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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2272 Jimtown Rd Lafayette, TN 37083

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,568
Status Active
MLS # RTC2664418
Property Type Manufactured On Land
 
 

2158 Brookwood Ln Murfreesboro, TN 37129

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,467
Status Active
MLS # RTC2664549
Property Type Single Family Residence
 
 

3256 Ostella Rd Cornersville, TN 37047

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,423
Status Active
MLS # RTC2666444
Property Type Single Family Residence
 
 

490 Manor Cir Lewisburg, TN 37091

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,424
Status Active
MLS # RTC2666986
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
 
 

332 Redfield Dr Jackson, TN 38305

Price $499,900
Beds 5
Baths 3
Living Area SqFt 4,367
Status Active
MLS # RTC2677655
Property Type Single Family Residence
 
 

2708 Campa Cir Nashville, TN 37211

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,224
Status Under Contract - Showing
MLS # RTC2678528
Property Type Single Family Residence
 
 

214 Gayland Ct Nashville, TN 37210

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,100
Status Active
MLS # RTC2679615
Property Type Single Family Residence
 
 

442 Ruby Oaks Ln Murfreesboro, TN 37128

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,398
Status Under Contract - Not Showing
MLS # RTC2681524
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
 
 

1852 Monsanto Rd Columbia, TN 38401

Price $499,900
Beds 1
Baths 3
Living Area SqFt 1,764
Status Active
MLS # RTC2682997
Property Type Single Family Residence
 
 

287 Salem Rd Hohenwald, TN 38462

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,500
Status Active
MLS # RTC2684329
Property Type Single Family Residence
 
 

7383 Dale Ridge Rd Lancaster, TN 38569

Price $499,900
Beds 2
Baths 1
Living Area SqFt 1,008
Status Active
MLS # RTC2685719
Property Type Single Family Residence
 
 

3309 Martins Woods Ln La Vergne, TN 37086

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,317
Status Active
MLS # RTC2686570
Property Type Single Family Residence
 
 

281 Rossview Rd Clarksville, TN 37043

Price $499,900
Beds 4
Baths 2
Living Area SqFt 3,436
Status Under Contract - Showing
MLS # RTC2687149
Property Type Single Family Residence
 
 

3120 Valley Home Rd White Pine, TN 37890

Price $499,900
Beds 4
Baths 4
Living Area SqFt 3,040
Status Active
MLS # RTC2687198
Property Type Single Family Residence
 
 

1696 Taylor Town Rd White Bluff, TN 37187

Price $499,900
Beds 4
Baths 3
Living Area SqFt 3,512
Status Active
MLS # RTC2687743
Property Type Single Family Residence
 
 

400 Warioto Way Unit 215 Ashland City, TN 37015

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,763
Status Active
MLS # RTC2687746
Property Type High Rise
 
 

217 Campfire Dr Murfreesboro, TN 37128

Price $499,900
Beds 4
Baths 3
Living Area SqFt 3,011
Status Active
MLS # RTC2687958
Property Type Single Family Residence
 
 

3350 Mealer Road Chapel Hill, TN 37034

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,456
Status Active
MLS # RTC2690194
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
 
 

1042 Union St Shelbyville, TN 37160

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,307
Status Active
MLS # RTC2692816
Property Type Single Family Residence
 
 

2133 Gildridge Dr Nashville, TN 37221

Price $499,900
Beds 2
Baths 3
Living Area SqFt 1,313
Status Active
MLS # RTC2694215
Property Type Zero Lot Line
 
 

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
 
 

1132 Chagford Dr Clarksville, TN 37043

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,271
Status Active
MLS # RTC2696572
Property Type Single Family Residence
 
 

7613 Mint Leaf Dr Nashville, TN 37211

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,240
Status Under Contract - Showing
MLS # RTC2697172
Property Type Single Family Residence
 
 

2335 Pathfinder Dr Murfreesboro, TN 37127

Price $499,900
Beds 5
Baths 3
Living Area SqFt 2,908
Status Under Contract - Not Showing
MLS # RTC2697266
Property Type Single Family Residence
 
 

3007 Outfitters Dr Clarksville, TN 37040

Price $499,900
Beds 5
Baths 4
Living Area SqFt 3,244
Status Active
MLS # RTC2697927
Property Type Single Family Residence
 
 

2028 Gracious Dr Franklin, TN 37064

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,627
Status Under Contract - Not Showing
MLS # RTC2698168
Property Type Townhouse
 
 

5020 Claude Dr Smyrna, TN 37167

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,432
Status Active
MLS # RTC2698279
Property Type Single Family Residence
 
 

2305 Hurricane Creek Rd Lynchburg, TN 37352

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,472
Status Active
MLS # RTC2699332
Property Type Single Family Residence
 
 

4350 Cato Rd Nashville, TN 37218

Price $499,900
Beds 5
Baths 4
Living Area SqFt 4,236
Status Under Contract - Not Showing
MLS # RTC2699707
Property Type Single Family Residence
 
 

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
 
 

4574 Rockland Trl Antioch, TN 37013

$499,900 - 3Br/3Ba -  for Sale in Oliveri, Antioch
Open House
Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,554
Status Active
MLS # RTC2700443
Property Type Single Family Residence
 
 

5213 Cardiff Dr Nashville, TN 37211

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,618
Status Active
MLS # RTC2700681
Property Type Single Family Residence
 
 

2233 Byron Ave Murfreesboro, TN 37129

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,864
Status Under Contract - Showing
MLS # RTC2700996
Property Type Single Family Residence
 
 

1055b Magnolia Springs Rd Portland, TN 37148

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,360
Status Active
MLS # RTC2701095
Property Type Single Family Residence
 
 

1707 Whitt Dr Spring Hill, TN 37174

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,839
Status Under Contract - Showing
MLS # RTC2701293
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
 
 

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