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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111 Chestnut St Estill Springs, TN 37330

Price $1,799,000
Beds 1
Baths 5
Living Area SqFt 4,953
Status Active
MLS # RTC2739310
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 2605 Nashville, TN 37201

$1,799,000 - 1Br/2Ba -  for Sale in 160 Second Avenue Private Residences, Nashville
New
Price $1,799,000
Beds 1
Baths 2
Living Area SqFt 1,171
Status Active
MLS # RTC2756310
Property Type High Rise
 
 

1602 17th Ave S Nashville, TN 37212

Price $1,799,000
Beds 3
Baths 3
Living Area SqFt 2,115
Status Under Contract - Showing
MLS # RTC2676372
Property Type Single Family Residence
 
 

67 Whitsett Rd Nashville, TN 37210

Price $1,799,000
Beds 4
Baths 4
Living Area SqFt 7,300
Status Active
MLS # RTC2685882
Property Type Single Family Residence
 
 

61 Joy Cir Winchester, TN 37398

Price $1,799,000
Beds 6
Baths 6
Living Area SqFt 6,176
Status Active
MLS # RTC2679200
Property Type Single Family Residence
 
 

1266 Lakeview Dr Dandridge, TN 37725

Price $1,799,000
Beds 5
Baths 8
Living Area SqFt 7,505
Status Active
MLS # RTC2665102
Property Type Single Family Residence
 
 

709 Overton Park Nashville, TN 37215

Price $1,799,000
Beds 3
Baths 5
Living Area SqFt 4,866
Status Active
MLS # RTC2702717
Property Type Single Family Residence
 
 

2404 Durham Manor Dr Franklin, TN 37064

Price $1,799,000
Beds 4
Baths 4
Living Area SqFt 4,001
Status Active
MLS # RTC2752726
Property Type Single Family Residence
 
 

930 Jasper Ave Franklin, TN 37064

Price $1,799,000
Beds 4
Baths 5
Living Area SqFt 4,112
Status Under Contract - Not Showing
MLS # RTC2622259
Property Type Single Family Residence
 
 

1115 Maynard Ridge Rd Silver Point, TN 38582

Price $1,799,000
Beds 3
Baths 5
Living Area SqFt 6,000
Status Under Contract - Not Showing
MLS # RTC2690747
Property Type Single Family Residence
 
 

341 Stephens Valley Blvd Nashville, TN 37221

Price $1,797,900
Beds 4
Baths 6
Living Area SqFt 4,788
Status Under Contract - Not Showing
MLS # RTC2642743
Property Type Single Family Residence
 
 

5855 Benders Ferry Rd Mount Juliet, TN 37122

Price $1,797,777
Beds 5
Baths 6
Living Area SqFt 4,977
Status Active
MLS # RTC2752103
Property Type Single Family Residence
 
 

1204 Old Spring Trl Arrington, TN 37014

$1,797,777 - 4Br/4Ba -  for Sale in Kings Chapel Sec 1, Arrington
Open House
Price $1,797,777
Beds 4
Baths 4
Living Area SqFt 4,622
Status Active
MLS # RTC2748428
Property Type Single Family Residence
 
 

911 Evans St Franklin, TN 37064

Price $1,795,000
Beds 4
Baths 5
Living Area SqFt 3,985
Status Active
MLS # RTC2751707
Property Type Single Family Residence
 
 

5016 Caney Sink Rd Adams, TN 37010

Price $1,795,000
Beds 1
Baths 2
Living Area SqFt 1,513
Status Under Contract - Showing
MLS # RTC2693972
Property Type Single Family Residence
 
 

2194 Burgin Drive Thompsons Station, TN 37179

Price $1,795,000
Beds 5
Baths 6
Living Area SqFt 5,077
Status Active
MLS # RTC2638544
Property Type Single Family Residence
 
 

9502 Butler Dr Brentwood, TN 37027

Price $1,795,000
Beds 4
Baths 5
Living Area SqFt 5,934
Status Active
MLS # RTC2689208
Property Type Single Family Residence
 
 

2591 Heron Cove Lane Soddy Daisy, TN 37379

Price $1,795,000
Beds 4
Baths 6
Living Area SqFt 4,782
Status Active
MLS # RTC2648860
 
 
 

4013 Nebraska Ave Nashville, TN 37209

Price $1,795,000
Beds 5
Baths 7
Living Area SqFt 4,000
Status Under Contract - Showing
MLS # RTC2699993
Property Type Single Family Residence
 
 

1809 Legacy Cove Ln Brentwood, TN 37027

$1,795,000 - 5Br/7Ba -  for Sale in Taramore Ph2b, Brentwood
Open House
Price $1,795,000
Beds 5
Baths 7
Living Area SqFt 6,067
Status Active
MLS # RTC2753908
Property Type Single Family Residence
 
 

200 East Dr Florence, AL 35634

Price $1,794,000
Beds 3
Baths 4
Living Area SqFt 3,721
Status Active
MLS # RTC2694917
Property Type Single Family Residence
 
 

6720 Lane Rd College Grove, TN 37046

Price $1,790,000
Beds 4
Baths 4
Living Area SqFt 4,705
Status Active
MLS # RTC2696294
Property Type Single Family Residence
 
 

12112 Paw Paw Springs Rd Arrington, TN 37014

Price $1,790,000
Beds 3
Baths 3
Living Area SqFt 2,565
Status Active
MLS # RTC2749543
Property Type Single Family Residence
 
 

784 Plantation Blvd Gallatin, TN 37066

Price $1,790,000
Beds 5
Baths 5
Living Area SqFt 5,834
Status Active
MLS # RTC2751775
Property Type Single Family Residence
 
 

557 Forest Retreat Rd Hendersonville, TN 37075

Price $1,790,000
Beds 4
Baths 5
Living Area SqFt 5,963
Status Active
MLS # RTC2696030
Property Type Single Family Residence
 
 

576 Bottle Hollow Rd Shelbyville, TN 37160

Price $1,790,000
Beds 2
Baths 2
Living Area SqFt 2,054
Status Active
MLS # RTC2656690
Property Type Single Family Residence
 
 

6010 Blackwell Ln Franklin, TN 37064

Price $1,790,000
Beds 4
Baths 6
Living Area SqFt 4,960
Status Under Contract - Not Showing
MLS # RTC2745992
Property Type Single Family Residence
 
 

21 Fern Ave Unit A Nashville, TN 37207

Price $1,789,900
Beds 4
Baths 5
Living Area SqFt 2,805
Status Active
MLS # RTC2697107
Property Type Single Family Residence
 
 

1227 Adams St Franklin, TN 37064

Price $1,789,900
Beds 4
Baths 3
Living Area SqFt 3,047
Status Under Contract - Showing
MLS # RTC2750970
Property Type Single Family Residence
 
 

5006 Country Club Dr Brentwood, TN 37027

Price $1,789,000
Beds 4
Baths 4
Living Area SqFt 3,665
Status Active
MLS # RTC2753150
Property Type Single Family Residence
 
 

4058 San Gabriel Lane Brentwood, TN 37027

Price $1,779,176
Beds 5
Baths 6
Living Area SqFt 6,066
Status Under Contract - Not Showing
MLS # RTC2630098
Property Type Single Family Residence
 
 

906 Evans St Franklin, TN 37064

Price $1,777,500
Beds 4
Baths 5
Living Area SqFt 3,228
Status Active
MLS # RTC2744681
Property Type Single Family Residence
 
 

2345 Nashville Hwy Columbia, TN 38401

Price $1,775,000
Beds 3
Baths 1
Living Area SqFt 1,370
Status Active
MLS # RTC2676812
Property Type Single Family Residence
 
 

1465 New Columbia Hwy Lewisburg, TN 37091

Price $1,775,000
Beds 4
Baths 6
Living Area SqFt 5,934
Status Active
MLS # RTC2689444
Property Type Single Family Residence
 
 

122 Brighton Close Nashville, TN 37205

Price $1,775,000
Beds 3
Baths 4
Living Area SqFt 4,166
Status Active
MLS # RTC2677794
Property Type Townhouse
 
 

254 Davis Rd Lebanon, TN 37087

Price $1,775,000
Beds 4
Baths 3
Living Area SqFt 3,511
Status Active
MLS # RTC2743849
Property Type Single Family Residence
 
 

4015b Estes Rd Nashville, TN 37215

Price $1,775,000
Beds 4
Baths 4
Living Area SqFt 4,118
Status Active
MLS # RTC2629642
Property Type Single Family Residence
 
 

4011 Wayland Dr Nashville, TN 37215

Price $1,775,000
Beds 4
Baths 4
Living Area SqFt 3,461
Status Active
MLS # RTC2705507
Property Type Horizontal Property Regime - Detached
 
 

116 Gardengate Dr Franklin, TN 37069

$1,775,000 - 4Br/4Ba -  for Sale in Gardens At Old Natchez The, Franklin
Open House
New
Price $1,775,000
Beds 4
Baths 4
Living Area SqFt 4,790
Status Active
MLS # RTC2756615
Property Type Single Family Residence
 
 

5785 Benders Ferry Rd Mount Juliet, TN 37122

Price $1,774,777
Beds 5
Baths 4
Living Area SqFt 4,917
Status Active
MLS # RTC2754298
Property Type Single Family Residence