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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1519 Old Elkton Pike Dellrose, TN 38453

Price $540,000
Beds 3
Baths 3
Living Area SqFt 2,003
Status Active
MLS # RTC2754440
Property Type Single Family Residence
 
 

2133 Forge Ridge Cir Nashville, TN 37217

Price $540,000
Beds 5
Baths 4
Living Area SqFt 3,171
Status Active
MLS # RTC2754516
Property Type Single Family Residence
 
 

1426 Ardee Ave Nashville, TN 37216

Price $539,999
Beds 4
Baths 3
Living Area SqFt 1,800
Status Active
MLS # RTC2670013
Property Type Single Family Residence
 
 

5516 Seesaw Rd Nashville, TN 37211

Price $539,999
Beds 4
Baths 3
Living Area SqFt 2,781
Status Active
MLS # RTC2700187
Property Type Single Family Residence
 
 

4848 Rock House Road Portland, TN 37148

Price $539,999
Beds 3
Baths 2
Living Area SqFt 2,375
Status Active
MLS # RTC2755029
Property Type Single Family Residence
 
 

1714 25th Ave N Unit B Nashville, TN 37208

Price $539,998
Beds 3
Baths 3
Living Area SqFt 1,731
Status Active
MLS # RTC2743455
Property Type Single Family Residence
 
 

7110 Westway Cir Knoxville, TN 37919

$539,995 - 4Br/3Ba -  for Sale in Dogwood Manor Unit 1, Knoxville
New
Price $539,995
Beds 4
Baths 3
Living Area SqFt 2,664
Status Active
MLS # RTC2758329
Property Type Single Family Residence
 
 

5370 Bellflower Hills Hermitage, TN 37076

Price $539,990
Beds 4
Baths 5
Living Area SqFt 2,574
Status Active
MLS # RTC2755346
Property Type Single Family Residence
 
 

1000 Laurel Valley Lane Mount Juliet, TN 37122

Price $539,990
Beds 4
Baths 3
Living Area SqFt 2,542
Status Under Contract - Not Showing
MLS # RTC2755340
Property Type Single Family Residence
 
 

2895 Pierside Drive Hermitage, TN 37076

Price $539,990
Beds 4
Baths 4
Living Area SqFt 2,895
Status Active
MLS # RTC2687307
Property Type Single Family Residence
 
 

5012 Lawler Lane Old Hickory, TN 37138

Price $539,990
Beds 5
Baths 4
Living Area SqFt 2,725
Status Active
MLS # RTC2753186
Property Type Single Family Residence
 
 

4001 Rampart Way Spring Hill, TN 37174

Price $539,990
Beds 4
Baths 3
Living Area SqFt 2,563
Status Active
MLS # RTC2700775
Property Type Single Family Residence
 
 

629 Seuss Way Hendersonville, TN 37075

Price $539,990
Beds 3
Baths 3
Living Area SqFt 2,308
Status Under Contract - Not Showing
MLS # RTC2707648
Property Type Single Family Residence
 
 

208 Kennedy Dr White House, TN 37188

Price $539,990
Beds 5
Baths 3
Living Area SqFt 2,368
Status Active
MLS # RTC2755819
Property Type Single Family Residence
 
 

837 Nightingale Ave Hendersonville, TN 37075

Price $539,990
Beds 3
Baths 3
Living Area SqFt 2,308
Status Active
MLS # RTC2756042
Property Type Single Family Residence
 
 

7101 Honeysuckle Trl Baxter, TN 38544

Price $539,900
Beds 3
Baths 2
Living Area SqFt 2,071
Status Active
MLS # RTC2739804
Property Type Single Family Residence
 
 

2343 Davidson Graveyard Rd Clarksville, TN 37043

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2648183
Property Type Single Family Residence
 
 

529 Foxglove Ln Clarksville, TN 37043

Price $539,900
Beds 5
Baths 4
Living Area SqFt 2,688
Status Active
MLS # RTC2754647
Property Type Single Family Residence
 
 

427 Blue Ridge Ct Clarksville, TN 37043

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,500
Status Active
MLS # RTC2739258
Property Type Single Family Residence
 
 

108 Devils Backbone Road Manchester, TN 37355

Price $539,900
Beds 3
Baths 2
Living Area SqFt 2,174
Status Active
MLS # RTC2755605
Property Type Single Family Residence
 
 

3133 Setting Sun Dr Thompsons Station, TN 37179

Price $539,900
Beds 3
Baths 4
Living Area SqFt 2,037
Status Active
MLS # RTC2757690
Property Type Townhouse
 
 

508 Proximity Cir Nashville, TN 37207

Price $539,900
Beds 3
Baths 4
Living Area SqFt 2,237
Status Under Contract - Showing
MLS # RTC2483930
Property Type Horizontal Property Regime - Attached
 
 

524 Proximity Cir Nashville, TN 37207

Price $539,900
Beds 3
Baths 4
Living Area SqFt 2,237
Status Under Contract - Showing
MLS # RTC2550215
Property Type Horizontal Property Regime - Attached
 
 

1184 Forsythia Trce Clarksville, TN 37043

Price $539,900
Beds 5
Baths 4
Living Area SqFt 2,710
Status Active
MLS # RTC2626785
Property Type Single Family Residence
 
 

1100 Golden Creek Ct Murfreesboro, TN 37129

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,332
Status Active
MLS # RTC2644136
Property Type Single Family Residence
 
 

172 Blackpool Dr Antioch, TN 37013

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,891
Status Active
MLS # RTC2648358
Property Type Single Family Residence
 
 

7609 Kemberton Dr E Nolensville, TN 37135

Price $539,900
Beds 3
Baths 3
Living Area SqFt 2,175
Status Under Contract - Showing
MLS # RTC2666412
Property Type Single Family Residence
 
 

3432 Harborwood Cir Nashville, TN 37214

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,570
Status Active
MLS # RTC2668128
Property Type Single Family Residence
 
 

2731 Memorial Drive Ext Clarksville, TN 37043

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2673501
Property Type Single Family Residence
 
 

1212 Laurel St Unit 1210 Nashville, TN 37203

Price $539,900
Beds 1
Baths 1
Living Area SqFt 703
Status Active
MLS # RTC2680623
Property Type High Rise
 
 

230 Michael Cir Lafayette, TN 37083

Price $539,900
Beds 4
Baths 3
Living Area SqFt 3,200
Status Active
MLS # RTC2694414
Property Type Single Family Residence
 
 

320 Bluebriar Trce Clarksville, TN 37043

Price $539,900
Beds 6
Baths 4
Living Area SqFt 2,839
Status Under Contract - Showing
MLS # RTC2697231
Property Type Single Family Residence
 
 

730 Old Hickory Blvd Unit 222 Nashville, TN 37209

Price $539,900
Beds 4
Baths 4
Living Area SqFt 2,105
Status Active
MLS # RTC2700133
Property Type Horizontal Property Regime - Attached
 
 

8500 Fox Hollow Rd Christiana, TN 37037

Price $539,900
Beds 2
Baths 2
Living Area SqFt 2,330
Status Under Contract - Not Showing
MLS # RTC2701844
Property Type Single Family Residence
 
 

4336 Old Goins Rd Nashville, TN 37211

Price $539,900
Beds 4
Baths 4
Living Area SqFt 2,278
Status Active
MLS # RTC2703030
Property Type Horizontal Property Regime - Detached
 
 

418 Mcdonald Dr Nashville, TN 37217

Price $539,900
Beds 4
Baths 3
Living Area SqFt 1,854
Status Active
MLS # RTC2707495
Property Type Single Family Residence
 
 

355 Sayre Ln Murfreesboro, TN 37127

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,596
Status Active
MLS # RTC2709105
Property Type Single Family Residence
 
 

515 Gibbs Rd Lawrenceburg, TN 38464

Price $539,900
Beds 3
Baths 2
Living Area SqFt 2,447
Status Active
MLS # RTC2739608
Property Type Single Family Residence
 
 

1861 Stonewater Dr Hermitage, TN 37076

Price $539,900
Beds 3
Baths 2
Living Area SqFt 2,304
Status Active
MLS # RTC2739810
Property Type Single Family Residence
 
 

4293 Rachel Donelson Pass Hermitage, TN 37076

Price $539,900
Beds 3
Baths 2
Living Area SqFt 2,150
Status Active
MLS # RTC2743991
Property Type Single Family Residence