Fermata Way Murfreesboro, TN 37128

Price $550,520
Beds 2
Baths 2
Living Area SqFt 1,492
Status Active
MLS # RTC2740068
Property Type Single Family Residence
 
 

452 Triple Crown Circle Gallatin, TN 37066

$550,394 - 4Br/3Ba -  for Sale in Kensington Downs, Gallatin
New
Price $550,394
Beds 4
Baths 3
Living Area SqFt 2,274
Status Active
MLS # RTC2759405
Property Type Single Family Residence
 
 

81 Eagle Ridge Ln Summertown, TN 38483

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,316
Status Active
MLS # RTC2686885
Property Type Single Family Residence
 
 

423 Veritas St Unit A Nashville, TN 37211

Price $550,000
Beds 4
Baths 2
Living Area SqFt 1,498
Status Active
MLS # RTC2682862
Property Type Townhouse
 
 

3353 Tanyard Hollow Rd Culleoka, TN 38451

Price $550,000
Beds 4
Baths 2
Living Area SqFt 2,052
Status Active
MLS # RTC2683124
Property Type Manufactured On Land
 
 

2114 Peach Orchard Rd Culleoka, TN 38451

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,664
Status Active
MLS # RTC2687518
Property Type Modular Home
 
 

4215 Harding Pike Unit 901 Nashville, TN 37205

Price $550,000
Beds 2
Baths 2
Living Area SqFt 1,461
Status Active
MLS # RTC2705244
Property Type High Rise
 
 

3210 Albion St Nashville, TN 37209

Price $550,000
Beds 5
Baths 3
Living Area SqFt 2,376
Status Active
MLS # RTC2702161
Property Type Horizontal Property Regime - Attached
 
 

1117 Franklin Dr Greenbrier, TN 37073

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,882
Status Active
MLS # RTC2739613
Property Type Single Family Residence
 
 

4272 Highway 49 W Springfield, TN 37172

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,802
Status Active
MLS # RTC2747432
Property Type Single Family Residence
 
 

2080 Morton Dr Spring Hill, TN 37174

Price $550,000
Beds 3
Baths 3
Living Area SqFt 1,982
Status Active
MLS # RTC2747735
Property Type Single Family Residence
 
 

3786 Gnat Hill Rd Manchester, TN 37355

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,146
Status Active
MLS # RTC2753177
Property Type Single Family Residence