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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7015 Sully Court Fairview, TN 37062

Price $474,091
Beds 3
Baths 2
Living Area SqFt 1,624
Status Active
MLS # RTC2693759
Property Type Single Family Residence
 
 

4015 Cadence Dr Spring Hill, TN 37174

Price $474,000
Beds 5
Baths 3
Living Area SqFt 2,784
Status Under Contract - Not Showing
MLS # RTC2663651
Property Type Single Family Residence
 
 

3620 Brookstone Dr Cookeville, TN 38506

Price $474,000
Beds 3
Baths 3
Living Area SqFt 2,868
Status Active
MLS # RTC2669522
Property Type Single Family Residence
 
 

1067 Vida Way Nolensville, TN 37135

Price $474,000
Beds 3
Baths 4
Living Area SqFt 2,224
Status Active
MLS # RTC2689447
Property Type Townhouse
 
 

5012 Grayson Island Rd Se Owens Cross Roads, AL 35763

Price $474,000
Beds 4
Baths 2
Living Area SqFt 2,329
Status Under Contract - Not Showing
MLS # RTC2703064
Property Type Single Family Residence
 
 

1239 Westgate Dr Gallatin, TN 37066

Price $474,000
Beds 4
Baths 3
Living Area SqFt 2,094
Status Active
MLS # RTC2706570
Property Type Single Family Residence
 
 

26 Mimosa Dr Decherd, TN 37324

$473,900 - 3Br/3Ba -  for Sale in Collins Place Ph I, Decherd
Open House
Price $473,900
Beds 3
Baths 3
Living Area SqFt 1,952
Status Active
MLS # RTC2658765
Property Type Single Family Residence
 
 

1620 Brentwood Pointe Franklin, TN 37067

Price $473,900
Beds 2
Baths 3
Living Area SqFt 1,978
Status Active
MLS # RTC2744132
Property Type Townhouse
 
 

3804 Eastwind Drive Rockvale, TN 37153

Price $473,824
Beds 3
Baths 3
Living Area SqFt 2,151
Status Active
MLS # RTC2641330
Property Type Single Family Residence
 
 

109 Limbury Court White House, TN 37188

Price $473,513
Beds 4
Baths 3
Living Area SqFt 2,547
Status Under Contract - Not Showing
MLS # RTC2671373
Property Type Single Family Residence
 
 

327 Jasmine Park Hermitage, TN 37076

$473,500 - 3Br/3Ba -  for Sale in Wembley Park, Hermitage
Open House
Price $473,500
Beds 3
Baths 3
Living Area SqFt 1,910
Status Active
MLS # RTC2566742
Property Type Single Family Residence
 
 

183 Meandering Dr Lebanon, TN 37090

Price $473,000
Beds 3
Baths 2
Living Area SqFt 2,070
Status Active
MLS # RTC2687050
Property Type Single Family Residence
 
 

3047 Persimmon St Columbia, TN 38401

Price $473,000
Beds 3
Baths 3
Living Area SqFt 2,468
Status Active
MLS # RTC2705178
Property Type Single Family Residence
 
 

590 Summerfield Clarksville, TN 37040

Price $472,900
Beds 5
Baths 4
Living Area SqFt 2,807
Status Active
MLS # RTC2748993
Property Type Single Family Residence
 
 

1116 Anson St Gallatin, TN 37066

Price $472,900
Beds 3
Baths 2
Living Area SqFt 1,766
Status Under Contract - Not Showing
MLS # RTC2700588
Property Type Single Family Residence
 
 

104 Clara Woods Way Murfreesboro, TN 37128

Price $472,900
Beds 4
Baths 4
Living Area SqFt 2,280
Status Active
MLS # RTC2642498
Property Type Single Family Residence
 
 

954 S Ridge Trl Clarksville, TN 37043

Price $472,900
Beds 3
Baths 3
Living Area SqFt 2,554
Status Coming Soon / Hold
MLS # RTC2705112
Property Type Single Family Residence
 
 

375 Faraday Court Smyrna, TN 37167

Price $472,725
Beds 3
Baths 3
Living Area SqFt 2,270
Status Active
MLS # RTC2699501
Property Type Horizontal Property Regime - Attached
 
 

2246 Seahunter Ct Murfreesboro, TN 37127

Price $472,695
Beds 5
Baths 3
Living Area SqFt 2,296
Status Under Contract - Not Showing
MLS # RTC2751751
Property Type Single Family Residence
 
 

41 W Foxrun Springfield, TN 37172

Price $472,500
Beds 2
Baths 3
Living Area SqFt 2,000
Status Active
MLS # RTC2639857
Property Type Townhouse
 
 

135 Village Cir Lebanon, TN 37087

Price $472,500
Beds 3
Baths 3
Living Area SqFt 2,124
Status Active
MLS # RTC2680361
Property Type Townhouse
 
 

1460 Autumn Leaf Lane Mount Juliet, TN 37122

Price $472,260
Beds 2
Baths 2
Living Area SqFt 2,180
Status Under Contract - Showing
MLS # RTC2660124
Property Type Townhouse
 
 

1335 Wallace Rd Portland, TN 37148

Price $472,000
Beds 3
Baths 3
Living Area SqFt 1,971
Status Active
MLS # RTC2744940
Property Type Single Family Residence
 
 

2106 Arbor Valley Road Spring Hill, TN 37174

Price $471,990
Beds 3
Baths 3
Living Area SqFt 2,275
Status Active
MLS # RTC2754824
Property Type Single Family Residence
 
 

101 Sable East St Gallatin, TN 37066

Price $471,900
Beds 3
Baths 3
Living Area SqFt 2,029
Status Under Contract - Not Showing
MLS # RTC2665475
Property Type Single Family Residence
 
 

1204 Kennesaw Blvd Gallatin, TN 37066

Price $471,900
Beds 3
Baths 3
Living Area SqFt 2,027
Status Under Contract - Not Showing
MLS # RTC2665474
Property Type Single Family Residence
 
 

1208 Kennesaw Blvd Lot 180 Gallatin, TN 37066

$471,836 - 2Br/2Ba -  for Sale in The Paddock At Kennesaw Farms, Gallatin
Open House
Price $471,836
Beds 2
Baths 2
Living Area SqFt 1,716
Status Active
MLS # RTC2749096
Property Type Single Family Residence
 
 

9004 Ada Way Fairview, TN 37062

Price $471,091
Beds 3
Baths 2
Living Area SqFt 1,624
Status Under Contract - Not Showing
MLS # RTC2662664
Property Type Single Family Residence
 
 

2600 Clifton Ave Unit 301 Nashville, TN 37209

Price $471,000
Beds 2
Baths 2
Living Area SqFt 942
Status Active
MLS # RTC2711407
Property Type Flat Condo
 
 

6926 Chatsworth Ct Murfreesboro, TN 37129

Price $470,900
Beds 3
Baths 2
Living Area SqFt 1,746
Status Active
MLS # RTC2747776
Property Type Single Family Residence
 
 

114 Freeboard Alley La Vergne, TN 37086

Price $470,900
Beds 4
Baths 3
Living Area SqFt 1,910
Status Active
MLS # RTC2574734
Property Type Single Family Residence
 
 

1106 Eastend Rd Manchester, TN 37355

Price $470,900
Beds 4
Baths 3
Living Area SqFt 2,871
Status Active
MLS # RTC2698035
Property Type Single Family Residence
 
 

3052 Mallard Dr Lebanon, TN 37090

Price $470,679
Beds 4
Baths 3
Living Area SqFt 2,347
Status Under Contract - Not Showing
MLS # RTC2649884
Property Type Single Family Residence
 
 

4421 Fairlight Lane Antioch, TN 37013

Price $470,040
Beds 3
Baths 3
Living Area SqFt 2,294
Status Under Contract - Not Showing
MLS # RTC2681445
Property Type Single Family Residence
 
 

2900 Edwin Way Unit 201 Nashville, TN 37207

Price $470,000
Beds 2
Baths 2
Living Area SqFt 1,240
Status Active
MLS # RTC2752057
Property Type Flat Condo
 
 

209 Hannah Lee Hill La Vergne, TN 37086

$470,000 - 5Br/3Ba -  for Sale in Holmes Place, La Vergne
Open House
Price $470,000
Beds 5
Baths 3
Living Area SqFt 2,240
Status Active
MLS # RTC2694145
Property Type Single Family Residence
 
 

301 Demonbreun St Unit 1121 Nashville, TN 37201

Price $470,000
Beds 1
Baths 1
Living Area SqFt 638
Status Under Contract - Not Showing
MLS # RTC2648218
Property Type High Rise
 
 

506 Ed Harris Rd Ashland City, TN 37015

Price $470,000
Beds 3
Baths 4
Living Area SqFt 2,920
Status Active
MLS # RTC2655290
Property Type Single Family Residence
 
 

6108 Morrow Rd Nashville, TN 37209

Price $470,000
Beds 2
Baths 2
Living Area SqFt 1,394
Status Active
MLS # RTC2662092
Property Type Single Family Residence
 
 

2805 Goose Creek Ln Murfreesboro, TN 37128

Price $470,000
Beds 3
Baths 2
Living Area SqFt 2,065
Status Active
MLS # RTC2670757
Property Type Single Family Residence