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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1501b 9th Ave N Nashville, TN 37208

Price $495,000
Beds 2
Baths 3
Living Area SqFt 1,320
Status Active
MLS # RTC2752857
Property Type Horizontal Property Regime - Detached
 
 

2117 Oakwood Ave Nashville, TN 37207

Price $495,000
Beds 2
Baths 3
Living Area SqFt 1,800
Status Active
MLS # RTC2752957
Property Type Horizontal Property Regime - Attached
 
 

112 Douglas Drive Chattanooga, TN 37412

Price $495,000
Beds 4
Baths 3
Living Area SqFt 3,280
Status Active
MLS # RTC2753743
Property Type Single Family Residence
 
 

371 Buckner Cir Mount Juliet, TN 37122

Price $495,000
Beds 3
Baths 3
Living Area SqFt 2,086
Status Active
MLS # RTC2753863
Property Type Zero Lot Line
 
 

211 Admiral Cir N Lawrenceburg, TN 38464

$495,000 - 4Br/3Ba -  for Sale in E N Parkes Subdivision, Lawrenceburg
New
Price $495,000
Beds 4
Baths 3
Living Area SqFt 3,122
Status Coming Soon / Hold
MLS # RTC2755967
Property Type Single Family Residence
 
 

1200 Valerie Lane Unit 77 Nashville, TN 37211

$494,999 - 3Br/3Ba -  for Sale in Woodbine South-noble Place Townhomes, Nashville
Open House
Price $494,999
Beds 3
Baths 3
Living Area SqFt 1,654
Status Active
MLS # RTC2685634
Property Type Townhouse
 
 

2132 Mackinac Bend Gallatin, TN 37066

Price $494,990
Beds 4
Baths 3
Living Area SqFt 2,494
Status Active
MLS # RTC2749971
Property Type Single Family Residence
 
 

1625 Medinah Lane Lebanon, TN 37087

Price $494,990
Beds 5
Baths 4
Living Area SqFt 2,769
Status Under Contract - Showing
MLS # RTC2685024
Property Type Single Family Residence
 
 

4 Turnbull Dr Pleasant View, TN 37146

$494,990 - 4Br/4Ba -  for Sale in Highland Reserves, Pleasant View
Open House
Price $494,990
Beds 4
Baths 4
Living Area SqFt 3,075
Status Active
MLS # RTC2749864
Property Type Single Family Residence
 
 

1716 Oak Dr Murfreesboro, TN 37127

Price $494,990
Beds 4
Baths 3
Living Area SqFt 2,718
Status Under Contract - Not Showing
MLS # RTC2704008
Property Type Single Family Residence
 
 

1234 Ross Farms Blvd Clarksville, TN 37043

Price $494,900
Beds 4
Baths 3
Living Area SqFt 2,964
Status Active
MLS # RTC2736609
Property Type Single Family Residence
 
 

586 Summerfield Clarksville, TN 37040

Price $494,900
Beds 6
Baths 4
Living Area SqFt 2,877
Status Active
MLS # RTC2752087
Property Type Single Family Residence
 
 

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
 
 

347 E Village Ln Nashville, TN 37216

Price $494,900
Beds 3
Baths 4
Living Area SqFt 1,737
Status Active
MLS # RTC2680874
Property Type Horizontal Property Regime - Attached
 
 

148 W Shore Drive La Fayette, GA 30728

$494,900 - 3Br/2Ba -  for Sale in None, La Fayette
Open House
Price $494,900
Beds 3
Baths 2
Living Area SqFt 2,690
Status Active
MLS # RTC2684616
Property Type Single Family Residence
 
 

2912 Morningside Dr Nashville, TN 37207

Price $494,900
Beds 2
Baths 2
Living Area SqFt 1,251
Status Under Contract - Showing
MLS # RTC2694712
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
 
 

426 Ruby Oaks Ln Murfreesboro, TN 37128

Price $494,900
Beds 3
Baths 3
Living Area SqFt 2,398
Status Under Contract - Not Showing
MLS # RTC2699575
Property Type Single Family Residence
 
 

817 3rd Ave N Unit 316 Nashville, TN 37201

Price $494,900
Beds 2
Baths 2
Living Area SqFt 1,010
Status Under Contract - Showing
MLS # RTC2700387
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 # RTC2704291
Property Type Single Family Residence
 
 

2403 Audelia Way Spring Hill, TN 37174

Price $494,900
Beds 3
Baths 3
Living Area SqFt 1,936
Status Under Contract - Showing
MLS # RTC2708344
Property Type Single Family Residence
 
 

1060 Jacksons Valley Rd Hermitage, TN 37076

Price $494,900
Beds 4
Baths 3
Living Area SqFt 1,919
Status Active
MLS # RTC2746450
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
 
 

5014 Lawler Lane Old Hickory, TN 37138

Price $494,695
Beds 3
Baths 3
Living Area SqFt 2,282
Status Under Contract - Not Showing
MLS # RTC2702754
Property Type Single Family Residence
 
 

1911 Mahala Dr Hermitage, TN 37076

Price $494,640
Beds 4
Baths 3
Living Area SqFt 2,479
Status Active
MLS # RTC2753897
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 Active
MLS # RTC2684439
Property Type Single Family Residence
 
 

2912 Hen Brook Dr Columbia, TN 38401

$494,500 - 5Br/3Ba -  for Sale in Homestead At Carters Station Sec 2 Ph 1a, Columbia
Open House
Price $494,500
Beds 5
Baths 3
Living Area SqFt 2,753
Status Active
MLS # RTC2708919
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 # RTC2751389
Property Type Single Family Residence
 
 

5827 Craven Lane Rockvale, TN 37153

Price $494,410
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2660246
Property Type Single Family Residence
 
 

220 Young Ln Pleasant View, TN 37146

Price $494,400
Beds 4
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2706804
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
 
 

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
 
 

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
 
 

150 Burkitt Commons Ave Nolensville, TN 37135

Price $494,000
Beds 3
Baths 4
Living Area SqFt 1,974
Status Active
MLS # RTC2703579
Property Type Townhouse
 
 

1487 S College St Winchester, TN 37398

Price $493,969
Beds 4
Baths 4
Living Area SqFt 3,187
Status Active
MLS # RTC2688427
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
 
 

724 Hancock Lane Lebanon, TN 37087

Price $493,595
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2753920
Property Type Single Family Residence
 
 

Stonehorn Bell Buckle, TN 37020

Price $493,030
Beds 3
Baths 3
Living Area SqFt 2,098
Status Active
MLS # RTC2668600
Property Type Single Family Residence
 
 

1102 Bettye Blvd Lebanon, TN 37087

Price $493,000
Beds 4
Baths 3
Living Area SqFt 1,963
Status Under Contract - Not Showing
MLS # RTC2696234
Property Type Single Family Residence