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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891 Vickers Ridge Rd Baxter, TN 38544

Price $498,929
Beds 2
Baths 1
Living Area SqFt 1,152
Status Active
MLS # RTC2648435
Property Type Single Family Residence
 
 

7 Jasper Way White Bluff, TN 37187

Price $498,900
Beds 4
Baths 3
Living Area SqFt 2,721
Status Active
MLS # RTC2749133
Property Type Single Family Residence
 
 

671 Peach Ave Morrison, TN 37357

Price $498,900
Beds 3
Baths 2
Living Area SqFt 2,544
Status Active
MLS # RTC2680448
Property Type Single Family Residence
 
 

3121 River Dr Nashville, TN 37218

Price $498,800
Beds 3
Baths 3
Living Area SqFt 1,772
Status Active
MLS # RTC2751532
Property Type Horizontal Property Regime - Attached
 
 

706 Hancock Lane Lebanon, TN 37087

Price $498,550
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2752548
Property Type Single Family Residence
 
 

3379 Old Stage Rd Decaturville, TN 38329

Price $498,500
Beds 3
Baths 2
Living Area SqFt 2,573
Status Active
MLS # RTC2703295
Property Type Single Family Residence
 
 

3304 Pear Blossom Way Lot 144 E Murfreesboro, TN 37127

Price $498,128
Beds 4
Baths 3
Living Area SqFt 2,309
Status Active
MLS # RTC2736691
Property Type Single Family Residence
 
 

2800 Brunswick Dr Nashville, TN 37207

Price $498,000
Beds 2
Baths 2
Living Area SqFt 1,469
Status Active
MLS # RTC2668793
Property Type Single Family Residence
 
 

3635 Old Williamsport Rd Williamsport, TN 38487

Price $498,000
Beds 3
Baths 2
Living Area SqFt 1,850
Status Active
MLS # RTC2706437
Property Type Single Family Residence
 
 

3250 Hearth Hollow Rd Columbia, TN 38401

Price $497,700
Beds 3
Baths 3
Living Area SqFt 2,518
Status Active
MLS # RTC2694761
Property Type Single Family Residence
 
 

454 White Oak Dr Smithville, TN 37166

Price $497,500
Beds 4
Baths 3
Living Area SqFt 2,809
Status Active
MLS # RTC2673385
Property Type Single Family Residence
 
 

4988 Trail Ridge Ct Nashville, TN 37207

Price $497,140
Beds 4
Baths 3
Living Area SqFt 2,018
Status Active
MLS # RTC2746540
Property Type Single Family Residence
 
 

4919 Dan Howland Drive Murfreesboro, TN 37129

$497,073 - 4Br/3Ba -  for Sale in Smith Farms, Murfreesboro
New
Price $497,073
Beds 4
Baths 3
Living Area SqFt 2,547
Status Active
MLS # RTC2757022
Property Type Single Family Residence
 
 

2119 Courtney Ave Nashville, TN 37218

Price $497,000
Beds 3
Baths 2
Living Area SqFt 1,392
Status Active
MLS # RTC2687758
Property Type Horizontal Property Regime - Attached
 
 

1011 Haggard Dr Clarksville, TN 37043

Price $497,000
Beds 4
Baths 3
Living Area SqFt 2,535
Status Under Contract - Not Showing
MLS # RTC2697615
Property Type Single Family Residence
 
 

2236 Highway 76 Portland, TN 37148

$497,000 - 3Br/1Ba -  for Sale in N/a, Portland
New
Price $497,000
Beds 3
Baths 1
Living Area SqFt 1,421
Status Active
MLS # RTC2756958
Property Type Single Family Residence
 
 

2380 Somerset Valley Dr Antioch, TN 37013

Price $496,900
Beds 3
Baths 3
Living Area SqFt 2,157
Status Active
MLS # RTC2755515
Property Type Single Family Residence
 
 

215 Karen Dr Mount Juliet, TN 37122

Price $496,700
Beds 4
Baths 3
Living Area SqFt 2,097
Status Under Contract - Showing
MLS # RTC2749701
Property Type Single Family Residence
 
 

1114 Anson St Lot 161 Gallatin, TN 37066

Price $496,316
Beds 4
Baths 3
Living Area SqFt 2,227
Status Active
MLS # RTC2751733
Property Type Single Family Residence
 
 

3053 Mallard Dr Lebanon, TN 37090

Price $496,095
Beds 3
Baths 3
Living Area SqFt 2,428
Status Under Contract - Showing
MLS # RTC2699356
Property Type Single Family Residence
 
 

999 Alton Drive Clarksville, TN 37043

Price $496,000
Beds 3
Baths 4
Living Area SqFt 2,691
Status Under Contract - Showing
MLS # RTC2675785
Property Type Single Family Residence
 
 

2116 Mackinac Bend Gallatin, TN 37066

Price $495,990
Beds 4
Baths 3
Living Area SqFt 2,436
Status Active
MLS # RTC2745216
Property Type Single Family Residence
 
 

1343 Harmony Hill Lane Mount Juliet, TN 37122

Price $495,990
Beds 3
Baths 3
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2698867
Property Type Single Family Residence
 
 

2573 Turquoise Lane Murfreesboro, TN 37129

Price $495,990
Beds 3
Baths 3
Living Area SqFt 2,573
Status Active
MLS # RTC2588789
Property Type Single Family Residence
 
 

1430 Autumn Leaf Lane Mount Juliet, TN 37122

Price $495,990
Beds 3
Baths 3
Living Area SqFt 2,637
Status Under Contract - Showing
MLS # RTC2650972
Property Type Townhouse
 
 

7 Jasper Way White Bluff, TN 37187

Price $495,900
Beds 4
Baths 3
Living Area SqFt 2,721
Status Active
MLS # RTC2748332
Property Type Single Family Residence
 
 

544 High Echelon Cir Smyrna, TN 37167

Price $495,900
Beds 4
Baths 3
Living Area SqFt 2,282
Status Under Contract - Showing
MLS # RTC2698676
Property Type Single Family Residence
 
 

406 Oakdale Dr Lebanon, TN 37087

Price $495,900
Beds 4
Baths 3
Living Area SqFt 2,320
Status Active
MLS # RTC2701140
Property Type Single Family Residence
 
 

1517 57th Ave N Nashville, TN 37209

Price $495,900
Beds 2
Baths 3
Living Area SqFt 1,198
Status Under Contract - Not Showing
MLS # RTC2746817
Property Type Townhouse
 
 

2403 Brookstone Pl Mount Juliet, TN 37122

Price $495,800
Beds 3
Baths 3
Living Area SqFt 2,188
Status Active
MLS # RTC2747774
Property Type Single Family Residence
 
 

1212 Demonbreun St Unit A2 (j) Nashville, TN 37203

$495,690 - 1Br/1Ba -  for Sale in Pullman Gulch Union, Nashville
Open House
Price $495,690
Beds 1
Baths 1
Living Area SqFt 669
Status Active
MLS # RTC2755384
Property Type High Rise
 
 

705 N 5th Ct Nashville, TN 37207

Price $495,500
Beds 2
Baths 2
Living Area SqFt 925
Status Active
MLS # RTC2696658
Property Type Single Family Residence
 
 

920 South St Unit 410 Nashville, TN 37203

Price $495,500
Beds 1
Baths 1
Living Area SqFt 725
Status Active
MLS # RTC2704524
Property Type Flat Condo
 
 

6141 Saxlingham Pl Smyrna, TN 37167

Price $495,050
Beds 3
Baths 3
Living Area SqFt 1,987
Status Active
MLS # RTC2703093
Property Type Single Family Residence
 
 

3905 Eastwind Drive Rockvale, TN 37153

Price $495,010
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2660253
Property Type Single Family Residence
 
 

517 Centre St Pleasant View, TN 37146

Price $495,000
Beds 3
Baths 2
Living Area SqFt 2,100
Status Active
MLS # RTC2755651
Property Type Single Family Residence
 
 

4577 Winslet Dr Smyrna, TN 37167

Price $495,000
Beds 4
Baths 3
Living Area SqFt 2,135
Status Under Contract - Not Showing
MLS # RTC2744611
Property Type Single Family Residence
 
 

2018 Via Francesco Ct Spring Hill, TN 37174

Price $495,000
Beds 4
Baths 4
Living Area SqFt 2,433
Status Active
MLS # RTC2614259
Property Type Single Family Residence
 
 

530 Syler Rd Belvidere, TN 37306

Price $495,000
Beds 3
Baths 3
Living Area SqFt 3,069
Status Active
MLS # RTC2632436
Property Type Single Family Residence
 
 

1314 Dugdale Street Chattanooga, TN 37405

Price $495,000
Beds 3
Baths 2
Living Area SqFt 2,071
Status Active
MLS # RTC2649217