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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3620 Diana Ridge Road Pulaski, TN 38478

Price $524,000
Beds 3
Baths 2
Living Area SqFt 1,650
Status Active
MLS # RTC2659627
Property Type Single Family Residence
 
 

3626 Jacaranda Ln Murfreesboro, TN 37129

Price $524,000
Beds 3
Baths 3
Living Area SqFt 2,269
Status Active
MLS # RTC2748324
Property Type Single Family Residence
 
 

309 Cody Hill Pl Nashville, TN 37211

Price $524,000
Beds 3
Baths 2
Living Area SqFt 2,054
Status Active
MLS # RTC2700709
Property Type Single Family Residence
 
 

1212 Laurel St Unit 1911 Nashville, TN 37203

Price $524,000
Beds 1
Baths 1
Living Area SqFt 765
Status Active
MLS # RTC2746478
Property Type High Rise
 
 

1252 Linn Cove Court Gallatin, TN 37066

Price $523,990
Beds 4
Baths 4
Living Area SqFt 2,689
Status Active
MLS # RTC2745314
Property Type Single Family Residence
 
 

1210 Timber Creek Dr Murfreesboro, TN 37128

Price $523,900
Beds 4
Baths 3
Living Area SqFt 2,470
Status Active
MLS # RTC2751933
Property Type Single Family Residence
 
 

621 Lyla Drive Lot 250 Spring Hill, TN 37174

Price $523,807
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2750432
Property Type Single Family Residence
 
 

1212 Demonbreun St Unit A3 (j) Nashville, TN 37203

$523,590 - 1Br/1Ba -  for Sale in Pullman Gulch Union, Nashville
Open House
Price $523,590
Beds 1
Baths 1
Living Area SqFt 719
Status Active
MLS # RTC2755939
Property Type High Rise
 
 

2005 Horseshoe Cir Lot 227 Gallatin, TN 37066

$523,178 - 3Br/3Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
New
Price $523,178
Beds 3
Baths 3
Living Area SqFt 2,217
Status Active
MLS # RTC2756618
Property Type Zero Lot Line
 
 

930 Caywood Road Smyrna, TN 37167

Price $523,112
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2687503
Property Type Single Family Residence
 
 

40 Arnold Hollow Rd Flintville, TN 37335

Price $523,000
Beds 3
Baths 2
Living Area SqFt 1,536
Status Active
MLS # RTC2690324
Property Type Single Family Residence
 
 

1925 Hildebrand Lane Columbia, TN 38401

Price $522,900
Beds 3
Baths 3
Living Area SqFt 2,372
Status Active
MLS # RTC2750079
Property Type Single Family Residence
 
 

4905 Russell David Drive Murfreesboro, TN 37129

Price $522,619
Beds 3
Baths 2
Living Area SqFt 2,130
Status Under Contract - Not Showing
MLS # RTC2701606
Property Type Single Family Residence
 
 

3137 Arbor Valley Rd Spring Hill, TN 37174

Price $522,081
Beds 5
Baths 3
Living Area SqFt 2,269
Status Active
MLS # RTC2754854
Property Type Single Family Residence
 
 

7703 Danswerk Murfreesboro, TN 37129

Price $522,012
Beds 3
Baths 2
Living Area SqFt 2,257
Status Under Contract - Not Showing
MLS # RTC2695394
Property Type Single Family Residence
 
 

6910 Chatsworth Ct Murfreesboro, TN 37129

Price $522,000
Beds 3
Baths 3
Living Area SqFt 2,748
Status Under Contract - Not Showing
MLS # RTC2698694
Property Type Single Family Residence
 
 

816 Ridgetop Dr Mount Juliet, TN 37122

Price $522,000
Beds 3
Baths 2
Living Area SqFt 2,200
Status Under Contract - Not Showing
MLS # RTC2653079
Property Type Single Family Residence
 
 

1502 23rd Ave N Nashville, TN 37208

$522,000 - 3Br/2Ba -  for Sale in S A Champion, Nashville
Open House
Price $522,000
Beds 3
Baths 2
Living Area SqFt 1,805
Status Active
MLS # RTC2703378
Property Type Single Family Residence
 
 

201 Trefethen Dr White House, TN 37188

Price $521,990
Beds 5
Baths 3
Living Area SqFt 2,365
Status Active
MLS # RTC2694986
Property Type Single Family Residence
 
 

2120 Mackinac Bend Gallatin, TN 37066

Price $521,480
Beds 4
Baths 3
Living Area SqFt 2,676
Status Under Contract - Not Showing
MLS # RTC2697355
Property Type Single Family Residence
 
 

1252 Chapel Cove Gallatin, TN 37066

Price $521,290
Beds 3
Baths 2
Living Area SqFt 1,796
Status Under Contract - Not Showing
MLS # RTC2700208
Property Type Single Family Residence
 
 

2094 Beverly Ct Springfield, TN 37172

Price $520,900
Beds 3
Baths 2
Living Area SqFt 2,026
Status Active
MLS # RTC2739570
Property Type Single Family Residence
 
 

2041 Beverly Ct Springfield, TN 37172

Price $520,900
Beds 3
Baths 2
Living Area SqFt 2,122
Status Active
MLS # RTC2739574
Property Type Single Family Residence
 
 

2087 Beverly Ct Springfield, TN 37172

Price $520,900
Beds 3
Baths 2
Living Area SqFt 2,000
Status Active
MLS # RTC2754033
Property Type Single Family Residence
 
 

3615 Barbee Ct Rockvale, TN 37153

$520,900 - 3Br/3Ba -  for Sale in Salem Landing Sec 1, Rockvale
Open House
Price $520,900
Beds 3
Baths 3
Living Area SqFt 2,416
Status Active
MLS # RTC2678322
Property Type Single Family Residence
 
 

5321 Woodhall Lane Unit H-5 Spring Hill, TN 37174

Price $520,507
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2748724
Property Type Horizontal Property Regime - Attached
 
 

932 Meadowcrest Way Lebanon, TN 37090

Price $520,290
Beds 3
Baths 3
Living Area SqFt 2,345
Status Under Contract - Not Showing
MLS # RTC2706301
Property Type Zero Lot Line
 
 

1354 Harmony Hill Lane Mount Juliet, TN 37122

Price $520,224
Beds 3
Baths 3
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2707260
Property Type Single Family Residence
 
 

4902 Royal View Way Clarksville, TN 37040

Price $520,000
Beds 3
Baths 2
Living Area SqFt 2,500
Status Under Contract - Not Showing
MLS # RTC2702613
Property Type Single Family Residence
 
 

3730 Felipe Way Murfreesboro, TN 37129

Price $520,000
Beds 3
Baths 3
Living Area SqFt 2,089
Status Active
MLS # RTC2674811
Property Type Single Family Residence
 
 

926 Lullwater Road Chattanooga, TN 37405

Price $520,000
Beds 4
Baths 3
Living Area SqFt 2,400
Status Active
MLS # RTC2709521
Property Type Single Family Residence
 
 

4035 Whiteville Newcastle Rd Whiteville, TN 38075

Price $520,000
Beds 4
Baths 4
Living Area SqFt 3,358
Status Active
MLS # RTC2751500
Property Type Single Family Residence
 
 

105 Toccoas Trl Christiana, TN 37037

Price $520,000
Beds 3
Baths 2
Living Area SqFt 2,268
Status Under Contract - Showing
MLS # RTC2743932
Property Type Single Family Residence
 
 

712 Brockten St Lebanon, TN 37087

Price $520,000
Beds 3
Baths 2
Living Area SqFt 1,949
Status Under Contract - Not Showing
MLS # RTC2702896
Property Type Single Family Residence
 
 

1240 2nd Ave S Unit 2 Nashville, TN 37210

Price $520,000
Beds 2
Baths 2
Living Area SqFt 1,900
Status Active
MLS # RTC2668591
Property Type Townhouse
 
 

148 Allen Dr Hendersonville, TN 37075

Price $520,000
Beds 4
Baths 2
Living Area SqFt 1,913
Status Active
MLS # RTC2654561
Property Type Single Family Residence
 
 

614 Fairway Trl Springfield, TN 37172

Price $520,000
Beds 4
Baths 4
Living Area SqFt 2,694
Status Active
MLS # RTC2705954
Property Type Single Family Residence
 
 

1413 Bayou Ct Nashville, TN 37218

Price $520,000
Beds 5
Baths 3
Living Area SqFt 2,676
Status Active
MLS # RTC2691394
Property Type Single Family Residence
 
 

702 Wedgewood Park Unit 206 Nashville, TN 37203

Price $520,000
Beds 2
Baths 2
Living Area SqFt 1,325
Status Active
MLS # RTC2633298
Property Type Flat Condo
 
 

2690 Vista Meadows Ln Sevierville, TN 37876

Price $520,000
Beds 5
Baths 3
Living Area SqFt 2,160
Status Active
MLS # RTC2641109
Property Type Single Family Residence