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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4811 Elkins Ave Nashville, TN 37209

Price $550,000
Beds 3
Baths 1
Living Area SqFt 1,316
Status Active
MLS # RTC2717340
Property Type Single Family Residence
 
 

8398 California Branch Rd Westpoint, TN 38486

Price $550,000
Beds 4
Baths 2
Living Area SqFt 1,891
Status Active
MLS # RTC2739359
Property Type Single Family Residence
 
 

15 Thorncrest Drive Ringgold, GA 30736

Price $550,000
Beds 3
Baths 5
Living Area SqFt 3,305
Status Active
MLS # RTC2750678
Property Type Single Family Residence
 
 

4810 Union Camp Rd Lafayette, TN 37083

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2707689
Property Type Single Family Residence
 
 

126 Cherokee Rd Hendersonville, TN 37075

Price $550,000
Beds 3
Baths 2
Living Area SqFt 2,015
Status Active
MLS # RTC2751111
Property Type Single Family Residence
 
 

4000 St Andrews Ln Spring Hill, TN 37174

Price $550,000
Beds 3
Baths 3
Living Area SqFt 2,205
Status Active
MLS # RTC2697143
Property Type Single Family Residence
 
 

297 S Ray Rd Portland, TN 37148

Price $550,000
Beds 4
Baths 3
Living Area SqFt 3,026
Status Active
MLS # RTC2698325
Property Type Single Family Residence
 
 

109 George Rd Alexandria, TN 37012

Price $550,000
Beds 3
Baths 1
Living Area SqFt 952
Status Active
MLS # RTC2680131
Property Type Single Family Residence
 
 

3250 Gimlet Rd Lawrenceburg, TN 38464

Price $550,000
Beds 4
Baths 2
Living Area SqFt 3,360
Status Under Contract - Showing
MLS # RTC2586716
Property Type Single Family Residence
 
 

828 Blue Herring Way Sevierville, TN 37876

Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,808
Status Under Contract - Showing
MLS # RTC2687169
Property Type Single Family Residence
 
 

969 High Meadow Dr Spencer, TN 38585

Price $550,000
Beds 4
Baths 4
Living Area SqFt 2,895
Status Under Contract - Showing
MLS # RTC2684822
Property Type Single Family Residence
 
 

206 Belle Lake Dr Nashville, TN 37221

Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,342
Status Under Contract - Showing
MLS # RTC2691470
Property Type Single Family Residence
 
 

4092 Elder Gap Place Chattanooga, TN 37419

Price $550,000
Beds 3
Baths 4
Living Area SqFt 2,578
Status Under Contract - Showing
MLS # RTC2704952
 
 
 

229 Riverview Ct Birchwood, TN 37308

Price $550,000
Beds 2
Baths 3
Living Area SqFt 1,560
Status Under Contract - Showing
MLS # RTC2688458
Property Type Single Family Residence
 
 

4960 Leesa Ann Lane Hermitage, TN 37076

Price $550,000
Beds 4
Baths 4
Living Area SqFt 2,768
Status Under Contract - Not Showing
MLS # RTC2642105
Property Type Single Family Residence
 
 

7341 Charlotte Pike Unit 111 Nashville, TN 37209

$550,000 - 3Br/4Ba -  for Sale in Charlotte Row Townhomes, Nashville
Open House
Price $550,000
Beds 3
Baths 4
Living Area SqFt 2,099
Status Active
MLS # RTC2748594
Property Type Townhouse
 
 

1207 Hodges Rd Mount Juliet, TN 37122

$550,000 - 4Br/3Ba -  for Sale in Oakvale Subdivision, Mount Juliet
Open House
Price $550,000
Beds 4
Baths 3
Living Area SqFt 2,468
Status Active
MLS # RTC2754483
Property Type Single Family Residence
 
 

185 Woodson Ln Nashville, TN 37211

$550,000 - 3Br/2Ba -  for Sale in Parma Heights, Nashville
Open House
Price $550,000
Beds 3
Baths 2
Living Area SqFt 1,850
Status Active
MLS # RTC2749855
Property Type Single Family Residence
 
 

938 Spain Ave Unit A Nashville, TN 37216

$550,000 - 3Br/3Ba -  for Sale in East Hill, Nashville
Open House
Price $550,000
Beds 3
Baths 3
Living Area SqFt 1,830
Status Active
MLS # RTC2700899
Property Type Single Family Residence
 
 

1437 Ovaldale Drive Avril Murfreesboro, TN 37128

Price $549,999
Beds 3
Baths 3
Living Area SqFt 2,524
Status Active
MLS # RTC2754869
Property Type Single Family Residence
 
 

3716 Sweetbriar Ave Murfreesboro, TN 37128

Price $549,999
Beds 4
Baths 3
Living Area SqFt 2,905
Status Active
MLS # RTC2706599
Property Type Single Family Residence
 
 

196 Cleburne Pt Waverly, TN 37185

Price $549,999
Beds 3
Baths 3
Living Area SqFt 1,652
Status Under Contract - Showing
MLS # RTC2698846
Property Type Single Family Residence
 
 

4952 Myra Dr Hermitage, TN 37076

Price $549,999
Beds 5
Baths 4
Living Area SqFt 2,994
Status Under Contract - Not Showing
MLS # RTC2747058
Property Type Single Family Residence
 
 

1106 Britannia Way Murfreesboro, TN 37129

Price $549,999
Beds 4
Baths 4
Living Area SqFt 2,848
Status Under Contract - Not Showing
MLS # RTC2681638
Property Type Single Family Residence
 
 

3000 Vanderbilt Pl Unit 210 Nashville, TN 37212

Price $549,999
Beds 2
Baths 2
Living Area SqFt 1,202
Status Active
MLS # RTC2709090
Property Type Flat Condo
 
 

2520 Devon Valley Dr Nashville, TN 37221

$549,999 - 3Br/2Ba -  for Sale in Devon Valley, Nashville
Open House
Price $549,999
Beds 3
Baths 2
Living Area SqFt 2,332
Status Active
MLS # RTC2752024
Property Type Single Family Residence
 
 

2137 Vanner Road Mount Juliet, TN 37122

Price $549,990
Beds 3
Baths 3
Living Area SqFt 2,137
Status Active
MLS # RTC2755280
Property Type Single Family Residence
 
 

8438 Turnbull Dr Pleasant View, TN 37146

Price $549,990
Beds 5
Baths 4
Living Area SqFt 3,075
Status Under Contract - Not Showing
MLS # RTC2708314
Property Type Single Family Residence
 
 

1313 Harmony Hill Lane Mount Juliet, TN 37122

Price $549,990
Beds 5
Baths 4
Living Area SqFt 3,018
Status Under Contract - Not Showing
MLS # RTC2709192
Property Type Single Family Residence
 
 

4003 Sadie Street Columbia, TN 38401

Price $549,990
Beds 5
Baths 4
Living Area SqFt 3,109
Status Under Contract - Not Showing
MLS # RTC2709149
Property Type Single Family Residence
 
 

843 Molly Lane Mount Juliet, TN 37122

Price $549,990
Beds 4
Baths 4
Living Area SqFt 3,066
Status Under Contract - Not Showing
MLS # RTC2703860
Property Type Single Family Residence
 
 

6135 Saxlingham Place Smyrna, TN 37167

$549,990 - 4Br/4Ba -  for Sale in Blakeney, Smyrna
Open House
Price $549,990
Beds 4
Baths 4
Living Area SqFt 2,629
Status Active
MLS # RTC2753844
Property Type Single Family Residence
 
 

5095 Mifford Dr Smyrna, TN 37167

$549,990 - 4Br/3Ba -  for Sale in Gwynne Farms, Smyrna
Open House
Price $549,990
Beds 4
Baths 3
Living Area SqFt 2,155
Status Active
MLS # RTC2756768
Property Type Single Family Residence
 
 

522 Kemp Dr Hermitage, TN 37076

Price $549,990
Beds 3
Baths 3
Living Area SqFt 2,295
Status Active
MLS # RTC2754896
Property Type Single Family Residence
 
 

1920b 14th Ave N Nashville, TN 37208

Price $549,990
Beds 3
Baths 3
Living Area SqFt 1,820
Status Active
MLS # RTC2690344
Property Type Horizontal Property Regime - Attached
 
 

522 Kemp Dr Hermitage, TN 37076

$549,990 - 3Br/3Ba -  for Sale in Overlook At Aarons Cress, Hermitage
New
Price $549,990
Beds 3
Baths 3
Living Area SqFt 2,295
Status Active
MLS # RTC2759354
Property Type Single Family Residence
 
 

7641 Rookers Bend Drive Smyrna, TN 37167

Price $549,990
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2662282
Property Type Single Family Residence
 
 

7639 Rookers Bend Drive Smyrna, TN 37167

Price $549,990
Beds 4
Baths 3
Living Area SqFt 2,540
Status Active
MLS # RTC2652132
Property Type Single Family Residence
 
 

101 Young Dr Smyrna, TN 37167

Price $549,990
Beds 4
Baths 3
Living Area SqFt 3,267
Status Active
MLS # RTC2755693
Property Type Single Family Residence
 
 

109 Model Court Columbia, TN 38401

Price $549,974
Beds 4
Baths 3
Living Area SqFt 2,884
Status Under Contract - Not Showing
MLS # RTC2698553
Property Type Single Family Residence