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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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
 
 

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
 
 

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
 
 

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
 
 

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
 
 

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
 
 

706 Cherokee Ct Murfreesboro, TN 37130

Price $549,000
Beds 3
Baths 3
Living Area SqFt 2,236
Status Active
MLS # RTC2744728
Property Type Single Family Residence
 
 

13465 Lantana Rd Crossville, TN 38572

$549,000 - 2Br/1Ba -  for Sale in None, Crossville
Open House
Price $549,000
Beds 2
Baths 1
Living Area SqFt 1,108
Status Active
MLS # RTC2747900
Property Type Single Family Residence
 
 

315 Kevin Dr Murfreesboro, TN 37129

Price $548,900
Beds 3
Baths 4
Living Area SqFt 2,917
Status Active
MLS # RTC2641619
Property Type Single Family Residence
 
 

6908 Bilaria Dr Murfreesboro, TN 37129

Price $548,750
Beds 4
Baths 4
Living Area SqFt 2,845
Status Under Contract - Not Showing
MLS # RTC2687810
Property Type Single Family Residence
 
 

6943 Wayana Dr Murfreesboro, TN 37129

$548,750 - 4Br/4Ba -  for Sale in Sycamore Grove, Murfreesboro
New
Price $548,750
Beds 4
Baths 4
Living Area SqFt 2,899
Status Under Contract - Not Showing
MLS # RTC2758941
Property Type Single Family Residence
 
 

8428 Marchwood Blvd Antioch, TN 37013

Price $548,640
Beds 5
Baths 3
Living Area SqFt 2,674
Status Active
MLS # RTC2746994
Property Type Single Family Residence
 
 

409 Gingerwood Ct Hermitage, TN 37076

$548,400 - 3Br/3Ba -  for Sale in Wembley Park, Hermitage
Open House
Price $548,400
Beds 3
Baths 3
Living Area SqFt 2,045
Status Active
MLS # RTC2659877
Property Type Single Family Residence
 
 

724 Caraway Ln Nashville, TN 37211

Price $548,300
Beds 4
Baths 4
Living Area SqFt 1,882
Status Active
MLS # RTC2751908
Property Type Single Family Residence
 
 

314 Buckwood Lane Thompsons Station, TN 37179

$548,098 - 2Br/3Ba -  for Sale in Emberly, Thompsons Station
New
Price $548,098
Beds 2
Baths 3
Living Area SqFt 1,524
Status Active
MLS # RTC2759070
Property Type Townhouse
 
 

Old Quick Rd Fayetteville, TN 37334

Price $548,000
Beds 3
Baths 4
Living Area SqFt 2,568
Status Active
MLS # RTC2752361
Property Type Single Family Residence
 
 

217 Pleasant Run Rd Smyrna, TN 37167

Price $548,000
Beds 3
Baths 3
Living Area SqFt 3,886
Status Active
MLS # RTC2699731
Property Type Single Family Residence
 
 

1312 Harmony Hill Lane Mount Juliet, TN 37122

Price $547,990
Beds 4
Baths 3
Living Area SqFt 2,321
Status Under Contract - Not Showing
MLS # RTC2648372
Property Type Single Family Residence
 
 

1177 Rimrock Rd Smyrna, TN 37167

Price $547,904
Beds 4
Baths 4
Living Area SqFt 2,446
Status Active
MLS # RTC2749704
Property Type Single Family Residence
 
 

1178 Rimrock Rd Smyrna, TN 37167

Price $547,904
Beds 4
Baths 3
Living Area SqFt 2,446
Status Active
MLS # RTC2754921
Property Type Single Family Residence
 
 

3610 Highway 231 N Shelbyville, TN 37160

Price $547,500
Beds 3
Baths 2
Living Area SqFt 1,460
Status Active
MLS # RTC2637275
Property Type Single Family Residence
 
 

4918 Russell David Drive Murfreesboro, TN 37129

Price $547,407
Beds 5
Baths 4
Living Area SqFt 2,921
Status Active
MLS # RTC2757021
Property Type Single Family Residence
 
 

8412 Marchwood Blvd Antioch, TN 37013

Price $547,140
Beds 5
Baths 3
Living Area SqFt 2,674
Status Active
MLS # RTC2747008
Property Type Single Family Residence
 
 

324 Buckwood Lane Thompsons Station, TN 37179

Price $547,000
Beds 2
Baths 3
Living Area SqFt 1,524
Status Active
MLS # RTC2739793
Property Type Townhouse
 
 

711 41st Ave N Nashville, TN 37209

Price $546,995
Beds 3
Baths 3
Living Area SqFt 1,560
Status Under Contract - Not Showing
MLS # RTC2673152
Property Type Other Condo
 
 

1036 Harwell Lane Murfreesboro, TN 37128

Price $546,930
Beds 4
Baths 4
Living Area SqFt 3,306
Status Under Contract - Not Showing
MLS # RTC2704010
Property Type Single Family Residence
 
 

1216 Chapel Cove Gallatin, TN 37066

Price $546,725
Beds 3
Baths 2
Living Area SqFt 2,221
Status Under Contract - Not Showing
MLS # RTC2745959
Property Type Single Family Residence
 
 

506 Tryon Trace Lot 269 Spring Hill, TN 37174

Price $546,620
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2750426
Property Type Single Family Residence
 
 

1409 Nashville Hwy Columbia, TN 38401

Price $546,500
Beds 3
Baths 2
Living Area SqFt 2,112
Status Active
MLS # RTC2598824
Property Type Single Family Residence
 
 

1215 Shady Pines Drive Mount Juliet, TN 37122

Price $546,425
Beds 3
Baths 3
Living Area SqFt 1,972
Status Under Contract - Not Showing
MLS # RTC2653491
Property Type Single Family Residence
 
 

6907 Bilaria Drive Murfreesboro, TN 37129

Price $546,365
Beds 4
Baths 3
Living Area SqFt 2,650
Status Under Contract - Not Showing
MLS # RTC2706847
Property Type Single Family Residence
 
 

1212 Demonbreun St Unit A11 (k) Nashville, TN 37203

$546,300 - 1Br/1Ba -  for Sale in Pullman Gulch Union, Nashville
Open House
New
Price $546,300
Beds 1
Baths 1
Living Area SqFt 819
Status Active
MLS # RTC2758966
Property Type High Rise
 
 

1209 Shady Pines Drive Mount Juliet, TN 37122

Price $545,990
Beds 4
Baths 3
Living Area SqFt 2,321
Status Active
MLS # RTC2755406
Property Type Single Family Residence
 
 

1213 Shady Pines Drive Mount Juliet, TN 37122

Price $545,990
Beds 4
Baths 4
Living Area SqFt 2,321
Status Under Contract - Not Showing
MLS # RTC2700966
Property Type Single Family Residence
 
 

7594 Maggie Dr Antioch, TN 37013

Price $545,900
Beds 4
Baths 4
Living Area SqFt 2,537
Status Active
MLS # RTC2748069
Property Type Single Family Residence
 
 

430 Bellingrath Dr Nashville, TN 37211

Price $545,900
Beds 2
Baths 2
Living Area SqFt 1,600
Status Under Contract - Showing
MLS # RTC2739283
Property Type Single Family Residence
 
 

5044 Mt Zion Rd Springfield, TN 37172

$545,900 - 3Br/2Ba -  for Sale in Ayer's Estates, Springfield
Open House
Price $545,900
Beds 3
Baths 2
Living Area SqFt 1,826
Status Active
MLS # RTC2680796
Property Type Single Family Residence
 
 

3329 Monoco Dr Spring Hill, TN 37174

$545,900 - 3Br/3Ba -  for Sale in Haynes Crossing Sec 3-b, Spring Hill
Open House
New
Price $545,900
Beds 3
Baths 3
Living Area SqFt 2,024
Status Coming Soon / Hold
MLS # RTC2759534
Property Type Single Family Residence
 
 

7117 Old Franklin Rd Fairview, TN 37062

Price $545,500
Beds 3
Baths 2
Living Area SqFt 2,028
Status Active
MLS # RTC2757280
Property Type Single Family Residence
 
 

6951 Wayana Murfreesboro, TN 37129

Price $545,120
Beds 4
Baths 3
Living Area SqFt 2,347
Status Under Contract - Not Showing
MLS # RTC2750161
Property Type Single Family Residence