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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3007 Gladeville Cir Mount Juliet, TN 37122

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,208
Status Active
MLS # RTC2759639
Property Type Single Family Residence
 
 

649 Farmington Clarksville, TN 37043

Price $549,900
Beds 4
Baths 4
Living Area SqFt 3,120
Status Active
MLS # RTC2690623
Property Type Single Family Residence
 
 

1008 Streamdale Pt W Antioch, TN 37013

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,813
Status Active
MLS # RTC2744883
Property Type Single Family Residence
 
 

8320 Old Nashville Hwy Mc Minnville, TN 37110

Price $549,900
Beds 3
Baths 2
Living Area SqFt 2,044
Status Active
MLS # RTC2749945
Property Type Single Family Residence
 
 

126 Normandy Dr Mount Juliet, TN 37122

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,990
Status Active
MLS # RTC2700970
Property Type Single Family Residence
 
 

3380 Shiloh Canaan Rd Palmyra, TN 37142

$549,900 - 3Br/2Ba -  for Sale in None, Palmyra
New
Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,823
Status Active
MLS # RTC2762487
Property Type Single Family Residence
 
 

2041 Dowell Branch Rd Columbia, TN 38401

$549,900 - 3Br/2Ba -  for Sale in None, Columbia
New
Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,465
Status Active
MLS # RTC2762357
Property Type Single Family Residence
 
 

200 Creekside Dr Lewisburg, TN 37091

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,148
Status Active
MLS # RTC2688720
Property Type Single Family Residence
 
 

2980 Union Rd White House, TN 37188

$549,900 - 4Br/4Ba -  for Sale in N/a, White House
New
Price $549,900
Beds 4
Baths 4
Living Area SqFt 2,388
Status Active
MLS # RTC2762798
Property Type Single Family Residence
 
 

1953 Newark Ln Thompsons Station, TN 37179

Price $549,900
Beds 3
Baths 3
Living Area SqFt 1,734
Status Active
MLS # RTC2757002
Property Type Townhouse
 
 

307 Kemper Dr S Madison, TN 37115

Price $549,900
Beds 4
Baths 4
Living Area SqFt 3,530
Status Active
MLS # RTC2761640
Property Type Single Family Residence
 
 

7942 Oakfield Grv Brentwood, TN 37027

$549,900 - 3Br/3Ba -  for Sale in Autumn Oaks, Brentwood
New
Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,153
Status Active
MLS # RTC2762132
Property Type Single Family Residence
 
 

974 Lynchburg Rd Winchester, TN 37398

Price $549,900
Beds 6
Baths 4
Living Area SqFt 8,508
Status Under Contract - Showing
MLS # RTC2650363
Property Type Single Family Residence
 
 

2609 Quarry Rd Mount Juliet, TN 37122

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,321
Status Under Contract - Showing
MLS # RTC2708630
Property Type Single Family Residence
 
 

4750 Highway 31 W Cottontown, TN 37048

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,065
Status Under Contract - Showing
MLS # RTC2744530
Property Type Single Family Residence
 
 

111 Country Club Dr Hendersonville, TN 37075

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,583
Status Under Contract - Showing
MLS # RTC2747782
Property Type Single Family Residence
 
 

103 Dorcas Dr Hendersonville, TN 37075

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,245
Status Under Contract - Showing
MLS # RTC2747836
Property Type Single Family Residence
 
 

1706 18th Ave S Unit 301 Nashville, TN 37212

Price $549,900
Beds 2
Baths 2
Living Area SqFt 1,131
Status Under Contract - Showing
MLS # RTC2708908
Property Type Flat Condo
 
 

2717 Camden Ct Thompsons Station, TN 37179

Price $549,900
Beds 3
Baths 2
Living Area SqFt 2,022
Status Under Contract - Showing
MLS # RTC2748399
Property Type Single Family Residence
 
 

8009 Brockman Ln Nashville, TN 37211

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,536
Status Under Contract - Showing
MLS # RTC2756034
Property Type Single Family Residence
 
 

406 Brookridge Dr Gallatin, TN 37066

Price $549,900
Beds 3
Baths 2
Living Area SqFt 2,263
Status Under Contract - Showing
MLS # RTC2751704
Property Type Single Family Residence
 
 

7925 Harpeth View Dr Nashville, TN 37221

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,514
Status Under Contract - Not Showing
MLS # RTC2746725
Property Type Single Family Residence
 
 

2892 Cages Bend Rd Gallatin, TN 37066

Price $549,900
Beds 3
Baths 2
Living Area SqFt 2,759
Status Under Contract - Not Showing
MLS # RTC2754067
Property Type Single Family Residence
 
 

711 Bright Hill Rd Smithville, TN 37166

Price $549,900
Beds 5
Baths 3
Living Area SqFt 4,181
Status Under Contract - Not Showing
MLS # RTC2707542
Property Type Single Family Residence
 
 

700 12th Ave S Unit 608 Nashville, TN 37203

Price $549,900
Beds 1
Baths 1
Living Area SqFt 891
Status Active
MLS # RTC2702044
Property Type High Rise
 
 

200 George Ln Tullahoma, TN 37388

Price $549,900
Beds 4
Baths 3
Living Area SqFt 3,075
Status Active
MLS # RTC2747396
Property Type Single Family Residence
 
 

1264 W Running Brook Rd Nashville, TN 37209

$549,900 - 3Br/2Ba -  for Sale in Westchase, Nashville
New
Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,900
Status Coming Soon / Hold
MLS # RTC2762657
Property Type Single Family Residence
 
 

480 Big Piney Loop Wilder, TN 38589

Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,779
Status Active
MLS # RTC2703773
Property Type Single Family Residence
 
 

553 Huntington Pkwy Nashville, TN 37211

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,235
Status Active
MLS # RTC2647734
Property Type Single Family Residence
 
 

6060 Washer Rd Lyles, TN 37098

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,275
Status Active
MLS # RTC2682209
Property Type Single Family Residence
 
 

4349 Goins Rd Nashville, TN 37211

Price $549,900
Beds 5
Baths 4
Living Area SqFt 2,400
Status Active
MLS # RTC2646327
Property Type Horizontal Property Regime - Detached
 
 

819 Cedarstone Way Nashville, TN 37214

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,348
Status Active
MLS # RTC2616918
Property Type Flat Condo
 
 

116 Wonder Valley Rd Hendersonville, TN 37075

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,621
Status Active
MLS # RTC2696699
Property Type Single Family Residence
 
 

718 Flint Ridge Dr Whites Creek, TN 37189

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,549
Status Active
MLS # RTC2701918
Property Type Horizontal Property Regime - Attached
 
 

17 Ashington Ln Brentwood, TN 37027

Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,882
Status Active
MLS # RTC2746650
Property Type Single Family Residence
 
 

760 Mires Rd Mount Juliet, TN 37122

Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,500
Status Active
MLS # RTC2708066
Property Type Single Family Residence
 
 

826 Sapphire Dr Murfreesboro, TN 37128

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,603
Status Active
MLS # RTC2696172
Property Type Single Family Residence
 
 

250 Thoroughbred Lane Hartsville, TN 37074

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,111
Status Active
MLS # RTC2696799
Property Type Single Family Residence
 
 

6004 Forrest Ct Greenbrier, TN 37073

Price $549,900
Beds 5
Baths 4
Living Area SqFt 3,748
Status Active
MLS # RTC2670365
Property Type Single Family Residence
 
 

1212 60th Ave N Nashville, TN 37209

Price $549,900
Beds 3
Baths 3
Living Area SqFt 1,622
Status Active
MLS # RTC2700034
Property Type Townhouse