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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2983 Prince Dr Clarksville, TN 37043

Price $535,000
Beds 4
Baths 3
Living Area SqFt 2,830
Status Active
MLS # RTC2688743
Property Type Single Family Residence
 
 

212 Windmill Trl Hermitage, TN 37076

$535,000 - 4Br/3Ba -  for Sale in Tulip Grove Pointe, Hermitage
Open House
Price $535,000
Beds 4
Baths 3
Living Area SqFt 2,484
Status Active
MLS # RTC2707229
Property Type Single Family Residence
 
 

146 Parkland Cir Clarksville, TN 37043

$535,000 - 3Br/3Ba -  for Sale in Willowbrook, Clarksville
Open House
New
Price $535,000
Beds 3
Baths 3
Living Area SqFt 2,982
Status Active
MLS # RTC2756872
Property Type Single Family Residence
 
 

906 Ireland St Nashville, TN 37208

Price $534,999
Beds 3
Baths 3
Living Area SqFt 1,657
Status Active
MLS # RTC2679416
Property Type Townhouse
 
 

7019 Gracious Dr Franklin, TN 37064

$534,990 - 3Br/3Ba -  for Sale in Simmons Ridge Sec10, Franklin
Open House
Price $534,990
Beds 3
Baths 3
Living Area SqFt 1,714
Status Active
MLS # RTC2694499
Property Type Townhouse
 
 

5811 Craven Lane 174 Rockvale, TN 37153

Price $534,940
Beds 4
Baths 3
Living Area SqFt 2,808
Status Under Contract - Not Showing
MLS # RTC2645514
Property Type Single Family Residence
 
 

4057 Sadie Grace Way Clarksville, TN 37042

Price $534,900
Beds 2
Baths 3
Living Area SqFt 2,461
Status Active
MLS # RTC2707361
Property Type Single Family Residence
 
 

203 Jack Patton Cv La Vergne, TN 37086

Price $534,900
Beds 4
Baths 4
Living Area SqFt 3,126
Status Active
MLS # RTC2708723
Property Type Single Family Residence
 
 

2871 Meadow Gln Mount Juliet, TN 37122

Price $534,900
Beds 3
Baths 3
Living Area SqFt 2,715
Status Active
MLS # RTC2691869
Property Type Single Family Residence
 
 

1052 Paddock Park Cir Gallatin, TN 37066

Price $534,900
Beds 3
Baths 3
Living Area SqFt 2,313
Status Active
MLS # RTC2696262
Property Type Single Family Residence
 
 

644 Four Seasons Dr Smithville, TN 37166

Price $534,900
Beds 3
Baths 2
Living Area SqFt 1,747
Status Active
MLS # RTC2752908
Property Type Single Family Residence
 
 

1286 Flat Branch Rd Tracy City, TN 37387

Price $534,900
Beds 3
Baths 2
Living Area SqFt 1,864
Status Active
MLS # RTC2747125
Property Type Single Family Residence
 
 

706 Shady Grove Dr Murfreesboro, TN 37128

Price $534,900
Beds 3
Baths 3
Living Area SqFt 2,808
Status Active
MLS # RTC2754216
Property Type Single Family Residence
 
 

104 Sundown Dr Antioch, TN 37013

Price $534,900
Beds 4
Baths 4
Living Area SqFt 2,814
Status Active
MLS # RTC2750605
Property Type Single Family Residence
 
 

3201 Aspen Grove Dr Unit J10 Franklin, TN 37067

Price $534,900
Beds 2
Baths 2
Living Area SqFt 1,437
Status Under Contract - Showing
MLS # RTC2748348
Property Type Single Family Residence
 
 

5032 N Hilson Dr Nashville, TN 37211

Price $534,900
Beds 3
Baths 3
Living Area SqFt 1,997
Status Under Contract - Showing
MLS # RTC2704422
Property Type Single Family Residence
 
 

7904 Oakfield Grove Brentwood, TN 37027

Price $534,900
Beds 3
Baths 2
Living Area SqFt 2,186
Status Under Contract - Not Showing
MLS # RTC2706864
Property Type Single Family Residence
 
 

900 Cherry Grove Dr Hendersonville, TN 37075

Price $534,900
Beds 3
Baths 3
Living Area SqFt 2,301
Status Under Contract - Not Showing
MLS # RTC2702956
Property Type Zero Lot Line
 
 

787 Brookemeade Dr Sparta, TN 38583

Price $534,900
Beds 3
Baths 4
Living Area SqFt 2,933
Status Active
MLS # RTC2694891
Property Type Single Family Residence
 
 

952 Percy Warner Blvd Nashville, TN 37205

Price $534,900
Beds 3
Baths 2
Living Area SqFt 1,842
Status Active
MLS # RTC2746338
Property Type Single Family Residence
 
 

112 Pinnacle Ct Pleasant View, TN 37146

Price $534,900
Beds 3
Baths 3
Living Area SqFt 2,438
Status Under Contract - Showing
MLS # RTC2494431
Property Type Single Family Residence
 
 

916 Madison St Clarksville, TN 37040

Price $534,900
Beds 4
Baths 3
Living Area SqFt 3,050
Status Active
MLS # RTC2678488
Property Type Single Family Residence
 
 

3145 Arbor Valley Road Spring Hill, TN 37174

Price $534,780
Beds 3
Baths 2
Living Area SqFt 2,220
Status Active
MLS # RTC2754858
Property Type Single Family Residence
 
 

733 Jackson Ave Carthage, TN 37030

Price $534,500
Beds 3
Baths 3
Living Area SqFt 2,938
Status Active
MLS # RTC2603684
Property Type Single Family Residence
 
 

3113 Arbor Valley Road Spring Hill, TN 37174

$534,389 - 5Br/4Ba -  for Sale in Arbor Valley, Spring Hill
Open House
Price $534,389
Beds 5
Baths 4
Living Area SqFt 2,547
Status Active
MLS # RTC2754830
Property Type Single Family Residence
 
 

1316 Harmony Hill Lane Mount Juliet, TN 37122

Price $534,270
Beds 4
Baths 3
Living Area SqFt 2,321
Status Under Contract - Not Showing
MLS # RTC2654590
Property Type Single Family Residence
 
 

2326 Williamsport Landing Columbia, TN 38401

Price $534,021
Beds 4
Baths 3
Living Area SqFt 2,800
Status Active
MLS # RTC2750034
Property Type Single Family Residence
 
 

1059 Wildlife Trl Kingston Springs, TN 37082

Price $534,000
Beds 3
Baths 3
Living Area SqFt 2,100
Status Under Contract - Showing
MLS # RTC2683238
Property Type Single Family Residence
 
 

2640 Kemp Dr Hermitage, TN 37076

Price $533,990
Beds 4
Baths 3
Living Area SqFt 2,640
Status Active
MLS # RTC2754774
Property Type Single Family Residence
 
 

1011 Lionheart Drive Hermitage, TN 37076

Price $533,990
Beds 5
Baths 3
Living Area SqFt 2,744
Status Under Contract - Not Showing
MLS # RTC2751839
Property Type Single Family Residence
 
 

2502 Williams Ridge Drive Columbia, TN 38401

Price $533,890
Beds 5
Baths 4
Living Area SqFt 2,769
Status Under Contract - Not Showing
MLS # RTC2747039
Property Type Single Family Residence
 
 

1006 Lionheart Drive Hermitage, TN 37076

Price $532,990
Beds 3
Baths 3
Living Area SqFt 2,295
Status Under Contract - Not Showing
MLS # RTC2739696
Property Type Single Family Residence
 
 

1201 Baker Creek Dr Spring Hill, TN 37174

$532,990 - 4Br/3Ba -  for Sale in Baker Springs Sec 1, Spring Hill
Open House
Price $532,990
Beds 4
Baths 3
Living Area SqFt 2,726
Status Active
MLS # RTC2693016
Property Type Single Family Residence
 
 

422 Blackjack Oat Ct Clarksville, TN 37043

Price $532,900
Beds 4
Baths 3
Living Area SqFt 2,707
Status Under Contract - Showing
MLS # RTC2701923
Property Type Single Family Residence
 
 

2484 Williams Ridge Dr Columbia, TN 38401

$532,890 - 5Br/4Ba -  for Sale in Drumwright, Columbia
New
Price $532,890
Beds 5
Baths 4
Living Area SqFt 2,769
Status Under Contract - Not Showing
MLS # RTC2756441
Property Type Single Family Residence
 
 

4520 Winslet Dr Smyrna, TN 37167

Price $532,010
Beds 5
Baths 3
Living Area SqFt 2,412
Status Under Contract - Not Showing
MLS # RTC2686941
Property Type Single Family Residence
 
 

118 Portico Place La Vergne, TN 37086

Price $531,990
Beds 4
Baths 4
Living Area SqFt 2,729
Status Active
MLS # RTC2755294
Property Type Single Family Residence
 
 

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
 
 

529 Banchory Dr Smyrna, TN 37167

$531,296 - 3Br/4Ba -  for Sale in Stewarts Glen, Smyrna
Open House
Price $531,296
Beds 3
Baths 4
Living Area SqFt 2,524
Status Active
MLS # RTC2754604
Property Type Single Family Residence