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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1325 Westvale Dr Nashville, TN 37221

Price $539,900
Beds 3
Baths 3
Living Area SqFt 2,296
Status Under Contract - Showing
MLS # RTC2744661
Property Type Single Family Residence
 
 

3025 Inman Dr Thompsons Station, TN 37179

Price $539,900
Beds 3
Baths 3
Living Area SqFt 1,925
Status Active
MLS # RTC2745834
Property Type Townhouse
 
 

4516 Packard Dr Nashville, TN 37211

Price $539,900
Beds 3
Baths 3
Living Area SqFt 2,362
Status Active
MLS # RTC2748507
Property Type Single Family Residence
 
 

1661 S Walker Rd Pleasant View, TN 37146

$539,900 - 3Br/4Ba -  for Sale in Waldon Cornor, Pleasant View
Open House
Price $539,900
Beds 3
Baths 4
Living Area SqFt 3,509
Status Active
MLS # RTC2750328
Property Type Single Family Residence
 
 

7598 Maggie Dr Antioch, TN 37013

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,239
Status Active
MLS # RTC2750515
Property Type Single Family Residence
 
 

3045 Inman Dr Thompsons Station, TN 37179

Price $539,900
Beds 3
Baths 3
Living Area SqFt 1,925
Status Active
MLS # RTC2752600
Property Type Townhouse
 
 

4619 Lancaster Rd Smyrna, TN 37167

Price $539,900
Beds 5
Baths 3
Living Area SqFt 2,886
Status Active
MLS # RTC2752877
Property Type Single Family Residence
 
 

3810 Caroline Farms Drive Murfreesboro, TN 37129

$539,900 - 4Br/4Ba -  for Sale in Caroline Farms, Murfreesboro
Open House
Price $539,900
Beds 4
Baths 4
Living Area SqFt 2,719
Status Active
MLS # RTC2753444
Property Type Single Family Residence
 
 

628 Magnolia Ln Nashville, TN 37211

Price $539,900
Beds 4
Baths 3
Living Area SqFt 2,998
Status Under Contract - Showing
MLS # RTC2753621
Property Type Single Family Residence
 
 

211 W Hills Ter Dickson, TN 37055

Price $539,900
Beds 3
Baths 2
Living Area SqFt 3,280
Status Active
MLS # RTC2755571
Property Type Single Family Residence
 
 

25 James Way Lafayette, TN 37083

Price $539,900
Beds 6
Baths 3
Living Area SqFt 3,436
Status Active
MLS # RTC2755908
Property Type Single Family Residence
 
 

103 Lewis St Nashville, TN 37210

$539,900 - 3Br/3Ba -  for Sale in Maury & Claiborne, Nashville
New
Price $539,900
Beds 3
Baths 3
Living Area SqFt 1,856
Status Active
MLS # RTC2757942
Property Type Single Family Residence
 
 

215 Vintage Way Lebanon, TN 37087

$539,900 - 3Br/3Ba -  for Sale in Five Oaks Ph5 Sec 2f, Lebanon
New
Price $539,900
Beds 3
Baths 3
Living Area SqFt 2,481
Status Coming Soon / Hold
MLS # RTC2758729
Property Type Townhouse
 
 

6698 Hanworth Trace Smyrna, TN 37167

$539,875 - 5Br/4Ba -  for Sale in Blakeney, Smyrna
Open House
Price $539,875
Beds 5
Baths 4
Living Area SqFt 2,809
Status Active
MLS # RTC2757120
Property Type Single Family Residence
 
 

115 Lakeview Trl Mc Minnville, TN 37110

Price $539,500
Beds 3
Baths 2
Living Area SqFt 2,224
Status Active
MLS # RTC2745565
Property Type Single Family Residence
 
 

7015 Sully Ct Fairview, TN 37062

Price $539,299
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2709165
Property Type Single Family Residence
 
 

718 Hancock Lane Lebanon, TN 37087

Price $539,215
Beds 5
Baths 4
Living Area SqFt 3,271
Status Under Contract - Not Showing
MLS # RTC2708899
Property Type Single Family Residence
 
 

1028 Harwell Lane Murfreesboro, TN 37128

Price $539,065
Beds 4
Baths 4
Living Area SqFt 3,306
Status Under Contract - Not Showing
MLS # RTC2704006
Property Type Single Family Residence
 
 

3805 Rivermont Way Rockvale, TN 37153

Price $539,055
Beds 4
Baths 3
Living Area SqFt 2,603
Status Under Contract - Not Showing
MLS # RTC2695830
Property Type Single Family Residence
 
 

75 Deer Lick Trail Monteagle, TN 37356

Price $539,000
Beds 2
Baths 2
Living Area SqFt 836
Status Active
MLS # RTC2693707
Property Type Manufactured On Land
 
 

5877 Lickton Pike Goodlettsville, TN 37072

Price $539,000
Beds 3
Baths 3
Living Area SqFt 2,110
Status Active
MLS # RTC2657502
Property Type Single Family Residence
 
 

299 Wallace Rd Nashville, TN 37211

Price $539,000
Beds 4
Baths 3
Living Area SqFt 2,039
Status Active
MLS # RTC2667467
Property Type Single Family Residence
 
 

3000 Vanderbilt Pl Unit 111 Nashville, TN 37212

Price $539,000
Beds 2
Baths 2
Living Area SqFt 1,039
Status Active
MLS # RTC2676336
Property Type Other Condo
 
 

354 Kara Ln Nolensville, TN 37135

Price $539,000
Beds 4
Baths 4
Living Area SqFt 2,332
Status Active
MLS # RTC2690173
Property Type Zero Lot Line
 
 

3322 Mimosa Dr Unit A,b Columbia, TN 38401

Price $539,000
Beds 4
Baths 2
Living Area SqFt 2,160
Status Active
MLS # RTC2695414
Property Type Single Family Residence
 
 

105 E Olive St Murfreesboro, TN 37130

Price $539,000
Beds 3
Baths 4
Living Area SqFt 2,135
Status Active
MLS # RTC2704439
Property Type Other Condo
 
 

6153 Chandlers Rd Auburn, KY 42206

Price $539,000
Beds 4
Baths 3
Living Area SqFt 2,537
Status Active
MLS # RTC2708264
Property Type Single Family Residence
 
 

1101 Johns Rd Joelton, TN 37080

Price $539,000
Beds 3
Baths 2
Living Area SqFt 1,400
Status Under Contract - Showing
MLS # RTC2708409
Property Type Single Family Residence
 
 

5944 Woodlands Ave Nashville, TN 37211

Price $539,000
Beds 3
Baths 3
Living Area SqFt 2,178
Status Under Contract - Showing
MLS # RTC2739361
Property Type Single Family Residence
 
 

4782 Wildberry Ln Chapel Hill, TN 37034

Price $539,000
Beds 3
Baths 2
Living Area SqFt 2,204
Status Under Contract - Showing
MLS # RTC2739815
Property Type Single Family Residence
 
 

725 Laurel Ln Murfreesboro, TN 37127

Price $539,000
Beds 4
Baths 3
Living Area SqFt 2,515
Status Under Contract - Not Showing
MLS # RTC2740199
Property Type Single Family Residence
 
 

320 Eastern Shores Dr Lexington, TN 38351

Price $539,000
Beds 4
Baths 3
Living Area SqFt 3,368
Status Active
MLS # RTC2745550
Property Type Single Family Residence
 
 

405 Fox Run Cv Henderson, TN 38340

Price $539,000
Beds 4
Baths 3
Living Area SqFt 3,099
Status Active
MLS # RTC2748596
Property Type Single Family Residence
 
 

252 Ivy Bend Cir Clarksville, TN 37043

Price $539,000
Beds 5
Baths 5
Living Area SqFt 3,172
Status Under Contract - Showing
MLS # RTC2748974
Property Type Single Family Residence
 
 

2600 Hillsboro Pike Unit 204 Nashville, TN 37212

Price $539,000
Beds 2
Baths 2
Living Area SqFt 1,300
Status Active
MLS # RTC2749070
Property Type Flat Condo
 
 

506 Douglas Ave Nashville, TN 37207

Price $539,000
Beds 3
Baths 2
Living Area SqFt 1,222
Status Under Contract - Showing
MLS # RTC2751771
Property Type Single Family Residence
 
 

1306 Harmony Hill Lane Mount Juliet, TN 37122

Price $538,990
Beds 3
Baths 3
Living Area SqFt 1,972
Status Active
MLS # RTC2755647
Property Type Single Family Residence
 
 

172 Sherlock Dr Clarksville, TN 37043

Price $538,900
Beds 4
Baths 3
Living Area SqFt 2,630
Status Active
MLS # RTC2690895
Property Type Single Family Residence
 
 

172 Sherlock Dr Clarksville, TN 37043

$538,900 - 4Br/3Ba -  for Sale in Poplar Hill, Clarksville
New
Price $538,900
Beds 4
Baths 3
Living Area SqFt 2,630
Status Active
MLS # RTC2758623
Property Type Single Family Residence
 
 

5022 Lawler Lane Old Hickory, TN 37138

Price $538,780
Beds 4
Baths 3
Living Area SqFt 2,400
Status Active
MLS # RTC2754187
Property Type Single Family Residence