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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2233 Red Mile Rd Murfreesboro, TN 37127

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,392
Status Under Contract - Showing
MLS # RTC2697089
Property Type Single Family Residence
 
 

27 Eagles Ct Mount Juliet, TN 37122

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,416
Status Under Contract - Showing
MLS # RTC2703446
Property Type Single Family Residence
 
 

2316 Alteras Dr Nashville, TN 37211

Price $519,900
Beds 3
Baths 3
Living Area SqFt 2,159
Status Active
MLS # RTC2685981
Property Type Single Family Residence
 
 

308 Pond Dr Gallatin, TN 37066

Price $519,900
Beds 5
Baths 4
Living Area SqFt 2,427
Status Active
MLS # RTC2752013
Property Type Single Family Residence
 
 

1804 Baslia Ln Spring Hill, TN 37174

Price $519,900
Beds 4
Baths 3
Living Area SqFt 2,350
Status Active
MLS # RTC2707907
Property Type Single Family Residence
 
 

6709 Hanworth Trace Smyrna, TN 37167

$519,875 - 3Br/3Ba -  for Sale in Blakeney, Smyrna
Open House
Price $519,875
Beds 3
Baths 3
Living Area SqFt 2,295
Status Active
MLS # RTC2760584
Property Type Single Family Residence
 
 

5313 Woodhall Lane Unit H5 Spring Hill, TN 37174

Price $519,858
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2748704
Property Type Horizontal Property Regime - Attached
 
 

1309 Harmony Hill Lane Mount Juliet, TN 37122

Price $519,750
Beds 4
Baths 4
Living Area SqFt 2,321
Status Under Contract - Not Showing
MLS # RTC2686015
Property Type Single Family Residence
 
 

213 Snapdragon Dr Smyrna, TN 37167

Price $519,500
Beds 4
Baths 3
Living Area SqFt 2,600
Status Active
MLS # RTC2759378
Property Type Single Family Residence
 
 

6231 Gladstone Ln Rockvale, TN 37153

Price $519,400
Beds 4
Baths 4
Living Area SqFt 2,768
Status Under Contract - Not Showing
MLS # RTC2701829
Property Type Single Family Residence
 
 

6236 Gladstone Lane Rockvale, TN 37153

Price $519,300
Beds 5
Baths 4
Living Area SqFt 2,994
Status Under Contract - Not Showing
MLS # RTC2695266
Property Type Single Family Residence
 
 

1844 Mahala Dr Hermitage, TN 37076

Price $519,140
Beds 4
Baths 4
Living Area SqFt 2,768
Status Active
MLS # RTC2753940
Property Type Single Family Residence
 
 

1813 Mahala Dr Hermitage, TN 37076

Price $519,120
Beds 4
Baths 4
Living Area SqFt 2,768
Status Under Contract - Not Showing
MLS # RTC2691308
Property Type Single Family Residence
 
 

235 Gower St Pleasant View, TN 37146

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,219
Status Active
MLS # RTC2675335
Property Type Single Family Residence
 
 

331 Sophia Rain Dr Unit 15 Nashville, TN 37218

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,136
Status Under Contract - Showing
MLS # RTC2257899
Property Type Single Family Residence
 
 

179 Puncheon Camp Ln Bell Buckle, TN 37020

Price $519,000
Beds 2
Baths 1
Living Area SqFt 1,280
Status Active
MLS # RTC2642617
Property Type Single Family Residence
 
 

1212 Dalemere Dr Nashville, TN 37207

Price $519,000
Beds 4
Baths 3
Living Area SqFt 2,646
Status Active
MLS # RTC2695342
Property Type Single Family Residence
 
 

1603 Long Street Unit 102 Chattanooga, TN 37408

Price $519,000
Beds 2
Baths 2
Living Area SqFt 1,032
Status Active
MLS # RTC2745966
Property Type Other Condo
 
 

406 Reigh Ct Franklin, TN 37069

Price $519,000
Beds 3
Baths 3
Living Area SqFt 1,365
Status Active
MLS # RTC2758552
Property Type Single Family Residence
 
 

732 25th Ave N Nashville, TN 37208

Price $519,000
Beds 3
Baths 3
Living Area SqFt 1,454
Status Under Contract - Showing
MLS # RTC2748033
Property Type Single Family Residence
 
 

1607 23rd Ave N Nashville, TN 37208

$519,000 - 4Br/4Ba -  for Sale in Georgia Industrial Realty, Nashville
New
Price $519,000
Beds 4
Baths 4
Living Area SqFt 2,150
Status Active
MLS # RTC2762350
Property Type Single Family Residence
 
 

334b Dade Dr Nashville, TN 37211

Price $519,000
Beds 3
Baths 2
Living Area SqFt 1,400
Status Under Contract - Showing
MLS # RTC2753239
Property Type Horizontal Property Regime - Detached
 
 

116 Fawnfield Circle Murfreesboro, TN 37129

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,130
Status Coming Soon / Hold
MLS # RTC2759953
Property Type Single Family Residence
 
 

316 Chickasaw Trl Goodlettsville, TN 37072

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,406
Status Active
MLS # RTC2758296
Property Type Single Family Residence
 
 

5634 Heirloom Dr Murfreesboro, TN 37129

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,349
Status Active
MLS # RTC2757213
Property Type Single Family Residence
 
 

309 Cody Hill Pl Nashville, TN 37211

Price $519,000
Beds 3
Baths 2
Living Area SqFt 2,054
Status Active
MLS # RTC2700709
Property Type Single Family Residence
 
 

2303 March Dr Spring Hill, TN 37174

Price $519,000
Beds 3
Baths 2
Living Area SqFt 1,776
Status Under Contract - Showing
MLS # RTC2695996
Property Type Single Family Residence
 
 

43 Carriage Ln Sewanee, TN 37375

Price $519,000
Beds 3
Baths 2
Living Area SqFt 1,743
Status Under Contract - Showing
MLS # RTC2662671
Property Type Single Family Residence
 
 

203 Elliott Ct Columbia, TN 38401

Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,324
Status Active
MLS # RTC2748057
Property Type Single Family Residence
 
 

10267 Magnolia Farm Drive Apison, TN 37302

$519,000 - 3Br/3Ba -  for Sale in Magnolia Farms, Apison
New
Price $519,000
Beds 3
Baths 3
Living Area SqFt 2,625
Status Active
MLS # RTC2762459
Property Type Single Family Residence
 
 

804 Tank Lane Lot 274 Spring Hill, TN 37174

Price $518,970
Beds 4
Baths 3
Living Area SqFt 2,581
Status Under Contract - Not Showing
MLS # RTC2750445
Property Type Single Family Residence
 
 

1924 Hildebrand Lane Columbia, TN 38401

Price $518,900
Beds 4
Baths 4
Living Area SqFt 2,502
Status Active
MLS # RTC2760441
Property Type Single Family Residence
 
 

5029 Megan Dr Hermitage, TN 37076

Price $518,900
Beds 3
Baths 2
Living Area SqFt 2,413
Status Active
MLS # RTC2755133
Property Type Single Family Residence
 
 

113 Marston Way Christiana, TN 37037

Price $518,650
Beds 3
Baths 3
Living Area SqFt 2,586
Status Active
MLS # RTC2751726
Property Type Single Family Residence
 
 

8345 Ramstone Way Antioch, TN 37013

Price $518,640
Beds 5
Baths 3
Living Area SqFt 2,674
Status Under Contract - Not Showing
MLS # RTC2746611
Property Type Single Family Residence
 
 

2124 Creekland View Blvd Nashville, TN 37207

Price $518,448
Beds 4
Baths 3
Living Area SqFt 2,274
Status Active
MLS # RTC2757168
Property Type Single Family Residence
 
 

1551 Cedarbrooke Ln Lebanon, TN 37090

Price $518,342
Beds 3
Baths 3
Living Area SqFt 2,314
Status Active
MLS # RTC2754820
Property Type Zero Lot Line
 
 

1249 Chapel Cove Gallatin, TN 37066

Price $518,180
Beds 3
Baths 2
Living Area SqFt 1,883
Status Under Contract - Not Showing
MLS # RTC2700206
Property Type Single Family Residence
 
 

1907 Mahala Dr Hermitage, TN 37076

Price $518,140
Beds 5
Baths 3
Living Area SqFt 2,412
Status Active
MLS # RTC2753612
Property Type Single Family Residence
 
 

115 Rae Ln Burns, TN 37029

Price $518,000
Beds 3
Baths 2
Living Area SqFt 2,240
Status Active
MLS # RTC2750040
Property Type Single Family Residence