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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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
 
 

6822 Chatsworth Murfreesboro, TN 37129

Price $504,900
Beds 4
Baths 3
Living Area SqFt 2,539
Status Active
MLS # RTC2747780
Property Type Single Family Residence
 
 

2928 Kirkwood Rd Clarksville, TN 37043

Price $504,900
Beds 4
Baths 3
Living Area SqFt 2,610
Status Active
MLS # RTC2648010
Property Type Single Family Residence
 
 

1376 Ross Farms Blvd Clarksville, TN 37043

Price $504,900
Beds 4
Baths 3
Living Area SqFt 2,707
Status Under Contract - Showing
MLS # RTC2686979
Property Type Single Family Residence
 
 

1356 Ross Farms Blvd Clarksville, TN 37043

Price $504,900
Beds 4
Baths 3
Living Area SqFt 2,964
Status Under Contract - Not Showing
MLS # RTC2705562
Property Type Single Family Residence
 
 

600 12th Ave S Unit 1502 Nashville, TN 37203

Price $504,900
Beds 1
Baths 2
Living Area SqFt 882
Status Under Contract - Showing
MLS # RTC2704339
Property Type High Rise
 
 

791 Mill Creek Meadow Dr Nashville, TN 37214

Price $504,900
Beds 3
Baths 3
Living Area SqFt 1,956
Status Active
MLS # RTC2740398
Property Type Single Family Residence
 
 

111 Brigham Ct White House, TN 37188

$504,900 - 3Br/2Ba -  for Sale in Bridle Creek Sec 3, White House
Open House
Price $504,900
Beds 3
Baths 2
Living Area SqFt 2,643
Status Active
MLS # RTC2744471
Property Type Single Family Residence
 
 

1719b Pecan St Nashville, TN 37208

Price $504,900
Beds 3
Baths 3
Living Area SqFt 1,925
Status Active
MLS # RTC2751390
Property Type Horizontal Property Regime - Detached
 
 

3919 Rivermont Way Rockvale, TN 37153

Price $504,847
Beds 4
Baths 3
Living Area SqFt 2,466
Status Active
MLS # RTC2748294
Property Type Single Family Residence
 
 

8416 Marchwood Blvd Antioch, TN 37013

Price $504,140
Beds 4
Baths 4
Living Area SqFt 2,448
Status Under Contract - Not Showing
MLS # RTC2747002
Property Type Single Family Residence
 
 

1396 Pomona Rd Dickson, TN 37055

Price $504,000
Beds 5
Baths 4
Living Area SqFt 3,847
Status Active
MLS # RTC2707454
Property Type Single Family Residence
 
 

3052 Inman Dr Thompsons Station, TN 37179

Price $503,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Under Contract - Showing
MLS # RTC2703834
Property Type Townhouse
 
 

3056 Inman Dr Thompsons Station, TN 37179

Price $503,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2704058
Property Type Townhouse
 
 

3064 Inman Dr Thompsons Station, TN 37179

$503,900 - 3Br/3Ba -  for Sale in Canterbury, Thompsons Station
Open House
Price $503,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2705041
Property Type Townhouse
 
 

3060 Inman Dr Thompsons Station, TN 37179

Price $503,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Under Contract - Showing
MLS # RTC2705042
Property Type Townhouse
 
 

3041 Inman Dr Thompsons Station, TN 37179

Price $503,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Under Contract - Not Showing
MLS # RTC2752594
Property Type Townhouse
 
 

3612 Elene Way Murfreesboro, TN 37129

Price $503,340
Beds 4
Baths 3
Living Area SqFt 2,274
Status Under Contract - Not Showing
MLS # RTC2688989
Property Type Single Family Residence
 
 

1232 Chapel Cove Gallatin, TN 37066

Price $502,540
Beds 3
Baths 2
Living Area SqFt 1,796
Status Under Contract - Not Showing
MLS # RTC2700210
Property Type Single Family Residence
 
 

5815 Craven Lane 175 Rockvale, TN 37153

Price $502,170
Beds 4
Baths 3
Living Area SqFt 2,808
Status Under Contract - Not Showing
MLS # RTC2645515
Property Type Single Family Residence
 
 

4984 Trail Ridge Ct Nashville, TN 37207

Price $502,140
Beds 5
Baths 3
Living Area SqFt 2,352
Status Under Contract - Not Showing
MLS # RTC2746584
Property Type Single Family Residence
 
 

1570 W Main St Livingston, TN 38570

Price $502,000
Beds 3
Baths 2
Living Area SqFt 2,736
Status Active
MLS # RTC2707979
Property Type Single Family Residence
 
 

1210 Valerie Lane Unit 72 Nashville, TN 37211

Price $501,999
Beds 3
Baths 3
Living Area SqFt 1,654
Status Under Contract - Not Showing
MLS # RTC2627439
Property Type Townhouse
 
 

1108 Anson St Lot 164 Gallatin, TN 37066

Price $501,158
Beds 3
Baths 3
Living Area SqFt 1,958
Status Active
MLS # RTC2751652
Property Type Single Family Residence
 
 

805 Tank Lane Lot 275 Spring Hill, TN 37174

Price $501,000
Beds 4
Baths 3
Living Area SqFt 2,282
Status Under Contract - Not Showing
MLS # RTC2750402
Property Type Single Family Residence
 
 

4412 Fontwell Lane Antioch, TN 37013

Price $500,870
Beds 4
Baths 3
Living Area SqFt 2,114
Status Under Contract - Not Showing
MLS # RTC2681446
Property Type Single Family Residence
 
 

3911 Rivermont Way Rockvale, TN 37153

Price $500,737
Beds 4
Baths 3
Living Area SqFt 2,603
Status Under Contract - Not Showing
MLS # RTC2668394
Property Type Single Family Residence
 
 

1207 Kennesaw Blvd Lot 191 Gallatin, TN 37066

$500,563 - 3Br/3Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
Open House
Price $500,563
Beds 3
Baths 3
Living Area SqFt 2,037
Status Active
MLS # RTC2749100
Property Type Single Family Residence
 
 

1803 Mahala Dr Hermitage, TN 37076

Price $500,320
Beds 5
Baths 3
Living Area SqFt 2,674
Status Under Contract - Not Showing
MLS # RTC2657117
Property Type Single Family Residence
 
 

295 Corn Hill Court Clarksville, TN 37042

Price $500,000
Beds 6
Baths 3
Living Area SqFt 3,050
Status Active
MLS # RTC2691514
Property Type Single Family Residence
 
 

5390 Highway 431 N Springfield, TN 37172

Price $500,000
Beds 3
Baths 2
Living Area SqFt 2,294
Status Active
MLS # RTC2753943
Property Type Single Family Residence
 
 

296 Corn Hill Court Clarksville, TN 37042

Price $500,000
Beds 6
Baths 3
Living Area SqFt 3,050
Status Active
MLS # RTC2754809
Property Type Single Family Residence
 
 

288 Corn Hill Court Clarksville, TN 37042

Price $500,000
Beds 6
Baths 3
Living Area SqFt 3,050
Status Active
MLS # RTC2754730
Property Type Single Family Residence
 
 

6305 Gladstone Ln Rockvale, TN 37153

Price $500,000
Beds 4
Baths 4
Living Area SqFt 2,768
Status Under Contract - Not Showing
MLS # RTC2685111
Property Type Single Family Residence
 
 

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
 
 

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
 
 

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
 
 

4481 Stockard Road Culleoka, TN 38451

Price $500,000
Beds 3
Baths 2
Living Area SqFt 1,792
Status Active
MLS # RTC2671118
Property Type Modular Home
 
 

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
 
 

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