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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1626 Kaschlina Pt Brentwood, TN 37027

Price $1,849,900
Beds 4
Baths 5
Living Area SqFt 4,300
Status Under Contract - Not Showing
MLS # RTC2702838
Property Type Single Family Residence
 
 

223 Marcia Ave Nashville, TN 37209

Price $1,849,900
Beds 5
Baths 5
Living Area SqFt 5,006
Status Active
MLS # RTC2652804
Property Type Single Family Residence
 
 

5345 Forest Acres Dr Nashville, TN 37220

Price $1,849,000
Beds 4
Baths 3
Living Area SqFt 4,164
Status Active
MLS # RTC2695427
Property Type Single Family Residence
 
 

1125 Douglas Bend Rd Gallatin, TN 37066

Price $1,849,000
Beds 3
Baths 7
Living Area SqFt 6,682
Status Active
MLS # RTC2658332
Property Type Single Family Residence
 
 

8288 Guthrie Rd Cross Plains, TN 37049

Price $1,849,000
Beds 5
Baths 5
Living Area SqFt 7,106
Status Active
MLS # RTC2682377
Property Type Single Family Residence
 
 

2335 Ariana Ln Arrington, TN 37014

Price $1,849,000
Beds 4
Baths 5
Living Area SqFt 3,552
Status Under Contract - Not Showing
MLS # RTC2699086
Property Type Single Family Residence
 
 

331 Fairpark Ct Franklin, TN 37064

Price $1,849,000
Beds 4
Baths 5
Living Area SqFt 3,500
Status Active
MLS # RTC2753878
Property Type Single Family Residence
 
 

1001 William Street Lot 2410 Franklin, TN 37064

Price $1,845,035
Beds 4
Baths 5
Living Area SqFt 3,554
Status Under Contract - Not Showing
MLS # RTC2613134
Property Type Single Family Residence
 
 

4207a Hood Ave Nashville, TN 37215

Price $1,845,000
Beds 4
Baths 5
Living Area SqFt 4,124
Status Active
MLS # RTC2752819
Property Type Horizontal Property Regime - Detached
 
 

1308 Mcquiddy Rd Nashville, TN 37221

Price $1,843,593
Beds 4
Baths 6
Living Area SqFt 3,960
Status Under Contract - Not Showing
MLS # RTC2703083
Property Type Single Family Residence
 
 

3109 Long Branch Cir Franklin, TN 37064

Price $1,841,025
Beds 5
Baths 6
Living Area SqFt 4,157
Status Under Contract - Not Showing
MLS # RTC2693428
Property Type Single Family Residence
 
 

95 Victoria Park Nashville, TN 37205

$1,840,000 - 4Br/4Ba -  for Sale in Whitworth, Nashville
Open House
New
Price $1,840,000
Beds 4
Baths 4
Living Area SqFt 4,002
Status Coming Soon / Hold
MLS # RTC2757173
Property Type Single Family Residence
 
 

4724 Majestic Meadows Dr Arrington, TN 37014

Price $1,827,632
Beds 5
Baths 6
Living Area SqFt 4,436
Status Active
MLS # RTC2668741
Property Type Single Family Residence
 
 

6881 Giles Hill Rd College Grove, TN 37046

Price $1,825,000
Beds 3
Baths 4
Living Area SqFt 3,434
Status Active
MLS # RTC2749884
Property Type Single Family Residence
 
 

1811 Blair Blvd Nashville, TN 37212

Price $1,825,000
Beds 4
Baths 3
Living Area SqFt 3,416
Status Under Contract - Showing
MLS # RTC2751964
Property Type Single Family Residence
 
 

6826 Falls Ridge Ln College Grove, TN 37046

Price $1,825,000
Beds 6
Baths 5
Living Area SqFt 6,683
Status Active
MLS # RTC2635835
Property Type Single Family Residence
 
 

3115 Long Branch Cir Franklin, TN 37064

Price $1,824,120
Beds 5
Baths 6
Living Area SqFt 4,107
Status Under Contract - Not Showing
MLS # RTC2644964
Property Type Single Family Residence
 
 

2911 Spanntown Road Arrington, TN 37014

Price $1,815,000
Beds 4
Baths 4
Living Area SqFt 3,899
Status Under Contract - Showing
MLS # RTC2669742
Property Type Single Family Residence
 
 

4725 Majestic Meadows #1325 Arrington, TN 37014

Price $1,810,545
Beds 5
Baths 6
Living Area SqFt 4,617
Status Under Contract - Not Showing
MLS # RTC2625690
Property Type Single Family Residence
 
 

6341 Percheron Ln Arrington, TN 37014

Price $1,809,216
Beds 4
Baths 5
Living Area SqFt 4,030
Status Under Contract - Not Showing
MLS # RTC2751237
Property Type Single Family Residence
 
 

455 Morgan Ridge Rd N Coalmont, TN 37313

Price $1,800,000
Beds 4
Baths 3
Living Area SqFt 2,454
Status Active
MLS # RTC2643599
Property Type Single Family Residence
 
 

198 Robinson Hollow Rd Waynesboro, TN 38485

Price $1,800,000
Beds 6
Baths 4
Living Area SqFt 2,832
Status Active
MLS # RTC2668899
Property Type Single Family Residence
 
 

1580 Bell Rd Nashville, TN 37211

Price $1,800,000
Beds 3
Baths 2
Living Area SqFt 2,077
Status Active
MLS # RTC2688803
Property Type Single Family Residence
 
 

2313 Highway 109 N Lot 9 Lebanon, TN 37090

Price $1,800,000
Beds 4
Baths 3
Living Area SqFt 4,767
Status Active
MLS # RTC2637709
Property Type Single Family Residence
 
 

7751 Couchville Pike Mount Juliet, TN 37122

Price $1,800,000
Beds 4
Baths 4
Living Area SqFt 3,873
Status Active
MLS # RTC2635864
Property Type Single Family Residence
 
 

1229 N Avondale Cir Nashville, TN 37207

Price $1,800,000
Beds 4
Baths 4
Living Area SqFt 3,444
Status Active
MLS # RTC2748050
Property Type Townhouse
 
 

6213 Lampkins Bridge Rd College Grove, TN 37046

Price $1,800,000
Beds 5
Baths 4
Living Area SqFt 4,738
Status Active
MLS # RTC2751097
Property Type Single Family Residence
 
 

7853 Old Charlotte Pike Nashville, TN 37209

Price $1,800,000
Beds 4
Baths 4
Living Area SqFt 3,367
Status Active
MLS # RTC2744367
Property Type Single Family Residence
 
 

8239 Hawkins Rd College Grove, TN 37046

Price $1,800,000
Beds 3
Baths 2
Living Area SqFt 2,340
Status Active
MLS # RTC2657148
Property Type Manufactured On Land
 
 

410 Oldenburg Rd Nolensville, TN 37135

Price $1,800,000
Beds 6
Baths 5
Living Area SqFt 5,811
Status Active
MLS # RTC2739280
Property Type Single Family Residence
 
 

5312 W Trimble Rd W Milton, TN 37118

Price $1,799,999
Beds 3
Baths 5
Living Area SqFt 4,645
Status Active
MLS # RTC2752626
Property Type Single Family Residence
 
 

1398 Grandview Dr Nashville, TN 37215

Price $1,799,999
Beds 4
Baths 5
Living Area SqFt 4,700
Status Active
MLS # RTC2696979
Property Type Horizontal Property Regime - Detached
 
 

1466 Palmer Rd Lebanon, TN 37090

$1,799,999 - 4Br/5Ba -  for Sale in Palmer West, Lebanon
Open House
Price $1,799,999
Beds 4
Baths 5
Living Area SqFt 5,228
Status Active
MLS # RTC2751066
Property Type Single Family Residence
 
 

4738 Majestic Meadows Arrington, TN 37014

Price $1,799,900
Beds 5
Baths 7
Living Area SqFt 4,564
Status Active
MLS # RTC2701833
Property Type Single Family Residence
 
 

2455 Old Hickory Blvd Nashville, TN 37221

Price $1,799,900
Beds 4
Baths 4
Living Area SqFt 3,607
Status Active
MLS # RTC2750977
Property Type Single Family Residence
 
 

5113 Bond Mill Rd Thompsons Station, TN 37179

Price $1,799,900
Beds 5
Baths 6
Living Area SqFt 4,822
Status Active
MLS # RTC2672642
Property Type Single Family Residence
 
 

1032 Cedarview Ln Franklin, TN 37067

Price $1,799,900
Beds 4
Baths 4
Living Area SqFt 5,060
Status Active
MLS # RTC2690380
Property Type Single Family Residence
 
 

6043 Porters Union Way Arrington, TN 37014

Price $1,799,900
Beds 5
Baths 7
Living Area SqFt 4,988
Status Under Contract - Not Showing
MLS # RTC2617305
Property Type Single Family Residence
 
 

5053 Villa Crest Dr Nashville, TN 37220

Price $1,799,500
Beds 4
Baths 4
Living Area SqFt 2,987
Status Under Contract - Not Showing
MLS # RTC2702089
Property Type Single Family Residence
 
 

1024 Club View Dr Unit F401 Gallatin, TN 37066

Price $1,799,000
Beds 3
Baths 3
Living Area SqFt 2,864
Status Active
MLS # RTC2661472
Property Type High Rise