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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25 Tulip Ct Castalian Springs, TN 37031

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,104
Status Active
MLS # RTC2746121
Property Type Single Family Residence
 
 

121 Toccoas Trl Christiana, TN 37037

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,296
Status Under Contract - Showing
MLS # RTC2746401
Property Type Single Family Residence
 
 

829 Coker Ford Rd Portland, TN 37148

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,590
Status Active
MLS # RTC2746562
Property Type Single Family Residence
 
 

1806 County Hospital Rd Nashville, TN 37218

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,678
Status Active
MLS # RTC2746658
Property Type Single Family Residence
 
 

4008 Liberton Way Nolensville, TN 37135

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,560
Status Under Contract - Not Showing
MLS # RTC2747131
Property Type Single Family Residence
 
 

720 Caraway Ln Nashville, TN 37211

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,940
Status Active
MLS # RTC2747211
Property Type Single Family Residence
 
 

390 Old Woodbury Hwy Manchester, TN 37355

Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,631
Status Active
MLS # RTC2747291
Property Type Single Family Residence
 
 

644 Nashua Ln Nashville, TN 37209

Price $499,900
Beds 2
Baths 3
Living Area SqFt 1,430
Status Active
MLS # RTC2747609
Property Type Horizontal Property Regime - Detached
 
 

455 Bluff View Dr Spencer, TN 38585

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,385
Status Under Contract - Showing
MLS # RTC2747668
Property Type Single Family Residence
 
 

5275 Ridge Rd Joelton, TN 37080

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,324
Status Active
MLS # RTC2747671
Property Type Single Family Residence
 
 

37 Lackey Rd Kelso, TN 37348

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,391
Status Active
MLS # RTC2748234
Property Type Single Family Residence
 
 

1125 Highlake Drive Dickson, TN 37055

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,980
Status Active
MLS # RTC2748313
Property Type Single Family Residence
 
 

105 Gribble St Mc Minnville, TN 37110

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,623
Status Under Contract - Showing
MLS # RTC2748433
Property Type Single Family Residence
 
 

2349 Somerset Valley Dr Antioch, TN 37013

$499,900 - 3Br/3Ba -  for Sale in Cambridge Park At Barnes Rd, Antioch
Open House
Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,081
Status Active
MLS # RTC2748651
Property Type Single Family Residence
 
 

2207 Worthington Ave Antioch, TN 37013

$499,900 - 3Br/3Ba -  for Sale in Cambridge Park At Barnes, Rd Lennox Village, Antioch
Open House
Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,108
Status Active
MLS # RTC2749398
Property Type Single Family Residence
 
 

905 N 12th St Unit E Nashville, TN 37206

Price $499,900
Beds 2
Baths 2
Living Area SqFt 920
Status Active
MLS # RTC2749484
Property Type Horizontal Property Regime - Attached
 
 

1031 Laurel Hills Dr Dickson, TN 37055

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,998
Status Active
MLS # RTC2749778
Property Type Single Family Residence
 
 

613 New Hope Rd Manchester, TN 37355

Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,232
Status Active
MLS # RTC2750374
Property Type Single Family Residence
 
 

74 Pine Bluff Rd Winchester, TN 37398

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,309
Status Active
MLS # RTC2750556
Property Type Single Family Residence
 
 

1103 Wartrace Hwy Pleasant Shade, TN 37145

Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,230
Status Active
MLS # RTC2751514
Property Type Single Family Residence
 
 

3706 Swanvale Ln Murfreesboro, TN 37129

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,889
Status Active
MLS # RTC2751738
Property Type Single Family Residence
 
 

2523 Apache Trl Murfreesboro, TN 37129

Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,851
Status Under Contract - Not Showing
MLS # RTC2752074
Property Type Single Family Residence
 
 

102 Polk Ct Hendersonville, TN 37075

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,210
Status Active
MLS # RTC2752217
Property Type Single Family Residence
 
 

310 Titans Cir Murfreesboro, TN 37127

$499,900 - 4Br/3Ba -  for Sale in Villages At Savannah Ridge, Murfreesboro
Open House
Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,575
Status Active
MLS # RTC2753004
Property Type Single Family Residence
 
 

309 Kingwood Ln Rockvale, TN 37153

$499,900 - 4Br/3Ba -  for Sale in None, Rockvale
Open House
Price $499,900
Beds 4
Baths 3
Living Area SqFt 2,634
Status Active
MLS # RTC2753023
Property Type Single Family Residence
 
 

1027 Westgate Dr Gallatin, TN 37066

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,680
Status Active
MLS # RTC2754148
Property Type Single Family Residence
 
 

2450 Bridgeway St Murfreesboro, TN 37128

Price $499,900
Beds 3
Baths 4
Living Area SqFt 2,662
Status Active
MLS # RTC2754955
Property Type Townhouse
 
 

1735 Mckinney Ave Nashville, TN 37208

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,848
Status Active
MLS # RTC2755103
Property Type Horizontal Property Regime - Attached
 
 

800 Vintage Green Ln Unit 304 Franklin, TN 37064

Price $499,900
Beds 2
Baths 2
Living Area SqFt 1,298
Status Active
MLS # RTC2755496
Property Type Flat Condo
 
 

227 Snapdragon Dr Smyrna, TN 37167

$499,900 - 4Br/4Ba -  for Sale in The Parke At The Meadows Sec 2, Smyrna
Open House
New
Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,308
Status Active
MLS # RTC2755726
Property Type Single Family Residence
 
 

1616 Trinity Cir Lebanon, TN 37087

$499,900 - 4Br/2Ba -  for Sale in Wincate, Lebanon
Open House
New
Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,964
Status Active
MLS # RTC2755951
Property Type Single Family Residence
 
 

118 S Palmers Chapel Rd White House, TN 37188

$499,900 - 4Br/2Ba -  for Sale in Betty Durham Propert, White House
New
Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,863
Status Coming Soon / Hold
MLS # RTC2756427
Property Type Single Family Residence
 
 

781 Mill Creek Meadow Dr Nashville, TN 37214

$499,900 - 3Br/3Ba -  for Sale in Riverwalk At Mill Creek Homes, Nashville
New
Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,945
Status Active
MLS # RTC2756514
Property Type Single Family Residence
 
 

25 Old Huntsville Rd Fayetteville, TN 37334

$499,900 - 3Br/2Ba -  for Sale in Res, Fayetteville
New
Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,935
Status Active
MLS # RTC2756846
Property Type Single Family Residence
 
 

146 Oak Park Dr Nashville, TN 37207

$499,900 - 4Br/2Ba -  for Sale in Oak Park, Nashville
New
Price $499,900
Beds 4
Baths 2
Living Area SqFt 2,158
Status Active
MLS # RTC2756890
Property Type Single Family Residence
 
 

4306 Saunders Ave Nashville, TN 37216

$499,900 - 3Br/2Ba -  for Sale in Gra Mar Acres, Nashville
New
Price $499,900
Beds 3
Baths 2
Living Area SqFt 1,577
Status Active
MLS # RTC2756997
Property Type Single Family Residence
 
 

635 Westboro Dr Nashville, TN 37209

$499,900 - 4Br/2Ba -  for Sale in Charlotte Park, Nashville
New
Price $499,900
Beds 4
Baths 2
Living Area SqFt 1,833
Status Active
MLS # RTC2756999
Property Type Single Family Residence
 
 

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
 
 

1243 Highgrove Ln Clarksville, TN 37043

Price $499,800
Beds 4
Baths 3
Living Area SqFt 2,605
Status Active
MLS # RTC2681113
Property Type Single Family Residence
 
 

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