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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1616 Trinity Cir Lebanon, TN 37087

Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,964
Status Active
MLS # RTC2755951
Property Type Single Family Residence
 
 

1629 Cairo Rd Gallatin, TN 37066

Price $499,900
Beds 4
Baths 3
Living Area SqFt 4,274
Status Active
MLS # RTC2702354
Property Type Single Family Residence
 
 

1027 Westgate Dr Gallatin, TN 37066

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,680
Status Active
MLS # RTC2754148
Property Type Single Family Residence
 
 

224 Lakeview Dr Rogersville, AL 35652

Price $499,900
Beds 5
Baths 3
Living Area SqFt 1,974
Status Active
MLS # RTC2704374
Property Type Single Family Residence
 
 

3020 Bishop Ln Columbia, TN 38401

Price $499,900
Beds 5
Baths 3
Living Area SqFt 2,862
Status Active
MLS # RTC2641276
Property Type Single Family Residence
 
 

205 Mckennon Blvd Mc Minnville, TN 37110

Price $499,900
Beds 4
Baths 4
Living Area SqFt 3,146
Status Active
MLS # RTC2759271
Property Type Single Family Residence
 
 

151 Rolling Wood Trl Ne Cleveland, TN 37312

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,996
Status Active
MLS # RTC2761224
Property Type Single Family Residence
 
 

4043 Marydale Dr Nashville, TN 37207

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,585
Status Active
MLS # RTC2682420
Property Type Single Family Residence
 
 

1258 Inverness Pass Lebanon, TN 37087

Price $499,900
Beds 5
Baths 4
Living Area SqFt 2,669
Status Active
MLS # RTC2706387
Property Type Single Family Residence
 
 

4432 Barren Plains Rd Springfield, TN 37172

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,860
Status Active
MLS # RTC2759591
Property Type Single Family Residence
 
 

210 Crosswinds Dr Mount Juliet, TN 37122

Price $499,900
Beds 2
Baths 2
Living Area SqFt 2,496
Status Active
MLS # RTC2707330
Property Type Single Family Residence
 
 

102 Polk Ct Hendersonville, TN 37075

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,210
Status Active
MLS # RTC2752217
Property Type Single Family Residence
 
 

332 Redfield Dr Jackson, TN 38305

Price $499,900
Beds 5
Baths 2
Living Area SqFt 3,296
Status Active
MLS # RTC2760892
Property Type Single Family Residence
 
 

89 Oakley Dr Cadiz, KY 42211

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,031
Status Active
MLS # RTC2703317
Property Type Manufactured On Land
 
 

2529 Pennington Bend Rd Nashville, TN 37214

Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,919
Status Active
MLS # RTC2757661
Property Type Single Family Residence
 
 

1103 Wartrace Hwy Pleasant Shade, TN 37145

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,230
Status Active
MLS # RTC2751514
Property Type Single Family Residence
 
 

1117 Leland Ave Nashville, TN 37216

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,304
Status Active
MLS # RTC2760158
Property Type Single Family Residence
 
 

1127 Moss Cir Gallatin, TN 37066

Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,198
Status Active
MLS # RTC2760908
Property Type Single Family Residence
 
 

74 Pine Bluff Rd Winchester, TN 37398

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,309
Status Active
MLS # RTC2750556
Property Type Single Family Residence
 
 

118 S Palmers Chapel Rd White House, TN 37188

Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,863
Status Active
MLS # RTC2756427
Property Type Single Family Residence
 
 

104 B V Young Rd Westmoreland, TN 37186

$499,900 - 3Br/2Ba -  for Sale in Charles Walter Fleming, Westmoreland
New
Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,212
Status Active
MLS # RTC2762398
Property Type Single Family Residence
 
 

3706 Swanvale Ln Murfreesboro, TN 37129

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,889
Status Active
MLS # RTC2751738
Property Type Single Family Residence
 
 

8239 Luree Ln Hermitage, TN 37076

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,684
Status Active
MLS # RTC2760188
Property Type Single Family Residence
 
 

391 Meigs Dr Murfreesboro, TN 37128

Price $499,900
Beds 5
Baths 3
Living Area SqFt 2,382
Status Active
MLS # RTC2759802
Property Type Single Family Residence
 
 

419a Mercomatic Dr Unit A Nashville, TN 37209

$499,900 - 3Br/2Ba -  for Sale in Charlotte Park, Nashville
New
Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,520
Status Active
MLS # RTC2762685
Property Type Single Family Residence
 
 

5418 Murfreesboro Rd Readyville, TN 37149

Price $499,900
Beds 1
Baths 1
Living Area SqFt 500
Status Under Contract - Showing
MLS # RTC2672754
Property Type Single Family Residence
 
 

105 Gribble St Mc Minnville, TN 37110

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,623
Status Under Contract - Showing
MLS # RTC2748433
Property Type Single Family Residence
 
 

455 Bluff View Dr Spencer, TN 38585

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,385
Status Under Contract - Showing
MLS # RTC2747668
Property Type Single Family Residence
 
 

1042 Fort Hill Portland, TN 37148

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,200
Status Under Contract - Showing
MLS # RTC2744431
Property Type Single Family Residence
 
 

2423 Sandstone Circle Murfreesboro, TN 37130

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,565
Status Under Contract - Showing
MLS # RTC2703082
Property Type Single Family Residence
 
 

262 Henderson Rd Shelbyville, TN 37160

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,520
Status Under Contract - Showing
MLS # RTC2709147
Property Type Single Family Residence
 
 

613 New Hope Rd Manchester, TN 37355

Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,232
Status Under Contract - Showing
MLS # RTC2750374
Property Type Single Family Residence
 
 

309 Kingwood Ln Rockvale, TN 37153

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,634
Status Under Contract - Showing
MLS # RTC2753023
Property Type Single Family Residence
 
 

146 Oak Park Dr Nashville, TN 37207

Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,158
Status Under Contract - Showing
MLS # RTC2756890
Property Type Single Family Residence
 
 

2330 Corbin Rd Adams, TN 37010

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,918
Status Under Contract - Showing
MLS # RTC2739940
Property Type Single Family Residence
 
 

744 Caraway Ln Nashville, TN 37211

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,725
Status Under Contract - Not Showing
MLS # RTC2696289
Property Type Single Family Residence
 
 

2022 Maple View Ln Nashville, TN 37207

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,932
Status Under Contract - Not Showing
MLS # RTC2701405
Property Type Horizontal Property Regime - Attached
 
 

1415 Billingham Dr Murfreesboro, TN 37128

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,369
Status Under Contract - Not Showing
MLS # RTC2699885
Property Type Single Family Residence
 
 

2523 Apache Trl Murfreesboro, TN 37129

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,851
Status Under Contract - Not Showing
MLS # RTC2752074
Property Type Single Family Residence
 
 

1653 Lester Flatt Rd Sparta, TN 38583

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,928
Status Under Contract - Not Showing
MLS # RTC2690740
Property Type Single Family Residence