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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6637 River View Dr Nashville, TN 37209

Price $1,999,000
Beds 4
Baths 4
Living Area SqFt 2,993
Status Active
MLS # RTC2704797
Property Type Single Family Residence
 
 

124 W Tyne Dr Nashville, TN 37205

$1,999,000 - 3Br/3Ba -  for Sale in Highlands Of Belle Meade, Nashville
Open House
Price $1,999,000
Beds 3
Baths 3
Living Area SqFt 3,162
Status Active
MLS # RTC2753073
Property Type Single Family Residence
 
 

205 Clover St Granville, TN 38564

$1,998,000 - 3Br/5Ba -  for Sale in Map Of Granville 1871, Granville
New
Price $1,998,000
Beds 3
Baths 5
Living Area SqFt 4,513
Status Active
MLS # RTC2761744
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
 
 

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
 
 

1807 Kimbark Dr Nashville, TN 37215

Price $1,995,000
Beds 5
Baths 7
Living Area SqFt 4,287
Status Active
MLS # RTC2664281
Property Type Horizontal Property Regime - Detached
 
 

6028 Opus St Brentwood, TN 37027

Price $1,995,000
Beds 5
Baths 5
Living Area SqFt 4,483
Status Active
MLS # RTC2673581
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
 
 

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
 
 

6233 Wild Heron Way College Grove, TN 37046

$1,995,000 - 4Br/5Ba -  for Sale in Grove Sec 2, College Grove
Open House
Price $1,995,000
Beds 4
Baths 5
Living Area SqFt 3,600
Status Active
MLS # RTC2708742
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
 
 

2501 Barton Avenue Nashville, TN 37212

Price $1,995,000
Beds 4
Baths 4
Living Area SqFt 4,151
Status Active
MLS # RTC2746659
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
 
 

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
 
 

5221 Heathrow Hills Dr Brentwood, TN 37027

Price $1,995,000
Beds 4
Baths 5
Living Area SqFt 4,400
Status Active
MLS # RTC2756507
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
 
 

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
 
 

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
 
 

2517 Ashwood Ave Nashville, TN 37212

$1,990,000 - 4Br/6Ba -  for Sale in Sunset Park, Nashville
New
Price $1,990,000
Beds 4
Baths 6
Living Area SqFt 3,718
Status Coming Soon / Hold
MLS # RTC2761910
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
 
 

103 Liberty Cove Hendersonville, TN 37075

$1,980,000 - 5Br/4Ba -  for Sale in Hidden Point, Hendersonville
Open House
Price $1,980,000
Beds 5
Baths 4
Living Area SqFt 5,402
Status Active
MLS # RTC2756831
Property Type Single Family Residence
 
 

4728 Majestic Meadows Arrington, TN 37014

Price $1,975,000
Beds 5
Baths 7
Living Area SqFt 5,103
Status Active
MLS # RTC2745592
Property Type Single Family Residence
 
 

1208 7th Ave N Nashville, TN 37208

Price $1,975,000
Beds 2
Baths 3
Living Area SqFt 3,542
Status Active
MLS # RTC2672962
Property Type Single Family Residence
 
 

246 E Kingston Springs Rd Kingston Springs, TN 37082

Price $1,975,000
Beds 5
Baths 6
Living Area SqFt 7,131
Status Active
MLS # RTC2705369
Property Type Single Family Residence
 
 

1009 Acklen Ave Nashville, TN 37203

$1,975,000 - 4Br/4Ba -  for Sale in 12 South, Nashville
Open House
Price $1,975,000
Beds 4
Baths 4
Living Area SqFt 3,708
Status Active
MLS # RTC2748231
Property Type Single Family Residence
 
 

1116 Tiberius Way Murfreesboro, TN 37128

Price $1,975,000
Beds 4
Baths 5
Living Area SqFt 5,295
Status Under Contract - Showing
MLS # RTC2758767
Property Type Single Family Residence
 
 

4896 Benders Ferry Rd Mount Juliet, TN 37122

Price $1,974,000
Beds 4
Baths 6
Living Area SqFt 6,681
Status Active
MLS # RTC2665121
Property Type Single Family Residence
 
 

4703 Nevada Ave Nashville, TN 37209

Price $1,970,000
Beds 4
Baths 5
Living Area SqFt 3,567
Status Active
MLS # RTC2748041
Property Type Single Family Residence
 
 

7036 Kinderhook Rd Nashville, TN 37221

Price $1,967,498
Beds 4
Baths 6
Living Area SqFt 4,097
Status Under Contract - Not Showing
MLS # RTC2684392
Property Type Single Family Residence
 
 

1037 William Street Franklin, TN 37064

Price $1,965,000
Beds 5
Baths 6
Living Area SqFt 4,007
Status Active
MLS # RTC2706300
Property Type Single Family Residence
 
 

4812 Majestic Meadows 1301 Arrington, TN 37014

Price $1,952,100
Beds 5
Baths 7
Living Area SqFt 5,390
Status Under Contract - Not Showing
MLS # RTC2701417
Property Type Single Family Residence
 
 

1 Cobbler Ridge Rd Franklin, TN 37064

Price $1,950,000
Beds 4
Baths 3
Living Area SqFt 3,881
Status Active
MLS # RTC2753355
Property Type Single Family Residence
 
 

3655 Ga 301 Trenton, GA 30752

Price $1,950,000
Beds 5
Baths 6
Living Area SqFt 7,043
Status Active
MLS # RTC2675822
Property Type Single Family Residence
 
 

321 Bellview Rd Waverly, TN 37185

Price $1,950,000
Beds 6
Baths 5
Living Area SqFt 4,702
Status Under Contract - Not Showing
MLS # RTC2603796
Property Type Single Family Residence
 
 

1212 Laurel St Unit 701 Nashville, TN 37203

Price $1,950,000
Beds 2
Baths 3
Living Area SqFt 1,916
Status Active
MLS # RTC2665679
Property Type High Rise
 
 

5827 Highway 76 E Springfield, TN 37172

Price $1,950,000
Beds 3
Baths 3
Living Area SqFt 4,400
Status Active
MLS # RTC2687481
Property Type Single Family Residence