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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119 Hon Drive Murfreesboro, TN 37128

Price $509,392
Beds 3
Baths 3
Living Area SqFt 2,219
Status Under Contract - Not Showing
MLS # RTC2626946
Property Type Single Family Residence
 
 

4509 Winslet Dr Smyrna, TN 37167

Price $509,220
Beds 4
Baths 3
Living Area SqFt 2,135
Status Under Contract - Not Showing
MLS # RTC2639048
Property Type Single Family Residence
 
 

3808 Grant Ridge Ln Antioch, TN 37013

Price $509,001
Beds 4
Baths 3
Living Area SqFt 2,484
Status Active
MLS # RTC2708829
Property Type Single Family Residence
 
 

128 Nickolas Cir Lebanon, TN 37087

Price $509,000
Beds 3
Baths 3
Living Area SqFt 2,287
Status Active
MLS # RTC2683042
Property Type Townhouse
 
 

1040 Old Rome Pike Lebanon, TN 37087

Price $509,000
Beds 3
Baths 2
Living Area SqFt 2,156
Status Active
MLS # RTC2698859
Property Type Single Family Residence
 
 

140 Harper Rd Portland, TN 37148

Price $509,000
Beds 3
Baths 3
Living Area SqFt 2,478
Status Active
MLS # RTC2708220
Property Type Single Family Residence
 
 

886 Meadowcrest Way Lebanon, TN 37090

Price $509,000
Beds 2
Baths 3
Living Area SqFt 2,095
Status Active
MLS # RTC2750102
Property Type Single Family Residence
 
 

110 Magnolia Dr White House, TN 37188

Price $509,000
Beds 4
Baths 3
Living Area SqFt 2,233
Status Active
MLS # RTC2754337
Property Type Single Family Residence
 
 

4807 Milner Dr Nashville, TN 37211

$509,000 - 3Br/2Ba -  for Sale in Battery Crest, Nashville
New
Price $509,000
Beds 3
Baths 2
Living Area SqFt 1,525
Status Active
MLS # RTC2757061
Property Type Single Family Residence
 
 

1180 Juniper Pass Clarksville, TN 37043

Price $508,900
Beds 4
Baths 3
Living Area SqFt 2,707
Status Under Contract - Not Showing
MLS # RTC2707077
Property Type Single Family Residence
 
 

3057 Wiltshire Park Pl Hermitage, TN 37076

Price $507,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Active
MLS # RTC2744958
Property Type Horizontal Property Regime - Attached
 
 

3033 Inman Dr Thompsons Station, TN 37179

Price $507,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Under Contract - Not Showing
MLS # RTC2745832
Property Type Townhouse
 
 

3029 Inman Dr Thompsons Station, TN 37179

Price $507,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2745833
Property Type Townhouse
 
 

3037 Inman Dr Thompsons Station, TN 37179

Price $507,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2752605
Property Type Townhouse
 
 

930 Green Valley Smyrna, TN 37167

Price $507,490
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2667752
Property Type Single Family Residence
 
 

1104 Anson St Lot 166 Gallatin, TN 37066

Price $507,442
Beds 3
Baths 3
Living Area SqFt 2,037
Status Under Contract - Not Showing
MLS # RTC2748158
Property Type Single Family Residence
 
 

2510 Williams Ridge Drive Columbia, TN 38401

Price $507,390
Beds 4
Baths 3
Living Area SqFt 2,155
Status Active
MLS # RTC2750143
Property Type Single Family Residence
 
 

7004 Sully Court Fairview, TN 37062

Price $506,990
Beds 3
Baths 4
Living Area SqFt 1,989
Status Active
MLS # RTC2672765
Property Type Single Family Residence
 
 

3141 Arbor Valley Road Spring Hill, TN 37174

Price $506,940
Beds 4
Baths 3
Living Area SqFt 2,547
Status Under Contract - Not Showing
MLS # RTC2691737
Property Type Single Family Residence
 
 

507 Brentlawn Dr Nashville, TN 37220

Price $506,900
Beds 2
Baths 1
Living Area SqFt 1,102
Status Active
MLS # RTC2705677
Property Type Single Family Residence
 
 

1236 Chapel Cove Gallatin, TN 37066

Price $506,645
Beds 4
Baths 2
Living Area SqFt 1,883
Status Under Contract - Not Showing
MLS # RTC2707923
Property Type Single Family Residence
 
 

648 Trevino Way Spring Hill, TN 37174

Price $506,490
Beds 4
Baths 3
Living Area SqFt 2,155
Status Under Contract - Not Showing
MLS # RTC2676116
Property Type Single Family Residence
 
 

5327 Woodhall Ln Unit H-8 Spring Hill, TN 37174

Price $506,457
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2696077
Property Type Horizontal Property Regime - Attached
 
 

3608 Elene Way Murfreesboro, TN 37129

$506,235 - 3Br/3Ba -  for Sale in Smith Farms, Murfreesboro
New
Price $506,235
Beds 3
Baths 3
Living Area SqFt 2,339
Status Active
MLS # RTC2757024
Property Type Single Family Residence
 
 

1846 Mahala Dr Hermitage, TN 37076

Price $506,140
Beds 5
Baths 3
Living Area SqFt 2,674
Status Active
MLS # RTC2753956
Property Type Single Family Residence
 
 

6918 Chatsworth Ct Murfreesboro, TN 37129

Price $506,000
Beds 3
Baths 2
Living Area SqFt 2,302
Status Active
MLS # RTC2689260
Property Type Single Family Residence
 
 

5083 Mifford Dr Smyrna, TN 37167

Price $505,990
Beds 4
Baths 3
Living Area SqFt 1,933
Status Under Contract - Not Showing
MLS # RTC2692182
Property Type Single Family Residence
 
 

2348 Robert Gwynne Drive Smyrna, TN 37167

Price $505,990
Beds 4
Baths 3
Living Area SqFt 2,460
Status Under Contract - Not Showing
MLS # RTC2647159
Property Type Single Family Residence
 
 

3305 Laurel Brook Ct Columbia, TN 38401

$505,950 - 4Br/4Ba -  for Sale in The Ridge At Carter's Station, Columbia
New
Price $505,950
Beds 4
Baths 4
Living Area SqFt 2,198
Status Active
MLS # RTC2757369
Property Type Single Family Residence
 
 

4 Bear Branch Circle Joelton, TN 37080

Price $505,900
Beds 3
Baths 3
Living Area SqFt 2,750
Status Active
MLS # RTC2684655
Property Type Single Family Residence
 
 

271 Cedar Bluff Dr Winchester, TN 37398

$505,900 - 3Br/3Ba -  for Sale in Shadowbrook Est, Winchester
Open House
Price $505,900
Beds 3
Baths 3
Living Area SqFt 3,448
Status Active
MLS # RTC2701263
Property Type Single Family Residence
 
 

930 Caywood Road Smyrna, TN 37167

Price $505,560
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2689183
Property Type Single Family Residence
 
 

1248 Chapel Cove Gallatin, TN 37066

Price $505,130
Beds 3
Baths 2
Living Area SqFt 1,883
Status Under Contract - Not Showing
MLS # RTC2700209
Property Type Single Family Residence
 
 

132 Old Firetower Road Tracy City, TN 37387

Price $505,000
Beds 3
Baths 2
Living Area SqFt 1,860
Status Active
MLS # RTC2744731
Property Type Single Family Residence
 
 

1814 Pennington Dr Murfreesboro, TN 37129

$505,000 - 4Br/3Ba -  for Sale in Thompson Square Sec 3, Murfreesboro
Open House
Price $505,000
Beds 4
Baths 3
Living Area SqFt 2,430
Status Active
MLS # RTC2704072
Property Type Single Family Residence
 
 

7367 Paxton Circle Unit 19 Hixson, TN 37343

Price $505,000
Beds 3
Baths 2
Living Area SqFt 1,709
Status Under Contract - Not Showing
MLS # RTC2709535
Property Type Single Family Residence
 
 

65 Lindsley Ave Unit 511 Nashville, TN 37210

Price $505,000
Beds 1
Baths 1
Living Area SqFt 583
Status Active
MLS # RTC2748345
Property Type Flat Condo
 
 

104 Red Gate Ct Wartrace, TN 37183

$505,000 - 3Br/3Ba -  for Sale in Dickerson Ests, Wartrace
Open House
Price $505,000
Beds 3
Baths 3
Living Area SqFt 2,350
Status Active
MLS # RTC2755905
Property Type Single Family Residence
 
 

2344 Triple Crown Circle Gallatin, TN 37066

$504,990 - 3Br/3Ba -  for Sale in Kensington Downs, Gallatin
New
Price $504,990
Beds 3
Baths 3
Living Area SqFt 2,344
Status Active
MLS # RTC2757228
Property Type Single Family Residence
 
 

3903 Rivermont Way Rockvale, TN 37153

Price $504,956
Beds 4
Baths 3
Living Area SqFt 2,603
Status Under Contract - Not Showing
MLS # RTC2695833
Property Type Single Family Residence