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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303 Riverstone Blvd Nashville, TN 37214

Price $529,900
Beds 3
Baths 5
Living Area SqFt 3,397
Status Active
MLS # RTC2656716
Property Type Townhouse
 
 

806 Mcmurry Blvd E Hartsville, TN 37074

Price $529,900
Beds 6
Baths 3
Living Area SqFt 3,494
Status Active
MLS # RTC2667100
Property Type Single Family Residence
 
 

317 Leopole Rd Nashville, TN 37211

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,500
Status Active
MLS # RTC2668935
Property Type Single Family Residence
 
 

417 Zephyr Cv Lebanon, TN 37087

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,569
Status Active
MLS # RTC2669790
Property Type Single Family Residence
 
 

256 Oak Place Dr Smithville, TN 37166

Price $529,900
Beds 3
Baths 2
Living Area SqFt 2,566
Status Active
MLS # RTC2681526
Property Type Single Family Residence
 
 

1114 Spring Creek Rd Chapmansboro, TN 37035

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,105
Status Active
MLS # RTC2682233
Property Type Single Family Residence
 
 

102 Harrier Ct La Vergne, TN 37086

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,332
Status Active
MLS # RTC2684505
Property Type Single Family Residence
 
 

148 Lena Loop Burns, TN 37029

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,369
Status Under Contract - Showing
MLS # RTC2693441
Property Type Single Family Residence
 
 

2556 Devon Valley Dr Nashville, TN 37221

Price $529,900
Beds 3
Baths 3
Living Area SqFt 1,867
Status Active
MLS # RTC2698296
Property Type Single Family Residence
 
 

1723 24th Ave N Nashville, TN 37208

Price $529,900
Beds 3
Baths 3
Living Area SqFt 1,751
Status Active
MLS # RTC2702460
Property Type Single Family Residence
 
 

3412 Caroline Farms Dr Murfreesboro, TN 37129

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,663
Status Under Contract - Not Showing
MLS # RTC2707505
Property Type Single Family Residence
 
 

583 Prema Drive Unit 140 Chattanooga, TN 37412

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,349
Status Active
MLS # RTC2709470
Property Type Single Family Residence
 
 

656 Foster Ln Mount Juliet, TN 37122

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,601
Status Under Contract - Showing
MLS # RTC2740181
Property Type Single Family Residence
 
 

447 Red Sunset Ct Brentwood, TN 37027

Price $529,900
Beds 3
Baths 3
Living Area SqFt 1,981
Status Active
MLS # RTC2750597
Property Type Single Family Residence
 
 

865 Little Hurricane Ln Monterey, TN 38574

Price $529,900
Beds 3
Baths 3
Living Area SqFt 1,920
Status Active
MLS # RTC2751520
Property Type Single Family Residence
 
 

121 Lynhurst Cir Hendersonville, TN 37075

Price $529,900
Beds 3
Baths 2
Living Area SqFt 2,972
Status Active
MLS # RTC2751914
Property Type Single Family Residence
 
 

3610 Lantern Ln Murfreesboro, TN 37128

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,610
Status Active
MLS # RTC2752682
Property Type Single Family Residence
 
 

3810 Caroline Farms Drive Murfreesboro, TN 37129

Price $529,900
Beds 4
Baths 4
Living Area SqFt 2,719
Status Active
MLS # RTC2753444
Property Type Single Family Residence
 
 

948 Carraway Ln Spring Hill, TN 37174

Price $529,900
Beds 3
Baths 3
Living Area SqFt 2,384
Status Active
MLS # RTC2755233
Property Type Single Family Residence
 
 

3437 Caroline Farms Drive 53 Murfreesboro, TN 37129

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,516
Status Active
MLS # RTC2755831
Property Type Single Family Residence
 
 

129 Judson Dr Hendersonville, TN 37075

Price $529,900
Beds 4
Baths 3
Living Area SqFt 3,272
Status Under Contract - Showing
MLS # RTC2756386
Property Type Single Family Residence
 
 

5943 Highway 41a Joelton, TN 37080

Price $529,900
Beds 3
Baths 2
Living Area SqFt 1,455
Status Active
MLS # RTC2757307
Property Type Single Family Residence
 
 

354 Cumberland Cove Rd Monterey, TN 38574

Price $529,900
Beds 3
Baths 2
Living Area SqFt 1,878
Status Active
MLS # RTC2759307
Property Type Single Family Residence
 
 

201 Holiday Dr Madison, TN 37115

Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,678
Status Active
MLS # RTC2759401
Property Type Single Family Residence
 
 

405 Big Spring Hollow Rd Pulaski, TN 38478

Price $529,900
Beds 3
Baths 2
Living Area SqFt 2,000
Status Active
MLS # RTC2761341
Property Type Single Family Residence
 
 

4335 Memory Ln Adams, TN 37010

$529,900 - 4Br/3Ba -  for Sale in Meadowland, Adams
New
Price $529,900
Beds 4
Baths 3
Living Area SqFt 2,663
Status Active
MLS # RTC2762292
Property Type Single Family Residence
 
 

6706 Hanworth Trace Smyrna, TN 37167

Price $529,875
Beds 4
Baths 3
Living Area SqFt 2,556
Status Under Contract - Not Showing
MLS # RTC2739844
Property Type Single Family Residence
 
 

2979 Windstone Trail Columbia, TN 38401

Price $529,808
Beds 4
Baths 3
Living Area SqFt 2,492
Status Active
MLS # RTC2758104
Property Type Single Family Residence
 
 

5042 Birchcroft Ln Franklin, TN 37064

Price $529,800
Beds 3
Baths 3
Living Area SqFt 1,556
Status Active
MLS # RTC2754296
Property Type Townhouse
 
 

700 Ronnie Rd Madison, TN 37115

Price $529,700
Beds 3
Baths 2
Living Area SqFt 1,934
Status Under Contract - Showing
MLS # RTC2748663
Property Type Single Family Residence
 
 

8428 Marchwood Blvd Antioch, TN 37013

Price $529,640
Beds 5
Baths 3
Living Area SqFt 2,674
Status Active
MLS # RTC2746994
Property Type Single Family Residence
 
 

951 Alton Drive Clarksville, TN 37043

Price $529,500
Beds 4
Baths 4
Living Area SqFt 2,710
Status Active
MLS # RTC2756349
Property Type Single Family Residence
 
 

214 Lexington Cir Manchester, TN 37355

Price $529,500
Beds 4
Baths 3
Living Area SqFt 2,666
Status Under Contract - Not Showing
MLS # RTC2676999
Property Type Single Family Residence
 
 

2136 Creekland View Blvd Nashville, TN 37207

$529,448 - 4Br/3Ba -  for Sale in Heritage Creek, Nashville
Open House
Price $529,448
Beds 4
Baths 3
Living Area SqFt 2,274
Status Active
MLS # RTC2699057
Property Type Single Family Residence
 
 

249 Cavalcade Loop Gallatin, TN 37066

Price $529,040
Beds 4
Baths 3
Living Area SqFt 2,420
Status Under Contract - Not Showing
MLS # RTC2698709
Property Type Single Family Residence
 
 

483 Centre Street Pleasant View, TN 37146

$529,000 - 3Br/4Ba -  for Sale in Pleasant View Village Phase V-a, Pleasant View
New
Price $529,000
Beds 3
Baths 4
Living Area SqFt 2,338
Status Active
MLS # RTC2762942
Property Type Single Family Residence
 
 

119 Kelleys Chapel Rd Waynesboro, TN 38485

Price $529,000
Beds 5
Baths 3
Living Area SqFt 3,016
Status Active
MLS # RTC2668748
Property Type Single Family Residence
 
 

76 E Thompson Ln Nashville, TN 37211

Price $529,000
Beds 3
Baths 3
Living Area SqFt 2,055
Status Active
MLS # RTC2693595
Property Type Single Family Residence
 
 

3322 Mimosa Dr Unit A,b Columbia, TN 38401

Price $529,000
Beds 4
Baths 2
Living Area SqFt 2,160
Status Active
MLS # RTC2695414
Property Type Single Family Residence
 
 

1256 Brentwood Highlands Dr Nashville, TN 37211

Price $529,000
Beds 4
Baths 3
Living Area SqFt 2,268
Status Active
MLS # RTC2702744
Property Type Single Family Residence