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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283 Carter Rd Tullahoma, TN 37388

Price $525,000
Beds 2
Baths 2
Living Area SqFt 1,224
Status Active
MLS # RTC2755347
Property Type Single Family Residence
 
 

1713 Evans Hill Ct Hermitage, TN 37076

$525,000 - 3Br/3Ba -  for Sale in Riverbrook, Hermitage
New
Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,134
Status Active
MLS # RTC2756293
Property Type Single Family Residence
 
 

912 Hillcrest Ave Columbia, TN 38401

$525,000 - 3Br/3Ba -  for Sale in Terrace Place, Columbia
New
Price $525,000
Beds 3
Baths 3
Living Area SqFt 3,074
Status Active
MLS # RTC2756970
Property Type Single Family Residence
 
 

3138 Fishing Ford Rd Petersburg, TN 37144

$525,000 - 4Br/3Ba -  for Sale in None, Petersburg
Open House
New
Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,280
Status Active
MLS # RTC2756952
Property Type Single Family Residence
 
 

518 Proximity Circle Nashville, TN 37207

Price $525,000
Beds 3
Baths 4
Living Area SqFt 2,237
Status Under Contract - Showing
MLS # RTC2621246
Property Type Horizontal Property Regime - Attached
 
 

906 Franklin Ct Cookeville, TN 38506

Price $525,000
Beds 4
Baths 3
Living Area SqFt 3,200
Status Under Contract - Showing
MLS # RTC2700409
Property Type Single Family Residence
 
 

1760 Shane Dr Spring Hill, TN 37174

Price $525,000
Beds 3
Baths 3
Living Area SqFt 1,927
Status Under Contract - Showing
MLS # RTC2705726
Property Type Single Family Residence
 
 

860 Soaring Eagle Circle Hixson, TN 37343

Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,571
Status Under Contract - Showing
MLS # RTC2709403
Property Type Single Family Residence
 
 

4215 Harding Pike Unit 709 Nashville, TN 37205

Price $525,000
Beds 2
Baths 2
Living Area SqFt 1,461
Status Under Contract - Showing
MLS # RTC2693050
Property Type High Rise
 
 

4700 Akin Rd Cunningham, TN 37052

Price $525,000
Beds 3
Baths 3
Living Area SqFt 1,800
Status Under Contract - Showing
MLS # RTC2752206
Property Type Single Family Residence
 
 

2168 Houston Bend Road Se Lebanon, TN 37087

Price $525,000
Beds 5
Baths 3
Living Area SqFt 2,883
Status Under Contract - Showing
MLS # RTC2751401
Property Type Single Family Residence
 
 

202 Pigeon Roost Rd Brush Creek, TN 38547

Price $525,000
Beds 2
Baths 1
Living Area SqFt 1,267
Status Under Contract - Showing
MLS # RTC2750767
Property Type Single Family Residence
 
 

2311 Northview Ave Nashville, TN 37216

Price $525,000
Beds 2
Baths 2
Living Area SqFt 1,031
Status Under Contract - Showing
MLS # RTC2704436
Property Type Single Family Residence
 
 

3016 Highway 48 Cunningham, TN 37052

Price $525,000
Beds 3
Baths 3
Living Area SqFt 1,814
Status Under Contract - Showing
MLS # RTC2655642
Property Type Single Family Residence
 
 

3994 Cooper Creek Rd Woodlawn, TN 37191

Price $525,000
Beds 4
Baths 4
Living Area SqFt 2,770
Status Under Contract - Not Showing
MLS # RTC2680643
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
 
 

246 Harpeth Hills Dr Kingston Springs, TN 37082

Price $525,000
Beds 2
Baths 2
Living Area SqFt 2,320
Status Under Contract - Not Showing
MLS # RTC2746434
Property Type Single Family Residence
 
 

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
 
 

810 W End Cir Franklin, TN 37064

$525,000 - 1Br/1Ba -  for Sale in West End Circle, Franklin
New
Price $525,000
Beds 1
Baths 1
Living Area SqFt 778
Status Active
MLS # RTC2757252
Property Type Single Family Residence
 
 

5744 Sonoma Trace Antioch, TN 37013

$525,000 - 5Br/3Ba -  for Sale in Oak Highlands, Antioch
New
Price $525,000
Beds 5
Baths 3
Living Area SqFt 3,075
Status Active
MLS # RTC2757321
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
 
 

238 Wilshire Dr Sw Cookeville, TN 38506

Price $525,000
Beds 3
Baths 2
Living Area SqFt 3,137
Status Active
MLS # RTC2666191
Property Type Single Family Residence
 
 

5039 Highpoint Rd Pleasant View, TN 37146

Price $525,000
Beds 3
Baths 2
Living Area SqFt 2,115
Status Active
MLS # RTC2673255
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
 
 

2437 Ravine Dr Nashville, TN 37217

Price $525,000
Beds 3
Baths 3
Living Area SqFt 3,122
Status Active
MLS # RTC2702876
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
 
 

1224 Dalemere Dr Nashville, TN 37207

Price $525,000
Beds 4
Baths 3
Living Area SqFt 2,822
Status Active
MLS # RTC2748051
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
 
 

160 Trail Ridge Dr Hendersonville, TN 37075

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,518
Status Active
MLS # RTC2695563
Property Type Single Family Residence
 
 

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
 
 

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
 
 

115 Cape Private Cir Gallatin, TN 37066

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,628
Status Active
MLS # RTC2746396
Property Type Townhouse
 
 

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
 
 

222 Old Amqui Rd Unit 5 Madison, TN 37115

Price $525,000
Beds 4
Baths 4
Living Area SqFt 2,055
Status Active
MLS # RTC2707137
Property Type Horizontal Property Regime - Detached
 
 

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
 
 

133 Dartmoore Dr Clarksville, TN 37043

Price $525,000
Beds 3
Baths 3
Living Area SqFt 2,700
Status Under Contract - Showing
MLS # RTC2684653
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