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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245 Cavalcade Loop Gallatin, TN 37066

Price $531,900
Beds 4
Baths 3
Living Area SqFt 2,882
Status Under Contract - Not Showing
MLS # RTC2651193
Property Type Single Family Residence
 
 

1175 Rimrock Rd Smyrna, TN 37167

Price $531,328
Beds 4
Baths 3
Living Area SqFt 2,372
Status Active
MLS # RTC2752061
Property Type Single Family Residence
 
 

814 42nd Ave N Nashville, TN 37209

Price $530,995
Beds 3
Baths 3
Living Area SqFt 1,544
Status Under Contract - Not Showing
MLS # RTC2695982
Property Type Loft
 
 

6309 Gladstone Lane Rockvale, TN 37153

Price $530,920
Beds 5
Baths 3
Living Area SqFt 2,412
Status Under Contract - Not Showing
MLS # RTC2699646
Property Type Single Family Residence
 
 

1819 Abelson Way Columbia, TN 38401

$530,900 - 3Br/3Ba -  for Sale in Bear Creek Overlook, Columbia
New
Price $530,900
Beds 3
Baths 3
Living Area SqFt 2,440
Status Active
MLS # RTC2762886
Property Type Single Family Residence
 
 

928 Green Valley Smyrna, TN 37167

Price $530,465
Beds 4
Baths 3
Living Area SqFt 2,739
Status Under Contract - Not Showing
MLS # RTC2673979
Property Type Single Family Residence
 
 

1228 Chapel Cove Gallatin, TN 37066

Price $530,090
Beds 5
Baths 3
Living Area SqFt 2,608
Status Active
MLS # RTC2760201
Property Type Single Family Residence
 
 

6723 Old Nashville Hwy Murfreesboro, TN 37129

Price $530,002
Beds 4
Baths 3
Living Area SqFt 2,495
Status Active
MLS # RTC2695938
Property Type Single Family Residence
 
 

1301 Baptist World Center Dr # A Nashville, TN 37207

Price $530,000
Beds 2
Baths 3
Living Area SqFt 1,315
Status Under Contract - Not Showing
MLS # RTC2592272
Property Type Townhouse
 
 

2815 Deerhaven Dr Cookeville, TN 38506

Price $530,000
Beds 4
Baths 4
Living Area SqFt 2,603
Status Under Contract - Showing
MLS # RTC2644866
Property Type Single Family Residence
 
 

4013 Merryman Ln Murfreesboro, TN 37127

Price $530,000
Beds 4
Baths 3
Living Area SqFt 2,268
Status Active
MLS # RTC2653312
Property Type Single Family Residence
 
 

4270 Highway 41a S Clarksville, TN 37043

Price $530,000
Beds 3
Baths 4
Living Area SqFt 3,104
Status Under Contract - Showing
MLS # RTC2678738
Property Type Single Family Residence
 
 

411 Lake Farm Rd Smyrna, TN 37167

Price $530,000
Beds 4
Baths 3
Living Area SqFt 1,846
Status Active
MLS # RTC2693431
Property Type Single Family Residence
 
 

159 Archgate Ct Clarksville, TN 37043

Price $530,000
Beds 4
Baths 4
Living Area SqFt 3,176
Status Active
MLS # RTC2695221
Property Type Single Family Residence
 
 

2745 Warner Rd Lewisburg, TN 37091

Price $530,000
Beds 3
Baths 2
Living Area SqFt 2,744
Status Under Contract - Showing
MLS # RTC2700264
Property Type Manufactured On Land
 
 

705 Pat Ct Madison, TN 37115

Price $530,000
Beds 4
Baths 4
Living Area SqFt 2,371
Status Active
MLS # RTC2709016
Property Type Single Family Residence
 
 

432 Chinook Dr Antioch, TN 37013

Price $530,000
Beds 3
Baths 3
Living Area SqFt 2,533
Status Under Contract - Showing
MLS # RTC2747122
Property Type Single Family Residence
 
 

323 Hancock St Nashville, TN 37207

Price $530,000
Beds 3
Baths 2
Living Area SqFt 1,435
Status Under Contract - Showing
MLS # RTC2748997
Property Type Single Family Residence
 
 

104 Twelve Oaks Rd Tullahoma, TN 37388

Price $530,000
Beds 4
Baths 3
Living Area SqFt 2,755
Status Active
MLS # RTC2750844
Property Type Single Family Residence
 
 

181 Allen Rd Goodlettsville, TN 37072

Price $530,000
Beds 3
Baths 2
Living Area SqFt 2,458
Status Active
MLS # RTC2751664
Property Type Single Family Residence
 
 

400 Warioto Way Unit 415 Ashland City, TN 37015

Price $530,000
Beds 3
Baths 2
Living Area SqFt 1,763
Status Active
MLS # RTC2751685
Property Type High Rise
 
 

4757 Milner Dr Nashville, TN 37211

Price $530,000
Beds 3
Baths 2
Living Area SqFt 1,365
Status Active
MLS # RTC2752320
Property Type Single Family Residence
 
 

302 Dupont Ave Madison, TN 37115

Price $530,000
Beds 4
Baths 3
Living Area SqFt 2,300
Status Active
MLS # RTC2759160
Property Type Single Family Residence
 
 

154 Cape Private Cir Gallatin, TN 37066

Price $530,000
Beds 3
Baths 3
Living Area SqFt 2,616
Status Active
MLS # RTC2759500
Property Type Townhouse
 
 

485 Tuck Rd Estill Springs, TN 37330

Price $530,000
Beds 3
Baths 2
Living Area SqFt 2,444
Status Under Contract - Not Showing
MLS # RTC2759535
Property Type Single Family Residence
 
 

1331 Cardinal Ave Nashville, TN 37216

Price $530,000
Beds 3
Baths 2
Living Area SqFt 2,050
Status Under Contract - Showing
MLS # RTC2760752
Property Type Single Family Residence
 
 

101 Cora Beth Ct Lascassas, TN 37085

$530,000 - 4Br/3Ba -  for Sale in Chestnut Valley Sec 1 Ph 2, Lascassas
New
Price $530,000
Beds 4
Baths 3
Living Area SqFt 2,425
Status Active
MLS # RTC2761859
Property Type Single Family Residence
 
 

254 Rouse Rd Dickson, TN 37055

$530,000 - 4Br/3Ba -  for Sale in Forrest Park, Dickson
New
Price $530,000
Beds 4
Baths 3
Living Area SqFt 2,880
Status Active
MLS # RTC2762578
Property Type Single Family Residence
 
 

2983 Prince Dr Clarksville, TN 37043

Price $529,999
Beds 4
Baths 3
Living Area SqFt 2,830
Status Active
MLS # RTC2688743
Property Type Single Family Residence
 
 

6410 Hickory Bell Dr Murfreesboro, TN 37128

Price $529,999
Beds 3
Baths 3
Living Area SqFt 2,288
Status Under Contract - Not Showing
MLS # RTC2752476
Property Type Single Family Residence
 
 

505 Community Ct Unit 8 Nashville, TN 37209

Price $529,999
Beds 2
Baths 3
Living Area SqFt 1,341
Status Active
MLS # RTC2752920
Property Type Horizontal Property Regime - Attached
 
 

304 Shady Creek Ln Nashville, TN 37211

Price $529,999
Beds 4
Baths 4
Living Area SqFt 2,511
Status Active
MLS # RTC2753811
Property Type Single Family Residence
 
 

112 Cades Bluff Mount Juliet, TN 37122

Price $529,995
Beds 5
Baths 3
Living Area SqFt 2,722
Status Under Contract - Not Showing
MLS # RTC2704297
Property Type Single Family Residence
 
 

1779 Vanner Road Mount Juliet, TN 37122

Price $529,990
Beds 3
Baths 3
Living Area SqFt 1,779
Status Active
MLS # RTC2761609
Property Type Single Family Residence
 
 

1306 Harmony Hill Lane Mount Juliet, TN 37122

$529,990 - 3Br/3Ba -  for Sale in Waverly, Mount Juliet
Open House
Price $529,990
Beds 3
Baths 3
Living Area SqFt 1,972
Status Active
MLS # RTC2755647
Property Type Single Family Residence
 
 

5405 Zinnia Lane E Hermitage, TN 37076

$529,990 - 4Br/3Ba -  for Sale in Tulip Hills, Hermitage
Open House
Price $529,990
Beds 4
Baths 3
Living Area SqFt 2,880
Status Active
MLS # RTC2754789
Property Type Single Family Residence
 
 

4003 Rampart Way Spring Hill, TN 37174

Price $529,990
Beds 3
Baths 3
Living Area SqFt 2,556
Status Active
MLS # RTC2700774
Property Type Single Family Residence
 
 

3232 Indian Summer Lane Knoxville, TN 37920

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,202
Status Under Contract - Showing
MLS # RTC2751151
Property Type Single Family Residence
 
 

190 Deer Ln Morrison, TN 37357

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,220
Status Active
MLS # RTC2709196
Property Type Single Family Residence
 
 

14 North Fork Branch Rd Tullahoma, TN 37388

$529,900 - 3Br/3Ba -  for Sale in Legacy Preserve, Tullahoma
Open House
Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,493
Status Active
MLS # RTC2699548
Property Type Single Family Residence