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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1718 Tellico Dr Thompsons Station, TN 37179

Price $484,900
Beds 3
Baths 3
Living Area SqFt 1,692
Status Under Contract - Showing
MLS # RTC2757182
Property Type Single Family Residence
 
 

565 Lockwood Ct Nashville, TN 37214

$484,900 - 3Br/2Ba -  for Sale in Larkwood, Nashville
Open House
Price $484,900
Beds 3
Baths 2
Living Area SqFt 1,950
Status Active
MLS # RTC2757941
Property Type Single Family Residence
 
 

2985 Windstone Trail Columbia, TN 38401

Price $484,727
Beds 3
Baths 3
Living Area SqFt 2,198
Status Active
MLS # RTC2758089
Property Type Single Family Residence
 
 

906 Virginia Ave Nashville, TN 37216

Price $484,500
Beds 3
Baths 2
Living Area SqFt 1,427
Status Active
MLS # RTC2705771
Property Type Single Family Residence
 
 

1013 Chagford Dr Clarksville, TN 37043

Price $484,500
Beds 4
Baths 3
Living Area SqFt 2,730
Status Active
MLS # RTC2743682
Property Type Single Family Residence
 
 

142 Valentine Alley Nashville, TN 37218

Price $484,457
Beds 3
Baths 3
Living Area SqFt 1,778
Status Active
MLS # RTC2759664
Property Type Horizontal Property Regime - Attached
 
 

6235 Gladstone Ln Rockvale, TN 37153

Price $484,400
Beds 4
Baths 4
Living Area SqFt 2,448
Status Under Contract - Not Showing
MLS # RTC2701820
Property Type Single Family Residence
 
 

6047 Mill Tree Ct Nashville, TN 37221

Price $484,350
Beds 3
Baths 3
Living Area SqFt 1,775
Status Under Contract - Not Showing
MLS # RTC2744764
Property Type Horizontal Property Regime - Attached
 
 

1205 Kennesaw Blvd Lot 192 Gallatin, TN 37066

$484,090 - 3Br/3Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
Open House
Price $484,090
Beds 3
Baths 3
Living Area SqFt 2,027
Status Active
MLS # RTC2756598
Property Type Single Family Residence
 
 

5031 Lawler Lane Old Hickory, TN 37138

Price $484,060
Beds 4
Baths 3
Living Area SqFt 2,282
Status Under Contract - Not Showing
MLS # RTC2746582
Property Type Single Family Residence
 
 

12240 Hardyville Rd Canmer, KY 42722

Price $484,000
Beds 3
Baths 3
Living Area SqFt 2,240
Status Active
MLS # RTC2695789
Property Type Single Family Residence
 
 

8339 Old Alto Hwy Decherd, TN 37324

Price $484,000
Beds 3
Baths 2
Living Area SqFt 1,700
Status Active
MLS # RTC2756254
Property Type Single Family Residence
 
 

4027 Sequoia Trl Spring Hill, TN 37174

$483,999 - 4Br/3Ba -  for Sale in Meadowbrook Phase 1b, Spring Hill
New
Price $483,999
Beds 4
Baths 3
Living Area SqFt 2,344
Status Active
MLS # RTC2762050
Property Type Single Family Residence
 
 

199 Crabourne Drive White House, TN 37188

Price $483,990
Beds 4
Baths 3
Living Area SqFt 2,547
Status Under Contract - Not Showing
MLS # RTC2706846
Property Type Single Family Residence
 
 

802 Tank Lane Lot 273 Spring Hill, TN 37174

Price $483,790
Beds 3
Baths 3
Living Area SqFt 2,151
Status Under Contract - Not Showing
MLS # RTC2750417
Property Type Single Family Residence
 
 

2540 Thornton Grove Blvd Nashville, TN 37207

Price $483,510
Beds 5
Baths 3
Living Area SqFt 2,541
Status Under Contract - Not Showing
MLS # RTC2668719
Property Type Single Family Residence
 
 

711 Chiswick Court Lebanon, TN 37087

Price $483,400
Beds 4
Baths 3
Living Area SqFt 3,005
Status Under Contract - Not Showing
MLS # RTC2667823
Property Type Single Family Residence
 
 

218 Hudson Dr Lot 37 Gallatin, TN 37066

$483,162 - 4Br/3Ba -  for Sale in Westfield Ph 2a, Gallatin
Open House
Price $483,162
Beds 4
Baths 3
Living Area SqFt 2,265
Status Active
MLS # RTC2751176
Property Type Zero Lot Line
 
 

1059 Wrights Mill Road Spring Hill, TN 37174

$483,113 - 3Br/3Ba -  for Sale in Arbor Valley, Spring Hill
Open House
Price $483,113
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2696144
Property Type Townhouse
 
 

2325 Williamsport Landing Columbia, TN 38401

Price $483,052
Beds 3
Baths 2
Living Area SqFt 1,930
Status Active
MLS # RTC2757633
Property Type Single Family Residence
 
 

1077 E Trinity Ln Unit 201 Nashville, TN 37216

Price $483,000
Beds 2
Baths 2
Living Area SqFt 1,180
Status Active
MLS # RTC2678266
Property Type High Rise
 
 

1430 Autumn Leaf Lane Mount Juliet, TN 37122

Price $482,990
Beds 3
Baths 3
Living Area SqFt 2,180
Status Under Contract - Not Showing
MLS # RTC2644588
Property Type Townhouse
 
 

3640 Apies St Murfreesboro, TN 37129

Price $482,990
Beds 3
Baths 3
Living Area SqFt 2,406
Status Active
MLS # RTC2753975
Property Type Single Family Residence
 
 

25 Bear Branch Circle Joelton, TN 37080

Price $482,900
Beds 4
Baths 3
Living Area SqFt 2,680
Status Active
MLS # RTC2758357
Property Type Single Family Residence
 
 

25 Bear Branch Circle Joelton, TN 37080

Price $482,900
Beds 4
Baths 3
Living Area SqFt 2,680
Status Active
MLS # RTC2758542
Property Type Single Family Residence
 
 

105 Clara Woods Way Murfreesboro, TN 37128

Price $482,900
Beds 3
Baths 3
Living Area SqFt 2,320
Status Active
MLS # RTC2644405
Property Type Single Family Residence
 
 

6103 Gladstone Ln Rockvale, TN 37153

Price $482,900
Beds 4
Baths 2
Living Area SqFt 1,835
Status Under Contract - Not Showing
MLS # RTC2662166
Property Type Single Family Residence
 
 

9011 Sully Ct Fairview, TN 37062

Price $482,806
Beds 3
Baths 3
Living Area SqFt 1,726
Status Active
MLS # RTC2761212
Property Type Single Family Residence
 
 

7005 Sully Ct Fairview, TN 37062

Price $482,806
Beds 3
Baths 3
Living Area SqFt 1,726
Status Active
MLS # RTC2662636
Property Type Single Family Residence
 
 

104 Sable East St Lot 155 Gallatin, TN 37066

$482,453 - 3Br/2Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
New
Price $482,453
Beds 3
Baths 2
Living Area SqFt 1,766
Status Active
MLS # RTC2762003
Property Type Single Family Residence
 
 

4724 Dunfield Drive Antioch, TN 37013

Price $482,450
Beds 4
Baths 3
Living Area SqFt 2,424
Status Under Contract - Not Showing
MLS # RTC2707602
Property Type Single Family Residence
 
 

2515 Williams Ridge Drive Columbia, TN 38401

Price $482,390
Beds 4
Baths 3
Living Area SqFt 2,015
Status Active
MLS # RTC2758932
Property Type Single Family Residence
 
 

1348 Harmony Hill Lane Mount Juliet, TN 37122

Price $482,150
Beds 3
Baths 3
Living Area SqFt 2,637
Status Under Contract - Not Showing
MLS # RTC2667441
Property Type Townhouse
 
 

2004 Moulder Place Columbia, TN 38401

Price $482,113
Beds 3
Baths 2
Living Area SqFt 1,720
Status Under Contract - Not Showing
MLS # RTC2744628
Property Type Single Family Residence
 
 

1106 Anson St Lot 165 Gallatin, TN 37066

$482,040 - 3Br/2Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
Open House
Price $482,040
Beds 3
Baths 2
Living Area SqFt 1,766
Status Under Contract - Not Showing
MLS # RTC2748157
Property Type Single Family Residence
 
 

5072 Mifford Drive Smyrna, TN 37167

Price $481,990
Beds 4
Baths 3
Living Area SqFt 1,828
Status Under Contract - Not Showing
MLS # RTC2685347
Property Type Single Family Residence
 
 

124 Glacier Way La Vergne, TN 37086

Price $481,990
Beds 5
Baths 3
Living Area SqFt 3,051
Status Under Contract - Not Showing
MLS # RTC2747828
Property Type Single Family Residence
 
 

2505 Williams Ridge Drive Columbia, TN 38401

$481,990 - 4Br/3Ba -  for Sale in Drumwright, Columbia
Open House
Price $481,990
Beds 4
Baths 3
Living Area SqFt 2,476
Status Active
MLS # RTC2743953
Property Type Single Family Residence
 
 

1472 Autumn Leaf Lane Mount Juliet, TN 37122

Price $481,900
Beds 2
Baths 2
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2701578
Property Type Townhouse
 
 

230 Arrowhead Dr Nashville, TN 37216

Price $481,900
Beds 3
Baths 4
Living Area SqFt 1,737
Status Under Contract - Not Showing
MLS # RTC2683802
Property Type Horizontal Property Regime - Attached