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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6529 Rolling Fork Dr Nashville, TN 37205

Price $2,450,000
Beds 4
Baths 6
Living Area SqFt 4,679
Status Under Contract - Not Showing
MLS # RTC2757184
Property Type Single Family Residence
 
 

719 Vernon Rd Franklin, TN 37067

Price $2,450,000
Beds 2
Baths 2
Living Area SqFt 1,900
Status Active
MLS # RTC2739731
Property Type Single Family Residence
 
 

1601 S Observatory Dr Unit C Nashville, TN 37215

Price $2,450,000
Beds 5
Baths 6
Living Area SqFt 4,859
Status Active
MLS # RTC2754766
Property Type Single Family Residence
 
 

11671 Central Pike Mount Juliet, TN 37122

Price $2,450,000
Beds 3
Baths 3
Living Area SqFt 3,067
Status Active
MLS # RTC2675850
Property Type Single Family Residence
 
 

2313 Allisona Rd Eagleville, TN 37060

Price $2,449,900
Beds 4
Baths 5
Living Area SqFt 3,990
Status Active
MLS # RTC2697971
Property Type Single Family Residence
 
 

4821 Kedron Rd Spring Hill, TN 37174

Price $2,449,000
Beds 3
Baths 5
Living Area SqFt 3,976
Status Active
MLS # RTC2698421
Property Type Single Family Residence
 
 

6073 Congress Drive Franklin, TN 37064

$2,445,000 - 5Br/6Ba -  for Sale in Westhaven, Franklin
New
Price $2,445,000
Beds 5
Baths 6
Living Area SqFt 4,563
Status Active
MLS # RTC2762545
Property Type Single Family Residence
 
 

2028a Overhill Dr Nashville, TN 37215

Price $2,445,000
Beds 5
Baths 5
Living Area SqFt 4,579
Status Active
MLS # RTC2705150
Property Type Horizontal Property Regime - Detached
 
 

620 Williamson County Line Rd Fairview, TN 37062

Price $2,445,000
Beds 4
Baths 5
Living Area SqFt 5,725
Status Under Contract - Not Showing
MLS # RTC2641679
Property Type Single Family Residence
 
 

1754 White Hart Ln Brentwood, TN 37027

Price $2,429,900
Beds 5
Baths 6
Living Area SqFt 5,458
Status Under Contract - Not Showing
MLS # RTC2706874
Property Type Single Family Residence
 
 

5159 Bond Mill Rd Thompsons Station, TN 37179

Price $2,425,502
Beds 5
Baths 8
Living Area SqFt 6,217
Status Under Contract - Not Showing
MLS # RTC2699478
Property Type Single Family Residence
 
 

1041 Annecy Pkwy Nolensville, TN 37135

Price $2,400,000
Beds 5
Baths 6
Living Area SqFt 5,332
Status Active
MLS # RTC2746789
Property Type Single Family Residence
 
 

5124 Lickton Pike Goodlettsville, TN 37072

Price $2,400,000
Beds 4
Baths 3
Living Area SqFt 3,951
Status Active
MLS # RTC2736593
Property Type Single Family Residence
 
 

208 3rd Ave N Unit 200 Nashville, TN 37201

Price $2,400,000
Beds 2
Baths 2
Living Area SqFt 2,310
Status Active
MLS # RTC2706724
Property Type Loft
 
 

6231 Bresslyn Rd Nashville, TN 37205

Price $2,400,000
Beds 5
Baths 7
Living Area SqFt 5,805
Status Active
MLS # RTC2760055
Property Type Single Family Residence
 
 

2526 Bearden Rd Clarksville, TN 37043

Price $2,400,000
Beds 4
Baths 5
Living Area SqFt 6,904
Status Active
MLS # RTC2675420
Property Type Single Family Residence
 
 

4404 Shys Hill Rd Nashville, TN 37215

Price $2,400,000
Beds 5
Baths 6
Living Area SqFt 5,872
Status Active
MLS # RTC2685688
Property Type Single Family Residence
 
 

4013 Estes Rd Nashville, TN 37215

$2,400,000 - 4Br/5Ba -  for Sale in Green Hills / Evergreen Heights, Nashville
Open House
Price $2,400,000
Beds 4
Baths 5
Living Area SqFt 5,435
Status Active
MLS # RTC2759085
Property Type Single Family Residence
 
 

1760 Barker Rd Thompsons Station, TN 37179

Price $2,399,999
Beds 5
Baths 5
Living Area SqFt 4,934
Status Active
MLS # RTC2749585
Property Type Single Family Residence
 
 

934 Battery Ln Nashville, TN 37220

$2,399,999 - 5Br/7Ba -  for Sale in 934 Battery Lane Residences, Nashville
Open House
Price $2,399,999
Beds 5
Baths 7
Living Area SqFt 5,619
Status Active
MLS # RTC2701083
Property Type Horizontal Property Regime - Detached
 
 

7116 Bonterra Dr Franklin, TN 37064

Price $2,399,950
Beds 5
Baths 7
Living Area SqFt 5,050
Status Active
MLS # RTC2668624
Property Type Single Family Residence
 
 

1900 Eastside Ave Nashville, TN 37206

Price $2,399,900
Beds 4
Baths 5
Living Area SqFt 4,111
Status Active
MLS # RTC2759349
Property Type Single Family Residence
 
 

4808 Torquay Ct Arrington, TN 37014

$2,399,000 - 5Br/6Ba -  for Sale in Kings Chapel Sec10, Arrington
Open House
Price $2,399,000
Beds 5
Baths 6
Living Area SqFt 5,080
Status Active
MLS # RTC2758252
Property Type Single Family Residence
 
 

6100 Lookaway Circle Franklin, TN 37067

Price $2,399,000
Beds 5
Baths 7
Living Area SqFt 4,420
Status Active
MLS # RTC2626988
Property Type Single Family Residence
 
 

1330 Columbia Ave Franklin, TN 37064

Price $2,399,000
Beds 5
Baths 6
Living Area SqFt 4,445
Status Active
MLS # RTC2641523
Property Type Single Family Residence
 
 

2198 Hartland Rd Franklin, TN 37069

$2,399,000 - 7Br/5Ba -  for Sale in Harts Landmark, Franklin
Open House
Price $2,399,000
Beds 7
Baths 5
Living Area SqFt 6,038
Status Active
MLS # RTC2759025
Property Type Single Family Residence
 
 

215 Stage Coach Rd Sewanee, TN 37375

Price $2,395,000
Beds 3
Baths 2
Living Area SqFt 2,553
Status Active
MLS # RTC2623424
Property Type Single Family Residence
 
 

9916 Elland Rd Brentwood, TN 37027

Price $2,394,900
Beds 5
Baths 6
Living Area SqFt 5,458
Status Under Contract - Not Showing
MLS # RTC2748476
Property Type Single Family Residence
 
 

5137 Murfreesboro Rd College Grove, TN 37046

Price $2,390,000
Beds 8
Baths 5
Living Area SqFt 6,208
Status Active
MLS # RTC2696292
Property Type Single Family Residence
 
 

937 S Douglas Ave Nashville, TN 37204

$2,385,000 - 5Br/6Ba -  for Sale in Waverly Place, Nashville
Open House
Price $2,385,000
Beds 5
Baths 6
Living Area SqFt 4,113
Status Active
MLS # RTC2759708
Property Type Single Family Residence
 
 

683 Old Orchard Rd Brentwood, TN 37027

$2,375,000 - 4Br/4Ba -  for Sale in Mcgavock Farms Sec 3, Brentwood
Open House
Price $2,375,000
Beds 4
Baths 4
Living Area SqFt 5,050
Status Active
MLS # RTC2760136
Property Type Single Family Residence
 
 

6324 Callie Ln Brentwood, TN 37027

$2,374,900 - 4Br/6Ba -  for Sale in Callie, Brentwood
Open House
Price $2,374,900
Beds 4
Baths 6
Living Area SqFt 4,209
Status Active
MLS # RTC2709155
Property Type Single Family Residence
 
 

2019 Hamilton Way Franklin, TN 37064

Price $2,351,990
Beds 5
Baths 5
Living Area SqFt 5,281
Status Active
MLS # RTC2745093
Property Type Single Family Residence
 
 

512 Pearre Springs Way Franklin, TN 37064

Price $2,350,000
Beds 5
Baths 5
Living Area SqFt 4,815
Status Under Contract - Showing
MLS # RTC2753721
Property Type Single Family Residence
 
 

2020 Castleman Dr Nashville, TN 37215

Price $2,350,000
Beds 5
Baths 5
Living Area SqFt 4,701
Status Under Contract - Showing
MLS # RTC2750787
Property Type Horizontal Property Regime - Detached
 
 

917 Bresslyn Rd Nashville, TN 37205

Price $2,350,000
Beds 4
Baths 6
Living Area SqFt 4,679
Status Under Contract - Not Showing
MLS # RTC2677223
Property Type Single Family Residence
 
 

1107 Vaughn Crest Dr Franklin, TN 37069

Price $2,350,000
Beds 6
Baths 5
Living Area SqFt 6,045
Status Under Contract - Not Showing
MLS # RTC2754207
Property Type Single Family Residence
 
 

2515 Grandview Drive Dalton, GA 30720

Price $2,350,000
Beds 5
Baths 8
Living Area SqFt 11,334
Status Active
MLS # RTC2659747
 
 
 

927 Bond Rd Duck River, TN 38454

Price $2,350,000
Beds 3
Baths 3
Living Area SqFt 2,928
Status Active
MLS # RTC2739971
Property Type Single Family Residence
 
 

1040 Nw Rutland Rd Mount Juliet, TN 37122

Price $2,350,000
Beds 8
Baths 6
Living Area SqFt 4,978
Status Active
MLS # RTC2749085
Property Type Single Family Residence