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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3420a Benham Ave Nashville, TN 37215

Price $1,895,000
Beds 4
Baths 5
Living Area SqFt 4,527
Status Under Contract - Not Showing
MLS # RTC2670021
Property Type Single Family Residence
 
 

1811 Kimbark Dr Nashville, TN 37215

$1,895,000 - 5Br/6Ba -  for Sale in Enclave At Kimbark Place, Nashville
Open House
Price $1,895,000
Beds 5
Baths 6
Living Area SqFt 4,047
Status Active
MLS # RTC2664283
Property Type Horizontal Property Regime - Detached
 
 

776 Greenwood Rd College Grove, TN 37046

Price $1,890,000
Beds 4
Baths 4
Living Area SqFt 3,888
Status Active
MLS # RTC2689545
Property Type Single Family Residence
 
 

5124 Bond Mill Rd Thompsons Station, TN 37179

$1,889,900 - 4Br/6Ba -  for Sale in The Mill At Bond Springs, Thompsons Station
New
Price $1,889,900
Beds 4
Baths 6
Living Area SqFt 4,583
Status Coming Soon / Hold
MLS # RTC2756837
Property Type Single Family Residence
 
 

3419b Springbrook Dr Nashville, TN 37204

$1,889,000 - 5Br/6Ba -  for Sale in Homes At 3419 Springbrook Drive, Nashville
Open House
New
Price $1,889,000
Beds 5
Baths 6
Living Area SqFt 4,109
Status Active
MLS # RTC2756317
Property Type Horizontal Property Regime - Detached
 
 

301 Anchor Ln Old Hickory, TN 37138

Price $1,888,867
Beds 3
Baths 3
Living Area SqFt 2,903
Status Active
MLS # RTC2753742
Property Type Single Family Residence
 
 

6071 Lookaway Circle Franklin, TN 37067

Price $1,888,716
Beds 4
Baths 5
Living Area SqFt 4,340
Status Under Contract - Not Showing
MLS # RTC2695973
Property Type Single Family Residence
 
 

4817 Woodrow Pl Arrington, TN 37014

Price $1,882,428
Beds 5
Baths 6
Living Area SqFt 4,569
Status Active
MLS # RTC2693381
Property Type Single Family Residence
 
 

8121 Maryland Ln Brentwood, TN 37027

Price $1,879,900
Beds 5
Baths 3
Living Area SqFt 4,394
Status Under Contract - Showing
MLS # RTC2704278
Property Type Single Family Residence
 
 

6035 Lookaway Circle Franklin, TN 37067

Price $1,878,700
Beds 5
Baths 5
Living Area SqFt 4,806
Status Under Contract - Showing
MLS # RTC2594449
Property Type Single Family Residence
 
 

4717 Majestic Meadows #1327 Arrington, TN 37014

Price $1,875,910
Beds 5
Baths 6
Living Area SqFt 4,617
Status Under Contract - Not Showing
MLS # RTC2639485
Property Type Single Family Residence
 
 

3610 W End Ave Nw Unit 3610 C Nashville, TN 37205

Price $1,875,000
Beds 3
Baths 4
Living Area SqFt 2,813
Status Active
MLS # RTC2684884
Property Type Townhouse
 
 

6 Portrush Ct Brentwood, TN 37027

Price $1,875,000
Beds 5
Baths 4
Living Area SqFt 4,407
Status Active
MLS # RTC2696035
Property Type Single Family Residence
 
 

1411 Ordway Pl Nashville, TN 37206

Price $1,875,000
Beds 5
Baths 5
Living Area SqFt 3,663
Status Active
MLS # RTC2702033
Property Type Single Family Residence
 
 

6045 Green Rd Bloomington Springs, TN 38545

Price $1,875,000
Beds 11
Baths 6
Living Area SqFt 5,827
Status Active
MLS # RTC2673498
Property Type Single Family Residence
 
 

6510 Hidden Hollow Trl Brentwood, TN 37027

Price $1,875,000
Beds 4
Baths 4
Living Area SqFt 4,425
Status Active
MLS # RTC2697647
Property Type Single Family Residence
 
 

451 E College St Murfreesboro, TN 37130

Price $1,875,000
Beds 3
Baths 4
Living Area SqFt 4,013
Status Under Contract - Not Showing
MLS # RTC2670064
Property Type Single Family Residence
 
 

3019 Conar St Franklin, TN 37064

Price $1,875,000
Beds 5
Baths 5
Living Area SqFt 4,124
Status Under Contract - Not Showing
MLS # RTC2694561
Property Type Single Family Residence
 
 

6024 Pasquo Rd Nashville, TN 37221

Price $1,874,000
Beds 4
Baths 6
Living Area SqFt 3,756
Status Active
MLS # RTC2750471
Property Type Single Family Residence
 
 

317 Queens Dr Mount Juliet, TN 37122

Price $1,860,000
Beds 4
Baths 5
Living Area SqFt 5,100
Status Active
MLS # RTC2681280
Property Type Single Family Residence
 
 

2306 Riverside Dr Nashville, TN 37216

Price $1,860,000
Beds 6
Baths 7
Living Area SqFt 5,635
Status Active
MLS # RTC2669262
Property Type Single Family Residence
 
 

1632 Geralds Drive Brentwood, TN 37027

Price $1,859,900
Beds 5
Baths 6
Living Area SqFt 4,974
Status Under Contract - Not Showing
MLS # RTC2740388
Property Type Single Family Residence
 
 

2028 Vail Trace Nolensville, TN 37135

Price $1,858,670
Beds 5
Baths 7
Living Area SqFt 5,307
Status Under Contract - Not Showing
MLS # RTC2643951
Property Type Single Family Residence
 
 

1722b Dodson Rd Columbia, TN 38401

Price $1,850,000
Beds 5
Baths 3
Living Area SqFt 3,087
Status Active
MLS # RTC2654045
Property Type Single Family Residence
 
 

3906 Wayland Dr Nashville, TN 37215

Price $1,850,000
Beds 4
Baths 3
Living Area SqFt 3,073
Status Active
MLS # RTC2685120
Property Type Single Family Residence
 
 

2001 Convent Pl Unit 3 & #16 Nashville, TN 37212

Price $1,850,000
Beds 4
Baths 4
Living Area SqFt 2,164
Status Active
MLS # RTC2746956
Property Type Horizontal Property Regime - Attached
 
 

504 Belgrave Park Nashville, TN 37215

Price $1,850,000
Beds 4
Baths 5
Living Area SqFt 4,540
Status Active
MLS # RTC2744398
Property Type Single Family Residence
 
 

609 Clematis Dr Nashville, TN 37205

Price $1,850,000
Beds 6
Baths 8
Living Area SqFt 4,926
Status Active
MLS # RTC2749870
Property Type Single Family Residence
 
 

1000 Annecy Pkwy Nolensville, TN 37135

Price $1,850,000
Beds 5
Baths 6
Living Area SqFt 4,164
Status Active
MLS # RTC2699190
Property Type Single Family Residence
 
 

220 Bishops Gate Dr Franklin, TN 37064

Price $1,850,000
Beds 4
Baths 6
Living Area SqFt 5,191
Status Active
MLS # RTC2747526
Property Type Single Family Residence
 
 

3122b Belwood St Nashville, TN 37203

Price $1,850,000
Beds 4
Baths 4
Living Area SqFt 3,585
Status Under Contract - Showing
MLS # RTC2655240
Property Type Single Family Residence
 
 

9506 Elmbrooke Blvd Brentwood, TN 37027

Price $1,850,000
Beds 6
Baths 7
Living Area SqFt 5,469
Status Coming Soon / Hold
MLS # RTC2750094
Property Type Single Family Residence
 
 

5416 Mcgavock Rd Brentwood, TN 37027

Price $1,850,000
Beds 4
Baths 5
Living Area SqFt 4,443
Status Active
MLS # RTC2687786
Property Type Single Family Residence
 
 

2848 Carriage Way Clarksville, TN 37043

Price $1,850,000
Beds 5
Baths 8
Living Area SqFt 8,776
Status Active
MLS # RTC2695832
Property Type Single Family Residence
 
 

7775 Medley Amonette Rd Silver Point, TN 38582

Price $1,850,000
Beds 3
Baths 5
Living Area SqFt 4,302
Status Active
MLS # RTC2653969
Property Type Single Family Residence
 
 

1703 Blair Blvd Nashville, TN 37212

Price $1,850,000
Beds 4
Baths 4
Living Area SqFt 3,679
Status Active
MLS # RTC2699299
Property Type Single Family Residence
 
 

1928 Harpeth River Dr Brentwood, TN 37027

Price $1,850,000
Beds 4
Baths 4
Living Area SqFt 3,738
Status Under Contract - Showing
MLS # RTC2676366
Property Type Single Family Residence
 
 

51 Park Crescent Cir Nashville, TN 37215

$1,850,000 - 5Br/5Ba -  for Sale in Burton Hills Estates, Nashville
Open House
Price $1,850,000
Beds 5
Baths 5
Living Area SqFt 5,186
Status Active
MLS # RTC2752059
Property Type Single Family Residence
 
 

3826 Bedford Ave Unit 303 Nashville, TN 37215

$1,850,000 - 3Br/3Ba -  for Sale in Bedford Commons Ii, Nashville
Open House
Price $1,850,000
Beds 3
Baths 3
Living Area SqFt 3,229
Status Active
MLS # RTC2693810
Property Type Flat Condo
 
 

1703 Lischey Ave Nashville, TN 37207

Price $1,849,990
Beds 4
Baths 3
Living Area SqFt 2,417
Status Active
MLS # RTC2694171
Property Type Horizontal Property Regime - Detached