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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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
 
 

638 Ladd Avenue Chattanooga, TN 37405

Price $549,900
Beds 4
Baths 4
Living Area SqFt 2,920
Status Active
MLS # RTC2755775
 
 
 

8009 Brockman Ln Nashville, TN 37211

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

1900 Mayne Trace Rd Waverly, TN 37185

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,519
Status Active
MLS # RTC2756513
Property Type Single Family Residence
 
 

822 Old Smithville Hwy N Sparta, TN 38583

Price $549,900
Beds 3
Baths 2
Living Area SqFt 1,740
Status Active
MLS # RTC2756669
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
 
 

4699 Kinneys School Road Cedar Hill, TN 37032

Price $549,900
Beds 3
Baths 2
Living Area SqFt 2,010
Status Active
MLS # RTC2757198
Property Type Single Family Residence
 
 

103 Hickory Trl Hendersonville, TN 37075

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,607
Status Active
MLS # RTC2757205
Property Type Single Family Residence
 
 

1726a Pecan St Unit A Nashville, TN 37208

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,051
Status Active
MLS # RTC2757401
Property Type Single Family Residence
 
 

708 Spinnaker Cv Hermitage, TN 37076

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,366
Status Active
MLS # RTC2757528
Property Type Single Family Residence
 
 

4015 Brazelton Way Fairview, TN 37062

Price $549,900
Beds 4
Baths 3
Living Area SqFt 2,581
Status Active
MLS # RTC2757684
Property Type Single Family Residence
 
 

5049 Mooneyham Lonewood Rd Spencer, TN 38585

Price $549,900
Beds 3
Baths 3
Living Area SqFt 2,322
Status Active
MLS # RTC2758219
Property Type Single Family Residence
 
 

2100 Roderick Place W Franklin, TN 37064

$549,900 - 2Br/2Ba -  for Sale in Forrest Crossing Sec 3-d, Franklin
Open House
New
Price $549,900
Beds 2
Baths 2
Living Area SqFt 1,373
Status Active
MLS # RTC2758580
Property Type Single Family Residence
 
 

2349 Devonshire Drive Old Hickory, TN 37138

Price $549,895
Beds 4
Baths 3
Living Area SqFt 2,641
Status Under Contract - Not Showing
MLS # RTC2703417
Property Type Single Family Residence
 
 

6227 Gladstone Lane Rockvale, TN 37153

Price $549,800
Beds 5
Baths 4
Living Area SqFt 2,994
Status Under Contract - Not Showing
MLS # RTC2699644
Property Type Single Family Residence
 
 

1215 N 2nd St Nashville, TN 37207

Price $549,500
Beds 3
Baths 2
Living Area SqFt 1,610
Status Active
MLS # RTC2672218
Property Type Single Family Residence
 
 

40 Lakeview Trl Mc Minnville, TN 37110

Price $549,500
Beds 3
Baths 3
Living Area SqFt 3,182
Status Active
MLS # RTC2698539
Property Type Single Family Residence
 
 

1803 Lischey Ave Nashville, TN 37207

Price $549,500
Beds 3
Baths 2
Living Area SqFt 1,986
Status Active
MLS # RTC2749360
Property Type Single Family Residence
 
 

700 Hancock Lane Lebanon, TN 37087

Price $549,435
Beds 5
Baths 4
Living Area SqFt 3,271
Status Active
MLS # RTC2752540
Property Type Single Family Residence
 
 

1014 Brookwood Dr Gallatin, TN 37066

Price $549,400
Beds 3
Baths 2
Living Area SqFt 2,374
Status Under Contract - Showing
MLS # RTC2706835
Property Type Single Family Residence
 
 

503 Kipton Trail Lebanon, TN 37087

$549,389 - 3Br/2Ba -  for Sale in The Preserve At Belle Pointe Ph1d, Lebanon
Open House
Price $549,389
Beds 3
Baths 2
Living Area SqFt 2,220
Status Active
MLS # RTC2754772
Property Type Single Family Residence
 
 

620 Pinkston Rd Shelbyville, TN 37160

Price $549,000
Beds 4
Baths 2
Living Area SqFt 1,700
Status Active
MLS # RTC2744123
Property Type Single Family Residence
 
 

2101 Branford Pl Unit 202 Thompsons Station, TN 37179

Price $549,000
Beds 2
Baths 3
Living Area SqFt 1,795
Status Active
MLS # RTC2704571
Property Type Loft
 
 

4857 Highway 48 N Nunnelly, TN 37137

Price $549,000
Beds 3
Baths 3
Living Area SqFt 2,366
Status Active
MLS # RTC2632276
Property Type Single Family Residence
 
 

813 Cherokee Dr Smithville, TN 37166

Price $549,000
Beds 4
Baths 5
Living Area SqFt 3,124
Status Active
MLS # RTC2635796
Property Type Single Family Residence
 
 

1219 Woodland Dr New Johnsonville, TN 37134

Price $549,000
Beds 5
Baths 3
Living Area SqFt 3,152
Status Active
MLS # RTC2668525
Property Type Single Family Residence
 
 

200 Brush Creek Cir Brush Creek, TN 38547

Price $549,000
Beds 3
Baths 3
Living Area SqFt 2,293
Status Active
MLS # RTC2675450
Property Type Single Family Residence
 
 

74 Rosie Anna Dr Flintville, TN 37335

Price $549,000
Beds 4
Baths 3
Living Area SqFt 2,400
Status Under Contract - Showing
MLS # RTC2676092
Property Type Single Family Residence
 
 

1318 Sweetens Cove Rd South Pittsburg, TN 37380

Price $549,000
Beds 3
Baths 2
Living Area SqFt 2,116
Status Active
MLS # RTC2676099
Property Type Single Family Residence
 
 

129 Iroquois Cir Russellville, KY 42276

Price $549,000
Beds 3
Baths 3
Living Area SqFt 2,845
Status Active
MLS # RTC2680661
Property Type Single Family Residence
 
 

689 Park St Nashville, TN 37209

Price $549,000
Beds 3
Baths 2
Living Area SqFt 1,443
Status Active
MLS # RTC2681433
Property Type Single Family Residence
 
 

145 Chaney Blvd La Vergne, TN 37086

Price $549,000
Living Area SqFt 798
Status Under Contract - Showing
MLS # RTC2684244
Property Type Single Family Residence
 
 
 
 

542 Saint George Dr Crossville, TN 38558

Price $549,000
Beds 3
Baths 2
Living Area SqFt 1,878
Status Active
MLS # RTC2687488
Property Type Single Family Residence
 
 

1018 Gaines Hill Rd Westmoreland, TN 37186

Price $549,000
Beds 3
Baths 2
Living Area SqFt 2,280
Status Active
MLS # RTC2690491
Property Type Single Family Residence
 
 

132 New Halltown Rd Hartsville, TN 37074

Price $549,000
Beds 3
Baths 3
Living Area SqFt 3,122
Status Active
MLS # RTC2693305
Property Type Single Family Residence
 
 

1698 Porter Rd Burns, TN 37029

Price $549,000
Beds 3
Baths 2
Living Area SqFt 2,407
Status Active
MLS # RTC2696654
Property Type Single Family Residence
 
 

600 Margaret Cir Mc Minnville, TN 37110

Price $549,000
Beds 5
Baths 3
Living Area SqFt 3,600
Status Active
MLS # RTC2696698
Property Type Single Family Residence
 
 

6995 Ashburn Rd Baxter, TN 38544

Price $549,000
Beds 3
Baths 3
Living Area SqFt 3,484
Status Active
MLS # RTC2703552
Property Type Single Family Residence
 
 

2138 River Overlook Dr Hermitage, TN 37076

Price $549,000
Beds 5
Baths 3
Living Area SqFt 2,808
Status Active
MLS # RTC2706572
Property Type Single Family Residence
 
 

258 Blackman Rd Nashville, TN 37211

Price $549,000
Beds 3
Baths 2
Living Area SqFt 1,483
Status Active
MLS # RTC2708619
Property Type Single Family Residence