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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1014 Lakeview Cir Ashland City, TN 37015

Price $2,299,999
Beds 5
Baths 3
Living Area SqFt 4,078
Status Active
MLS # RTC2695232
Property Type Single Family Residence
 
 

6044 Lookaway Circle Franklin, TN 37067

Price $2,299,950
Beds 5
Baths 5
Living Area SqFt 4,766
Status Under Contract - Not Showing
MLS # RTC2635360
Property Type Single Family Residence
 
 

6029 Lookaway Circle Franklin, TN 37067

Price $2,299,950
Beds 5
Baths 6
Living Area SqFt 4,963
Status Active
MLS # RTC2700564
Property Type Single Family Residence
 
 

318 N Porter St Winchester, TN 37398

Price $2,299,900
Beds 4
Baths 6
Living Area SqFt 6,160
Status Active
MLS # RTC2655321
Property Type Single Family Residence
 
 

640 Legends Crest Dr Franklin, TN 37069

Price $2,299,900
Beds 6
Baths 5
Living Area SqFt 6,471
Status Active
MLS # RTC2683635
Property Type Single Family Residence
 
 

4832 Woodrow Place #1306 Arrington, TN 37014

$2,299,900 - 6Br/9Ba -  for Sale in Kings Chapel, Arrington
Open House
Price $2,299,900
Beds 6
Baths 9
Living Area SqFt 7,874
Status Active
MLS # RTC2709138
Property Type Single Family Residence
 
 

1301 Saxon Dr Nashville, TN 37215

Price $2,299,749
Beds 5
Baths 5
Living Area SqFt 4,501
Status Active
MLS # RTC2685351
Property Type Single Family Residence
 
 

9413 Clovercroft Rd Franklin, TN 37067

Price $2,299,000
Beds 4
Baths 4
Living Area SqFt 4,292
Status Active
MLS # RTC2647397
Property Type Single Family Residence
 
 

6201 Lynch Ln College Grove, TN 37046

Price $2,299,000
Beds 4
Baths 5
Living Area SqFt 5,537
Status Under Contract - Showing
MLS # RTC2656336
Property Type Single Family Residence
 
 

6320 Callie Ln Brentwood, TN 37027

Price $2,299,000
Beds 4
Baths 6
Living Area SqFt 4,762
Status Under Contract - Showing
MLS # RTC2673605
Property Type Single Family Residence
 
 

9650 Magnolia Ridge Way Brentwood, TN 37027

Price $2,299,000
Beds 6
Baths 6
Living Area SqFt 6,180
Status Under Contract - Not Showing
MLS # RTC2703768
Property Type Single Family Residence
 
 

528 Waxwood Dr Brentwood, TN 37027

Price $2,299,000
Beds 5
Baths 5
Living Area SqFt 5,865
Status Active
MLS # RTC2744522
Property Type Single Family Residence
 
 

7 Cherub Ct Brentwood, TN 37027

Price $2,299,000
Beds 6
Baths 6
Living Area SqFt 6,401
Status Active
MLS # RTC2744566
Property Type Single Family Residence
 
 

5550 Hargrove Ridge Rd Franklin, TN 37064

Price $2,299,000
Beds 4
Baths 3
Living Area SqFt 2,098
Status Active
MLS # RTC2744877
Property Type Single Family Residence
 
 

1815 Savannah Springs Dr Franklin, TN 37064

Price $2,297,700
Beds 5
Baths 5
Living Area SqFt 4,976
Status Active
MLS # RTC2698720
Property Type Single Family Residence
 
 

1106 Forest Ave Nashville, TN 37206

Price $2,295,000
Beds 3
Baths 3
Living Area SqFt 2,227
Status Active
MLS # RTC2706018
Property Type Single Family Residence
 
 

148 Asher Downs Cir Nolensville, TN 37135

Price $2,295,000
Beds 5
Baths 8
Living Area SqFt 5,507
Status Active
MLS # RTC2706068
Property Type Single Family Residence
 
 

6313 Wescates Ct Brentwood, TN 37027

Price $2,295,000
Beds 4
Baths 6
Living Area SqFt 6,497
Status Active
MLS # RTC2753159
Property Type Single Family Residence
 
 

9912 Elland Road Brentwood, TN 37027

Price $2,289,900
Beds 5
Baths 5
Living Area SqFt 4,763
Status Active
MLS # RTC2752466
Property Type Single Family Residence
 
 

1752 White Hart Lane Brentwood, TN 37027

Price $2,289,900
Beds 5
Baths 5
Living Area SqFt 5,121
Status Under Contract - Not Showing
MLS # RTC2659281
Property Type Single Family Residence
 
 

9905 Elland Road Brentwood, TN 37027

Price $2,289,900
Beds 5
Baths 5
Living Area SqFt 4,763
Status Under Contract - Not Showing
MLS # RTC2753617
Property Type Single Family Residence
 
 

3635 Valley Vista Rd Nashville, TN 37205

$2,289,000 - 5Br/4Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,289,000
Beds 5
Baths 4
Living Area SqFt 3,660
Status Active
MLS # RTC2754491
Property Type Single Family Residence
 
 

154 Woodland Pt Estill Springs, TN 37330

Price $2,285,000
Beds 4
Baths 4
Living Area SqFt 3,265
Status Under Contract - Showing
MLS # RTC2684199
Property Type Single Family Residence
 
 

105 Stillwind Ct Nolensville, TN 37135

Price $2,284,899
Beds 5
Baths 6
Living Area SqFt 5,387
Status Active
MLS # RTC2691970
Property Type Single Family Residence
 
 

929 Hickory Hills Dr Franklin, TN 37067

Price $2,275,000
Beds 4
Baths 4
Living Area SqFt 3,282
Status Active
MLS # RTC2695063
Property Type Single Family Residence
 
 

6032 Lookaway Circle Franklin, TN 37067

Price $2,275,000
Beds 4
Baths 5
Living Area SqFt 5,081
Status Under Contract - Not Showing
MLS # RTC2695966
Property Type Single Family Residence
 
 

6653 Hastings Ln Franklin, TN 37069

Price $2,275,000
Beds 5
Baths 6
Living Area SqFt 6,134
Status Active
MLS # RTC2708534
Property Type Single Family Residence
 
 

2309a Hobbs Rd Nashville, TN 37215

$2,275,000 - 4Br/6Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,275,000
Beds 4
Baths 6
Living Area SqFt 4,809
Status Active
MLS # RTC2736405
Property Type Horizontal Property Regime - Detached
 
 

2007 Hamilton Way Franklin, TN 37064

Price $2,273,990
Beds 4
Baths 5
Living Area SqFt 4,599
Status Active
MLS # RTC2705782
Property Type Single Family Residence
 
 

1760 Benington Place Brentwood, TN 37027

Price $2,269,900
Beds 5
Baths 5
Living Area SqFt 4,763
Status Under Contract - Not Showing
MLS # RTC2745968
Property Type Single Family Residence
 
 

9903 Elland Rd Brentwood, TN 37027

Price $2,269,900
Beds 5
Baths 6
Living Area SqFt 5,121
Status Under Contract - Not Showing
MLS # RTC2744822
Property Type Single Family Residence
 
 

2025 Hamilton Way Franklin, TN 37064

Price $2,258,990
Beds 5
Baths 6
Living Area SqFt 4,680
Status Active
MLS # RTC2705763
Property Type Single Family Residence
 
 

1815 Kimbark Dr Nashville, TN 37215

Price $2,256,379
Beds 4
Baths 6
Living Area SqFt 4,168
Status Under Contract - Not Showing
MLS # RTC2640904
Property Type Horizontal Property Regime - Detached
 
 

601 Madison St Unit 209 Nashville, TN 37208

Price $2,250,000
Beds 2
Baths 4
Living Area SqFt 3,668
Status Active
MLS # RTC2534844
Property Type Loft
 
 

1120 3rd Ave S Nashville, TN 37210

Price $2,250,000
Beds 3
Baths 1
Living Area SqFt 1,560
Status Active
MLS # RTC2607887
Property Type Single Family Residence
 
 

3205b Granny White Pike Nashville, TN 37204

Price $2,250,000
Beds 4
Baths 5
Living Area SqFt 4,144
Status Active
MLS # RTC2635192
Property Type Horizontal Property Regime - Attached
 
 

1445 Old Tva Rd Columbia, TN 38401

Price $2,250,000
Beds 3
Baths 5
Living Area SqFt 5,424
Status Under Contract - Showing
MLS # RTC2681186
Property Type Single Family Residence
 
 

6504 Fleetwood Dr Nashville, TN 37209

Price $2,250,000
Beds 6
Baths 4
Living Area SqFt 6,927
Status Active
MLS # RTC2687379
Property Type Single Family Residence
 
 

1767 Saundersville Rd Hendersonville, TN 37075

Price $2,250,000
Beds 5
Baths 6
Living Area SqFt 7,968
Status Active
MLS # RTC2688578
Property Type Single Family Residence
 
 

1707 Hillmont Dr Nashville, TN 37215

$2,250,000 - 4Br/5Ba -  for Sale in Green Hills, Nashville
Open House
Price $2,250,000
Beds 4
Baths 5
Living Area SqFt 4,131
Status Active
MLS # RTC2697793
Property Type Horizontal Property Regime - Detached