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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1116 Claire Dr Spring Hill, TN 37174

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,504
Status Under Contract - Not Showing
MLS # RTC2702901
Property Type Single Family Residence
 
 

2423 Sandstone Circle Murfreesboro, TN 37130

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,565
Status Under Contract - Showing
MLS # RTC2703082
Property Type Single Family Residence
 
 

89 Oakley Dr Cadiz, KY 42211

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,031
Status Active
MLS # RTC2703317
Property Type Manufactured On Land
 
 

2930 Runnymeade Dr Murfreesboro, TN 37127

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,593
Status Active
MLS # RTC2703800
Property Type Single Family Residence
 
 

3348 Green Ridge Dr Nashville, TN 37214

Price $499,900
Beds 5
Baths 3
Living Area SqFt 2,022
Status Active
MLS # RTC2704317
Property Type Single Family Residence
 
 

224 Lakeview Dr Rogersville, AL 35652

Price $499,900
Beds 5
Baths 3
Living Area SqFt 1,974
Status Under Contract - Showing
MLS # RTC2704374
Property Type Single Family Residence
 
 

256 Kings Pointe Ln Mc Minnville, TN 37110

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,863
Status Active
MLS # RTC2704812
Property Type Single Family Residence
 
 

1106 Virginia Ave Murfreesboro, TN 37130

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,968
Status Under Contract - Not Showing
MLS # RTC2704922
Property Type Single Family Residence
 
 

744 Harpeth Pkwy W Nashville, TN 37221

Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,244
Status Active
MLS # RTC2705033
Property Type Single Family Residence
 
 

545 Lauren Park Dr Burns, TN 37029

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,240
Status Active
MLS # RTC2705663
Property Type Single Family Residence
 
 

454 Chestnut Grove Road Morrison, TN 37357

Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,604
Status Active
MLS # RTC2705997
Property Type Single Family Residence
 
 

1613 Straightway Ave Nashville, TN 37206

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,950
Status Active
MLS # RTC2706001
Property Type Horizontal Property Regime - Attached
 
 

1034 Jonathan Ln Springfield, TN 37172

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,615
Status Active
MLS # RTC2706134
Property Type Single Family Residence
 
 

1258 Inverness Pass Lebanon, TN 37087

Price $499,900
Beds 5
Baths 4
Living Area SqFt 2,669
Status Active
MLS # RTC2706387
Property Type Single Family Residence
 
 

400 Tonalist Way Smyrna, TN 37167

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,237
Status Active
MLS # RTC2706921
Property Type Single Family Residence
 
 

210 Crosswinds Dr Mount Juliet, TN 37122

Price $499,900
Beds 2
Baths 2
Living Area SqFt 2,496
Status Active
MLS # RTC2707330
Property Type Single Family Residence
 
 

1997 Graceland Dr Goodlettsville, TN 37072

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,243
Status Active
MLS # RTC2708031
Property Type Single Family Residence
 
 

262 Henderson Rd Shelbyville, TN 37160

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,520
Status Under Contract - Showing
MLS # RTC2709147
Property Type Single Family Residence
 
 

8109 Joshua Rd Knoxville, TN 37938

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,486
Status Active
MLS # RTC2709215
Property Type Single Family Residence
 
 

945 Big Cedar Drive Dunlap, TN 37327

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,683
Status Active
MLS # RTC2709674
Property Type Single Family Residence
 
 

109 Scenic Hill Drive Spring City, TN 37381

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,520
Status Active
MLS # RTC2710027
Property Type Single Family Residence
 
 

1509 Lindsey Ln Chapel Hill, TN 37034

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,012
Status Active
MLS # RTC2736349
Property Type Single Family Residence
 
 

713 Liberty Pike Franklin, TN 37064

$499,900 - 3Br/1Ba -  for Sale in Cadet Homes Sec 2, Franklin
Open House
Price $499,900
Beds 3
Baths 1
Living Area SqFt 1,273
Status Active
MLS # RTC2736539
Property Type Single Family Residence
 
 

263 Temple Ford Rd Shelbyville, TN 37160

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,965
Status Under Contract - Showing
MLS # RTC2736575
Property Type Single Family Residence
 
 

68 Bassham Rd Five Points, TN 38457

Price $499,900
Beds 1
Baths 1
Living Area SqFt 300
Status Active
MLS # RTC2737111
Property Type Modular Home
 
 

1137 Lawrence Ave Unit 5 Madison, TN 37115

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,770
Status Active
MLS # RTC2739351
Property Type Horizontal Property Regime - Detached
 
 

2402 Taylor Close Murfreesboro, TN 37130

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,536
Status Under Contract - Not Showing
MLS # RTC2739533
Property Type Single Family Residence
 
 

8903 Highway 127 N Crossville, TN 38571

Price $499,900
Beds 5
Baths 3
Living Area SqFt 4,006
Status Active
MLS # RTC2739892
Property Type Single Family Residence
 
 

2330 Corbin Rd Adams, TN 37010

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,918
Status Active
MLS # RTC2739940
Property Type Single Family Residence
 
 

5048 Gracious Dr Franklin, TN 37064

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,631
Status Under Contract - Showing
MLS # RTC2740179
Property Type Townhouse
 
 

119 Fain St Nashville, TN 37210

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,849
Status Active
MLS # RTC2740197
Property Type Single Family Residence
 
 

120 Kestrel Cir La Vergne, TN 37086

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,656
Status Under Contract - Showing
MLS # RTC2740250
Property Type Single Family Residence
 
 

3610 Capstone Dr Murfreesboro, TN 37128

$499,900 - 4Br/3Ba -  for Sale in The Meadows At Kimbro Woods Sec 5 Ph 1, Murfreesboro
Open House
Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,100
Status Active
MLS # RTC2740464
Property Type Single Family Residence
 
 

1510 Demonbreun St Unit 503 Nashville, TN 37203

Price $499,900
Beds 1
Baths 1
Living Area SqFt 987
Status Active
MLS # RTC2743750
Property Type Flat Condo
 
 

736 Caraway Ln Nashville, TN 37211

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,724
Status Under Contract - Not Showing
MLS # RTC2743837
Property Type Single Family Residence
 
 

7201 Sleepy Hollow Rd Fairview, TN 37062

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,652
Status Under Contract - Showing
MLS # RTC2744261
Property Type Single Family Residence
 
 

1042 Fort Hill Portland, TN 37148

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,200
Status Under Contract - Showing
MLS # RTC2744431
Property Type Single Family Residence
 
 

875 Lebanon Pike Hartsville, TN 37074

Price $499,900
Beds 2
Baths 3
Living Area SqFt 3,000
Status Active
MLS # RTC2745781
Property Type Single Family Residence
 
 

102 Foxwood Ln Franklin, TN 37069

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,800
Status Under Contract - Showing
MLS # RTC2745802
Property Type Single Family Residence
 
 

449 Marilyn Cir Spring Hill, TN 37174

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,617
Status Under Contract - Showing
MLS # RTC2746042
Property Type Single Family Residence