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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1245 Kenmore Pl Nashville, TN 37216

Price $500,000
Beds 5
Baths 2
Living Area SqFt 1,910
Status Under Contract - Showing
MLS # RTC2620219
Property Type Single Family Residence
 
 

5109 Meta Ct Nashville, TN 37211

Price $500,000
Beds 3
Baths 2
Living Area SqFt 1,561
Status Under Contract - Showing
MLS # RTC2746249
Property Type Single Family Residence
 
 

1833 Woodland Farms Ct Old Hickory, TN 37138

Price $500,000
Beds 3
Baths 3
Living Area SqFt 2,455
Status Under Contract - Not Showing
MLS # RTC2707848
Property Type Single Family Residence
 
 

300 Hilltop Dr Columbia, TN 38401

Price $500,000
Beds 3
Baths 3
Living Area SqFt 3,071
Status Under Contract - Not Showing
MLS # RTC2755049
Property Type Single Family Residence
 
 

2306 Alameda St Nashville, TN 37208

Price $500,000
Beds 4
Baths 2
Living Area SqFt 1,410
Status Coming Soon / Hold
MLS # RTC2748130
Property Type Single Family Residence
 
 

3261 Us 41 Pelham, TN 37366

Price $500,000
Beds 3
Baths 2
Living Area SqFt 1,800
Status Active
MLS # RTC2677806
Property Type Single Family Residence
 
 

435 Meandering Way White House, TN 37188

Price $500,000
Beds 3
Baths 3
Living Area SqFt 2,257
Status Active
MLS # RTC2632066
Property Type Single Family Residence
 
 

791 Briar Pond Rd Centerville, TN 37033

Price $500,000
Beds 1
Baths 1
Living Area SqFt 3,374
Status Active
MLS # RTC2703376
Property Type Single Family Residence
 
 

64 Green Drive Pikeville, TN 37367

Price $500,000
Beds 3
Baths 2
Living Area SqFt 2,056
Status Active
MLS # RTC2709549
Property Type Single Family Residence
 
 

212 Morganmeade Ct Nashville, TN 37216

Price $500,000
Beds 4
Baths 2
Living Area SqFt 1,602
Status Active
MLS # RTC2707451
Property Type Single Family Residence
 
 

2115 Dearborn Drive Nashville, TN 37214

Price $500,000
Beds 4
Baths 2
Living Area SqFt 1,601
Status Active
MLS # RTC2746490
Property Type Single Family Residence
 
 

7956 Bethlehem Rd Springfield, TN 37172

Price $500,000
Beds 3
Baths 2
Living Area SqFt 2,340
Status Active
MLS # RTC2685454
Property Type Single Family Residence
 
 

4368 Enchanted Cir Nashville, TN 37218

Price $500,000
Beds 4
Baths 2
Living Area SqFt 2,028
Status Active
MLS # RTC2688202
Property Type Single Family Residence
 
 

37 Deer Trace Rd Fayetteville, TN 37334

Price $500,000
Beds 4
Baths 4
Living Area SqFt 3,066
Status Active
MLS # RTC2676528
Property Type Single Family Residence
 
 

16 Cypress Hill Dr Lebanon, TN 37087

Price $500,000
Beds 4
Baths 3
Living Area SqFt 2,822
Status Active
MLS # RTC2700550
Property Type Single Family Residence
 
 

200 Thompson Park Dr Nashville, TN 37211

Price $500,000
Beds 3
Baths 3
Living Area SqFt 1,910
Status Active
MLS # RTC2707267
Property Type Townhouse
 
 

1000 Joseph Ave Nashville, TN 37207

Price $500,000
Beds 2
Baths 2
Living Area SqFt 1,968
Status Active
MLS # RTC2687947
Property Type Single Family Residence
 
 

8188 Whites Creek Pike Joelton, TN 37080

Price $500,000
Beds 3
Baths 3
Living Area SqFt 2,550
Status Active
MLS # RTC2746598
Property Type Single Family Residence
 
 

1147 Chagford Dr Clarksville, TN 37043

Price $500,000
Beds 4
Baths 3
Living Area SqFt 2,528
Status Active
MLS # RTC2745621
Property Type Single Family Residence
 
 

169 Kro Hollow Rd Hohenwald, TN 38462

Price $500,000
Beds 3
Baths 3
Living Area SqFt 2,326
Status Under Contract - Showing
MLS # RTC2660455
Property Type Single Family Residence
 
 

551 Summit View Cir Clarksville, TN 37043

Price $500,000
Beds 3
Baths 3
Living Area SqFt 2,515
Status Under Contract - Not Showing
MLS # RTC2708852
Property Type Single Family Residence
 
 

434 Creekside Ln Spring Hill, TN 37174

$500,000 - 4Br/3Ba -  for Sale in Rutherford Place Sec 2a, Spring Hill
Open House
Price $500,000
Beds 4
Baths 3
Living Area SqFt 2,430
Status Active
MLS # RTC2707698
Property Type Single Family Residence
 
 

412 Patina Cir Nashville, TN 37209

$500,000 - 2Br/1Ba -  for Sale in Patina, Nashville
Open House
Price $500,000
Beds 2
Baths 1
Living Area SqFt 896
Status Active
MLS # RTC2749040
Property Type Single Family Residence
 
 

1748 Eastwick Ln Nashville, TN 37221

$500,000 - 3Br/3Ba -  for Sale in Avondale, Nashville
Open House
Price $500,000
Beds 3
Baths 3
Living Area SqFt 1,727
Status Coming Soon / Hold
MLS # RTC2756029
Property Type Single Family Residence
 
 

1810 Highway 68 Ducktown, TN 37326

Price $499,999
Beds 4
Baths 3
Living Area SqFt 2,161
Status Active
MLS # RTC2693870
Property Type Single Family Residence
 
 

3923 Seven Springs Rd Cookeville, TN 38506

Price $499,999
Beds 3
Baths 2
Living Area SqFt 1,980
Status Active
MLS # RTC2663028
Property Type Manufactured On Land
 
 

107 Cayce Valley Dr Columbia, TN 38401

Price $499,999
Beds 5
Baths 4
Living Area SqFt 2,675
Status Active
MLS # RTC2745182
Property Type Single Family Residence
 
 

1050 Chickadee Trl Kingston Springs, TN 37082

Price $499,999
Beds 3
Baths 3
Living Area SqFt 1,639
Status Active
MLS # RTC2746514
Property Type Single Family Residence
 
 

900 Vintage Green Ln Unit 305 Franklin, TN 37064

Price $499,999
Beds 2
Baths 2
Living Area SqFt 1,347
Status Active
MLS # RTC2747550
Property Type High Rise
 
 

108 W Harbor Hendersonville, TN 37075

Price $499,999
Beds 4
Baths 3
Living Area SqFt 2,493
Status Active
MLS # RTC2751994
Property Type Single Family Residence
 
 

321 Royal Glen Blvd Murfreesboro, TN 37128

Price $499,999
Beds 3
Baths 3
Living Area SqFt 2,035
Status Active
MLS # RTC2701188
Property Type Single Family Residence
 
 

1424 Jackson Pl Hermitage, TN 37076

Price $499,999
Beds 3
Baths 3
Living Area SqFt 2,563
Status Active
MLS # RTC2753810
Property Type Single Family Residence
 
 

110 S Laurel Cir Columbia, TN 38401

Price $499,999
Beds 4
Baths 3
Living Area SqFt 3,330
Status Active
MLS # RTC2745205
Property Type Single Family Residence
 
 

1905 Jones Ave Nashville, TN 37207

Price $499,999
Beds 3
Baths 3
Living Area SqFt 1,280
Status Active
MLS # RTC2755814
Property Type Single Family Residence
 
 

418 Glenpark Dr Nashville, TN 37217

Price $499,999
Beds 3
Baths 2
Living Area SqFt 1,664
Status Under Contract - Showing
MLS # RTC2749427
Property Type Single Family Residence
 
 

284 Motlow College Rd Wartrace, TN 37183

Price $499,999
Beds 3
Baths 2
Living Area SqFt 2,128
Status Under Contract - Not Showing
MLS # RTC2695136
Property Type Single Family Residence
 
 

440 Meadowlark Ln La Vergne, TN 37086

Price $499,999
Beds 3
Baths 3
Living Area SqFt 2,989
Status Active
MLS # RTC2705896
Property Type Single Family Residence
 
 

230 Airport Rd Waverly, TN 37185

Price $499,999
Beds 3
Baths 4
Living Area SqFt 3,243
Status Active
MLS # RTC2749800
Property Type Single Family Residence
 
 

6728 Jim Cummings Hwy Bradyville, TN 37026

Price $499,999
Beds 3
Baths 2
Living Area SqFt 1,300
Status Active
MLS # RTC2656954
Property Type Single Family Residence
 
 

740 Dalton Hollow Rd Hartsville, TN 37074

Price $499,999
Beds 3
Baths 2
Living Area SqFt 2,013
Status Active
MLS # RTC2698678
Property Type Single Family Residence