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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3029 Leatherwood Dr Murfreesboro, TN 37128

Price $519,999
Beds 3
Baths 2
Living Area SqFt 2,048
Status Active
MLS # RTC2745815
Property Type Single Family Residence
 
 

833 Molly Ln S Mount Juliet, TN 37122

Price $519,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2758521
Property Type Single Family Residence
 
 

104 Chalone Dr White House, TN 37188

Price $519,990
Beds 5
Baths 3
Living Area SqFt 2,365
Status Active
MLS # RTC2760223
Property Type Single Family Residence
 
 

2000 Mackinac Bnd Gallatin, TN 37066

Price $519,990
Beds 4
Baths 4
Living Area SqFt 2,676
Status Active
MLS # RTC2750165
Property Type Single Family Residence
 
 

2508 Williams Ridge Drive Columbia, TN 38401

Price $519,990
Beds 5
Baths 4
Living Area SqFt 2,769
Status Active
MLS # RTC2750147
Property Type Single Family Residence
 
 

1317 Harmony Hill Lane Mount Juliet, TN 37122

Price $519,990
Beds 3
Baths 3
Living Area SqFt 1,972
Status Active
MLS # RTC2755650
Property Type Single Family Residence
 
 

5370 Bellflower Hills Hermitage, TN 37076

Price $519,990
Beds 4
Baths 5
Living Area SqFt 2,574
Status Active
MLS # RTC2755346
Property Type Single Family Residence
 
 

2437 Kemp Dr Hermitage, TN 37076

$519,990 - 4Br/3Ba -  for Sale in Overlook At Aarons Cress, Hermitage
Open House
Price $519,990
Beds 4
Baths 3
Living Area SqFt 2,437
Status Active
MLS # RTC2754783
Property Type Single Family Residence
 
 

974 Caywood Road Smyrna, TN 37167

Price $519,990
Beds 4
Baths 3
Living Area SqFt 3,036
Status Under Contract - Not Showing
MLS # RTC2673924
Property Type Single Family Residence
 
 

105 Southwind Run Spring Hill, TN 37174

Price $519,990
Beds 5
Baths 4
Living Area SqFt 2,769
Status Under Contract - Not Showing
MLS # RTC2688185
Property Type Single Family Residence
 
 

2216 Weona Dr Nashville, TN 37214

Price $519,990
Beds 4
Baths 3
Living Area SqFt 2,121
Status Under Contract - Not Showing
MLS # RTC2749471
Property Type Single Family Residence
 
 

3407 John Richards Dr Murfreesboro, TN 37129

Price $519,900
Beds 3
Baths 2
Living Area SqFt 1,800
Status Active
MLS # RTC2703735
Property Type Zero Lot Line
 
 

7103 Gentle Rain Road Knoxville, TN 37920

Price $519,900
Beds 5
Baths 3
Living Area SqFt 2,309
Status Active
MLS # RTC2750856
Property Type Single Family Residence
 
 

36 Crown Gardens Court Hermitage, TN 37076

Price $519,900
Beds 3
Baths 2
Living Area SqFt 1,582
Status Active
MLS # RTC2757224
Property Type Single Family Residence
 
 

3109 Setting Sun Dr Thompsons Station, TN 37179

$519,900 - 3Br/4Ba -  for Sale in Tollgate Village, Thompsons Station
New
Price $519,900
Beds 3
Baths 4
Living Area SqFt 2,037
Status Active
MLS # RTC2761963
Property Type Townhouse
 
 

3405 John Richards Dr Murfreesboro, TN 37129

Price $519,900
Beds 3
Baths 2
Living Area SqFt 1,800
Status Under Contract - Not Showing
MLS # RTC2697103
Property Type Zero Lot Line
 
 

3137 Setting Sun Dr Thompsons Station, TN 37179

Price $519,900
Beds 3
Baths 4
Living Area SqFt 1,957
Status Under Contract - Showing
MLS # RTC2746103
Property Type Townhouse
 
 

1211 Kennesaw Blvd Gallatin, TN 37066

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,195
Status Under Contract - Not Showing
MLS # RTC2752758
Property Type Single Family Residence
 
 

2008 Ruby Mae Dr Antioch, TN 37013

Price $519,900
Beds 3
Baths 2
Living Area SqFt 1,819
Status Active
MLS # RTC2705851
Property Type Single Family Residence
 
 

2005 Horseshoe Cir Lot 227 Gallatin, TN 37066

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,217
Status Active
MLS # RTC2756618
Property Type Zero Lot Line
 
 

5502 Oakmont Cir Nashville, TN 37209

Price $519,900
Beds 4
Baths 2
Living Area SqFt 1,474
Status Active
MLS # RTC2747093
Property Type Single Family Residence
 
 

1350 Rosa L Parks Blvd Unit 329 Nashville, TN 37208

Price $519,900
Beds 1
Baths 1
Living Area SqFt 1,146
Status Active
MLS # RTC2699787
Property Type Loft
 
 

1350 Rosa L Parks Blvd Unit 412 Nashville, TN 37208

Price $519,900
Beds 2
Baths 2
Living Area SqFt 1,016
Status Active
MLS # RTC2743587
Property Type Loft
 
 

427 Veritas St Unit A Nashville, TN 37211

Price $519,900
Beds 4
Baths 3
Living Area SqFt 1,684
Status Under Contract - Not Showing
MLS # RTC2681469
Property Type Townhouse
 
 

189 Pima Trl Lebanon, TN 37087

Price $519,900
Beds 3
Baths 2
Living Area SqFt 2,219
Status Active
MLS # RTC2748983
Property Type Single Family Residence
 
 

230 Michael Cir Lafayette, TN 37083

$519,900 - 4Br/3Ba -  for Sale in Green Field Estates, Lafayette
New
Price $519,900
Beds 4
Baths 3
Living Area SqFt 3,200
Status Active
MLS # RTC2761944
Property Type Single Family Residence
 
 

422 Coker Ford Rd Portland, TN 37148

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,668
Status Under Contract - Showing
MLS # RTC2745322
Property Type Single Family Residence
 
 

1922 Hampton Dr Lebanon, TN 37087

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,001
Status Under Contract - Showing
MLS # RTC2753077
Property Type Single Family Residence
 
 

3924 Kedron Rd Spring Hill, TN 37174

Price $519,900
Beds 4
Baths 2
Living Area SqFt 2,112
Status Under Contract - Not Showing
MLS # RTC2749477
Property Type Single Family Residence
 
 

1175 Rock Church Rd Dickson, TN 37055

Price $519,900
Beds 3
Baths 2
Living Area SqFt 2,300
Status Under Contract - Not Showing
MLS # RTC2743666
Property Type Single Family Residence
 
 

341 Deepwood Trl Clarksville, TN 37042

Price $519,900
Beds 3
Baths 4
Living Area SqFt 3,110
Status Under Contract - Not Showing
MLS # RTC2756186
Property Type Single Family Residence
 
 

451 Lakeland Dr Dover, TN 37058

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,484
Status Active
MLS # RTC2673289
Property Type Single Family Residence
 
 

355 Joe Barnett Rd Jamestown, TN 38556

Price $519,900
Beds 3
Baths 2
Living Area SqFt 2,628
Status Active
MLS # RTC2675319
Property Type Horizontal Property Regime - Detached
 
 

208 Goodman Branch Rd Hohenwald, TN 38462

Price $519,900
Beds 3
Baths 3
Living Area SqFt 4,266
Status Active
MLS # RTC2673636
Property Type Single Family Residence
 
 

164 White Farm Rd Lafayette, TN 37083

Price $519,900
Beds 5
Baths 3
Living Area SqFt 3,110
Status Active
MLS # RTC2700866
Property Type Single Family Residence
 
 

199 Walden Rd Lawrenceburg, TN 38464

Price $519,900
Beds 5
Baths 4
Living Area SqFt 3,156
Status Under Contract - Showing
MLS # RTC2579442
Property Type Single Family Residence
 
 

2005 24th Ave N Nashville, TN 37208

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,154
Status Active
MLS # RTC2756267
Property Type Single Family Residence
 
 

156 Collins River Dr Rock Island, TN 38581

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,062
Status Active
MLS # RTC2630272
Property Type Single Family Residence
 
 

1084 Indigo Aly Brentwood, TN 37027

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,105
Status Active
MLS # RTC2648318
Property Type Single Family Residence
 
 

7119 Sutton Pl Fairview, TN 37062

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,360
Status Active
MLS # RTC2743687
Property Type Single Family Residence