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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1747 Oak Forest Dr Clarksville, TN 37043

Price $514,900
Beds 5
Baths 3
Living Area SqFt 3,005
Status Active
MLS # RTC2648713
Property Type Single Family Residence
 
 

1071 Camden Trail Greenbrier, TN 37073

Price $514,900
Beds 4
Baths 3
Living Area SqFt 2,148
Status Active
MLS # RTC2736604
Property Type Single Family Residence
 
 

1010 N 6th St Nashville, TN 37207

Price $514,900
Beds 4
Baths 2
Living Area SqFt 1,725
Status Active
MLS # RTC2752693
Property Type Single Family Residence
 
 

1700 Edgewood Ave Nashville, TN 37207

Price $514,900
Beds 3
Baths 3
Living Area SqFt 1,462
Status Active
MLS # RTC2751476
Property Type Horizontal Property Regime - Detached
 
 

203 Savannah Rdg Murfreesboro, TN 37127

Price $514,900
Beds 4
Baths 3
Living Area SqFt 2,604
Status Active
MLS # RTC2751621
Property Type Single Family Residence
 
 

1020 Westgate Dr Gallatin, TN 37066

$514,900 - 3Br/3Ba -  for Sale in Patterson Farms, Gallatin
New
Price $514,900
Beds 3
Baths 3
Living Area SqFt 2,330
Status Active
MLS # RTC2756527
Property Type Single Family Residence
 
 

6953 Citation Ln Murfreesboro, TN 37129

Price $514,900
Beds 3
Baths 3
Living Area SqFt 2,509
Status Active
MLS # RTC2753449
Property Type Single Family Residence
 
 

340 Evans Dr Tullahoma, TN 37388

$514,900 - 3Br/3Ba -  for Sale in Reserve At Holiday Landing, Tullahoma
New
Price $514,900
Beds 3
Baths 3
Living Area SqFt 1,869
Status Active
MLS # RTC2757392
Property Type Single Family Residence
 
 

5216 Meta Cir Nashville, TN 37211

Price $514,900
Beds 3
Baths 2
Living Area SqFt 1,559
Status Under Contract - Showing
MLS # RTC2700883
Property Type Single Family Residence
 
 

847 Brick Ct Adams, TN 37010

Price $514,900
Beds 5
Baths 3
Living Area SqFt 3,234
Status Under Contract - Showing
MLS # RTC2745741
Property Type Single Family Residence
 
 

860 Mcnair Dr Waverly, TN 37185

Price $514,900
Beds 3
Baths 2
Living Area SqFt 1,632
Status Under Contract - Showing
MLS # RTC2706118
Property Type Single Family Residence
 
 

100 Shields Ln Madison, TN 37115

Price $514,900
Beds 3
Baths 3
Living Area SqFt 1,750
Status Active
MLS # RTC2663429
Property Type Horizontal Property Regime - Detached
 
 

324 Evans Dr Tullahoma, TN 37388

Price $514,900
Beds 4
Baths 3
Living Area SqFt 2,205
Status Active
MLS # RTC2615479
Property Type Single Family Residence
 
 

827 Manner Ln Lebanon, TN 37087

Price $514,900
Beds 3
Baths 3
Living Area SqFt 2,170
Status Active
MLS # RTC2707070
Property Type Single Family Residence
 
 

2458 Steve Dr Columbia, TN 38401

Price $514,900
Beds 5
Baths 3
Living Area SqFt 3,400
Status Active
MLS # RTC2616585
Property Type Single Family Residence
 
 

1002 Joseph Ave Nashville, TN 37207

Price $514,900
Beds 2
Baths 1
Living Area SqFt 1,405
Status Under Contract - Showing
MLS # RTC2687953
Property Type Single Family Residence
 
 

855 S Douglas Ave Nashville, TN 37204

$514,900 - 2Br/3Ba -  for Sale in Waverly Place Ii Townhomes, Nashville
Open House
Price $514,900
Beds 2
Baths 3
Living Area SqFt 1,200
Status Active
MLS # RTC2755557
Property Type Townhouse
 
 

108 Hickory Hills Dr Murfreesboro, TN 37128

$514,900 - 3Br/3Ba -  for Sale in Hawkins Acres, Murfreesboro
Open House
Price $514,900
Beds 3
Baths 3
Living Area SqFt 2,255
Status Active
MLS # RTC2755548
Property Type Single Family Residence
 
 

3520 Darrell Dr Murfreesboro, TN 37128

$514,900 - 4Br/3Ba -  for Sale in Magnolia Grove Sec 1 Ph 1, Murfreesboro
Open House
Price $514,900
Beds 4
Baths 3
Living Area SqFt 2,412
Status Active
MLS # RTC2706329
Property Type Single Family Residence
 
 

6306 Gladstone Lane Rockvale, TN 37153

Price $514,750
Beds 4
Baths 4
Living Area SqFt 2,768
Status Under Contract - Not Showing
MLS # RTC2675715
Property Type Single Family Residence
 
 

6225 Kenwyn Pass Smyrna, TN 37167

Price $514,550
Beds 3
Baths 3
Living Area SqFt 2,303
Status Active
MLS # RTC2655792
Property Type Single Family Residence
 
 

1046 Notting Hill Dr Gallatin, TN 37066

Price $514,500
Beds 3
Baths 2
Living Area SqFt 2,318
Status Active
MLS # RTC2611319
Property Type Single Family Residence
 
 

1022 Honeysuckle Breeze Lane Murfreesboro, TN 37128

Price $514,245
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2674495
Property Type Single Family Residence
 
 

1020 Nighthawk Ln Mount Juliet, TN 37122

Price $514,000
Beds 4
Baths 3
Living Area SqFt 2,354
Status Active
MLS # RTC2699113
Property Type Single Family Residence
 
 

605 S Riverbend Ct Nashville, TN 37221

Price $514,000
Beds 3
Baths 2
Living Area SqFt 2,015
Status Active
MLS # RTC2754488
Property Type Single Family Residence
 
 

2524 Call Hill Rd Nashville, TN 37211

Price $514,000
Beds 3
Baths 3
Living Area SqFt 2,205
Status Under Contract - Showing
MLS # RTC2705110
Property Type Single Family Residence
 
 

707 S 11th St Nashville, TN 37206

Price $514,000
Beds 2
Baths 1
Living Area SqFt 1,061
Status Under Contract - Showing
MLS # RTC2708034
Property Type Single Family Residence
 
 

1714 Benjamin Dr Murfreesboro, TN 37128

Price $514,000
Beds 5
Baths 3
Living Area SqFt 3,139
Status Active
MLS # RTC2667442
Property Type Single Family Residence
 
 

5145 Bay Overlook Dr Hermitage, TN 37076

Price $514,000
Beds 4
Baths 3
Living Area SqFt 2,400
Status Under Contract - Not Showing
MLS # RTC2629378
Property Type Single Family Residence
 
 

1626 Medinah Lane Lebanon, TN 37087

Price $513,990
Beds 4
Baths 3
Living Area SqFt 2,575
Status Under Contract - Not Showing
MLS # RTC2696253
Property Type Single Family Residence
 
 

3043 Wiltshire Park Pl Hermitage, TN 37076

$513,990 - 3Br/3Ba -  for Sale in Homes At Park At Wiltshire Lot 25, Hermitage
New
Price $513,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Active
MLS # RTC2757375
Property Type Horizontal Property Regime - Attached
 
 

2045 Skippack Pvt Circle Gallatin, TN 37066

Price $513,955
Beds 3
Baths 2
Living Area SqFt 1,883
Status Under Contract - Not Showing
MLS # RTC2700181
Property Type Single Family Residence
 
 

2927 Glenmeade Dr Nashville, TN 37216

$513,900 - 3Br/2Ba -  for Sale in Glenmeade, Nashville
Open House
Price $513,900
Beds 3
Baths 2
Living Area SqFt 1,836
Status Active
MLS # RTC2747083
Property Type Single Family Residence
 
 

1241 Chapel Cove Gallatin, TN 37066

Price $513,675
Beds 3
Baths 2
Living Area SqFt 1,796
Status Under Contract - Not Showing
MLS # RTC2705128
Property Type Single Family Residence
 
 

710 Hancock Lane Lebanon, TN 37087

Price $513,340
Beds 5
Baths 5
Living Area SqFt 3,075
Status Under Contract - Not Showing
MLS # RTC2708372
Property Type Single Family Residence
 
 

6559 Caywood Road Smyrna, TN 37167

Price $513,195
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2673893
Property Type Single Family Residence
 
 

1127 Remington Trl Columbia, TN 38401

Price $513,000
Beds 4
Baths 2
Living Area SqFt 2,590
Status Active
MLS # RTC2675196
Property Type Single Family Residence
 
 

1344 Harmony Hill Lane Mount Juliet, TN 37122

Price $512,835
Beds 3
Baths 3
Living Area SqFt 2,166
Status Under Contract - Not Showing
MLS # RTC2638098
Property Type Single Family Residence
 
 

716 Hancock Lane Lebanon, TN 37087

Price $512,680
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2752565
Property Type Single Family Residence
 
 

2043 Sunflower Dr Spring Hill, TN 37174

Price $512,500
Beds 3
Baths 2
Living Area SqFt 2,334
Status Active
MLS # RTC2754995
Property Type Single Family Residence