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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1237 Chapel Cove Gallatin, TN 37066

Price $480,200
Beds 3
Baths 2
Living Area SqFt 1,796
Status Under Contract - Not Showing
MLS # RTC2700203
Property Type Single Family Residence
 
 

3208 Barrel Oak Pass Columbia, TN 38401

Price $480,182
Beds 5
Baths 3
Living Area SqFt 2,661
Status Active
MLS # RTC2750788
Property Type Single Family Residence
 
 

3909 Eastwind Drive Rockvale, TN 37153

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,151
Status Under Contract - Not Showing
MLS # RTC2690904
Property Type Single Family Residence
 
 

339 Delta Way La Vergne, TN 37086

Price $480,000
Beds 4
Baths 3
Living Area SqFt 2,200
Status Under Contract - Not Showing
MLS # RTC2690923
Property Type Single Family Residence
 
 

1225 4th Ave S Unit 204 Nashville, TN 37210

Price $480,000
Beds 3
Baths 3
Living Area SqFt 1,318
Status Active
MLS # RTC2739561
Property Type Townhouse
 
 

1734 Pecan St Nashville, TN 37208

Price $480,000
Beds 3
Baths 3
Living Area SqFt 1,880
Status Active
MLS # RTC2699780
Property Type Townhouse
 
 

1128 General George Patton Rd Nashville, TN 37221

Price $480,000
Beds 4
Baths 3
Living Area SqFt 1,968
Status Active
MLS # RTC2752354
Property Type Townhouse
 
 

131a Eagan Cir Madison, TN 37115

Price $480,000
Beds 3
Baths 3
Living Area SqFt 1,608
Status Active
MLS # RTC2760695
Property Type Single Family Residence
 
 

1460 Dividing Ridge Rd Goodlettsville, TN 37072

Price $480,000
Beds 3
Baths 2
Living Area SqFt 2,596
Status Active
MLS # RTC2757325
Property Type Single Family Residence
 
 

106 Colonial Dr Hendersonville, TN 37075

Price $480,000
Beds 4
Baths 3
Living Area SqFt 2,175
Status Active
MLS # RTC2750828
Property Type Single Family Residence
 
 

33 Estes Rd Charlotte, TN 37036

Price $480,000
Beds 3
Baths 2
Living Area SqFt 1,944
Status Active
MLS # RTC2760556
Property Type Single Family Residence
 
 

4005 Wellington Ct Old Hickory, TN 37138

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,528
Status Active
MLS # RTC2755575
Property Type Single Family Residence
 
 

103 Head Dr Madison, TN 37115

Price $480,000
Beds 3
Baths 2
Living Area SqFt 1,838
Status Active
MLS # RTC2757818
Property Type Single Family Residence
 
 

244 Westchase Dr Nashville, TN 37205

Price $480,000
Beds 2
Baths 2
Living Area SqFt 1,404
Status Under Contract - Showing
MLS # RTC2746297
Property Type Garden
 
 

2614 Distillery Rd Greenbrier, TN 37073

Price $480,000
Beds 3
Baths 2
Living Area SqFt 1,960
Status Under Contract - Showing
MLS # RTC2695486
Property Type Single Family Residence
 
 

7951 Oakfield Grv Brentwood, TN 37027

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,160
Status Under Contract - Showing
MLS # RTC2745095
Property Type Single Family Residence
 
 

641 Tacoma Dr Clarksville, TN 37043

Price $480,000
Beds 4
Baths 3
Living Area SqFt 2,578
Status Under Contract - Showing
MLS # RTC2705390
Property Type Single Family Residence
 
 

2745 Mollys Ct Spring Hill, TN 37174

Price $480,000
Beds 3
Baths 2
Living Area SqFt 2,153
Status Under Contract - Showing
MLS # RTC2758485
Property Type Single Family Residence
 
 

3066 Wiltshire Park Pl Hermitage, TN 37076

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,122
Status Under Contract - Not Showing
MLS # RTC2750056
Property Type Horizontal Property Regime - Attached
 
 

3007 Bowers Ln Murfreesboro, TN 37129

$480,000 - 3Br/2Ba -  for Sale in Regenwood Sec 2, Murfreesboro
New
Price $480,000
Beds 3
Baths 2
Living Area SqFt 1,947
Status Coming Soon / Hold
MLS # RTC2761893
Property Type Single Family Residence
 
 

326 Sunnybrook Creek Rd Lawrenceburg, TN 38464

Price $480,000
Beds 3
Baths 3
Living Area SqFt 3,024
Status Active
MLS # RTC2677821
Property Type Single Family Residence
 
 

106 Bedrock Dr White House, TN 37188

Price $480,000
Beds 3
Baths 2
Living Area SqFt 2,840
Status Active
MLS # RTC2696215
Property Type Single Family Residence
 
 

1220 Franklin Dr Chattanooga, TN 37421

Price $480,000
Beds 4
Baths 4
Living Area SqFt 3,396
Status Active
MLS # RTC2661680
Property Type Single Family Residence
 
 

3154 Gillespie Ln Columbia, TN 38401

Price $480,000
Beds 4
Baths 3
Living Area SqFt 2,805
Status Active
MLS # RTC2745767
Property Type Manufactured On Land
 
 

914 Shelby Ave Nashville, TN 37206

Price $480,000
Beds 3
Baths 2
Living Area SqFt 1,360
Status Active
MLS # RTC2703386
Property Type Single Family Residence
 
 

2501 Prairie Hill Dr Antioch, TN 37013

Price $480,000
Beds 4
Baths 2
Living Area SqFt 1,926
Status Active
MLS # RTC2699368
Property Type Single Family Residence
 
 

110 Jerry Smith Rd Indian Mound, TN 37079

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,165
Status Active
MLS # RTC2695673
Property Type Single Family Residence
 
 

211 Admiral Cir N Lawrenceburg, TN 38464

Price $480,000
Beds 4
Baths 3
Living Area SqFt 3,122
Status Active
MLS # RTC2755967
Property Type Single Family Residence
 
 

1403 Saddle Crst Mount Juliet, TN 37122

Price $480,000
Beds 3
Baths 3
Living Area SqFt 2,382
Status Under Contract - Showing
MLS # RTC2683004
Property Type Single Family Residence
 
 

1105 Mantle Way Murfreesboro, TN 37129

$480,000 - 4Br/3Ba -  for Sale in Diamond Crest Ph 1, Murfreesboro
Open House
Price $480,000
Beds 4
Baths 3
Living Area SqFt 2,460
Status Active
MLS # RTC2743642
Property Type Single Family Residence
 
 

337 Harvest Farm Lake Road Mc Minnville, TN 37110

Price $479,998
Beds 3
Baths 2
Living Area SqFt 1,964
Status Active
MLS # RTC2672893
Property Type Single Family Residence
 
 

311 Granville Way Spring Hill, TN 37174

Price $479,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2757875
Property Type Single Family Residence
 
 

3617 Pimlico Lane Murfreesboro, TN 37128

Price $479,990
Beds 4
Baths 3
Living Area SqFt 2,540
Status Under Contract - Not Showing
MLS # RTC2758038
Property Type Single Family Residence
 
 

1347 Harmony Hill Lane Mount Juliet, TN 37122

Price $479,990
Beds 2
Baths 2
Living Area SqFt 2,334
Status Active
MLS # RTC2755394
Property Type Single Family Residence
 
 

1341 Harmony Hill Lane Mount Juliet, TN 37122

Price $479,990
Beds 3
Baths 3
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2698866
Property Type Single Family Residence
 
 

8369 Turnbull Dr Pleasant View, TN 37146

Price $479,990
Beds 4
Baths 3
Living Area SqFt 2,570
Status Active
MLS # RTC2760725
Property Type Single Family Residence
 
 

962 Caywood Road Smyrna, TN 37167

$479,990 - 4Br/3Ba -  for Sale in Cedar Hills, Smyrna
New
Price $479,990
Beds 4
Baths 3
Living Area SqFt 2,424
Status Active
MLS # RTC2761849
Property Type Single Family Residence
 
 

3059 Wiltshire Park Pl Hermitage, TN 37076

Price $479,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Under Contract - Not Showing
MLS # RTC2757202
Property Type Horizontal Property Regime - Attached
 
 

3629 Apies St Murfreesboro, TN 37129

Price $479,990
Beds 3
Baths 3
Living Area SqFt 2,406
Status Active
MLS # RTC2753981
Property Type Single Family Residence
 
 

2116 Creekland View Blvd Nashville, TN 37207

$479,990 - 3Br/3Ba -  for Sale in Heritage Creek, Nashville
Open House
Price $479,990
Beds 3
Baths 3
Living Area SqFt 2,344
Status Active
MLS # RTC2753990
Property Type Single Family Residence