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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1036 Whitley Pl Hendersonville, TN 37075

Price $525,000
Beds 4
Baths 2
Living Area SqFt 2,311
Status Under Contract - Not Showing
MLS # RTC2749078
Property Type Single Family Residence
 
 

2140 18th Ave N Nashville, TN 37208

Price $525,000
Beds 4
Baths 3
Living Area SqFt 1,900
Status Coming Soon / Hold
MLS # RTC2752421
Property Type Horizontal Property Regime - Detached
 
 

906 Jackson St Nashville, TN 37208

Price $525,000
Beds 3
Baths 2
Living Area SqFt 1,142
Status Coming Soon / Hold
MLS # RTC2759348
Property Type Single Family Residence
 
 

7029 Oak Brook Ter Brentwood, TN 37027

Price $525,000
Beds 3
Baths 2
Living Area SqFt 2,250
Status Coming Soon / Hold
MLS # RTC2755618
Property Type Single Family Residence
 
 

2817 Lafayette Dr Thompsons Station, TN 37179

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,189
Status Coming Soon / Hold
MLS # RTC2761144
Property Type Single Family Residence
 
 

1231 Hardin Bottom River Rd Clifton, TN 38425

Price $525,000
Beds 3
Baths 3
Living Area SqFt 3,800
Status Active
MLS # RTC2695413
Property Type Single Family Residence
 
 

2500 Call Hill Rd Nashville, TN 37211

Price $525,000
Beds 5
Baths 3
Living Area SqFt 2,430
Status Active
MLS # RTC2687707
Property Type Single Family Residence
 
 

21 The Keys Cv Buchanan, TN 38222

Price $525,000
Beds 8
Baths 5
Living Area SqFt 4,714
Status Active
MLS # RTC2650534
Property Type Single Family Residence
 
 

1805 Tanner Ct Spring Hill, TN 37174

Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,156
Status Active
MLS # RTC2664479
Property Type Single Family Residence
 
 

4813 Lindell St Nashville, TN 37216

Price $525,000
Beds 3
Baths 2
Living Area SqFt 1,730
Status Active
MLS # RTC2630353
Property Type Single Family Residence
 
 

1330 7th Ave N Nashville, TN 37208

Price $525,000
Beds 2
Baths 2
Living Area SqFt 1,200
Status Active
MLS # RTC2683906
Property Type Single Family Residence
 
 

600 Garfield St Unit 14 Nashville, TN 37208

Price $525,000
Beds 2
Baths 2
Living Area SqFt 897
Status Active
MLS # RTC2665334
Property Type Townhouse
 
 

3295 Mooresville Hwy Lewisburg, TN 37091

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,410
Status Active
MLS # RTC2643390
Property Type Single Family Residence
 
 

5615 Eastport Rd Alpine, TN 38543

Price $525,000
Beds 8
Baths 4
Living Area SqFt 3,360
Status Active
MLS # RTC2685708
Property Type Single Family Residence
 
 

1144 Lock 4 Rd Unit F2 Gallatin, TN 37066

Price $525,000
Beds 3
Baths 3
Living Area SqFt 1,716
Status Active
MLS # RTC2664593
Property Type Horizontal Property Regime - Attached
 
 

341 Moira Cir Nolensville, TN 37135

Price $525,000
Beds 3
Baths 3
Living Area SqFt 1,754
Status Active
MLS # RTC2672855
Property Type Single Family Residence
 
 

120 Golfers Cir Portland, TN 37148

Price $525,000
Beds 3
Baths 2
Living Area SqFt 2,060
Status Active
MLS # RTC2676697
Property Type Single Family Residence
 
 

373 Chippen Ct Murfreesboro, TN 37128

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,596
Status Active
MLS # RTC2744567
Property Type Single Family Residence
 
 

486 Westcrest Dr Nashville, TN 37211

Price $525,000
Beds 4
Baths 2
Living Area SqFt 1,815
Status Active
MLS # RTC2740155
Property Type Single Family Residence
 
 

3962 Lawing Dr Nashville, TN 37207

Price $525,000
Beds 5
Baths 4
Living Area SqFt 2,306
Status Active
MLS # RTC2740341
Property Type Single Family Residence
 
 

114 Timberline Dr Hendersonville, TN 37075

Price $525,000
Beds 3
Baths 2
Living Area SqFt 2,727
Status Under Contract - Showing
MLS # RTC2687008
Property Type Single Family Residence
 
 

1706 Claire Court Murfreesboro, TN 37129

Price $525,000
Beds 3
Baths 2
Living Area SqFt 2,808
Status Under Contract - Showing
MLS # RTC2670110
Property Type Single Family Residence
 
 

215 Joyner Ave Nashville, TN 37210

Price $525,000
Beds 4
Baths 2
Living Area SqFt 1,750
Status Under Contract - Showing
MLS # RTC2701136
Property Type Single Family Residence
 
 

115 Cape Private Cir Gallatin, TN 37066

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,628
Status Under Contract - Not Showing
MLS # RTC2746396
Property Type Townhouse
 
 

27 Hancock Rd Fayetteville, TN 37334

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,648
Status Under Contract - Not Showing
MLS # RTC2682660
Property Type Single Family Residence
 
 

1224 Dalemere Dr Nashville, TN 37207

Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,822
Status Under Contract - Not Showing
MLS # RTC2748051
Property Type Single Family Residence
 
 

2209 Lindell Ave Nashville, TN 37204

Price $525,000
Beds 2
Baths 2
Living Area SqFt 1,428
Status Under Contract - Showing
MLS # RTC2642133
Property Type Single Family Residence
 
 

158 College St Orlinda, TN 37141

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,237
Status Active
MLS # RTC2707884
Property Type Single Family Residence
 
 

1713 Evans Hill Ct Hermitage, TN 37076

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,134
Status Active
MLS # RTC2756293
Property Type Single Family Residence
 
 

510 Proximity Cir Nashville, TN 37207

Price $525,000
Beds 3
Baths 4
Living Area SqFt 2,287
Status Active
MLS # RTC2753005
Property Type Townhouse
 
 

1201 Baker Creek Dr Spring Hill, TN 37174

$525,000 - 4Br/3Ba -  for Sale in Baker Springs Sec 1, Spring Hill
Open House
Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,726
Status Active
MLS # RTC2693016
Property Type Single Family Residence
 
 

941 Carnation Dr Spring Hill, TN 37174

Price $524,999
Beds 4
Baths 3
Living Area SqFt 2,600
Status Active
MLS # RTC2753907
Property Type Single Family Residence
 
 

227 Hamilton Ln Fayetteville, TN 37334

Price $524,999
Beds 3
Baths 2
Living Area SqFt 1,902
Status Active
MLS # RTC2754581
Property Type Manufactured On Land
 
 

3147 Highway 49 E Charlotte, TN 37036

Price $524,999
Beds 2
Baths 2
Living Area SqFt 1,731
Status Active
MLS # RTC2758935
Property Type Single Family Residence
 
 

2513 Williams Ridge Drive Columbia, TN 38401

Price $524,990
Beds 5
Baths 4
Living Area SqFt 2,769
Status Active
MLS # RTC2758983
Property Type Single Family Residence
 
 

8467 Turnbull Dr Pleasant View, TN 37146

Price $524,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2760287
Property Type Single Family Residence
 
 

2004 Mackinac Bend Gallatin, TN 37066

Price $524,990
Beds 3
Baths 3
Living Area SqFt 2,683
Status Active
MLS # RTC2750032
Property Type Single Family Residence
 
 

5021 Lawler Lane Old Hickory, TN 37138

Price $524,990
Beds 5
Baths 4
Living Area SqFt 2,725
Status Active
MLS # RTC2758553
Property Type Single Family Residence
 
 

128 Glacier Way La Vergne, TN 37086

Price $524,990
Beds 5
Baths 5
Living Area SqFt 3,289
Status Under Contract - Not Showing
MLS # RTC2752731
Property Type Single Family Residence
 
 

2628 Augusta Trace Drive Columbia, TN 38401

$524,990 - 5Br/5Ba -  for Sale in Preserve At Drumwright, Columbia
Open House
Price $524,990
Beds 5
Baths 5
Living Area SqFt 2,988
Status Active
MLS # RTC2750142
Property Type Single Family Residence