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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2624 Augusta Trace Drive Columbia, TN 38401

$499,990 - 4Br/4Ba -  for Sale in Drumwright, Columbia
Open House
Price $499,990
Beds 4
Baths 4
Living Area SqFt 2,436
Status Active
MLS # RTC2748343
Property Type Single Family Residence
 
 

7643 Rookers Bend Drive Smyrna, TN 37167

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,002
Status Active
MLS # RTC2694067
Property Type Single Family Residence
 
 

3738 Apies St Murfreesboro, TN 37129

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,296
Status Active
MLS # RTC2736559
Property Type Single Family Residence
 
 

704 Hancock Lane Lebanon, TN 37087

Price $499,990
Beds 5
Baths 4
Living Area SqFt 3,075
Status Active
MLS # RTC2748778
Property Type Single Family Residence
 
 

617 Lyla Drive Lot 280 Spring Hill, TN 37174

Price $499,990
Beds 4
Baths 4
Living Area SqFt 2,540
Status Under Contract - Not Showing
MLS # RTC2750411
Property Type Single Family Residence
 
 

540 Lyness Drive Smyrna, TN 37167

$499,990 - 4Br/3Ba -  for Sale in Gwynne Farms, Smyrna
New
Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,460
Status Under Contract - Not Showing
MLS # RTC2755900
Property Type Single Family Residence
 
 

142 Oasis Dr La Vergne, TN 37086

$499,990 - 4Br/3Ba -  for Sale in Hamlet At Carothers Crossing, La Vergne
New
Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,426
Status Coming Soon / Hold
MLS # RTC2756614
Property Type Single Family Residence
 
 

140 E Harbor Hendersonville, TN 37075

Price $499,975
Beds 3
Baths 3
Living Area SqFt 2,534
Status Under Contract - Showing
MLS # RTC2695777
Property Type Single Family Residence
 
 

5780 Berry Rd Cypress Inn, TN 38452

Price $499,950
Beds 4
Baths 2
Living Area SqFt 2,500
Status Active
MLS # RTC2691540
Property Type Single Family Residence
 
 

947 Mansfield Ave Nashville, TN 37206

$499,950 - 1Br/1Ba -  for Sale in House & Simontons, Nashville
New
Price $499,950
Beds 1
Baths 1
Living Area SqFt 2,915
Status Active
MLS # RTC2755928
Property Type Single Family Residence
 
 

3301 Walters Court Cornersville, TN 37047

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,956
Status Active
MLS # RTC2708473
Property Type Single Family Residence
 
 

198 Creekside Dr Lewisburg, TN 37091

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,043
Status Active
MLS # RTC2744535
Property Type Single Family Residence
 
 

199 Hickory Grove Drive Morrison, TN 37357

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,010
Status Active
MLS # RTC2744986
Property Type Single Family Residence
 
 

7514 Heldweg Murfreesboro, TN 37129

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,860
Status Active
MLS # RTC2750167
Property Type Single Family Residence
 
 

Maple Gove Rd Cadiz, KY 42211

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,790
Status Active
MLS # RTC2746603
Property Type Single Family Residence
 
 

201 Lewis Grant Lane Southside, TN 37171

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,050
Status Active
MLS # RTC2701903
Property Type Single Family Residence
 
 

8300 Sawyer Brown Rd Unit A-305 Nashville, TN 37221

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,776
Status Active
MLS # RTC2704232
Property Type Townhouse
 
 

46 Devils Backbone Road Manchester, TN 37355

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,809
Status Active
MLS # RTC2755604
Property Type Single Family Residence
 
 

1174 Gardenia Ln Clarksville, TN 37043

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,707
Status Under Contract - Not Showing
MLS # RTC2744244
Property Type Single Family Residence
 
 

3113 Setting Sun Dr Thompsons Station, TN 37179

Price $499,900
Beds 3
Baths 4
Living Area SqFt 1,875
Status Active
MLS # RTC2698580
Property Type Townhouse
 
 

54 E Fork Drive Clarksville, TN 37042

Price $499,900
Beds 5
Baths 5
Living Area SqFt 2,546
Status Active
MLS # RTC2658811
Property Type Single Family Residence
 
 

52 E Fork Drive Clarksville, TN 37042

Price $499,900
Beds 5
Baths 5
Living Area SqFt 2,546
Status Active
MLS # RTC2658828
Property Type Single Family Residence
 
 

1090 Haysboro Ave Unit 112 Nashville, TN 37216

$499,900 - 2Br/2Ba -  for Sale in The Haysboro, Nashville
Open House
Price $499,900
Beds 2
Baths 2
Living Area SqFt 857
Status Active
MLS # RTC2746317
Property Type Flat Condo
 
 

1913 Hildebrand Lane Columbia, TN 38401

$499,900 - 4Br/3Ba -  for Sale in Bear Creek Overlook, Columbia
Open House
Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,346
Status Active
MLS # RTC2747796
Property Type Single Family Residence
 
 

6229 Kenwyn Pass Smyrna, TN 37167

$499,900 - 3Br/2Ba -  for Sale in Blakeney, Smyrna
Open House
Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,066
Status Active
MLS # RTC2694807
Property Type Single Family Residence
 
 

32 Driftwood Ct Winchester, TN 37398

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,084
Status Under Contract - Not Showing
MLS # RTC2575394
Property Type Single Family Residence
 
 

1022 Summertown Hwy Hohenwald, TN 38462

Price $499,900
Beds 4
Baths 3
Living Area SqFt 4,732
Status Active
MLS # RTC2575974
Property Type Single Family Residence
 
 

1518 Grainger Crossing Rutledge, TN 37861

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,308
Status Active
MLS # RTC2581230
Property Type Single Family Residence
 
 

542 Southgate Ave Unit 220 Nashville, TN 37203

Price $499,900
Beds 2
Baths 2
Living Area SqFt 1,106
Status Under Contract - Showing
MLS # RTC2626575
Property Type Flat Condo
 
 

307 W Due West Ave Madison, TN 37115

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,513
Status Active
MLS # RTC2632772
Property Type Single Family Residence
 
 

4017 Maxwell Dr Centerville, TN 37033

Price $499,900
Beds 2
Baths 2
Living Area SqFt 3,600
Status Active
MLS # RTC2637365
Property Type Single Family Residence
 
 

2703 Beech Hill Rd Pulaski, TN 38478

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,630
Status Active
MLS # RTC2640584
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
 
 

7351 Bradford Rd Primm Springs, TN 38476

Price $499,900
Beds 2
Baths 2
Living Area SqFt 1,725
Status Under Contract - Showing
MLS # RTC2646718
Property Type Single Family Residence
 
 

1208 Fairfield Pike Shelbyville, TN 37160

Price $499,900
Beds 4
Baths 3
Living Area SqFt 3,481
Status Active
MLS # RTC2649401
Property Type Single Family Residence
 
 

1011 Larkwood Dr Hermitage, TN 37076

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,762
Status Under Contract - Not Showing
MLS # RTC2654929
Property Type Horizontal Property Regime - Attached
 
 

288 Sounder Circle La Vergne, TN 37086

Price $499,900
Beds 5
Baths 4
Living Area SqFt 2,468
Status Under Contract - Showing
MLS # RTC2656173
Property Type Single Family Residence
 
 

1510 Demonbreun St Unit 1003 Nashville, TN 37203

$499,900 - 1Br/1Ba -  for Sale in Rhythm At Music Row, Nashville
Open House
Price $499,900
Beds 1
Baths 1
Living Area SqFt 987
Status Active
MLS # RTC2661238
Property Type High Rise
 
 

1405 Se Broad St Murfreesboro, TN 37130

Price $499,900
Beds 6
Baths 5
Living Area SqFt 4,297
Status Active
MLS # RTC2661261
Property Type Single Family Residence
 
 

260 Larry Isbell Dr Finger, TN 38334

Price $499,900
Beds 3
Baths 3
Living Area SqFt 3,118
Status Active
MLS # RTC2663350
Property Type Single Family Residence