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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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
 
 

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
 
 

2037 Trenton Dr Spring Hill, TN 37174

$499,900 - 4Br/3Ba -  for Sale in Wyngate Est Ph 10-a, Spring Hill
New
Price $499,900
Beds 4
Baths 3
Living Area SqFt 3,001
Status Under Contract - Showing
MLS # RTC2761557
Property Type Single Family Residence
 
 

4500 Post Rd Unit E53 Nashville, TN 37205

$499,900 - 2Br/3Ba -  for Sale in The Hillwood, Nashville
New
Price $499,900
Beds 2
Baths 3
Living Area SqFt 1,716
Status Coming Soon / Hold
MLS # RTC2761810
Property Type Townhouse
 
 

25 Tulip Ct Castalian Springs, TN 37031

$499,900 - 3Br/2Ba -  for Sale in Gracehaven, Castalian Springs
New
Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,104
Status Active
MLS # RTC2761942
Property Type Single Family Residence
 
 

2109 Zion Rd Columbia, TN 38401

$499,900 - 4Br/3Ba -  for Sale in Fieldview, Columbia
Open House
New
Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,601
Status Active
MLS # RTC2762087
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
 
 

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
 
 

3116 W End Cir Unit 106 Nashville, TN 37203

$499,900 - 2Br/2Ba -  for Sale in 3116 West End Circle, Nashville
New
Price $499,900
Beds 2
Baths 2
Living Area SqFt 1,049
Status Active
MLS # RTC2762719
Property Type Flat Condo
 
 

5807 Craven Lane 173 Rockvale, TN 37153

Price $499,850
Beds 4
Baths 3
Living Area SqFt 2,380
Status Under Contract - Not Showing
MLS # RTC2645512
Property Type Single Family Residence
 
 

524 Black Tea Way Franklin, TN 37064

Price $499,850
Beds 3
Baths 3
Living Area SqFt 1,739
Status Active
MLS # RTC2754563
Property Type Townhouse
 
 

1960 Abernathy Rd Lynnville, TN 38472

Price $499,800
Beds 3
Baths 2
Living Area SqFt 1,904
Status Active
MLS # RTC2687062
Property Type Mobile Home
 
 

513 Banchory Dr Smyrna, TN 37167

$499,780 - 3Br/4Ba -  for Sale in Stewarts Glen, Smyrna
Open House
Price $499,780
Beds 3
Baths 4
Living Area SqFt 2,524
Status Active
MLS # RTC2753673
Property Type Single Family Residence
 
 

5329 Woodhall Lane Spring Hill, TN 37174

Price $499,732
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2757292
Property Type Horizontal Property Regime - Attached
 
 

1901 Mahala Dr Hermitage, TN 37076

Price $499,640
Beds 5
Baths 3
Living Area SqFt 2,412
Status Active
MLS # RTC2753579
Property Type Single Family Residence
 
 

1245 Chapel Cove Gallatin, TN 37066

Price $499,580
Beds 3
Baths 2
Living Area SqFt 1,796
Status Under Contract - Not Showing
MLS # RTC2700204
Property Type Single Family Residence
 
 

450 Jet Stream Dr La Vergne, TN 37086

$499,540 - 5Br/3Ba -  for Sale in Hamlet At Carothers Crossing, La Vergne
Open House
Price $499,540
Beds 5
Baths 3
Living Area SqFt 3,051
Status Active
MLS # RTC2750008
Property Type Single Family Residence
 
 

4505 Harding Pike Unit 53 E Nashville, TN 37205

Price $499,500
Beds 2
Baths 2
Living Area SqFt 1,800
Status Active
MLS # RTC2689590
Property Type High Rise
 
 

2209 Westview Dr Nashville, TN 37212

Price $499,500
Beds 2
Baths 3
Living Area SqFt 2,099
Status Under Contract - Showing
MLS # RTC2698157
Property Type Single Family Residence
 
 

775 Hidden Hills Cir Lexington, TN 38351

Price $499,500
Beds 4
Baths 4
Living Area SqFt 2,400
Status Under Contract - Not Showing
MLS # RTC2707584
Property Type Single Family Residence
 
 

1448 Channing Dr Thompsons Station, TN 37179

Price $499,500
Beds 3
Baths 3
Living Area SqFt 1,924
Status Active
MLS # RTC2752026
Property Type Townhouse
 
 

126 Bloomsbury Dr Portland, TN 37148

Price $499,500
Beds 3
Baths 2
Living Area SqFt 2,327
Status Active
MLS # RTC2753699
Property Type Single Family Residence
 
 

3008 Inman Dr Thompsons Station, TN 37179

Price $499,500
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2760981
Property Type Single Family Residence
 
 

1306 Harmony Hill Lane Mount Juliet, TN 37122

Price $499,425
Beds 3
Baths 3
Living Area SqFt 1,972
Status Under Contract - Not Showing
MLS # RTC2707283
Property Type Single Family Residence
 
 

3113 Arbor Valley Road Spring Hill, TN 37174

$499,389 - 5Br/4Ba -  for Sale in Arbor Valley, Spring Hill
Open House
Price $499,389
Beds 5
Baths 4
Living Area SqFt 2,547
Status Active
MLS # RTC2754830
Property Type Single Family Residence
 
 

1834 Mahala Dr Hermitage, TN 37076

Price $499,140
Beds 4
Baths 3
Living Area SqFt 2,135
Status Under Contract - Not Showing
MLS # RTC2745797
Property Type Single Family Residence
 
 

1846 Mahala Dr Hermitage, TN 37076

Price $499,140
Beds 5
Baths 3
Living Area SqFt 2,674
Status Active
MLS # RTC2753956
Property Type Single Family Residence
 
 

1897 Mckennell Drive Nashville, TN 37206

Price $499,000
Beds 3
Baths 3
Living Area SqFt 1,027
Status Active
MLS # RTC2745869
Property Type Horizontal Property Regime - Detached
 
 

1511 Adams Street Unit 301 Chattanooga, TN 37408

Price $499,000
Beds 2
Baths 2
Living Area SqFt 1,494
Status Active
MLS # RTC2751646
Property Type Other Condo
 
 

1511 Adams Street Unit 302 Chattanooga, TN 37408

Price $499,000
Beds 2
Baths 2
Living Area SqFt 1,494
Status Active
MLS # RTC2739885
Property Type Other Condo
 
 

1587 Adams Street Chattanooga, TN 37408

Price $499,000
Beds 3
Baths 4
Living Area SqFt 1,695
Status Active
MLS # RTC2663389
Property Type Townhouse
 
 

711 Johnson Street Clarksville, TN 37043

Price $499,000
Beds 3
Baths 3
Living Area SqFt 1,858
Status Active
MLS # RTC2705525
Property Type Single Family Residence
 
 

318 Cotton Ln Leoma, TN 38468

Price $499,000
Beds 3
Baths 2
Living Area SqFt 2,230
Status Under Contract - Not Showing
MLS # RTC2746505
Property Type Single Family Residence
 
 

215 Hannah Lee Hill La Vergne, TN 37086

$499,000 - 6Br/3Ba -  for Sale in Holmes Place, La Vergne
New
Price $499,000
Beds 6
Baths 3
Living Area SqFt 2,528
Status Active
MLS # RTC2761836
Property Type Single Family Residence
 
 

3911 York Hwy Gainesboro, TN 38562

Price $499,000
Beds 2
Baths 3
Living Area SqFt 2,240
Status Active
MLS # RTC2595100
Property Type Single Family Residence
 
 

1409 Nashville Hwy Columbia, TN 38401

Price $499,000
Beds 3
Baths 2
Living Area SqFt 2,112
Status Active
MLS # RTC2598824
Property Type Single Family Residence
 
 

1717 Adams Street Chattanooga, TN 37408

Price $499,000
Beds 3
Baths 4
Living Area SqFt 1,829
Status Active
MLS # RTC2620194
Property Type Townhouse
 
 

17181 Obsidian Cir Athens, AL 35613

Price $499,000
Beds 4
Baths 4
Living Area SqFt 2,968
Status Active
MLS # RTC2630215
Property Type Single Family Residence
 
 

2129 Acklen Ave Unit 4 Nashville, TN 37212

Price $499,000
Beds 2
Baths 3
Living Area SqFt 1,350
Status Active
MLS # RTC2661403
Property Type Horizontal Property Regime - Attached
 
 

224 Turner Sims Rd Hohenwald, TN 38462

Price $499,000
Beds 1
Baths 1
Living Area SqFt 1,000
Status Under Contract - Not Showing
MLS # RTC2665834
Property Type Single Family Residence