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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412 Cotton Ln Leoma, TN 38468

Price $494,900
Beds 3
Baths 2
Living Area SqFt 2,399
Status Active
MLS # RTC2759745
Property Type Single Family Residence
 
 

218 Hickory Pointe Dr Lebanon, TN 37087

Price $494,900
Beds 3
Baths 3
Living Area SqFt 2,084
Status Active
MLS # RTC2696800
Property Type Single Family Residence
 
 

527 Hawk Cv Smyrna, TN 37167

Price $494,900
Beds 4
Baths 2
Living Area SqFt 1,864
Status Active
MLS # RTC2757618
Property Type Single Family Residence
 
 

7590 Maggie Dr Antioch, TN 37013

Price $494,900
Beds 4
Baths 4
Living Area SqFt 2,061
Status Active
MLS # RTC2760085
Property Type Single Family Residence
 
 

351 E Village Ln Nashville, TN 37216

Price $494,900
Beds 3
Baths 4
Living Area SqFt 1,735
Status Active
MLS # RTC2759829
Property Type Horizontal Property Regime - Attached
 
 

444 Cooley Rd Waverly, TN 37185

Price $494,900
Beds 3
Baths 2
Living Area SqFt 2,180
Status Active
MLS # RTC2660197
Property Type Single Family Residence
 
 

148 W Shore Drive La Fayette, GA 30728

Price $494,900
Beds 3
Baths 2
Living Area SqFt 2,690
Status Active
MLS # RTC2684616
Property Type Single Family Residence
 
 

2403 Brookstone Pl Mount Juliet, TN 37122

Price $494,900
Beds 3
Baths 3
Living Area SqFt 2,188
Status Active
MLS # RTC2747774
Property Type Single Family Residence
 
 

7012 Burntwood Dr Smyrna, TN 37167

Price $494,900
Beds 3
Baths 2
Living Area SqFt 2,323
Status Active
MLS # RTC2757604
Property Type Single Family Residence
 
 

8903 Highway 127 N Crossville, TN 38571

Price $494,900
Beds 5
Baths 3
Living Area SqFt 4,006
Status Active
MLS # RTC2739892
Property Type Single Family Residence
 
 

3050 Mallard Dr Lebanon, TN 37090

Price $494,775
Beds 3
Baths 3
Living Area SqFt 2,428
Status Under Contract - Not Showing
MLS # RTC2699355
Property Type Single Family Residence
 
 

805 Twin Falls Dr Joelton, TN 37080

Price $494,500
Beds 4
Baths 3
Living Area SqFt 2,565
Status Under Contract - Showing
MLS # RTC2684439
Property Type Single Family Residence
 
 

1469 English Oak Dr Clarksville, TN 37043

Price $494,490
Beds 4
Baths 4
Living Area SqFt 2,648
Status Active
MLS # RTC2760714
Property Type Single Family Residence
 
 

1470 Autumn Leaf Lane Mount Juliet, TN 37122

Price $494,377
Beds 3
Baths 3
Living Area SqFt 2,637
Status Under Contract - Showing
MLS # RTC2701580
Property Type Townhouse
 
 

5319 Woodhall Ln Unit H-8 Spring Hill, TN 37174

Price $494,200
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2753180
Property Type Horizontal Property Regime - Attached
 
 

4500 Mccrary Rd Lebanon, TN 37090

Price $494,000
Beds 3
Baths 3
Living Area SqFt 1,928
Status Active
MLS # RTC2753383
Property Type Single Family Residence
 
 

8293 Old Alto Hwy Decherd, TN 37324

Price $494,000
Beds 3
Baths 2
Living Area SqFt 1,730
Status Active
MLS # RTC2756251
Property Type Single Family Residence
 
 

3746 Central Pike Unit 1 Hermitage, TN 37076

Price $494,000
Beds 3
Baths 4
Living Area SqFt 2,286
Status Under Contract - Showing
MLS # RTC2673099
Property Type Townhouse
 
 

105 Andrew Dr Wartrace, TN 37183

Price $494,000
Beds 3
Baths 3
Living Area SqFt 3,121
Status Under Contract - Not Showing
MLS # RTC2659567
Property Type Single Family Residence
 
 

423 Old Towne Dr Brentwood, TN 37027

$494,000 - 3Br/3Ba -  for Sale in Terraces At Brentwood Chase, Brentwood
Open House
New
Price $494,000
Beds 3
Baths 3
Living Area SqFt 1,693
Status Active
MLS # RTC2761853
Property Type Townhouse
 
 

150 Burkitt Commons Ave Nolensville, TN 37135

$494,000 - 3Br/4Ba -  for Sale in Burkitt Commons, Nolensville
Open House
Price $494,000
Beds 3
Baths 4
Living Area SqFt 1,974
Status Active
MLS # RTC2703579
Property Type Townhouse
 
 

724 Hancock Lane Lebanon, TN 37087

Price $493,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2753920
Property Type Single Family Residence
 
 

1909 Mahala Dr Hermitage, TN 37076

Price $493,640
Beds 4
Baths 2
Living Area SqFt 1,834
Status Active
MLS # RTC2753613
Property Type Single Family Residence
 
 

2547 Arbor Valley Road Spring Hill, TN 37174

Price $492,990
Beds 4
Baths 3
Living Area SqFt 2,547
Status Active
MLS # RTC2754827
Property Type Single Family Residence
 
 

611 Lyla Drive Lot 283 Spring Hill, TN 37174

Price $492,940
Beds 4
Baths 3
Living Area SqFt 2,282
Status Under Contract - Not Showing
MLS # RTC2750422
Property Type Single Family Residence
 
 

19 Bear Branch Circle Joelton, TN 37080

Price $492,900
Beds 4
Baths 4
Living Area SqFt 2,750
Status Active
MLS # RTC2758355
Property Type Single Family Residence
 
 

50 Bear Branch Circle Joelton, TN 37080

Price $492,900
Beds 4
Baths 4
Living Area SqFt 2,750
Status Active
MLS # RTC2760155
Property Type Single Family Residence
 
 

499 Hemlock Ln Spencer, TN 38585

Price $492,500
Beds 3
Baths 2
Living Area SqFt 1,587
Status Active
MLS # RTC2746466
Property Type Single Family Residence
 
 

23 Asbury Drive Chattanooga, TN 37411

Price $492,500
Beds 4
Baths 4
Living Area SqFt 2,634
Status Active
MLS # RTC2754161
 
 
 

2017 Herring Xing Murfreesboro, TN 37130

Price $492,500
Beds 3
Baths 3
Living Area SqFt 2,570
Status Under Contract - Showing
MLS # RTC2653234
Property Type Townhouse
 
 

206 Dorchester Cir Clarksville, TN 37043

Price $492,500
Beds 3
Baths 3
Living Area SqFt 2,700
Status Active
MLS # RTC2665098
Property Type Single Family Residence
 
 

1000 Five Points Rd Pulaski, TN 38478

Price $492,500
Beds 5
Baths 3
Living Area SqFt 3,808
Status Under Contract - Showing
MLS # RTC2669718
Property Type Single Family Residence
 
 

2474 Williams Ridge Drive Columbia, TN 38401

Price $492,390
Beds 4
Baths 3
Living Area SqFt 2,155
Status Under Contract - Not Showing
MLS # RTC2702177
Property Type Single Family Residence
 
 

200 Pops Place White House, TN 37188

Price $492,090
Beds 4
Baths 4
Living Area SqFt 2,506
Status Under Contract - Not Showing
MLS # RTC2753052
Property Type Single Family Residence
 
 

207 Boson Ct Columbia, TN 38401

Price $492,000
Beds 4
Baths 3
Living Area SqFt 2,474
Status Under Contract - Showing
MLS # RTC2747286
Property Type Single Family Residence
 
 

205 Boson Ct Columbia, TN 38401

Price $492,000
Beds 4
Baths 3
Living Area SqFt 2,444
Status Under Contract - Showing
MLS # RTC2755277
Property Type Single Family Residence
 
 

3621 Dove Creek Rd Antioch, TN 37013

Price $492,000
Beds 4
Baths 3
Living Area SqFt 2,603
Status Active
MLS # RTC2614445
Property Type Single Family Residence
 
 

1350 Ross Farms Blvd Clarksville, TN 37043

Price $491,900
Beds 5
Baths 3
Living Area SqFt 2,803
Status Under Contract - Showing
MLS # RTC2690509
Property Type Single Family Residence
 
 

3056 Mallard Dr Lebanon, TN 37090

Price $491,803
Beds 3
Baths 3
Living Area SqFt 2,345
Status Under Contract - Not Showing
MLS # RTC2634481
Property Type Single Family Residence
 
 

1829 Mahala Dr Hermitage, TN 37076

Price $491,640
Beds 4
Baths 3
Living Area SqFt 2,135
Status Under Contract - Not Showing
MLS # RTC2745739
Property Type Single Family Residence