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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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
 
 

204 Siegert Pl Nolensville, TN 37135

Price $518,000
Beds 2
Baths 2
Living Area SqFt 1,582
Status Active
MLS # RTC2701212
Property Type Townhouse
 
 

34 Tusculum Rd Antioch, TN 37013

Price $518,000
Beds 5
Baths 3
Living Area SqFt 2,688
Status Under Contract - Showing
MLS # RTC2706364
Property Type Single Family Residence
 
 

109 Southwind Run Spring Hill, TN 37174

Price $517,990
Beds 4
Baths 3
Living Area SqFt 2,155
Status Under Contract - Not Showing
MLS # RTC2684701
Property Type Single Family Residence
 
 

5818 Craven Lane Rockvale, TN 37153

Price $517,930
Beds 4
Baths 4
Living Area SqFt 2,380
Status Under Contract - Not Showing
MLS # RTC2663621
Property Type Single Family Residence
 
 

1112 W Grove Ave Nashville, TN 37203

Price $517,900
Beds 3
Baths 2
Living Area SqFt 1,057
Status Under Contract - Showing
MLS # RTC2666372
Property Type Single Family Residence
 
 

29 Shema Lane Lebanon, TN 37087

Price $517,777
Beds 3
Baths 3
Living Area SqFt 2,347
Status Active
MLS # RTC2701792
Property Type Single Family Residence
 
 

1307 Harmony Hill Lane Mount Juliet, TN 37122

Price $517,540
Beds 4
Baths 3
Living Area SqFt 1,972
Status Under Contract - Not Showing
MLS # RTC2704573
Property Type Single Family Residence
 
 

1458 English Oak Dr Clarksville, TN 37043

Price $517,490
Beds 5
Baths 4
Living Area SqFt 2,910
Status Active
MLS # RTC2751381
Property Type Single Family Residence
 
 

2507 Williams Ridge Drive Columbia, TN 38401

Price $517,490
Beds 4
Baths 3
Living Area SqFt 2,476
Status Active
MLS # RTC2755937
Property Type Single Family Residence
 
 

323 Jasmine Park Hermitage, TN 37076

$517,400 - 3Br/3Ba -  for Sale in Wembley Park, Hermitage
Open House
Price $517,400
Beds 3
Baths 3
Living Area SqFt 2,115
Status Active
MLS # RTC2567097
Property Type Single Family Residence
 
 

862 W Sharpe Ave Unit Unit 5 Nashville, TN 37206

Price $517,400
Beds 3
Baths 4
Living Area SqFt 1,626
Status Active
MLS # RTC2664287
Property Type Townhouse
 
 

862 W Sharpe Ave Unit 7 Nashville, TN 37206

Price $517,400
Beds 3
Baths 4
Living Area SqFt 1,626
Status Under Contract - Not Showing
MLS # RTC2664655
Property Type Townhouse
 
 

2052 Grace Johns Cir Murfreesboro, TN 37128

Price $517,100
Beds 3
Baths 2
Living Area SqFt 1,729
Status Under Contract - Showing
MLS # RTC2687680
Property Type Townhouse
 
 

1309 Oakhall Ln Mount Juliet, TN 37122

Price $517,000
Beds 3
Baths 3
Living Area SqFt 2,167
Status Active
MLS # RTC2752844
Property Type Single Family Residence
 
 

3049 Wiltshire Park Pl Hermitage, TN 37076

Price $516,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Active
MLS # RTC2745217
Property Type Horizontal Property Regime - Attached
 
 

1914 Hildebrand Lane Columbia, TN 38401

Price $516,616
Beds 3
Baths 2
Living Area SqFt 1,950
Status Under Contract - Not Showing
MLS # RTC2682357
Property Type Single Family Residence
 
 

180 Young Ln Pleasant View, TN 37146

Price $516,500
Beds 3
Baths 3
Living Area SqFt 2,180
Status Active
MLS # RTC2648028
Property Type Single Family Residence
 
 

1841 Mahala Dr Hermitage, TN 37076

Price $516,140
Beds 5
Baths 3
Living Area SqFt 2,412
Status Active
MLS # RTC2753574
Property Type Single Family Residence
 
 

3045 Wiltshire Park Pl Hermitage, TN 37076

$515,990 - 3Br/3Ba -  for Sale in Homes At Park At Wiltshire Lot 25, Hermitage
New
Price $515,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Active
MLS # RTC2757409
Property Type Horizontal Property Regime - Attached
 
 

2110 Vanhooser Way Cornersville, TN 37047

Price $515,900
Beds 3
Baths 2
Living Area SqFt 2,010
Status Active
MLS # RTC2707626
Property Type Single Family Residence
 
 

55 Bear Branch Circle Joelton, TN 37080

Price $515,900
Beds 3
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2747653
Property Type Single Family Residence
 
 

1551 Cedarbrooke Ln Lebanon, TN 37090

Price $515,842
Beds 3
Baths 3
Living Area SqFt 2,314
Status Under Contract - Showing
MLS # RTC2754820
Property Type Zero Lot Line
 
 

1 Bear Branch Circle Joelton, TN 37080

Price $515,420
Beds 4
Baths 4
Living Area SqFt 2,750
Status Active
MLS # RTC2653637
Property Type Single Family Residence
 
 

1110 Anson St Lot 163 Gallatin, TN 37066

Price $515,414
Beds 3
Baths 4
Living Area SqFt 2,037
Status Active
MLS # RTC2751720
Property Type Single Family Residence
 
 

3604 Rivermont Way Rockvale, TN 37153

Price $515,355
Beds 4
Baths 3
Living Area SqFt 2,603
Status Active
MLS # RTC2755106
Property Type Single Family Residence
 
 

3328 Diana Rd Pulaski, TN 38478

Price $515,000
Beds 3
Baths 2
Living Area SqFt 2,030
Status Active
MLS # RTC2748514
Property Type Single Family Residence
 
 

120 Cades Bluff Mount Juliet, TN 37122

Price $515,000
Beds 5
Baths 3
Living Area SqFt 2,722
Status Under Contract - Not Showing
MLS # RTC2739373
Property Type Single Family Residence
 
 

1011 Keeneland Dr Spring Hill, TN 37174

Price $515,000
Beds 4
Baths 3
Living Area SqFt 2,649
Status Active
MLS # RTC2694042
Property Type Single Family Residence
 
 

727 Woodmere Dr Nashville, TN 37217

Price $515,000
Beds 3
Baths 2
Living Area SqFt 1,851
Status Active
MLS # RTC2700260
Property Type Single Family Residence
 
 

3210 Long Blvd Unit 102 Nashville, TN 37203

Price $515,000
Beds 1
Baths 2
Living Area SqFt 1,061
Status Active
MLS # RTC2748505
Property Type Flat Condo
 
 

6006 Valley Rd Springfield, TN 37172

Price $515,000
Beds 3
Baths 3
Living Area SqFt 2,067
Status Active
MLS # RTC2749008
Property Type Single Family Residence
 
 

450 Pueblo Trce Clarksville, TN 37040

Price $515,000
Beds 3
Baths 3
Living Area SqFt 2,801
Status Active
MLS # RTC2743980
Property Type Single Family Residence
 
 

1230 Rimrock Rd Smyrna, TN 37167

Price $515,000
Beds 3
Baths 3
Living Area SqFt 2,322
Status Active
MLS # RTC2705099
Property Type Single Family Residence
 
 

52 N Kensington Ct Manchester, TN 37355

Price $515,000
Beds 4
Baths 4
Living Area SqFt 2,484
Status Active
MLS # RTC2743578
Property Type Single Family Residence
 
 

104 Anchor Dr Hendersonville, TN 37075

Price $515,000
Beds 4
Baths 4
Living Area SqFt 2,108
Status Active
MLS # RTC2745651
Property Type Single Family Residence
 
 

2311b Lloyd Ave Nashville, TN 37218

Price $515,000
Beds 3
Baths 3
Living Area SqFt 1,859
Status Active
MLS # RTC2750712
Property Type Single Family Residence
 
 

511 Stevenson St Unit A Nashville, TN 37209

Price $515,000
Beds 3
Baths 2
Living Area SqFt 1,868
Status Active
MLS # RTC2756021
Property Type Horizontal Property Regime - Detached