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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1148 White Mountain Ln Antioch, TN 37013

Price $495,000
Beds 4
Baths 3
Living Area SqFt 2,564
Status Active
MLS # RTC2666123
Property Type Single Family Residence
 
 

3201 Aspen Grove Dr Unit A3 Franklin, TN 37067

Price $495,000
Beds 2
Baths 2
Living Area SqFt 1,264
Status Under Contract - Not Showing
MLS # RTC2679418
Property Type Zero Lot Line
 
 

7182 Wiley Circle Fairview, TN 37062

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,151
Status Active
MLS # RTC2679706
Property Type Single Family Residence
 
 

111 Campfire Ct Winchester, TN 37398

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,137
Status Active
MLS # RTC2681171
Property Type Townhouse
 
 

2127 Lakeshore Dr Old Hickory, TN 37138

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,208
Status Active
MLS # RTC2681890
Property Type Other Condo
 
 

549 Billy West Rd Woodbury, TN 37190

Price $495,000
Beds 4
Baths 3
Living Area SqFt 2,422
Status Active
MLS # RTC2682447
Property Type Single Family Residence
 
 

135 Ashby Rd Camden, TN 38320

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,949
Status Active
MLS # RTC2684411
Property Type Single Family Residence
 
 

403 Highway 412 W Lexington, TN 38351

Price $495,000
Beds 4
Baths 4
Living Area SqFt 2,617
Status Active
MLS # RTC2685352
Property Type Single Family Residence
 
 

152 Lori Lee Dr Gallatin, TN 37066

Price $495,000
Beds 3
Baths 2
Living Area SqFt 2,432
Status Active
MLS # RTC2689088
Property Type Single Family Residence
 
 

1802 Brentwood Pointe Franklin, TN 37067

Price $495,000
Beds 2
Baths 3
Living Area SqFt 1,568
Status Active
MLS # RTC2690372
Property Type Townhouse
 
 

2589 Hartsville Pike Lebanon, TN 37087

Price $495,000
Beds 3
Baths 4
Living Area SqFt 3,462
Status Active
MLS # RTC2690572
Property Type Single Family Residence
 
 

302 Hillview Dr Dickson, TN 37055

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,268
Status Active
MLS # RTC2694770
Property Type Single Family Residence
 
 

97 Island Way Winchester, TN 37398

Price $495,000
Beds 4
Baths 4
Living Area SqFt 2,578
Status Active
MLS # RTC2695584
Property Type Townhouse
 
 

397 W Grinders Switch Rd Centerville, TN 37033

Price $495,000
Beds 1
Baths 1
Living Area SqFt 505
Status Under Contract - Showing
MLS # RTC2695627
Property Type Single Family Residence
 
 

4096 Highway 96 Burns, TN 37029

Price $495,000
Beds 4
Baths 3
Living Area SqFt 2,210
Status Under Contract - Not Showing
MLS # RTC2697202
Property Type Single Family Residence
 
 

2841 Campanella Dr Murfreesboro, TN 37128

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,504
Status Active
MLS # RTC2697487
Property Type Single Family Residence
 
 

2205 Joe Brown Rd Spring Hill, TN 37174

Price $495,000
Beds 3
Baths 2
Living Area SqFt 1,904
Status Active
MLS # RTC2698592
Property Type Manufactured On Land
 
 

900 19th Ave S Unit 603 Nashville, TN 37212

Price $495,000
Beds 2
Baths 2
Living Area SqFt 1,300
Status Active
MLS # RTC2699628
Property Type High Rise
 
 

361 Binkley Dr Nashville, TN 37211

Price $495,000
Beds 4
Baths 3
Living Area SqFt 2,660
Status Active
MLS # RTC2701629
Property Type Single Family Residence
 
 

630 W Nocturne Dr Nashville, TN 37207

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,583
Status Active
MLS # RTC2702506
Property Type Single Family Residence
 
 

423 Old Towne Dr Brentwood, TN 37027

Price $495,000
Beds 3
Baths 3
Living Area SqFt 1,693
Status Active
MLS # RTC2702578
Property Type Townhouse
 
 

1451 Japonica Aly Hermitage, TN 37076

Price $495,000
Beds 5
Baths 3
Living Area SqFt 2,433
Status Active
MLS # RTC2702661
Property Type Single Family Residence
 
 

2170b Rock City St Nashville, TN 37216

Price $495,000
Beds 3
Baths 3
Living Area SqFt 1,416
Status Active
MLS # RTC2703894
Property Type Zero Lot Line
 
 

326 Sophia Rain Dr Nashville, TN 37218

Price $495,000
Beds 3
Baths 4
Living Area SqFt 1,926
Status Active
MLS # RTC2704584
Property Type Townhouse
 
 

4646 Buffalo Rd Hohenwald, TN 38462

Price $495,000
Beds 3
Baths 2
Living Area SqFt 1,957
Status Active
MLS # RTC2704589
Property Type Single Family Residence
 
 

3546 Four Leaf Way Antioch, TN 37013

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,247
Status Active
MLS # RTC2705520
Property Type Single Family Residence
 
 

876 Burley Barn Rd Clarksville, TN 37042

Price $495,000
Beds 5
Baths 3
Living Area SqFt 3,171
Status Active
MLS # RTC2708876
Property Type Single Family Residence
 
 

107 Brights Ln Gallatin, TN 37066

Price $495,000
Beds 3
Baths 2
Living Area SqFt 1,988
Status Active
MLS # RTC2740283
Property Type Single Family Residence
 
 

5117 W Oak Highland Dr Antioch, TN 37013

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,888
Status Under Contract - Showing
MLS # RTC2744399
Property Type Single Family Residence
 
 

759 Soaring Eagle Circle Hixson, TN 37343

Price $495,000
Beds 5
Baths 3
Living Area SqFt 2,398
Status Under Contract - Showing
MLS # RTC2745257
Property Type Single Family Residence
 
 

292 Quebeck Rd Quebeck, TN 38579

Price $495,000
Beds 5
Baths 3
Living Area SqFt 2,152
Status Active
MLS # RTC2746171
Property Type Single Family Residence
 
 

804 Shelby Ave Nashville, TN 37206

Price $495,000
Beds 2
Baths 1
Living Area SqFt 1,037
Status Active
MLS # RTC2747528
Property Type Single Family Residence
 
 

840 Brooke Valley Trce Clarksville, TN 37043

Price $495,000
Beds 3
Baths 4
Living Area SqFt 3,107
Status Active
MLS # RTC2747587
Property Type Single Family Residence
 
 

2616 Woodyhill Dr Nashville, TN 37207

Price $495,000
Beds 3
Baths 1
Living Area SqFt 1,248
Status Active
MLS # RTC2749061
Property Type Single Family Residence
 
 

1920 Adelicia St Unit 408 Nashville, TN 37212

Price $495,000
Beds 1
Baths 1
Living Area SqFt 727
Status Active
MLS # RTC2749309
Property Type High Rise
 
 

2140 Alteras Dr Smyrna, TN 37167

Price $495,000
Beds 4
Baths 2
Living Area SqFt 2,014
Status Active
MLS # RTC2750180
Property Type Single Family Residence
 
 

6916 Somerset Farms Cir Nashville, TN 37221

Price $495,000
Beds 3
Baths 2
Living Area SqFt 1,972
Status Under Contract - Showing
MLS # RTC2750233
Property Type Single Family Residence
 
 

218 Dogwood Dr Lebanon, TN 37087

Price $495,000
Beds 3
Baths 2
Living Area SqFt 1,750
Status Active
MLS # RTC2750409
Property Type Single Family Residence
 
 

2132 Strickland Dr Murfreesboro, TN 37127

Price $495,000
Beds 4
Baths 3
Living Area SqFt 3,112
Status Active
MLS # RTC2751695
Property Type Single Family Residence
 
 

1028 Harmony Ln Hendersonville, TN 37075

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,440
Status Active
MLS # RTC2752110
Property Type Single Family Residence