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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6028 Opus St Brentwood, TN 37027

Price $2,159,000
Beds 5
Baths 5
Living Area SqFt 4,483
Status Active
MLS # RTC2673581
Property Type Single Family Residence
 
 

208 Fairfax Ave Nashville, TN 37212

Price $2,150,003
Beds 5
Baths 3
Living Area SqFt 5,093
Status Active
MLS # RTC2751472
Property Type Single Family Residence
 
 

170 Warriors Path Ridge Rd Summertown, TN 38483

Price $2,150,000
Beds 4
Baths 3
Living Area SqFt 2,203
Status Active
MLS # RTC2752067
Property Type Single Family Residence
 
 

4114 Elder Pl Nashville, TN 37215

Price $2,150,000
Beds 4
Baths 6
Living Area SqFt 4,733
Status Active
MLS # RTC2703359
Property Type Single Family Residence
 
 

912 Boscobel St Nashville, TN 37206

Price $2,150,000
Beds 5
Baths 5
Living Area SqFt 5,117
Status Active
MLS # RTC2743728
Property Type Single Family Residence
 
 

4601 Sloan Road Unit 1 Nashville, TN 37209

Price $2,150,000
Beds 4
Baths 5
Living Area SqFt 3,812
Status Active
MLS # RTC2750117
Property Type Single Family Residence
 
 

1166 Echo Ln Franklin, TN 37069

Price $2,150,000
Beds 4
Baths 4
Living Area SqFt 4,863
Status Active
MLS # RTC2680914
Property Type Single Family Residence
 
 

901 Dauphine St Nashville, TN 37221

Price $2,150,000
Beds 4
Baths 6
Living Area SqFt 4,553
Status Under Contract - Showing
MLS # RTC2701276
Property Type Single Family Residence
 
 

6072 Lookaway Circle Franklin, TN 37067

Price $2,149,950
Beds 5
Baths 6
Living Area SqFt 4,478
Status Active
MLS # RTC2745123
Property Type Single Family Residence
 
 

9919 Elland Road Brentwood, TN 37027

Price $2,149,900
Beds 4
Baths 5
Living Area SqFt 3,814
Status Active
MLS # RTC2743583
Property Type Single Family Residence
 
 

6071 Porters Union Way Arrington, TN 37014

Price $2,149,900
Beds 5
Baths 7
Living Area SqFt 5,345
Status Under Contract - Showing
MLS # RTC2703094
Property Type Single Family Residence
 
 

7220 Bonterra Dr Franklin, TN 37064

Price $2,137,754
Beds 3
Baths 4
Living Area SqFt 4,084
Status Under Contract - Not Showing
MLS # RTC2704363
Property Type Single Family Residence
 
 

6326 Wescates Court Brentwood, TN 37027

Price $2,135,000
Beds 5
Baths 7
Living Area SqFt 6,556
Status Active
MLS # RTC2705575
Property Type Single Family Residence
 
 

5069 Kathryn Ave Franklin, TN 37064

$2,133,000 - 5Br/6Ba -  for Sale in Westhaven Sec 58, Franklin
New
Price $2,133,000
Beds 5
Baths 6
Living Area SqFt 4,209
Status Active
MLS # RTC2756800
Property Type Single Family Residence
 
 

321 31st Ave N Unit 513 Nashville, TN 37203

Price $2,129,880
Beds 2
Baths 2
Living Area SqFt 1,506
Status Active
MLS # RTC2692412
Property Type Other Condo
 
 

6052 Opus St Brentwood, TN 37027

$2,124,900 - 4Br/5Ba -  for Sale in Callie, Brentwood
Open House
Price $2,124,900
Beds 4
Baths 5
Living Area SqFt 3,761
Status Active
MLS # RTC2755827
Property Type Single Family Residence
 
 

323 Rambling Creek Way Sevierville, TN 37862

Price $2,100,000
Beds 6
Baths 8
Living Area SqFt 4,379
Status Under Contract - Showing
MLS # RTC2697477
Property Type Single Family Residence
 
 

1330 Wildhorse Ridge Way Sevierville, TN 37862

Price $2,100,000
Beds 6
Baths 8
Living Area SqFt 4,379
Status Under Contract - Showing
MLS # RTC2697497
Property Type Single Family Residence
 
 

309 Rambling Creek Way Sevierville, TN 37862

Price $2,100,000
Beds 6
Baths 8
Living Area SqFt 4,379
Status Under Contract - Showing
MLS # RTC2698072
Property Type Single Family Residence
 
 

1316 Wildhorse Ridge Way Sevierville, TN 37862

Price $2,100,000
Beds 6
Baths 8
Living Area SqFt 4,379
Status Under Contract - Showing
MLS # RTC2641271
Property Type Single Family Residence
 
 

5018 Country Club Dr Brentwood, TN 37027

Price $2,100,000
Beds 4
Baths 4
Living Area SqFt 4,158
Status Active
MLS # RTC2701415
Property Type Single Family Residence
 
 

6081 Pasquo Rd Nashville, TN 37221

Price $2,100,000
Beds 4
Baths 5
Living Area SqFt 3,980
Status Active
MLS # RTC2740385
Property Type Single Family Residence
 
 

410 Stephens Valley Blvd Nashville, TN 37221

Price $2,100,000
Beds 4
Baths 5
Living Area SqFt 3,806
Status Active
MLS # RTC2747759
Property Type Single Family Residence
 
 

11883 Franklin Rd College Grove, TN 37046

Price $2,100,000
Beds 3
Baths 4
Living Area SqFt 3,635
Status Active
MLS # RTC2752035
Property Type Single Family Residence
 
 

4000 Cantebury Dr Culleoka, TN 38451

Price $2,100,000
Beds 4
Baths 4
Living Area SqFt 4,418
Status Active
MLS # RTC2740466
Property Type Single Family Residence
 
 

7635 Scottsville Rd Lafayette, TN 37083

Price $2,100,000
Beds 3
Baths 2
Living Area SqFt 2,200
Status Active
MLS # RTC2746749
Property Type Single Family Residence
 
 

103 Liberty Cove Hendersonville, TN 37075

$2,100,000 - 5Br/4Ba -  for Sale in Hidden Point, Hendersonville
New
Price $2,100,000
Beds 5
Baths 4
Living Area SqFt 5,402
Status Active
MLS # RTC2756831
Property Type Single Family Residence
 
 

5535 Liberty Hill Rd Alexandria, TN 37012

Price $2,100,000
Beds 4
Baths 5
Living Area SqFt 4,054
Status Under Contract - Showing
MLS # RTC2743577
Property Type Single Family Residence
 
 

1053 Hall Cemetery Rd Burns, TN 37029

Price $2,100,000
Beds 5
Baths 4
Living Area SqFt 4,000
Status Active
MLS # RTC2701298
Property Type Single Family Residence
 
 

5300 Hwy 31w Portland, TN 37148

Price $2,100,000
Beds 4
Baths 8
Living Area SqFt 7,088
Status Active
MLS # RTC2637371
Property Type Single Family Residence
 
 

428 Sandcastle Rd Franklin, TN 37069

Price $2,100,000
Beds 5
Baths 7
Living Area SqFt 7,029
Status Active
MLS # RTC2657447
Property Type Single Family Residence
 
 

1836 Cayce Springs Rd Thompsons Station, TN 37179

$2,100,000 - 3Br/4Ba -  for Sale in N/a, Thompsons Station
Open House
Price $2,100,000
Beds 3
Baths 4
Living Area SqFt 4,395
Status Active
MLS # RTC2748533
Property Type Single Family Residence
 
 

1509a Kirkwood Ave Nashville, TN 37212

$2,100,000 - 5Br/7Ba -  for Sale in Homes At 1509a And 1509b Kirkwood Avenue, Nashville
Open House
Price $2,100,000
Beds 5
Baths 7
Living Area SqFt 3,866
Status Active
MLS # RTC2752660
Property Type Horizontal Property Regime - Detached
 
 

3412 Fairmeade Dr Nashville, TN 37218

Price $2,099,999
Beds 7
Baths 10
Living Area SqFt 11,357
Status Active
MLS # RTC2749856
Property Type Single Family Residence
 
 

6051 Lookaway Circle Franklin, TN 37067

$2,099,950 - 4Br/5Ba -  for Sale in Lookaway Farms Sec3, Franklin
Open House
Price $2,099,950
Beds 4
Baths 5
Living Area SqFt 4,226
Status Active
MLS # RTC2665028
Property Type Single Family Residence
 
 

1007 Laguna Drive Franklin, TN 37067

Price $2,099,900
Beds 5
Baths 5
Living Area SqFt 4,763
Status Active
MLS # RTC2645774
Property Type Single Family Residence
 
 

1023 Stockett Dr Nashville, TN 37221

Price $2,099,000
Beds 5
Baths 7
Living Area SqFt 6,350
Status Under Contract - Showing
MLS # RTC2747289
Property Type Single Family Residence
 
 

1405a Sigler St Nashville, TN 37203

Price $2,099,000
Beds 3
Baths 4
Living Area SqFt 4,508
Status Active
MLS # RTC2670265
Property Type Horizontal Property Regime - Detached
 
 

3718 West End Ave Unit 2 Nashville, TN 37205

Price $2,099,000
Beds 4
Baths 5
Living Area SqFt 4,442
Status Active
MLS # RTC2688946
Property Type Horizontal Property Regime - Detached
 
 

4741 Woodrow Place 1321 Arrington, TN 37014

Price $2,096,710
Beds 5
Baths 7
Living Area SqFt 5,501
Status Under Contract - Not Showing
MLS # RTC2648317
Property Type Single Family Residence