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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1680 Witt Hill Dr Spring Hill, TN 37174

Price $490,000
Beds 3
Baths 3
Living Area SqFt 1,740
Status Active
MLS # RTC2746648
Property Type Single Family Residence
 
 

416 Dixie Bee Rd Clarksville, TN 37043

Price $490,000
Beds 3
Baths 3
Living Area SqFt 2,689
Status Active
MLS # RTC2747188
Property Type Single Family Residence
 
 

1414b Stainback Ave Nashville, TN 37207

Price $490,000
Beds 3
Baths 3
Living Area SqFt 1,660
Status Active
MLS # RTC2759041
Property Type Horizontal Property Regime - Attached
 
 

306 Boxmere Pl Nashville, TN 37215

Price $490,000
Beds 3
Baths 2
Living Area SqFt 1,326
Status Active
MLS # RTC2757172
Property Type Flat Condo
 
 

2935 Cherrybark Ct Hermitage, TN 37076

Price $490,000
Beds 3
Baths 4
Living Area SqFt 2,082
Status Under Contract - Showing
MLS # RTC2697081
Property Type Single Family Residence
 
 

2912 Mashburn Dr Nashville, TN 37211

Price $490,000
Beds 3
Baths 2
Living Area SqFt 1,692
Status Under Contract - Showing
MLS # RTC2756938
Property Type Single Family Residence
 
 

109 Limerick St Murfreesboro, TN 37129

Price $490,000
Beds 3
Baths 3
Living Area SqFt 2,075
Status Under Contract - Showing
MLS # RTC2740248
Property Type Single Family Residence
 
 

1100 Sunnymeade Dr Unit 106 Nashville, TN 37216

Price $490,000
Beds 3
Baths 3
Living Area SqFt 1,736
Status Under Contract - Not Showing
MLS # RTC2754124
Property Type Horizontal Property Regime - Attached
 
 

108 Butte Ct Christiana, TN 37037

Price $490,000
Beds 4
Baths 3
Living Area SqFt 2,499
Status Under Contract - Not Showing
MLS # RTC2755683
Property Type Single Family Residence
 
 

2984 Brisbane Dr Mount Juliet, TN 37122

Price $490,000
Beds 3
Baths 2
Living Area SqFt 2,388
Status Under Contract - Not Showing
MLS # RTC2759020
Property Type Single Family Residence
 
 

50 Sonoma Dr Fayetteville, TN 37334

Price $490,000
Beds 3
Baths 2
Living Area SqFt 2,598
Status Coming Soon / Hold
MLS # RTC2756405
Property Type Single Family Residence
 
 

221 Foggy Mountain Ln Bradyville, TN 37026

Price $490,000
Beds 3
Baths 4
Living Area SqFt 1,485
Status Active
MLS # RTC2692261
Property Type Single Family Residence
 
 

436 Roberts St Murfreesboro, TN 37130

Price $490,000
Beds 3
Baths 3
Living Area SqFt 1,566
Status Active
MLS # RTC2686431
Property Type Single Family Residence
 
 

2960 Stegall Rd Lewisburg, TN 37091

Price $490,000
Beds 3
Baths 2
Living Area SqFt 1,604
Status Under Contract - Showing
MLS # RTC2694003
Property Type Single Family Residence
 
 

4591 General Forest Cir Bon Aqua, TN 37025

Price $490,000
Beds 3
Baths 2
Living Area SqFt 2,410
Status Under Contract - Showing
MLS # RTC2633946
Property Type Single Family Residence
 
 

723 Hart Ave Nashville, TN 37206

Price $490,000
Beds 3
Baths 2
Living Area SqFt 1,426
Status Under Contract - Not Showing
MLS # RTC2676261
Property Type Single Family Residence
 
 

215 Muir Ave Nolensville, TN 37135

$490,000 - 3Br/4Ba -  for Sale in Burkitt Commons, Nolensville
Open House
Price $490,000
Beds 3
Baths 4
Living Area SqFt 2,140
Status Active
MLS # RTC2756961
Property Type Townhouse
 
 

2344 Arbor Valley Road Spring Hill, TN 37174

Price $489,990
Beds 3
Baths 3
Living Area SqFt 2,344
Status Active
MLS # RTC2754826
Property Type Single Family Residence
 
 

608 Lyness Drive Smyrna, TN 37167

Price $489,990
Beds 4
Baths 3
Living Area SqFt 1,828
Status Active
MLS # RTC2758973
Property Type Single Family Residence
 
 

319 Granville Way Spring Hill, TN 37174

$489,990 - 4Br/3Ba -  for Sale in Barton Hill, Spring Hill
New
Price $489,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2761844
Property Type Single Family Residence
 
 

5088 Mifford Dr Smyrna, TN 37167

Price $489,990
Beds 4
Baths 3
Living Area SqFt 1,828
Status Under Contract - Not Showing
MLS # RTC2707466
Property Type Single Family Residence
 
 

2457 Williams Ridge Drive Columbia, TN 38401

Price $489,990
Beds 4
Baths 4
Living Area SqFt 2,436
Status Under Contract - Not Showing
MLS # RTC2748648
Property Type Single Family Residence
 
 

6003 Mifford Drive Smyrna, TN 37167

$489,990 - 4Br/3Ba -  for Sale in Gwynne Farms, Smyrna
Open House
Price $489,990
Beds 4
Baths 3
Living Area SqFt 2,015
Status Active
MLS # RTC2756498
Property Type Single Family Residence
 
 

6131 Saxingham Place Smyrna, TN 37167

$489,990 - 3Br/3Ba -  for Sale in Blakeney, Smyrna
Open House
Price $489,990
Beds 3
Baths 3
Living Area SqFt 2,231
Status Active
MLS # RTC2753852
Property Type Single Family Residence
 
 

107 Burkitt Commons Ave Nolensville, TN 37135

Price $489,990
Beds 3
Baths 4
Living Area SqFt 1,986
Status Active
MLS # RTC2706062
Property Type Townhouse
 
 

1013 Harwell Lane Murfreesboro, TN 37128

Price $489,990
Beds 4
Baths 3
Living Area SqFt 2,424
Status Active
MLS # RTC2758565
Property Type Single Family Residence
 
 

537 Lyness Drive Smyrna, TN 37167

Price $489,990
Beds 3
Baths 2
Living Area SqFt 1,800
Status Under Contract - Not Showing
MLS # RTC2685338
Property Type Single Family Residence
 
 

544 Lyness Drive Smyrna, TN 37167

Price $489,990
Beds 4
Baths 3
Living Area SqFt 2,011
Status Under Contract - Not Showing
MLS # RTC2707119
Property Type Single Family Residence
 
 

2 Jasper Way White Bluff, TN 37187

$489,900 - 4Br/3Ba -  for Sale in Maple Crest, White Bluff
New
Price $489,900
Beds 4
Baths 3
Living Area SqFt 2,721
Status Active
MLS # RTC2761699
Property Type Single Family Residence
 
 

Stonehorn Bell Buckle, TN 37020

Price $489,900
Beds 3
Baths 3
Living Area SqFt 2,098
Status Active
MLS # RTC2668600
Property Type Single Family Residence
 
 

408 W Main St Smithville, TN 37166

Price $489,900
Beds 3
Baths 4
Living Area SqFt 3,461
Status Active
MLS # RTC2760726
Property Type Single Family Residence
 
 

210 30th Ave N Unit 201 Nashville, TN 37203

Price $489,900
Beds 1
Baths 1
Living Area SqFt 659
Status Active
MLS # RTC2652497
Property Type Other Condo
 
 

157 Eckles Cemetery Rd Cookeville, TN 38506

Price $489,900
Beds 2
Baths 3
Living Area SqFt 2,880
Status Active
MLS # RTC2688639
Property Type Single Family Residence
 
 

2460 Nashville Hwy Lewisburg, TN 37091

Price $489,900
Beds 3
Baths 2
Living Area SqFt 1,600
Status Active
MLS # RTC2700041
Property Type Single Family Residence
 
 

6557 Frye Ln Hermitage, TN 37076

Price $489,900
Beds 3
Baths 2
Living Area SqFt 1,634
Status Active
MLS # RTC2745691
Property Type Single Family Residence
 
 

590 Prema Drive Unit 110 Chattanooga, TN 37412

Price $489,900
Beds 4
Baths 3
Living Area SqFt 2,163
Status Active
MLS # RTC2709471
Property Type Single Family Residence
 
 

1117 Mcgavock Pike Unit A Nashville, TN 37216

Price $489,900
Beds 7
Baths 3
Living Area SqFt 2,905
Status Active
MLS # RTC2708566
Property Type Single Family Residence
 
 

3377 Buffalo Valley Rd Cookeville, TN 38501

Price $489,900
Beds 3
Baths 2
Living Area SqFt 2,508
Status Active
MLS # RTC2674823
Property Type Single Family Residence
 
 

1048 Gasser Rd Ashland City, TN 37015

Price $489,900
Beds 3
Baths 3
Living Area SqFt 1,748
Status Active
MLS # RTC2748052
Property Type Single Family Residence
 
 

575 Big Cedar Drive Dunlap, TN 37327

Price $489,900
Beds 3
Baths 3
Living Area SqFt 2,984
Status Active
MLS # RTC2745702
Property Type Single Family Residence