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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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
 
 

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
 
 

9639 Portofino Dr Brentwood, TN 37027

Price $1,975,000
Beds 5
Baths 5
Living Area SqFt 5,014
Status Active
MLS # RTC2748488
Property Type Single Family Residence
 
 

224 Harding Pl Nashville, TN 37205

Price $1,975,000
Beds 4
Baths 5
Living Area SqFt 3,442
Status Active
MLS # RTC2679004
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
 
 

11 Innis Brook Ln Brentwood, TN 37027

Price $1,975,000
Beds 5
Baths 7
Living Area SqFt 5,589
Status Active
MLS # RTC2706911
Property Type Single Family Residence
 
 

1009 Acklen Ave Nashville, TN 37203

$1,975,000 - 5Br/5Ba -  for Sale in 12 South, Nashville
Open House
Price $1,975,000
Beds 5
Baths 5
Living Area SqFt 4,388
Status Active
MLS # RTC2748231
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 5
Baths 6
Living Area SqFt 4,129
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
 
 

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
 
 

105 S Governors Cv Hendersonville, TN 37075

Price $1,950,000
Beds 5
Baths 7
Living Area SqFt 4,227
Status Active
MLS # RTC2697073
Property Type Single Family Residence
 
 

2009 Lynnhaven Ct Mount Juliet, TN 37122

Price $1,950,000
Beds 6
Baths 6
Living Area SqFt 9,530
Status Active
MLS # RTC2749055
Property Type Single Family Residence
 
 

1600 Harvill Road Clarksville, TN 37043

$1,950,000 - 4Br/6Ba -  for Sale in Rural, Clarksville
New
Price $1,950,000
Beds 4
Baths 6
Living Area SqFt 6,437
Status Active
MLS # RTC2757308
Property Type Single Family Residence
 
 

1063 Hillview Dr Hendersonville, TN 37075

Price $1,950,000
Beds 4
Baths 5
Living Area SqFt 5,076
Status Active
MLS # RTC2752704
Property Type Single Family Residence
 
 

303 Avondale Dr Franklin, TN 37064

Price $1,950,000
Beds 5
Baths 5
Living Area SqFt 5,200
Status Active
MLS # RTC2751854
Property Type Single Family Residence
 
 

316 Whitworth Way Nashville, TN 37205

$1,950,000 - 4Br/4Ba -  for Sale in Whitworth, Nashville
New
Price $1,950,000
Beds 4
Baths 4
Living Area SqFt 4,847
Status Active
MLS # RTC2756196
Property Type Single Family Residence
 
 

158 Bundren Ln Tazewell, TN 37879

Price $1,950,000
Beds 4
Baths 3
Living Area SqFt 3,400
Status Active
MLS # RTC2690480
Property Type Single Family Residence
 
 

258 Routon Rd Watertown, TN 37184

Price $1,950,000
Beds 3
Baths 2
Living Area SqFt 2,953
Status Active
MLS # RTC2755970
Property Type Single Family Residence
 
 

1979 Championship Blvd Franklin, TN 37064

$1,950,000 - 4Br/4Ba -  for Sale in Westhaven Sec45, Franklin
New
Price $1,950,000
Beds 4
Baths 4
Living Area SqFt 3,746
Status Coming Soon / Hold
MLS # RTC2756694
Property Type Single Family Residence
 
 

515 Locke Rd Wartrace, TN 37183

Price $1,950,000
Beds 2
Baths 2
Living Area SqFt 1,100
Status Active
MLS # RTC2695137
Property Type Single Family Residence
 
 

206 Morning Mist Ln Franklin, TN 37064

Price $1,950,000
Beds 4
Baths 5
Living Area SqFt 4,014
Status Active
MLS # RTC2737960
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
 
 

3308 Bartrams Bridge Rd Thompsons Station, TN 37179

Price $1,949,990
Beds 5
Baths 6
Living Area SqFt 5,305
Status Under Contract - Not Showing
MLS # RTC2636327
Property Type Single Family Residence
 
 

1320 Mcquiddy Rd Nashville, TN 37221

Price $1,949,900
Beds 5
Baths 7
Living Area SqFt 4,355
Status Under Contract - Showing
MLS # RTC2678842
Property Type Single Family Residence
 
 

5001 Cobbler Ridge Rd Franklin, TN 37064

Price $1,949,000
Beds 4
Baths 4
Living Area SqFt 4,446
Status Under Contract - Showing
MLS # RTC2550050
Property Type Single Family Residence
 
 

1038 Falling Leaf Cir Brentwood, TN 37027

Price $1,949,000
Beds 5
Baths 4
Living Area SqFt 3,935
Status Active
MLS # RTC2682846
Property Type Single Family Residence
 
 

2725 Westwood Dr Nashville, TN 37204

Price $1,940,000
Beds 8
Baths 8
Living Area SqFt 5,400
Status Active
MLS # RTC2750387
Property Type Single Family Residence
 
 

6018 Lookaway Circle Franklin, TN 37067

Price $1,935,880
Beds 2
Baths 3
Living Area SqFt 4,474
Status Under Contract - Not Showing
MLS # RTC2628010
Property Type Single Family Residence
 
 

4816 Woodrow Place 1302 Arrington, TN 37014

Price $1,929,365
Beds 5
Baths 6
Living Area SqFt 5,275
Status Under Contract - Not Showing
MLS # RTC2637439
Property Type Single Family Residence
 
 

3121 Long Branch Cir Franklin, TN 37064

Price $1,927,490
Beds 5
Baths 6
Living Area SqFt 4,404
Status Active
MLS # RTC2671971
Property Type Single Family Residence
 
 

5304 Stateswood Ct Thompsons Station, TN 37179

Price $1,927,110
Beds 4
Baths 6
Living Area SqFt 4,204
Status Under Contract - Not Showing
MLS # RTC2666365
Property Type Single Family Residence
 
 

3625 Woodmont Blvd Nashville, TN 37215

Price $1,925,000
Beds 4
Baths 6
Living Area SqFt 4,298
Status Active
MLS # RTC2695017
Property Type Single Family Residence
 
 

Eslin Court Murfreesboro, TN 37130

Price $1,922,250
Beds 5
Baths 6
Living Area SqFt 5,825
Status Active
MLS # RTC2750747
Property Type Single Family Residence
 
 

6075 Lookaway Circle Franklin, TN 37067

Price $1,919,908
Beds 5
Baths 6
Living Area SqFt 4,781
Status Under Contract - Not Showing
MLS # RTC2695972
Property Type Single Family Residence
 
 

9531 Tarren Mill Ln Brentwood, TN 37027

Price $1,918,650
Beds 5
Baths 5
Living Area SqFt 4,763
Status Under Contract - Not Showing
MLS # RTC2706606
Property Type Single Family Residence