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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903 Sunset Rd W Brentwood, TN 37027

Price $1,999,900
Beds 5
Baths 8
Living Area SqFt 5,392
Status Active
MLS # RTC2694485
Property Type Single Family Residence
 
 

6080 Pasquo Rd - Lot 702 Nashville, TN 37221

Price $1,999,900
Beds 6
Baths 6
Living Area SqFt 4,811
Status Active
MLS # RTC2702233
Property Type Single Family Residence
 
 

4429 Lealand Ln Nashville, TN 37204

Price $1,999,900
Beds 6
Baths 6
Living Area SqFt 5,054
Status Under Contract - Showing
MLS # RTC2680077
Property Type Horizontal Property Regime - Detached
 
 

910 Acklen Ave Nashville, TN 37203

Price $1,999,900
Beds 5
Baths 5
Living Area SqFt 4,616
Status Under Contract - Showing
MLS # RTC2745654
Property Type Single Family Residence
 
 

1202 Brookwood Ave Franklin, TN 37064

Price $1,999,900
Beds 4
Baths 5
Living Area SqFt 3,373
Status Coming Soon / Hold
MLS # RTC2746531
Property Type Single Family Residence
 
 

1204 Brookwood Ave Franklin, TN 37064

Price $1,999,900
Beds 4
Baths 5
Living Area SqFt 3,373
Status Coming Soon / Hold
MLS # RTC2746626
Property Type Single Family Residence
 
 

30 Maynard Hollow Ln S Lancaster, TN 38569

Price $1,999,900
Beds 4
Baths 3
Living Area SqFt 2,150
Status Active
MLS # RTC2708942
Property Type Manufactured On Land
 
 

1580 Championship Blvd Franklin, TN 37064

Price $1,999,900
Beds 4
Baths 5
Living Area SqFt 5,078
Status Active
MLS # RTC2703964
Property Type Single Family Residence
 
 

9032 S Harpeth Ct Nashville, TN 37221

Price $1,999,900
Beds 4
Baths 4
Living Area SqFt 3,545
Status Active
MLS # RTC2752910
Property Type Single Family Residence
 
 

328 Kelly Glenn Ct Brentwood, TN 37027

$1,999,900 - 4Br/5Ba -  for Sale in Saidee, Brentwood
Open House
Price $1,999,900
Beds 4
Baths 5
Living Area SqFt 5,094
Status Active
MLS # RTC2678415
Property Type Horizontal Property Regime - Detached
 
 

481 Winding Path Winchester, TN 37398

Price $1,999,000
Beds 3
Baths 4
Living Area SqFt 4,115
Status Active
MLS # RTC2667310
Property Type Single Family Residence
 
 

160 2nd Ave S #2506 Nashville, TN 37201

Price $1,999,000
Beds 2
Baths 3
Living Area SqFt 1,265
Status Active
MLS # RTC2703909
Property Type High Rise
 
 

124 W Tyne Dr Nashville, TN 37205

Price $1,999,000
Beds 3
Baths 3
Living Area SqFt 3,162
Status Coming Soon / Hold
MLS # RTC2753073
Property Type Single Family Residence
 
 

6443 Tanyard Hill Rd Lynchburg, TN 37352

Price $1,999,000
Beds 2
Baths 2
Living Area SqFt 942
Status Active
MLS # RTC2638508
Property Type Single Family Residence
 
 

1212 Laurel St Unit 701 Nashville, TN 37203

Price $1,999,000
Beds 2
Baths 3
Living Area SqFt 1,916
Status Active
MLS # RTC2665679
Property Type High Rise
 
 

3718 West End Ave Unit 4 Nashville, TN 37205

Price $1,999,000
Beds 3
Baths 5
Living Area SqFt 3,542
Status Active
MLS # RTC2692335
Property Type Horizontal Property Regime - Detached
 
 

1020 Wyleswood Dr Cookeville, TN 38501

Price $1,999,000
Beds 5
Baths 8
Living Area SqFt 7,360
Status Under Contract - Showing
MLS # RTC2629363
Property Type Single Family Residence
 
 

3518 Richland Ave Nashville, TN 37205

Price $1,997,500
Beds 4
Baths 4
Living Area SqFt 4,008
Status Active
MLS # RTC2690297
Property Type Single Family Residence
 
 

Lake Road Lynchburg, TN 37352

Price $1,995,000
Beds 2
Baths 1
Living Area SqFt 1,000
Status Active
MLS # RTC2677757
Property Type Single Family Residence
 
 

5221 Heathrow Hills Dr Brentwood, TN 37027

$1,995,000 - 4Br/5Ba -  for Sale in Heathrow Hills, Brentwood
New
Price $1,995,000
Beds 4
Baths 5
Living Area SqFt 4,400
Status Active
MLS # RTC2756507
Property Type Single Family Residence
 
 

202 Pig Branch Rd Brush Creek, TN 38547

Price $1,995,000
Beds 5
Baths 5
Living Area SqFt 3,258
Status Active
MLS # RTC2652504
Property Type Single Family Residence
 
 

819 Davidson Dr Nashville, TN 37205

Price $1,995,000
Beds 4
Baths 6
Living Area SqFt 3,379
Status Active
MLS # RTC2694710
Property Type Horizontal Property Regime - Detached
 
 

6233 Wild Heron Way College Grove, TN 37046

Price $1,995,000
Beds 4
Baths 5
Living Area SqFt 3,600
Status Active
MLS # RTC2708742
Property Type Single Family Residence
 
 

8509 Highland Rim Ct College Grove, TN 37046

Price $1,995,000
Beds 4
Baths 5
Living Area SqFt 3,619
Status Active
MLS # RTC2752426
Property Type Single Family Residence
 
 

3916b Cross Creek Rd Nashville, TN 37215

Price $1,995,000
Beds 4
Baths 6
Living Area SqFt 4,509
Status Active
MLS # RTC2692556
Property Type Horizontal Property Regime - Detached
 
 

549 Three Pond Ln Russellville, KY 42276

Price $1,995,000
Beds 5
Baths 3
Living Area SqFt 3,424
Status Active
MLS # RTC2754668
Property Type Single Family Residence
 
 

2308 Riverside Dr Nashville, TN 37216

Price $1,995,000
Beds 4
Baths 4
Living Area SqFt 5,043
Status Under Contract - Showing
MLS # RTC2698811
Property Type Single Family Residence
 
 

9127 Brentmeade Blvd Brentwood, TN 37027

Price $1,995,000
Beds 5
Baths 5
Living Area SqFt 6,001
Status Under Contract - Not Showing
MLS # RTC2743567
Property Type Single Family Residence
 
 

212 Cheltenham Ave Franklin, TN 37064

$1,995,000 - 5Br/5Ba -  for Sale in Westhaven Sec 1, Franklin
Open House
Price $1,995,000
Beds 5
Baths 5
Living Area SqFt 4,425
Status Active
MLS # RTC2744736
Property Type Single Family Residence
 
 

1807 Kimbark Dr Nashville, TN 37215

$1,995,000 - 5Br/7Ba -  for Sale in Enclave At Kimbark, Nashville
Open House
Price $1,995,000
Beds 5
Baths 7
Living Area SqFt 4,287
Status Active
MLS # RTC2664281
Property Type Horizontal Property Regime - Detached
 
 

2501 Barton Avenue Nashville, TN 37212

$1,995,000 - 4Br/4Ba -  for Sale in Hillsboro Village   Walk To Vanderbilt, Nashville
Open House
Price $1,995,000
Beds 4
Baths 4
Living Area SqFt 4,151
Status Active
MLS # RTC2746659
Property Type Single Family Residence
 
 

1509b Kirkwood Ave Nashville, TN 37212

Price $1,994,000
Beds 5
Baths 7
Living Area SqFt 3,888
Status Active
MLS # RTC2752859
Property Type Horizontal Property Regime - Detached
 
 

2159 Verona Caney Rd Lewisburg, TN 37091

Price $1,990,000
Beds 4
Baths 3
Living Area SqFt 2,873
Status Active
MLS # RTC2748469
Property Type Single Family Residence
 
 

6025 Lickton Pike Goodlettsville, TN 37072

Price $1,990,000
Beds 6
Baths 7
Living Area SqFt 7,207
Status Under Contract - Showing
MLS # RTC2672799
Property Type Single Family Residence
 
 

1025 Lucas Ct S Brentwood, TN 37027

Price $1,989,500
Beds 6
Baths 5
Living Area SqFt 5,037
Status Under Contract - Not Showing
MLS # RTC2751592
Property Type Single Family Residence
 
 

306 33rd Ave N Nashville, TN 37209

Price $1,989,457
Beds 5
Baths 7
Living Area SqFt 4,929
Status Active
MLS # RTC2706395
Property Type Single Family Residence
 
 

3621 Westbrook Ave Nashville, TN 37205

Price $1,989,000
Beds 6
Baths 6
Living Area SqFt 4,581
Status Under Contract - Showing
MLS # RTC2702551
Property Type Single Family Residence
 
 

5192 Bond Mill Rd Thompsons Station, TN 37179

Price $1,982,763
Beds 4
Baths 6
Living Area SqFt 4,252
Status Under Contract - Not Showing
MLS # RTC2666360
Property Type Single Family Residence
 
 

3201 Orleans Dr Nashville, TN 37212

Price $1,980,000
Beds 8
Baths 6
Living Area SqFt 5,043
Status Active
MLS # RTC2699233
Property Type Single Family Residence
 
 

880 Arlington Heights Dr Brentwood, TN 37027

Price $1,979,000
Beds 6
Baths 5
Living Area SqFt 7,350
Status Active
MLS # RTC2700277
Property Type Single Family Residence