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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305 Connell St Springfield, TN 37172

Price $550,000
Beds 3
Baths 2
Living Area SqFt 2,092
Status Active
MLS # RTC2708035
Property Type Single Family Residence
 
 

520 Cliff Cir Unit 520 Nashville, TN 37218

Price $550,000
Beds 3
Baths 4
Living Area SqFt 1,736
Status Active
MLS # RTC2754522
Property Type Other Condo
 
 

2935 Benton Ridge Rd Palmyra, TN 37142

Price $550,000
Beds 1
Baths 1
Living Area SqFt 400
Status Active
MLS # RTC2755888
Property Type Single Family Residence
 
 

201b Burns Ave Nashville, TN 37203

Price $550,000
Beds 2
Baths 3
Living Area SqFt 1,398
Status Active
MLS # RTC2750526
Property Type Townhouse
 
 

421 Elysian Fields Rd Unit Apt 4 Nashville, TN 37211

Price $550,000
Beds 3
Baths 3
Living Area SqFt 1,506
Status Active
MLS # RTC2755868
Property Type Horizontal Property Regime - Attached
 
 

5165 Watkins Ford Rd Southside, TN 37171

Price $550,000
Beds 4
Baths 4
Living Area SqFt 2,736
Status Active
MLS # RTC2689421
Property Type Single Family Residence
 
 

7032 Matthew Ct Brentwood, TN 37027

Price $550,000
Beds 3
Baths 3
Living Area SqFt 1,916
Status Active
MLS # RTC2755258
Property Type Townhouse
 
 

7274 Kingston Rd Fairview, TN 37062

Price $550,000
Beds 3
Baths 2
Living Area SqFt 2,124
Status Active
MLS # RTC2753664
Property Type Single Family Residence
 
 

145 Crenshaw Rd Bethpage, TN 37022

Price $550,000
Beds 4
Baths 2
Living Area SqFt 2,500
Status Active
MLS # RTC2758058
Property Type Single Family Residence
 
 

1285 Soules Chapel Rd Cumberland Furnace, TN 37051

Price $550,000
Beds 4
Baths 2
Living Area SqFt 2,826
Status Active
MLS # RTC2756935
Property Type Single Family Residence
 
 

89 Nabors Hollow Ln Hickman, TN 38567

Price $550,000
Beds 4
Baths 2
Living Area SqFt 2,234
Status Active
MLS # RTC2745736
Property Type Single Family Residence
 
 

1010 Scott Rd Bethpage, TN 37022

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,688
Status Active
MLS # RTC2755710
Property Type Single Family Residence
 
 

606 Mason Ln Goodlettsville, TN 37072

$550,000 - 3Br/3Ba -  for Sale in High Ridge Estates, Goodlettsville
New
Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,563
Status Active
MLS # RTC2759258
Property Type Single Family Residence
 
 

4811 Alvin Sperry Rd Mount Juliet, TN 37122

$550,000 - 3Br/2Ba -  for Sale in None, Mount Juliet
New
Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,501
Status Active
MLS # RTC2758405
Property Type Single Family Residence
 
 

1030 Upper Creek Rd Vanleer, TN 37181

Price $550,000
Beds 3
Baths 2
Living Area SqFt 2,204
Status Active
MLS # RTC2691242
Property Type Single Family Residence
 
 

709 Nix Pass Madison, TN 37115

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,538
Status Active
MLS # RTC2745913
Property Type Single Family Residence
 
 

2502 Dobbins Pike Portland, TN 37148

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,313
Status Active
MLS # RTC2751526
Property Type Single Family Residence
 
 

201 Oak Dr Franklin, TN 37064

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,607
Status Under Contract - Showing
MLS # RTC2745305
Property Type Single Family Residence
 
 

696 Williamsport Ct Nashville, TN 37221

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,582
Status Under Contract - Showing
MLS # RTC2708951
Property Type Single Family Residence
 
 

172 Maplemere Dr Clarksville, TN 37040

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,964
Status Under Contract - Showing
MLS # RTC2707465
Property Type Single Family Residence
 
 

2616 Pleasant Green Rd Nashville, TN 37214

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,819
Status Under Contract - Showing
MLS # RTC2747407
Property Type Single Family Residence
 
 

5018 Bunker Ln Smyrna, TN 37167

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,955
Status Under Contract - Showing
MLS # RTC2744473
Property Type Single Family Residence
 
 

4900 Trousdale Dr Nashville, TN 37220

Price $550,000
Beds 3
Baths 1
Living Area SqFt 1,396
Status Under Contract - Showing
MLS # RTC2752038
Property Type Single Family Residence
 
 

2001 Hollowfield Ln Greenbrier, TN 37073

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,820
Status Under Contract - Showing
MLS # RTC2708641
Property Type Single Family Residence
 
 

171 Wynbrooke Trce Hendersonville, TN 37075

Price $550,000
Beds 3
Baths 2
Living Area SqFt 2,316
Status Under Contract - Showing
MLS # RTC2705706
Property Type Single Family Residence
 
 

250 Flat Ridge Rd Goodlettsville, TN 37072

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,752
Status Under Contract - Showing
MLS # RTC2749829
Property Type Single Family Residence
 
 

209 Still Spring Hollow Ct Nashville, TN 37221

Price $550,000
Beds 5
Baths 3
Living Area SqFt 3,161
Status Under Contract - Not Showing
MLS # RTC2750963
Property Type Single Family Residence
 
 

2923 Frank Robinson Dr Murfreesboro, TN 37130

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,500
Status Under Contract - Not Showing
MLS # RTC2747110
Property Type Single Family Residence
 
 

3901 West End Ave Unit 305 Nashville, TN 37205

Price $550,000
Beds 2
Baths 3
Living Area SqFt 1,382
Status Active
MLS # RTC2754220
Property Type High Rise
 
 

4331 Ashland City Rd Clarksville, TN 37043

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,244
Status Active
MLS # RTC2706820
Property Type Single Family Residence
 
 

112 Mallard Hill Rd Dover, TN 37058

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,302
Status Under Contract - Showing
MLS # RTC2750935
Property Type Single Family Residence
 
 

919 Orchid Pl Hendersonville, TN 37075

$550,000 - 4Br/3Ba -  for Sale in Durham Farms Ph2 Sec26, Hendersonville
New
Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,533
Status Coming Soon / Hold
MLS # RTC2759650
Property Type Single Family Residence
 
 

1429 Horse Mountain Rd Shelbyville, TN 37160

Price $550,000
Beds 2
Baths 2
Living Area SqFt 1,144
Status Active
MLS # RTC2663097
Property Type Single Family Residence
 
 

756 Shasteen Hollow Rd Lynchburg, TN 37352

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,946
Status Active
MLS # RTC2656088
Property Type Single Family Residence
 
 

2415 Foster Ave Nashville, TN 37210

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,016
Status Active
MLS # RTC2632600
Property Type Single Family Residence
 
 

1000 33rd Ave N Nashville, TN 37209

Price $550,000
Beds 5
Baths 3
Living Area SqFt 2,376
Status Active
MLS # RTC2699562
Property Type Horizontal Property Regime - Attached
 
 

173 Country Oak Dr Humboldt, TN 38343

Price $550,000
Beds 5
Baths 4
Living Area SqFt 3,484
Status Active
MLS # RTC2699777
Property Type Single Family Residence
 
 

5301 Windypine Dr Nashville, TN 37211

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,556
Status Active
MLS # RTC2707728
Property Type Single Family Residence
 
 

3189 Austin Brian Ct Clarksville, TN 37043

Price $550,000
Beds 4
Baths 3
Living Area SqFt 3,154
Status Active
MLS # RTC2703310
Property Type Single Family Residence
 
 

1021 Elvira Ave Unit C Nashville, TN 37216

Price $550,000
Beds 3
Baths 4
Living Area SqFt 2,092
Status Active
MLS # RTC2703480
Property Type Horizontal Property Regime - Detached