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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7809 Shauna Cir Fairview, TN 37062

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,241
Status Active
MLS # RTC2709230
Property Type Single Family Residence
 
 

200 Muir Ave Nolensville, TN 37135

Price $499,000
Beds 3
Baths 4
Living Area SqFt 2,015
Status Active
MLS # RTC2750865
Property Type Townhouse
 
 

1019b Alice St Nashville, TN 37218

Price $499,000
Beds 3
Baths 4
Living Area SqFt 1,874
Status Active
MLS # RTC2703437
Property Type Horizontal Property Regime - Detached
 
 

2408a Inga St E Nashville, TN 37206

Price $499,000
Beds 2
Baths 2
Living Area SqFt 2,001
Status Active
MLS # RTC2746173
Property Type Single Family Residence
 
 

4487 Post Pl Unit 33 Nashville, TN 37205

Price $499,000
Beds 3
Baths 3
Living Area SqFt 1,842
Status Active
MLS # RTC2685226
Property Type Townhouse
 
 

2113 Sullivan St Gallatin, TN 37066

Price $499,000
Beds 2
Baths 3
Living Area SqFt 2,259
Status Active
MLS # RTC2755625
Property Type Zero Lot Line
 
 

425 Poss Rd Smithville, TN 37166

Price $499,000
Beds 4
Baths 2
Living Area SqFt 2,580
Status Active
MLS # RTC2749456
Property Type Single Family Residence
 
 

3930 Cherokee Woods Way Unit 304 Knoxville, TN 37920

Price $499,000
Beds 4
Baths 4
Living Area SqFt 1,510
Status Under Contract - Showing
MLS # RTC2744342
Property Type Single Family Residence
 
 

191 Blanton Chapel Rd Manchester, TN 37355

Price $499,000
Beds 4
Baths 2
Living Area SqFt 1,969
Status Under Contract - Showing
MLS # RTC2746196
Property Type Single Family Residence
 
 

5141 Macarthur Ave Murfreesboro, TN 37129

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,568
Status Under Contract - Showing
MLS # RTC2753845
Property Type Single Family Residence
 
 

1314 Thrush Dr Mount Juliet, TN 37122

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,395
Status Under Contract - Showing
MLS # RTC2705968
Property Type Single Family Residence
 
 

2304 Old Washington Rd Cedar Hill, TN 37032

Price $499,000
Beds 3
Baths 2
Living Area SqFt 2,097
Status Under Contract - Showing
MLS # RTC2748256
Property Type Single Family Residence
 
 

1062 Melvin Dr Cross Plains, TN 37049

Price $499,000
Beds 3
Baths 3
Living Area SqFt 2,000
Status Under Contract - Showing
MLS # RTC2758661
Property Type Single Family Residence
 
 

121 Lightwood Dr Antioch, TN 37013

Price $499,000
Beds 3
Baths 3
Living Area SqFt 2,394
Status Under Contract - Showing
MLS # RTC2758867
Property Type Single Family Residence
 
 

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
 
 

7263 Bidwell Rd Joelton, TN 37080

Price $499,000
Beds 3
Baths 2
Living Area SqFt 2,157
Status Under Contract - Not Showing
MLS # RTC2701746
Property Type Single Family Residence
 
 

291 Benders Ferry Rd Mount Juliet, TN 37122

$499,000 - 3Br/2Ba -  for Sale in None, Mount Juliet
New
Price $499,000
Beds 3
Baths 2
Living Area SqFt 1,873
Status Coming Soon / Hold
MLS # RTC2762434
Property Type Single Family Residence
 
 

330 33rd Ave N Nashville, TN 37209

$499,000 - 3Br/1Ba -  for Sale in Hortense Place, Nashville
New
Price $499,000
Beds 3
Baths 1
Living Area SqFt 1,273
Status Active
MLS # RTC2762801
Property Type Single Family Residence
 
 

2656 Lakevilla Dr Unit 17 Nashville, TN 37217

Price $499,000
Beds 4
Baths 4
Living Area SqFt 2,555
Status Active
MLS # RTC2680649
Property Type Horizontal Property Regime - Detached
 
 

1131 Mcalpine Ave Nashville, TN 37216

Price $499,000
Beds 2
Baths 2
Living Area SqFt 1,080
Status Active
MLS # RTC2694818
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
 
 

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
 
 

1405 Ohara Dr Antioch, TN 37013

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,385
Status Active
MLS # RTC2696824
Property Type Single Family Residence
 
 

301 Demonbreun St Unit 1208 Nashville, TN 37201

Price $499,000
Beds 1
Baths 1
Living Area SqFt 633
Status Active
MLS # RTC2686656
Property Type High Rise
 
 

1003 Joshua Dr Mount Juliet, TN 37122

Price $499,000
Beds 3
Baths 3
Living Area SqFt 2,900
Status Active
MLS # RTC2745083
Property Type Single Family Residence
 
 

467 Bryce Canyon Way Gallatin, TN 37066

Price $499,000
Beds 4
Baths 4
Living Area SqFt 2,419
Status Active
MLS # RTC2694654
Property Type Single Family Residence
 
 

238 Wilshire Dr Sw Cookeville, TN 38506

Price $499,000
Beds 3
Baths 2
Living Area SqFt 3,137
Status Active
MLS # RTC2666191
Property Type Single Family Residence
 
 

34 Tusculum Rd Antioch, TN 37013

Price $499,000
Beds 5
Baths 3
Living Area SqFt 2,688
Status Active
MLS # RTC2706364
Property Type Single Family Residence
 
 

807 18th Ave S Unit 109 Nashville, TN 37203

Price $499,000
Beds 2
Baths 2
Living Area SqFt 1,284
Status Active
MLS # RTC2683209
Property Type Flat Condo
 
 

1147 Chagford Dr Clarksville, TN 37043

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,528
Status Active
MLS # RTC2745621
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
 
 

1702 Tellico Dr Thompsons Station, TN 37179

Price $499,000
Beds 3
Baths 3
Living Area SqFt 2,154
Status Active
MLS # RTC2680264
Property Type Single Family Residence
 
 

2658 Highway 41a N Shelbyville, TN 37160

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,862
Status Under Contract - Showing
MLS # RTC2678465
Property Type Single Family Residence
 
 

2612 Booker St Nashville, TN 37208

Price $499,000
Beds 3
Baths 4
Living Area SqFt 1,887
Status Under Contract - Showing
MLS # RTC2695111
Property Type Horizontal Property Regime - Attached
 
 

1816 Jo Johnston Ave Nashville, TN 37203

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,183
Status Under Contract - Showing
MLS # RTC2697328
Property Type Single Family Residence
 
 

623 Westboro Dr Nashville, TN 37209

Price $499,000
Beds 4
Baths 3
Living Area SqFt 2,400
Status Under Contract - Not Showing
MLS # RTC2680904
Property Type Single Family Residence
 
 

844 Joseph Ave Nashville, TN 37207

Price $499,000
Beds 5
Baths 2
Living Area SqFt 2,394
Status Under Contract - Not Showing
MLS # RTC2698406
Property Type Single Family Residence
 
 

5111 Reagan Dr Murfreesboro, TN 37129

Price $499,000
Beds 3
Baths 3
Living Area SqFt 2,474
Status Under Contract - Not Showing
MLS # RTC2706707
Property Type Single Family Residence