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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5021 Lawler Lane Old Hickory, TN 37138

Price $524,990
Beds 5
Baths 4
Living Area SqFt 2,725
Status Active
MLS # RTC2746587
Property Type Single Family Residence
 
 

3607 Jacaranda Ln Murfreesboro, TN 37129

Price $524,990
Beds 3
Baths 3
Living Area SqFt 2,296
Status Active
MLS # RTC2755293
Property Type Single Family Residence
 
 

708 Hancock Lane Lebanon, TN 37087

Price $524,990
Beds 5
Baths 4
Living Area SqFt 3,271
Status Active
MLS # RTC2752541
Property Type Single Family Residence
 
 

8352 Turnbull Dr Pleasant View, TN 37146

$524,990 - 5Br/4Ba -  for Sale in Highland Reserves, Pleasant View
Open House
Price $524,990
Beds 5
Baths 4
Living Area SqFt 3,271
Status Active
MLS # RTC2751729
Property Type Single Family Residence
 
 

1520 Randy Dr Cookeville, TN 38501

Price $524,929
Beds 3
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2749291
Property Type Single Family Residence
 
 

676 Rowe Gap Road Winchester, TN 37398

Price $524,900
Beds 3
Baths 3
Living Area SqFt 2,612
Status Active
MLS # RTC2703278
Property Type Single Family Residence
 
 

186 Daniel St Pleasant View, TN 37146

Price $524,900
Beds 3
Baths 3
Living Area SqFt 2,527
Status Active
MLS # RTC2705035
Property Type Single Family Residence
 
 

65 Rutledge Ln Lebanon, TN 37087

Price $524,900
Beds 3
Baths 2
Living Area SqFt 1,100
Status Active
MLS # RTC2706408
Property Type Modular Home
 
 

213 Snapdragon Dr Smyrna, TN 37167

Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,600
Status Active
MLS # RTC2739620
Property Type Single Family Residence
 
 

14 Dalton Ter Crossville, TN 38558

Price $524,900
Beds 3
Baths 2
Living Area SqFt 2,030
Status Active
MLS # RTC2749333
Property Type Single Family Residence
 
 

210 N 9th St Unit 3 Nashville, TN 37206

Price $524,900
Beds 2
Baths 2
Living Area SqFt 1,074
Status Active
MLS # RTC2659553
Property Type Townhouse
 
 

210 N 9th St Unit 2 Nashville, TN 37206

Price $524,900
Beds 2
Baths 2
Living Area SqFt 1,074
Status Active
MLS # RTC2659549
Property Type Townhouse
 
 

2819 Gideon Rd Greenbrier, TN 37073

Price $524,900
Beds 3
Baths 2
Living Area SqFt 1,723
Status Active
MLS # RTC2755191
Property Type Single Family Residence
 
 

2005 24th Ave N Nashville, TN 37208

$524,900 - 4Br/3Ba -  for Sale in Buchanan Arts District, Nashville
New
Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,154
Status Active
MLS # RTC2756267
Property Type Single Family Residence
 
 

507 Milesdale Ln Smyrna, TN 37167

Price $524,900
Beds 2
Baths 2
Living Area SqFt 1,541
Status Under Contract - Showing
MLS # RTC2703657
Property Type Single Family Residence
 
 

1712 Hartford Ln Mount Juliet, TN 37122

Price $524,900
Beds 3
Baths 2
Living Area SqFt 1,879
Status Under Contract - Showing
MLS # RTC2749503
Property Type Single Family Residence
 
 

2732 Rosedale Pl Nashville, TN 37211

Price $524,900
Beds 3
Baths 2
Living Area SqFt 1,526
Status Under Contract - Showing
MLS # RTC2754130
Property Type Single Family Residence
 
 

1172 Juniper Pass Clarksville, TN 37043

Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,964
Status Under Contract - Not Showing
MLS # RTC2706908
Property Type Single Family Residence
 
 

706 Traci Ct Mount Juliet, TN 37122

$524,900 - 3Br/2Ba -  for Sale in Lake View Est, Mount Juliet
New
Price $524,900
Beds 3
Baths 2
Living Area SqFt 2,100
Status Active
MLS # RTC2756917
Property Type Single Family Residence
 
 

137 L W Lacy Rd Celina, TN 38551

Price $524,900
Beds 3
Baths 3
Living Area SqFt 3,378
Status Active
MLS # RTC2649530
Property Type Single Family Residence
 
 

110 S Church Street Livingston, TN 38570

Price $524,900
Beds 4
Baths 3
Living Area SqFt 3,925
Status Active
MLS # RTC2647795
Property Type Single Family Residence
 
 

610 W Thompson Ln Murfreesboro, TN 37129

Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,832
Status Active
MLS # RTC2695575
Property Type Single Family Residence
 
 

3244 Ostella Rd Cornersville, TN 37047

Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,544
Status Active
MLS # RTC2666318
Property Type Single Family Residence
 
 

4026 Arrowleaf Ln Antioch, TN 37013

Price $524,900
Beds 5
Baths 3
Living Area SqFt 2,412
Status Active
MLS # RTC2693908
Property Type Single Family Residence
 
 

806 Ewell Farm Dr Spring Hill, TN 37174

Price $524,900
Beds 3
Baths 3
Living Area SqFt 2,164
Status Active
MLS # RTC2694364
Property Type Single Family Residence
 
 

2938 Campanella Dr Murfreesboro, TN 37128

Price $524,900
Beds 3
Baths 3
Living Area SqFt 2,597
Status Active
MLS # RTC2694213
Property Type Single Family Residence
 
 

320 Old Hickory Blvd Unit 1000 Nashville, TN 37221

Price $524,900
Beds 3
Baths 4
Living Area SqFt 2,300
Status Active
MLS # RTC2747348
Property Type Townhouse
 
 

72 Hills Hollow Rd Murray, KY 42071

Price $524,900
Beds 3
Baths 2
Living Area SqFt 1,980
Status Active
MLS # RTC2675375
Property Type Single Family Residence
 
 

311 Downs Rd Cumberland City, TN 37050

Price $524,900
Beds 4
Baths 3
Living Area SqFt 4,476
Status Active
MLS # RTC2621777
Property Type Single Family Residence
 
 

163 Settlers Way Hendersonville, TN 37075

Price $524,900
Beds 3
Baths 2
Living Area SqFt 2,052
Status Active
MLS # RTC2751618
Property Type Single Family Residence
 
 

218 22nd St Old Hickory, TN 37138

Price $524,900
Beds 3
Baths 4
Living Area SqFt 2,231
Status Under Contract - Showing
MLS # RTC2692509
Property Type Horizontal Property Regime - Attached
 
 

114 Dalton Cir Hendersonville, TN 37075

Price $524,900
Beds 4
Baths 3
Living Area SqFt 2,776
Status Under Contract - Not Showing
MLS # RTC2662707
Property Type Single Family Residence
 
 

715 Bear Creek Pike Columbia, TN 38401

Price $524,900
Beds 3
Baths 3
Living Area SqFt 2,739
Status Under Contract - Showing
MLS # RTC2743823
Property Type Single Family Residence
 
 

500 Merritt Ave Unit A4 (a) Nashville, TN 37203

$524,900 - 1Br/1Ba -  for Sale in Wedgewood Houston   Maslow, Nashville
Open House
Price $524,900
Beds 1
Baths 1
Living Area SqFt 770
Status Active
MLS # RTC2748522
Property Type Flat Condo
 
 

113 Rutledge Falls Rd Tullahoma, TN 37388

$524,900 - 3Br/2Ba -  for Sale in Village At Hickerson, Tullahoma
Open House
New
Price $524,900
Beds 3
Baths 2
Living Area SqFt 2,642
Status Active
MLS # RTC2757436
Property Type Single Family Residence
 
 

7519 Chapin Dr Murfreesboro, TN 37129

Price $524,810
Beds 4
Baths 3
Living Area SqFt 2,347
Status Under Contract - Not Showing
MLS # RTC2744908
Property Type Single Family Residence
 
 

513 Banchory Dr Smyrna, TN 37167

$524,780 - 3Br/4Ba -  for Sale in Stewarts Glen, Smyrna
Open House
Price $524,780
Beds 3
Baths 4
Living Area SqFt 2,524
Status Active
MLS # RTC2753673
Property Type Single Family Residence
 
 

527 Tryon Trace Lot 254 Spring Hill, TN 37174

Price $524,720
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2750448
Property Type Single Family Residence
 
 

1084 Indigo Aly Brentwood, TN 37027

Price $524,525
Beds 4
Baths 3
Living Area SqFt 2,105
Status Under Contract - Not Showing
MLS # RTC2648318
Property Type Single Family Residence
 
 

304 Jasmine Park Hermitage, TN 37076

$524,400 - 3Br/3Ba -  for Sale in Wembley Park, Hermitage
Open House
Price $524,400
Beds 3
Baths 3
Living Area SqFt 2,234
Status Active
MLS # RTC2567051
Property Type Single Family Residence