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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4939 Myra Dr Hermitage, TN 37076

Price $478,900
Beds 5
Baths 3
Living Area SqFt 2,499
Status Active
MLS # RTC2687796
Property Type Single Family Residence
 
 

1051 Wrights Mill Road Unit H-5-e Spring Hill, TN 37174

Price $478,824
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2647796
Property Type Horizontal Property Regime - Attached
 
 

827 Ramsey St Unit D Nashville, TN 37206

Price $478,800
Beds 2
Baths 2
Living Area SqFt 969
Status Under Contract - Showing
MLS # RTC2676768
Property Type Horizontal Property Regime - Attached
 
 

827 Ramsey St Unit C Nashville, TN 37206

Price $478,800
Beds 2
Baths 2
Living Area SqFt 969
Status Active
MLS # RTC2701016
Property Type Horizontal Property Regime - Attached
 
 

1905 Mahala Dr Hermitage, TN 37076

Price $478,140
Beds 4
Baths 2
Living Area SqFt 1,834
Status Active
MLS # RTC2753606
Property Type Single Family Residence
 
 

1712 Nubell St Nashville, TN 37208

Price $478,000
Beds 3
Baths 3
Living Area SqFt 1,687
Status Active
MLS # RTC2681984
Property Type Horizontal Property Regime - Attached
 
 

474 Parmley Dr Nashville, TN 37207

$478,000 - 4Br/3Ba -  for Sale in Parmley Cove, Nashville
Open House
Price $478,000
Beds 4
Baths 3
Living Area SqFt 2,384
Status Active
MLS # RTC2750964
Property Type Single Family Residence
 
 

2345 Williamsport Landing Columbia, TN 38401

Price $477,921
Beds 3
Baths 2
Living Area SqFt 1,720
Status Under Contract - Not Showing
MLS # RTC2706525
Property Type Single Family Residence
 
 

6922 Chatsworth Ct Murfreesboro, TN 37129

Price $477,900
Beds 3
Baths 3
Living Area SqFt 2,209
Status Active
MLS # RTC2747779
Property Type Single Family Residence
 
 

1437 Sango Commons Way Clarksville, TN 37043

Price $477,500
Beds 3
Baths 2
Living Area SqFt 2,070
Status Active
MLS # RTC2647026
Property Type Single Family Residence
 
 

109 Doubletree Cir Shelbyville, TN 37160

Price $477,400
Beds 3
Baths 2
Living Area SqFt 2,108
Status Under Contract - Showing
MLS # RTC2693166
Property Type Single Family Residence
 
 

1360 Heirloom Dr Antioch, TN 37013

Price $477,140
Beds 4
Baths 3
Living Area SqFt 2,135
Status Under Contract - Not Showing
MLS # RTC2701718
Property Type Single Family Residence
 
 

2434 Turtle Trce Murfreesboro, TN 37127

Price $477,000
Beds 4
Baths 3
Living Area SqFt 2,507
Status Under Contract - Not Showing
MLS # RTC2698768
Property Type Single Family Residence
 
 

5335 Woodhall Lane Unit H-8-g Spring Hill, TN 37174

Price $476,954
Beds 3
Baths 3
Living Area SqFt 2,284
Status Under Contract - Showing
MLS # RTC2678473
Property Type Horizontal Property Regime - Attached
 
 

201 Madelaine Way Kingston Springs, TN 37082

Price $476,900
Beds 3
Baths 3
Living Area SqFt 1,870
Status Under Contract - Not Showing
MLS # RTC2553746
Property Type Single Family Residence
 
 

231 Turkey Creek Rd Tullahoma, TN 37388

Price $476,900
Beds 4
Baths 3
Living Area SqFt 2,130
Status Active
MLS # RTC2661306
Property Type Single Family Residence
 
 

204 Pops Place White House, TN 37188

Price $476,890
Beds 4
Baths 3
Living Area SqFt 2,306
Status Under Contract - Not Showing
MLS # RTC2697158
Property Type Single Family Residence
 
 

6129 Saxlingham Place Smyrna, TN 37167

$476,545 - 3Br/3Ba -  for Sale in Blakeney, Smyrna
Open House
Price $476,545
Beds 3
Baths 3
Living Area SqFt 1,933
Status Active
MLS # RTC2753843
Property Type Single Family Residence
 
 

186 Crabourne Drive White House, TN 37188

Price $476,381
Beds 4
Baths 3
Living Area SqFt 2,344
Status Under Contract - Not Showing
MLS # RTC2671360
Property Type Single Family Residence
 
 

2523 Ashebrook Ct Murfreesboro, TN 37128

$476,071 - 4Br/3Ba -  for Sale in Gardens Of Three Rivers, Murfreesboro
Open House
Price $476,071
Beds 4
Baths 3
Living Area SqFt 1,974
Status Under Contract - Showing
MLS # RTC2681318
Property Type Horizontal Property Regime - Attached
 
 

7003 Sully Ct Fairview, TN 37062

Price $476,041
Beds 4
Baths 2
Living Area SqFt 1,705
Status Active
MLS # RTC2662537
Property Type Single Family Residence
 
 

2568 Val Marie Dr Madison, TN 37115

$476,000 - 3Br/3Ba -  for Sale in Enclave At Twin Hills, Madison
New
Price $476,000
Beds 3
Baths 3
Living Area SqFt 2,096
Status Active
MLS # RTC2756480
Property Type Single Family Residence
 
 

1184 Linn Cove Ct Gallatin, TN 37066

Price $475,990
Beds 3
Baths 3
Living Area SqFt 2,346
Status Active
MLS # RTC2745327
Property Type Single Family Residence
 
 

648 Trevino Way Spring Hill, TN 37174

Price $475,990
Beds 4
Baths 3
Living Area SqFt 2,155
Status Under Contract - Not Showing
MLS # RTC2748699
Property Type Single Family Residence
 
 

35 Bear Branch Circle Joelton, TN 37080

Price $475,900
Beds 4
Baths 3
Living Area SqFt 3,040
Status Active
MLS # RTC2684645
Property Type Single Family Residence
 
 

364 N Stonecrop Ct Clarksville, TN 37043

Price $475,900
Beds 4
Baths 3
Living Area SqFt 2,515
Status Active
MLS # RTC2662034
Property Type Single Family Residence
 
 

338 Pullen Ave Nashville, TN 37207

Price $475,900
Beds 2
Baths 1
Living Area SqFt 1,369
Status Active
MLS # RTC2705471
Property Type Single Family Residence
 
 

5124 Edmondson Pike Nashville, TN 37211

Price $475,900
Beds 4
Baths 2
Living Area SqFt 1,809
Status Active
MLS # RTC2707300
Property Type Single Family Residence
 
 

102 Providence Rd Shelbyville, TN 37160

Price $475,900
Beds 4
Baths 2
Living Area SqFt 2,458
Status Active
MLS # RTC2707453
Property Type Single Family Residence
 
 

725 Chiswick Court Lebanon, TN 37087

Price $475,570
Beds 4
Baths 4
Living Area SqFt 2,934
Status Under Contract - Not Showing
MLS # RTC2692595
Property Type Single Family Residence
 
 

1462 English Oak Dr Clarksville, TN 37043

Price $475,490
Beds 4
Baths 3
Living Area SqFt 2,375
Status Active
MLS # RTC2751454
Property Type Single Family Residence
 
 

604 Club View Way Mount Juliet, TN 37122

Price $475,455
Beds 4
Baths 5
Living Area SqFt 2,191
Status Active
MLS # RTC2747821
Property Type Single Family Residence
 
 

2506 Fig Drive Lot 156 N Murfreesboro, TN 37127

Price $475,211
Beds 4
Baths 3
Living Area SqFt 2,618
Status Under Contract - Not Showing
MLS # RTC2674283
Property Type Single Family Residence
 
 

2900 Edwin Way Unit 106 Nashville, TN 37207

Price $475,000
Beds 2
Baths 2
Living Area SqFt 1,240
Status Active
MLS # RTC2706856
Property Type Flat Condo
 
 

2804 Sage Meadows Street Lot 2101 Columbia, TN 38401

Price $475,000
Beds 5
Baths 4
Living Area SqFt 2,769
Status Under Contract - Not Showing
MLS # RTC2595426
Property Type Single Family Residence
 
 

6302 Gladstone Ln Rockvale, TN 37153

Price $475,000
Beds 4
Baths 4
Living Area SqFt 2,448
Status Under Contract - Not Showing
MLS # RTC2685106
Property Type Single Family Residence
 
 

2810 Georgia Ave Nashville, TN 37209

Price $475,000
Beds 3
Baths 1
Living Area SqFt 1,128
Status Active
MLS # RTC2608074
Property Type Single Family Residence
 
 

1717b Mckinney Ave Nashville, TN 37208

Price $475,000
Beds 3
Baths 3
Living Area SqFt 1,899
Status Under Contract - Not Showing
MLS # RTC2639150
Property Type Other Condo
 
 

1000 Vintage Green Ln Unit 1206 Franklin, TN 37064

Price $475,000
Beds 2
Baths 2
Living Area SqFt 1,347
Status Active
MLS # RTC2642636
Property Type Flat Condo
 
 

806 Fleming St Columbia, TN 38401

Price $475,000
Beds 3
Baths 2
Living Area SqFt 2,028
Status Active
MLS # RTC2652908
Property Type Single Family Residence