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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3603 Rainbow Pl Nashville, TN 37204

Price $2,500,000
Beds 4
Baths 5
Living Area SqFt 4,220
Status Active
MLS # RTC2749626
Property Type Single Family Residence
 
 

415 31st Ave S Nashville, TN 37212

Price $2,500,000
Beds 5
Baths 6
Living Area SqFt 3,745
Status Under Contract - Showing
MLS # RTC2655662
Property Type Single Family Residence
 
 

2061 Mcmahan Hollow Rd Pleasant View, TN 37146

Price $2,500,000
Beds 5
Baths 9
Living Area SqFt 8,477
Status Under Contract - Showing
MLS # RTC2754339
Property Type Single Family Residence
 
 

919a Kirkwood Ave Nashville, TN 37204

Price $2,500,000
Beds 5
Baths 7
Living Area SqFt 4,504
Status Under Contract - Not Showing
MLS # RTC2744586
Property Type Horizontal Property Regime - Detached
 
 

3177 Jim Warren Rd Spring Hill, TN 37174

Price $2,500,000
Beds 3
Baths 2
Living Area SqFt 2,600
Status Active
MLS # RTC2642159
Property Type Single Family Residence
 
 

700 12th Ave S Unit 1404 Nashville, TN 37203

Price $2,500,000
Beds 3
Baths 3
Living Area SqFt 2,704
Status Active
MLS # RTC2701342
Property Type High Rise
 
 

455 Muddy Branch Road Pikeville, TN 37367

Price $2,500,000
Beds 3
Baths 3
Living Area SqFt 2,160
Status Active
MLS # RTC2707343
Property Type Single Family Residence
 
 

2048 Timberwood Dr Nashville, TN 37215

Price $2,500,000
Beds 4
Baths 5
Living Area SqFt 5,293
Status Active
MLS # RTC2668640
Property Type Single Family Residence
 
 

360 Rucker Rd Murfreesboro, TN 37127

Price $2,500,000
Beds 5
Baths 6
Living Area SqFt 5,026
Status Active
MLS # RTC2660222
Property Type Single Family Residence
 
 

1046 Parsons Way Hendersonville, TN 37075

Price $2,499,999
Beds 6
Baths 6
Living Area SqFt 5,284
Status Active
MLS # RTC2653272
Property Type Single Family Residence
 
 

936 Battery Ln Nashville, TN 37220

$2,499,999 - 5Br/7Ba -  for Sale in 934 Battery Lane Residences, Nashville
Open House
Price $2,499,999
Beds 5
Baths 7
Living Area SqFt 5,709
Status Active
MLS # RTC2702482
Property Type Horizontal Property Regime - Detached
 
 

1878 Ferry Hill Rd Dandridge, TN 37725

Price $2,499,900
Beds 3
Baths 3
Living Area SqFt 3,009
Status Active
MLS # RTC2753804
Property Type Single Family Residence
 
 

1646 Honeyman Pt Brentwood, TN 37027

$2,499,900 - 5Br/7Ba -  for Sale in Raintree Forest, Brentwood
Open House
Price $2,499,900
Beds 5
Baths 7
Living Area SqFt 4,956
Status Active
MLS # RTC2635364
Property Type Single Family Residence
 
 

7881 Covington Rd White House, TN 37188

Price $2,499,900
Beds 4
Baths 5
Living Area SqFt 5,359
Status Active
MLS # RTC2696995
Property Type Single Family Residence
 
 

3916a Caylor Dr Nashville, TN 37215

$2,499,900 - 5Br/6Ba -  for Sale in Green Hills, Nashville
Open House
New
Price $2,499,900
Beds 5
Baths 6
Living Area SqFt 5,125
Status Active
MLS # RTC2762645
Property Type Horizontal Property Regime - Detached
 
 

653 Flippen Rd Lebanon, TN 37087

Price $2,499,500
Beds 5
Baths 7
Living Area SqFt 7,060
Status Active
MLS # RTC2676959
Property Type Single Family Residence
 
 

9013 Passiflora Ct College Grove, TN 37046

Price $2,499,000
Beds 5
Baths 7
Living Area SqFt 5,421
Status Active
MLS # RTC2752840
Property Type Single Family Residence
 
 

1053 Wilshire Way Brentwood, TN 37027

Price $2,499,000
Beds 5
Baths 5
Living Area SqFt 5,811
Status Under Contract - Showing
MLS # RTC2706809
Property Type Single Family Residence
 
 

107 Steeplechase Ln Nashville, TN 37221

Price $2,499,000
Beds 4
Baths 7
Living Area SqFt 6,455
Status Under Contract - Showing
MLS # RTC2698536
Property Type Single Family Residence
 
 

5209 Bond Springs Ct Thompsons Station, TN 37179

Price $2,497,737
Beds 4
Baths 5
Living Area SqFt 4,480
Status Under Contract - Not Showing
MLS # RTC2678214
Property Type Single Family Residence
 
 

5209 Bond Springs Ct Thompsons Station, TN 37179

Price $2,497,730
Beds 4
Baths 5
Living Area SqFt 4,480
Status Under Contract - Not Showing
MLS # RTC2654285
Property Type Single Family Residence
 
 

387 Stephens Valley Blvd Nashville, TN 37221

Price $2,495,000
Beds 4
Baths 5
Living Area SqFt 5,016
Status Under Contract - Not Showing
MLS # RTC2620565
Property Type Single Family Residence
 
 

155 Splendor Ridge Dr Franklin, TN 37064

Price $2,495,000
Beds 4
Baths 5
Living Area SqFt 4,472
Status Under Contract - Not Showing
MLS # RTC2705480
Property Type Single Family Residence
 
 

5610 Hillview Dr Brentwood, TN 37027

Price $2,495,000
Beds 6
Baths 5
Living Area SqFt 6,453
Status Active
MLS # RTC2685852
Property Type Single Family Residence
 
 

4420 Franklin Pike Nashville, TN 37204

Price $2,490,000
Beds 3
Baths 2
Living Area SqFt 2,100
Status Active
MLS # RTC2746398
Property Type Single Family Residence
 
 

805 Columbia Ave Unit 16 Franklin, TN 37064

Price $2,490,000
Beds 3
Baths 3
Living Area SqFt 2,210
Status Active
MLS # RTC2758976
Property Type Other Condo
 
 

842 Bresslyn Rd Nashville, TN 37205

Price $2,489,900
Beds 5
Baths 7
Living Area SqFt 5,840
Status Active
MLS # RTC2672021
Property Type Single Family Residence
 
 

21 Maynard Hollow Ln S Lancaster, TN 38569

Price $2,489,800
Beds 2
Baths 2
Living Area SqFt 1,590
Status Active
MLS # RTC2708939
Property Type Single Family Residence
 
 

334 3rd Ave S S Franklin, TN 37064

Price $2,489,000
Beds 4
Baths 4
Living Area SqFt 3,165
Status Active
MLS # RTC2698886
Property Type Single Family Residence
 
 

7168 Bonterra Dr Franklin, TN 37064

Price $2,481,808
Beds 5
Baths 6
Living Area SqFt 4,856
Status Under Contract - Not Showing
MLS # RTC2633371
Property Type Single Family Residence
 
 

1674 Geralds Dr Brentwood, TN 37027

Price $2,480,000
Beds 5
Baths 6
Living Area SqFt 5,170
Status Active
MLS # RTC2755085
Property Type Single Family Residence
 
 

2019 Hamilton Way Franklin, TN 37064

Price $2,479,990
Beds 5
Baths 5
Living Area SqFt 5,281
Status Under Contract - Not Showing
MLS # RTC2705768
Property Type Single Family Residence
 
 

1645 Honeyman Pt Brentwood, TN 37027

Price $2,475,000
Beds 5
Baths 6
Living Area SqFt 5,015
Status Active
MLS # RTC2691427
Property Type Single Family Residence
 
 

4996 Green Herron Ln Franklin, TN 37064

Price $2,475,000
Beds 4
Baths 5
Living Area SqFt 4,304
Status Active
MLS # RTC2748552
Property Type Single Family Residence
 
 

1108 Grandview Nashville, TN 37204

Price $2,475,000
Beds 5
Baths 6
Living Area SqFt 5,273
Status Under Contract - Not Showing
MLS # RTC2746485
Property Type Horizontal Property Regime - Detached
 
 

6055 Congress Drive Franklin, TN 37064

Price $2,474,956
Beds 5
Baths 7
Living Area SqFt 4,233
Status Under Contract - Not Showing
MLS # RTC2753393
Property Type Single Family Residence
 
 

9543 Tarren Mill Ln Brentwood, TN 37027

$2,469,900 - 5Br/6Ba -  for Sale in Raintree Reserve, Brentwood
Open House
Price $2,469,900
Beds 5
Baths 6
Living Area SqFt 5,735
Status Active
MLS # RTC2635356
Property Type Single Family Residence
 
 

512 Trotters Pl Franklin, TN 37067

Price $2,460,000
Beds 4
Baths 5
Living Area SqFt 4,868
Status Active
MLS # RTC2701624
Property Type Single Family Residence
 
 

2001 Hamilton Way Franklin, TN 37064

Price $2,459,990
Beds 5
Baths 6
Living Area SqFt 4,965
Status Active
MLS # RTC2705794
Property Type Single Family Residence
 
 

5074 Kathryn Avenue Lot 2257 Franklin, TN 37064

Price $2,454,500
Beds 6
Baths 5
Living Area SqFt 4,350
Status Under Contract - Not Showing
MLS # RTC2618718
Property Type Single Family Residence