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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95 Prospect Rd E Fayetteville, TN 37334

Price $489,000
Beds 3
Baths 2
Living Area SqFt 2,232
Status Active
MLS # RTC2659619
Property Type Single Family Residence
 
 

3655 Rivermont Way Rockvale, TN 37153

Price $489,000
Beds 4
Baths 3
Living Area SqFt 2,465
Status Under Contract - Showing
MLS # RTC2689573
Property Type Single Family Residence
 
 

113 Braxton Ln W Hendersonville, TN 37075

Price $489,000
Beds 3
Baths 2
Living Area SqFt 2,076
Status Under Contract - Showing
MLS # RTC2697516
Property Type Single Family Residence
 
 

627 Hicks Road Nashville, TN 37221

Price $489,000
Beds 4
Baths 2
Living Area SqFt 1,611
Status Under Contract - Showing
MLS # RTC2740150
Property Type Single Family Residence
 
 

1611 Hampshire Pl Thompsons Station, TN 37179

$489,000 - 3Br/3Ba -  for Sale in Fields Of Canterbury Sec9b, Thompsons Station
Open House
Price $489,000
Beds 3
Baths 3
Living Area SqFt 1,725
Status Active
MLS # RTC2706492
Property Type Townhouse
 
 

1932 Welsenboro Cir Hermitage, TN 37076

$489,000 - 4Br/3Ba -  for Sale in Camden Woods, Hermitage
Open House
Price $489,000
Beds 4
Baths 3
Living Area SqFt 2,070
Status Active
MLS # RTC2708792
Property Type Single Family Residence
 
 

4910 Russell David Drive Murfreesboro, TN 37129

$488,997 - 4Br/3Ba -  for Sale in Smith Farms, Murfreesboro
New
Price $488,997
Beds 4
Baths 3
Living Area SqFt 2,547
Status Active
MLS # RTC2757023
Property Type Single Family Residence
 
 

64 North Fork Branch Rd Tullahoma, TN 37388

$488,900 - 3Br/3Ba -  for Sale in Legacy Preserve, Tullahoma
Open House
Price $488,900
Beds 3
Baths 3
Living Area SqFt 2,508
Status Active
MLS # RTC2699577
Property Type Single Family Residence
 
 

900 20th Ave S Unit 1112 Nashville, TN 37212

Price $488,888
Beds 1
Baths 1
Living Area SqFt 808
Status Active
MLS # RTC2750932
Property Type High Rise
 
 

618 Ladd Avenue Chattanooga, TN 37405

Price $488,700
Beds 3
Baths 3
Living Area SqFt 2,288
Status Active
MLS # RTC2709590
Property Type Single Family Residence
 
 

Dugout Road Summertown, TN 38483

Price $488,680
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Not Showing
MLS # RTC2691785
Property Type Single Family Residence
 
 

125 Windyhill St Murfreesboro, TN 37129

Price $488,500
Beds 5
Baths 3
Living Area SqFt 2,526
Status Active
MLS # RTC2747270
Property Type Single Family Residence
 
 

2540 Thornton Grove Blvd Nashville, TN 37207

Price $488,385
Beds 5
Baths 3
Living Area SqFt 2,541
Status Under Contract - Not Showing
MLS # RTC2668651
Property Type Single Family Residence
 
 

1345 Harmony Hill Lane Mount Juliet, TN 37122

Price $488,065
Beds 3
Baths 3
Living Area SqFt 2,026
Status Under Contract - Not Showing
MLS # RTC2638101
Property Type Single Family Residence
 
 

5050 Mifford Drive Smyrna, TN 37167

Price $488,000
Beds 4
Baths 3
Living Area SqFt 2,011
Status Under Contract - Not Showing
MLS # RTC2685344
Property Type Single Family Residence
 
 

1205 Fallon Dr Clarksville, TN 37043

Price $488,000
Beds 4
Baths 3
Living Area SqFt 2,602
Status Under Contract - Showing
MLS # RTC2749559
Property Type Single Family Residence
 
 

532 Lyness Drive Smyrna, TN 37167

Price $487,990
Beds 3
Baths 2
Living Area SqFt 1,800
Status Under Contract - Not Showing
MLS # RTC2685337
Property Type Single Family Residence
 
 

1112 Anson St Lot 162 Gallatin, TN 37066

Price $487,830
Beds 3
Baths 2
Living Area SqFt 1,766
Status Active
MLS # RTC2751725
Property Type Single Family Residence
 
 

588 E Church St Alamo, TN 38001

Price $487,500
Beds 4
Baths 3
Living Area SqFt 2,959
Status Active
MLS # RTC2691672
Property Type Single Family Residence
 
 

4980 Trail Ridge Ct Nashville, TN 37207

Price $487,140
Beds 4
Baths 3
Living Area SqFt 2,018
Status Under Contract - Not Showing
MLS # RTC2746589
Property Type Single Family Residence
 
 

2091 Collier Rd Lewisburg, TN 37091

Price $487,000
Beds 3
Baths 2
Living Area SqFt 1,900
Status Active
MLS # RTC2679169
Property Type Single Family Residence
 
 

4045 Locerbie Cir Spring Hill, TN 37174

Price $487,000
Beds 3
Baths 3
Living Area SqFt 1,924
Status Under Contract - Showing
MLS # RTC2700413
Property Type Single Family Residence
 
 

4171 Gann Store Road Hixson, TN 37343

Price $487,000
Beds 4
Baths 3
Living Area SqFt 2,792
Status Under Contract - Showing
MLS # RTC2703506
Property Type Single Family Residence
 
 

2106 Triple Crown Circle Gallatin, TN 37066

Price $486,990
Beds 3
Baths 3
Living Area SqFt 2,056
Status Active
MLS # RTC2755036
Property Type Single Family Residence
 
 

2436 Fig Drive Lot 154 Murfreesboro, TN 37127

Price $486,990
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2648142
Property Type Single Family Residence
 
 

600 Club View Way Mount Juliet, TN 37122

Price $486,600
Beds 4
Baths 5
Living Area SqFt 2,191
Status Active
MLS # RTC2750010
Property Type Townhouse
 
 

4935 Dan Howland Drive Murfreesboro, TN 37129

$486,347 - 3Br/3Ba -  for Sale in Smith Farms, Murfreesboro
New
Price $486,347
Beds 3
Baths 3
Living Area SqFt 2,339
Status Active
MLS # RTC2757026
Property Type Single Family Residence
 
 

1827 Mahala Dr Hermitage, TN 37076

Price $486,140
Beds 4
Baths 2
Living Area SqFt 1,834
Status Under Contract - Not Showing
MLS # RTC2745779
Property Type Single Family Residence
 
 

446 Jet Stream Dr La Vergne, TN 37086

Price $485,990
Beds 5
Baths 3
Living Area SqFt 2,700
Status Active
MLS # RTC2747333
Property Type Single Family Residence
 
 

541 Lyness Drive Smyrna, TN 37167

Price $485,990
Beds 3
Baths 2
Living Area SqFt 1,800
Status Under Contract - Not Showing
MLS # RTC2685339
Property Type Single Family Residence
 
 

6110 Saxlingham Smyrna, TN 37167

Price $485,900
Beds 3
Baths 2
Living Area SqFt 1,686
Status Active
MLS # RTC2694804
Property Type Single Family Residence
 
 

1220 Sussex Ct Nashville, TN 37207

Price $485,900
Beds 4
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2701885
Property Type Single Family Residence
 
 

3914 Eastwind Drive Rockvale, TN 37153

Price $485,863
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2691220
Property Type Single Family Residence
 
 

6057 Mill Tree Ct Nashville, TN 37221

Price $485,650
Beds 3
Baths 3
Living Area SqFt 1,787
Status Under Contract - Not Showing
MLS # RTC2684851
Property Type Horizontal Property Regime - Attached
 
 

1206 Kennesaw Blvd Lot 181 Gallatin, TN 37066

$485,226 - 3Br/3Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
Open House
Price $485,226
Beds 3
Baths 3
Living Area SqFt 2,027
Status Active
MLS # RTC2749097
Property Type Single Family Residence
 
 

2829 Thornton Grove Blvd Nashville, TN 37207

$485,200 - 3Br/2Ba -  for Sale in Thornton Grove, Nashville
Open House
Price $485,200
Beds 3
Baths 2
Living Area SqFt 1,528
Status Active
MLS # RTC2739505
Property Type Single Family Residence
 
 

1016 Harwell Lane Murfreesboro, TN 37128

Price $485,170
Beds 4
Baths 3
Living Area SqFt 2,424
Status Under Contract - Not Showing
MLS # RTC2708022
Property Type Single Family Residence
 
 

8354 Ramstone Way Antioch, TN 37013

Price $485,140
Beds 3
Baths 3
Living Area SqFt 2,286
Status Under Contract - Not Showing
MLS # RTC2746982
Property Type Single Family Residence
 
 

4004 Hebron Trace Pvt Dr Nolensville, TN 37135

Price $485,000
Beds 3
Baths 3
Living Area SqFt 1,704
Status Active
MLS # RTC2702995
Property Type Townhouse
 
 

467 Spiderwort Dr Clarksville, TN 37043

Price $485,000
Beds 4
Baths 3
Living Area SqFt 2,525
Status Active
MLS # RTC2753820
Property Type Single Family Residence