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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2132 Creekland View Blvd Nashville, TN 37207

Price $537,748
Beds 5
Baths 4
Living Area SqFt 2,547
Status Active
MLS # RTC2757133
Property Type Single Family Residence
 
 

2049 Skippack Pvt Circle Gallatin, TN 37066

Price $537,235
Beds 4
Baths 3
Living Area SqFt 2,521
Status Active
MLS # RTC2754037
Property Type Single Family Residence
 
 

4593 Winslet Dr Smyrna, TN 37167

Price $537,140
Beds 4
Baths 4
Living Area SqFt 2,448
Status Under Contract - Not Showing
MLS # RTC2744620
Property Type Single Family Residence
 
 

1001 Blair Oaks Ct La Vergne, TN 37086

Price $537,000
Beds 4
Baths 3
Living Area SqFt 2,687
Status Active
MLS # RTC2747494
Property Type Single Family Residence
 
 

90 Duliba Drive Estill Springs, TN 37330

Price $537,000
Beds 3
Baths 2
Living Area SqFt 1,456
Status Under Contract - Showing
MLS # RTC2749662
Property Type Manufactured On Land
 
 

945 Carraway Ln Spring Hill, TN 37174

Price $537,000
Beds 3
Baths 3
Living Area SqFt 2,584
Status Active
MLS # RTC2685469
Property Type Single Family Residence
 
 

1203 Kennesaw Blvd Lot 193 Gallatin, TN 37066

Price $536,685
Beds 3
Baths 3
Living Area SqFt 2,195
Status Under Contract - Showing
MLS # RTC2703231
Property Type Single Family Residence
 
 

4930 Russell David Drive Murfreesboro, TN 37129

Price $536,616
Beds 4
Baths 3
Living Area SqFt 2,921
Status Active
MLS # RTC2757020
Property Type Single Family Residence
 
 

2128 Creekland View Blvd Nashville, TN 37207

Price $536,499
Beds 4
Baths 3
Living Area SqFt 2,344
Status Active
MLS # RTC2757153
Property Type Single Family Residence
 
 

1454 English Oak Dr Clarksville, TN 37043

Price $536,490
Beds 5
Baths 4
Living Area SqFt 3,078
Status Active
MLS # RTC2751416
Property Type Single Family Residence
 
 

332 Buckwood Lane Thompsons Station, TN 37179

Price $536,420
Beds 2
Baths 2
Living Area SqFt 1,454
Status Under Contract - Not Showing
MLS # RTC2709260
Property Type Townhouse
 
 

106 Harlinsdale Blvd Lot 90 Gallatin, TN 37066

Price $536,400
Beds 3
Baths 3
Living Area SqFt 2,176
Status Active
MLS # RTC2757742
Property Type Single Family Residence
 
 

498 Spiderwort Drive Clarksville, TN 37043

Price $536,000
Beds 4
Baths 3
Living Area SqFt 2,955
Status Active
MLS # RTC2673006
Property Type Single Family Residence
 
 

1011 Zane Drive Mount Juliet, TN 37122

Price $535,990
Beds 3
Baths 2
Living Area SqFt 1,507
Status Active
MLS # RTC2755599
Property Type Single Family Residence
 
 

3518 Madrid Way Murfreesboro, TN 37129

Price $535,900
Beds 3
Baths 3
Living Area SqFt 2,381
Status Under Contract - Showing
MLS # RTC2700956
Property Type Single Family Residence
 
 

3068 Inman Dr Thompsons Station, TN 37179

Price $535,900
Beds 3
Baths 3
Living Area SqFt 1,925
Status Under Contract - Showing
MLS # RTC2705044
Property Type Townhouse
 
 

3048 Inman Dr Thompsons Station, TN 37179

Price $535,900
Beds 3
Baths 3
Living Area SqFt 1,925
Status Under Contract - Not Showing
MLS # RTC2703828
Property Type Townhouse
 
 

7005 Cannonade Ct Spring Hill, TN 37174

Price $535,900
Beds 4
Baths 4
Living Area SqFt 2,557
Status Under Contract - Showing
MLS # RTC2706795
Property Type Single Family Residence
 
 

1212 Laurel St Unit 1010 Nashville, TN 37203

Price $535,500
Beds 1
Baths 1
Living Area SqFt 703
Status Active
MLS # RTC2699555
Property Type High Rise
 
 

3608 Rivermont Way Rockvale, TN 37153

$535,441 - 4Br/3Ba -  for Sale in Salem Landing, Rockvale
Open House
Price $535,441
Beds 4
Baths 3
Living Area SqFt 2,588
Status Active
MLS # RTC2748309
Property Type Single Family Residence
 
 

1226 Shady Pines Dr Mount Juliet, TN 37122

Price $535,270
Beds 4
Baths 3
Living Area SqFt 2,321
Status Under Contract - Not Showing
MLS # RTC2640591
Property Type Single Family Residence
 
 

20 Park At Oliver Farms Clarksville, TN 37043

Price $535,000
Beds 4
Baths 3
Living Area SqFt 2,369
Status Active
MLS # RTC2755451
Property Type Single Family Residence
 
 

1224 Valerie Lane Unit 65 Nashville, TN 37211

Price $535,000
Beds 3
Baths 4
Living Area SqFt 1,842
Status Under Contract - Not Showing
MLS # RTC2621259
Property Type Townhouse
 
 

1230 Valerie Lane Unit 62 Nashville, TN 37211

Price $535,000
Beds 3
Baths 4
Living Area SqFt 1,842
Status Under Contract - Not Showing
MLS # RTC2621258
Property Type Townhouse
 
 

1080 Noble Loop Unit 14 Nashville, TN 37211

Price $535,000
Beds 3
Baths 4
Living Area SqFt 1,842
Status Under Contract - Not Showing
MLS # RTC2746225
Property Type Townhouse
 
 

1064 Noble Loop Unit 22 Nashville, TN 37211

Price $535,000
Beds 3
Baths 4
Living Area SqFt 1,842
Status Under Contract - Not Showing
MLS # RTC2747663
Property Type Townhouse
 
 

1090 Haysboro Ave Unit 310 Nashville, TN 37216

$535,000 - 2Br/2Ba -  for Sale in The Haysboro, Nashville
Open House
Price $535,000
Beds 2
Baths 2
Living Area SqFt 878
Status Active
MLS # RTC2746318
Property Type Flat Condo
 
 

1558 John Galt Dr Lebanon, TN 37087

Price $535,000
Beds 3
Baths 3
Living Area SqFt 1,889
Status Active
MLS # RTC2739631
Property Type Single Family Residence
 
 

2227 Valley View Rd Joelton, TN 37080

Price $535,000
Beds 3
Baths 3
Living Area SqFt 2,152
Status Active
MLS # RTC2744825
Property Type Single Family Residence
 
 

353 Kara Ln Nolensville, TN 37135

Price $535,000
Beds 4
Baths 4
Living Area SqFt 2,298
Status Active
MLS # RTC2747480
Property Type Townhouse
 
 

946 Mcferrin Ave Nashville, TN 37206

Price $535,000
Beds 4
Baths 1
Living Area SqFt 1,940
Status Active
MLS # RTC2747099
Property Type Single Family Residence
 
 

571 Christel Springs Dr Clarksville, TN 37043

Price $535,000
Beds 4
Baths 4
Living Area SqFt 3,248
Status Active
MLS # RTC2739535
Property Type Single Family Residence
 
 

2612 Wellesley Square Dr Thompsons Station, TN 37179

Price $535,000
Beds 3
Baths 3
Living Area SqFt 1,930
Status Active
MLS # RTC2740067
Property Type Townhouse
 
 

641 Old Hickory Blvd Unit 53 Brentwood, TN 37027

Price $535,000
Beds 3
Baths 3
Living Area SqFt 2,126
Status Active
MLS # RTC2740101
Property Type Townhouse
 
 

415 Church St Unit 1408 Nashville, TN 37219

Price $535,000
Beds 1
Baths 1
Living Area SqFt 771
Status Active
MLS # RTC2698099
Property Type High Rise
 
 

801 Twin Falls Dr Joelton, TN 37080

Price $535,000
Beds 3
Baths 3
Living Area SqFt 2,499
Status Active
MLS # RTC2749403
Property Type Single Family Residence
 
 

510 Proximity Cir Nashville, TN 37207

Price $535,000
Beds 3
Baths 4
Living Area SqFt 2,287
Status Active
MLS # RTC2753005
Property Type Townhouse
 
 

4000 Crest Ridge Cv Spring Hill, TN 37174

Price $535,000
Beds 3
Baths 2
Living Area SqFt 2,247
Status Active
MLS # RTC2753565
Property Type Single Family Residence
 
 

6005 New York Ave Nashville, TN 37209

Price $535,000
Beds 3
Baths 3
Living Area SqFt 1,350
Status Active
MLS # RTC2756927
Property Type Single Family Residence
 
 

613 Seuss Way Hendersonville, TN 37075

Price $535,000
Beds 4
Baths 4
Living Area SqFt 2,508
Status Active
MLS # RTC2756795
Property Type Single Family Residence