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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6914 Chatsworth Drive Murfreesboro, TN 37129

Price $512,450
Beds 4
Baths 3
Living Area SqFt 2,628
Status Under Contract - Showing
MLS # RTC2689273
Property Type Single Family Residence
 
 

7002 Sully Court Fairview, TN 37062

Price $512,362
Beds 3
Baths 3
Living Area SqFt 2,151
Status Active
MLS # RTC2682414
Property Type Single Family Residence
 
 

9006 Ada Way Fairview, TN 37062

Price $512,362
Beds 3
Baths 3
Living Area SqFt 2,151
Status Under Contract - Not Showing
MLS # RTC2668706
Property Type Single Family Residence
 
 

3915 Rivermont Way Rockvale, TN 37153

Price $512,099
Beds 4
Baths 3
Living Area SqFt 2,603
Status Under Contract - Not Showing
MLS # RTC2695824
Property Type Single Family Residence
 
 

309 E Marthona Rd Madison, TN 37115

Price $512,000
Beds 3
Baths 2
Living Area SqFt 2,027
Status Under Contract - Showing
MLS # RTC2703545
Property Type Single Family Residence
 
 

249 37th Ave N Nashville, TN 37209

Price $512,000
Beds 2
Baths 1
Living Area SqFt 1,500
Status Active
MLS # RTC2693117
Property Type Single Family Residence
 
 

7009 Sully Court Fairview, TN 37062

Price $511,495
Beds 4
Baths 3
Living Area SqFt 2,073
Status Active
MLS # RTC2693760
Property Type Single Family Residence
 
 

1920 Hildebrand Lane Columbia, TN 38401

Price $511,260
Beds 4
Baths 4
Living Area SqFt 2,517
Status Under Contract - Not Showing
MLS # RTC2613621
Property Type Single Family Residence
 
 

517 Banchory Dr Smyrna, TN 37167

$510,890 - 3Br/3Ba -  for Sale in Stewarts Glen, Smyrna
Open House
Price $510,890
Beds 3
Baths 3
Living Area SqFt 2,398
Status Active
MLS # RTC2739901
Property Type Single Family Residence
 
 

218 Harvest Moon Dr Clarksville, TN 37043

$510,000 - 4Br/3Ba -  for Sale in Park At Oliver Farms, Clarksville
New
Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,247
Status Active
MLS # RTC2756529
Property Type Single Family Residence
 
 

214 Harvest Moon Dr Clarksville, TN 37043

$510,000 - 4Br/3Ba -  for Sale in Park At Oliver Farms, Clarksville
New
Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,247
Status Active
MLS # RTC2756530
Property Type Single Family Residence
 
 

452 Evans Dr Tullahoma, TN 37388

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,140
Status Active
MLS # RTC2674708
Property Type Single Family Residence
 
 

1809 Golf Club Rd Old Hickory, TN 37138

Price $510,000
Beds 4
Baths 3
Living Area SqFt 1,802
Status Active
MLS # RTC2696274
Property Type Horizontal Property Regime - Detached
 
 

1811 Golf Club Rd Old Hickory, TN 37138

Price $510,000
Beds 4
Baths 3
Living Area SqFt 1,802
Status Active
MLS # RTC2696276
Property Type Horizontal Property Regime - Detached
 
 

1197 Voyage Ct Adams, TN 37010

Price $510,000
Beds 4
Baths 4
Living Area SqFt 2,797
Status Active
MLS # RTC2746101
Property Type Single Family Residence
 
 

493 Evans Dr Tullahoma, TN 37388

Price $510,000
Beds 3
Baths 3
Living Area SqFt 1,888
Status Active
MLS # RTC2647671
Property Type Single Family Residence
 
 

245 Cooley Ford Rd Tennessee Ridge, TN 37178

Price $510,000
Beds 4
Baths 2
Living Area SqFt 2,244
Status Active
MLS # RTC2704709
Property Type Single Family Residence
 
 

253 Griffin Ln Gallatin, TN 37066

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,460
Status Active
MLS # RTC2751062
Property Type Single Family Residence
 
 

105 Leake Ave Unit 72 Nashville, TN 37205

Price $510,000
Beds 2
Baths 2
Living Area SqFt 1,616
Status Active
MLS # RTC2753447
Property Type High Rise
 
 

106 Chatsworth Ct Hendersonville, TN 37075

Price $510,000
Beds 3
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2752183
Property Type Single Family Residence
 
 

150 Duchess Ct Clarksville, TN 37043

Price $510,000
Beds 5
Baths 3
Living Area SqFt 2,756
Status Active
MLS # RTC2750696
Property Type Single Family Residence
 
 

727 Douglas Ave Nashville, TN 37207

Price $510,000
Beds 2
Baths 2
Living Area SqFt 1,934
Status Active
MLS # RTC2746702
Property Type Horizontal Property Regime - Attached
 
 

511 Lower River Rd Decatur, TN 37322

Price $510,000
Beds 4
Baths 3
Living Area SqFt 3,136
Status Active
MLS # RTC2755023
Property Type Single Family Residence
 
 

157 Willow Bend Dr Mount Juliet, TN 37122

$510,000 - 3Br/3Ba -  for Sale in Waverly Ph 3a, Mount Juliet
New
Price $510,000
Beds 3
Baths 3
Living Area SqFt 2,180
Status Active
MLS # RTC2756947
Property Type Townhouse
 
 

2373 Hampshire Pike Columbia, TN 38401

Price $510,000
Beds 3
Baths 2
Living Area SqFt 1,680
Status Active
MLS # RTC2753525
Property Type Single Family Residence
 
 

411 Cajawa Dr Mount Juliet, TN 37122

Price $510,000
Beds 3
Baths 4
Living Area SqFt 2,924
Status Under Contract - Showing
MLS # RTC2706601
Property Type Single Family Residence
 
 

7212 Cloverdale Way Murfreesboro, TN 37129

Price $510,000
Beds 3
Baths 3
Living Area SqFt 2,441
Status Under Contract - Showing
MLS # RTC2747733
Property Type Single Family Residence
 
 

1841 Joy Cir Nashville, TN 37207

Price $510,000
Beds 3
Baths 2
Living Area SqFt 1,244
Status Under Contract - Not Showing
MLS # RTC2706428
Property Type Single Family Residence
 
 

2312 Brittany Dr Nashville, TN 37206

Price $510,000
Beds 3
Baths 2
Living Area SqFt 1,450
Status Under Contract - Not Showing
MLS # RTC2748495
Property Type Single Family Residence
 
 

319 Hamlett Dr White House, TN 37188

Price $510,000
Beds 6
Baths 4
Living Area SqFt 3,200
Status Active
MLS # RTC2679053
Property Type Single Family Residence
 
 

5570 Oak Chase Dr Antioch, TN 37013

Price $510,000
Beds 3
Baths 3
Living Area SqFt 2,546
Status Active
MLS # RTC2707605
Property Type Single Family Residence
 
 

1049 Altavista Ln Smyrna, TN 37167

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,508
Status Active
MLS # RTC2653124
Property Type Single Family Residence
 
 

1056 Meeks Cemetery Rd Burns, TN 37029

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,121
Status Active
MLS # RTC2691600
Property Type Single Family Residence
 
 

1515 Brentwood Pointe Franklin, TN 37067

Price $510,000
Beds 4
Baths 2
Living Area SqFt 1,980
Status Active
MLS # RTC2707242
Property Type Townhouse
 
 

206 Thompson Park Drive Nashville, TN 37211

Price $510,000
Beds 3
Baths 3
Living Area SqFt 1,910
Status Active
MLS # RTC2694971
Property Type Townhouse
 
 

231 Rockcastle Dr Murfreesboro, TN 37128

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,625
Status Active
MLS # RTC2679319
Property Type Single Family Residence
 
 

1020 Violet St Spring Hill, TN 37174

Price $510,000
Beds 4
Baths 3
Living Area SqFt 2,263
Status Active
MLS # RTC2696645
Property Type Single Family Residence
 
 

100 Charleston Ct Hendersonville, TN 37075

Price $510,000
Beds 5
Baths 3
Living Area SqFt 2,511
Status Under Contract - Showing
MLS # RTC2657243
Property Type Single Family Residence
 
 

64 Avery Court Manchester, TN 37355

Price $510,000
Beds 3
Baths 3
Living Area SqFt 2,749
Status Under Contract - Showing
MLS # RTC2706740
Property Type Single Family Residence
 
 

3907 Runyan Cv Murfreesboro, TN 37127

$510,000 - 3Br/2Ba -  for Sale in The Maples Sec 1 Ph 1, Murfreesboro
Open House
Price $510,000
Beds 3
Baths 2
Living Area SqFt 1,877
Status Under Contract - Showing
MLS # RTC2749137
Property Type Single Family Residence