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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1828 Kettering Trce Brentwood, TN 37027

Price $1,765,000
Beds 5
Baths 7
Living Area SqFt 5,091
Status Under Contract - Not Showing
MLS # RTC2707351
Property Type Single Family Residence
 
 

2226 Skinner Rd Arrington, TN 37014

$1,765,000 - 5Br/5Ba -  for Sale in Ashley, Arrington
Open House
Price $1,765,000
Beds 5
Baths 5
Living Area SqFt 4,901
Status Active
MLS # RTC2674130
Property Type Single Family Residence
 
 

2131 Lewisburg Pike Franklin, TN 37064

Price $1,760,500
Beds 4
Baths 5
Living Area SqFt 3,385
Status Active
MLS # RTC2673484
Property Type Single Family Residence
 
 

1211 Noelton Ave Nashville, TN 37215

Price $1,759,900
Beds 5
Baths 6
Living Area SqFt 4,621
Status Active
MLS # RTC2703088
Property Type Horizontal Property Regime - Detached
 
 

5105 Fairhaven Circle Thompsons Station, TN 37179

Price $1,756,751
Beds 6
Baths 6
Living Area SqFt 5,561
Status Under Contract - Not Showing
MLS # RTC2642648
Property Type Single Family Residence
 
 

Fanning Bend Dr Winchester, TN 37398

Price $1,750,000
Beds 6
Baths 8
Living Area SqFt 4,778
Status Under Contract - Showing
MLS # RTC2661327
Property Type Single Family Residence
 
 

1099 Deer Wood Trl Pegram, TN 37143

Price $1,750,000
Beds 2
Baths 2
Living Area SqFt 2,800
Status Active
MLS # RTC2695335
Property Type Single Family Residence
 
 

1009 Solley Dr Nashville, TN 37216

Price $1,750,000
Living Area SqFt 0
Status Active
MLS # RTC2699755
Property Type Single Family Residence
 
 
 
 

213 Old Carters Creek Pike Franklin, TN 37064

Price $1,750,000
Beds 3
Baths 2
Living Area SqFt 1,568
Status Active
MLS # RTC2698085
Property Type Single Family Residence
 
 

609 Ward Cir Old Hickory, TN 37138

Price $1,750,000
Beds 5
Baths 6
Living Area SqFt 8,989
Status Active
MLS # RTC2700794
Property Type Single Family Residence
 
 

1605 Hobson Pike Antioch, TN 37013

Price $1,750,000
Beds 2
Baths 1
Living Area SqFt 1,748
Status Active
MLS # RTC2610734
Property Type Single Family Residence
 
 

4597 Majestic Meadows Dr Arrington, TN 37014

Price $1,750,000
Beds 5
Baths 7
Living Area SqFt 4,718
Status Active
MLS # RTC2748902
Property Type Single Family Residence
 
 

2305 Lloyd Ave Nashville, TN 37218

Price $1,750,000
Beds 3
Baths 2
Living Area SqFt 1,085
Status Active
MLS # RTC2708110
Property Type Horizontal Property Regime - Detached
 
 

1598 Palmer Rd Lebanon, TN 37090

Price $1,750,000
Beds 4
Baths 5
Living Area SqFt 4,785
Status Active
MLS # RTC2709059
Property Type Single Family Residence
 
 

1811 Tyne Blvd Nashville, TN 37215

Price $1,750,000
Beds 5
Baths 4
Living Area SqFt 4,180
Status Active
MLS # RTC2744755
Property Type Single Family Residence
 
 

7167 Williams Rd Christiana, TN 37037

Price $1,750,000
Beds 4
Baths 6
Living Area SqFt 5,025
Status Active
MLS # RTC2692147
Property Type Single Family Residence
 
 

4605 Mcdonald Road Apison, TN 37302

Price $1,750,000
Beds 4
Baths 6
Living Area SqFt 5,965
Status Active
MLS # RTC2704954
 
 
 

3566 Robbins Nest Rd Thompsons Station, TN 37179

Price $1,750,000
Beds 5
Baths 4
Living Area SqFt 4,476
Status Active
MLS # RTC2751106
Property Type Single Family Residence
 
 

433 Grayson Dr Nashville, TN 37205

Price $1,750,000
Beds 4
Baths 3
Living Area SqFt 3,575
Status Active
MLS # RTC2755197
Property Type Single Family Residence
 
 

911 Westview Ave Nashville, TN 37205

Price $1,750,000
Beds 3
Baths 2
Living Area SqFt 1,668
Status Under Contract - Showing
MLS # RTC2623321
Property Type Single Family Residence
 
 

4014 Murphy Rd Nashville, TN 37209

Price $1,750,000
Beds 4
Baths 6
Living Area SqFt 4,248
Status Under Contract - Showing
MLS # RTC2748907
Property Type Single Family Residence
 
 

515 Church St Unit 4404 Nashville, TN 37219

Price $1,750,000
Beds 2
Baths 2
Living Area SqFt 1,321
Status Under Contract - Not Showing
MLS # RTC2696770
Property Type High Rise
 
 

1004 Holly Tree Gap Rd Brentwood, TN 37027

Price $1,750,000
Beds 4
Baths 4
Living Area SqFt 4,200
Status Under Contract - Not Showing
MLS # RTC2695864
Property Type Single Family Residence
 
 

10674 Wall Triana Hwy Toney, AL 35773

Price $1,750,000
Beds 7
Baths 8
Living Area SqFt 8,332
Status Active
MLS # RTC2562275
Property Type Single Family Residence
 
 

2107 Dale Ridge Rd Dowelltown, TN 37059

Price $1,750,000
Beds 5
Baths 3
Living Area SqFt 4,360
Status Active
MLS # RTC2660861
Property Type Single Family Residence
 
 

1717 Hwy 130e Shelbyville, TN 37160

Price $1,750,000
Beds 4
Baths 7
Living Area SqFt 5,956
Status Active
MLS # RTC2567711
Property Type Single Family Residence
 
 

3210 Indian Camp Springs Rd Columbia, TN 38401

Price $1,750,000
Beds 4
Baths 5
Living Area SqFt 4,163
Status Active
MLS # RTC2663096
Property Type Single Family Residence
 
 

1090 Ridgecrest Dr Kingston Springs, TN 37082

Price $1,750,000
Beds 6
Baths 4
Living Area SqFt 4,800
Status Active
MLS # RTC2683684
Property Type Single Family Residence
 
 

3018 Indiana Ave Nashville, TN 37209

Price $1,750,000
Beds 5
Baths 4
Living Area SqFt 4,669
Status Active
MLS # RTC2752573
Property Type Single Family Residence
 
 

3122a Belwood St Nashville, TN 37203

$1,750,000 - 3Br/4Ba -  for Sale in West End Park, Nashville
Open House
Price $1,750,000
Beds 3
Baths 4
Living Area SqFt 3,291
Status Active
MLS # RTC2753889
Property Type Single Family Residence
 
 

1207a Battlefield Dr Nashville, TN 37215

$1,749,999 - 4Br/5Ba -  for Sale in 12 South, Nashville
Open House
Price $1,749,999
Beds 4
Baths 5
Living Area SqFt 3,689
Status Active
MLS # RTC2751003
Property Type Horizontal Property Regime - Detached
 
 

4117 Lone Oak Rd Unit 7 Nashville, TN 37215

Price $1,749,950
Beds 3
Baths 4
Living Area SqFt 3,390
Status Active
MLS # RTC2670481
Property Type Horizontal Property Regime - Detached
 
 

315 Rambling Creek Way Sevierville, TN 37862

Price $1,749,900
Beds 5
Baths 5
Living Area SqFt 3,560
Status Under Contract - Showing
MLS # RTC2642858
Property Type Single Family Residence
 
 

319 Rambling Creek Way Sevierville, TN 37862

Price $1,749,900
Beds 5
Baths 5
Living Area SqFt 3,560
Status Under Contract - Showing
MLS # RTC2634289
Property Type Single Family Residence
 
 

6036 Hill Cir Nashville, TN 37209

Price $1,749,900
Beds 5
Baths 4
Living Area SqFt 4,280
Status Active
MLS # RTC2693080
Property Type Horizontal Property Regime - Detached
 
 

2830 Lockertsville Rd Ashland City, TN 37015

Price $1,749,000
Beds 3
Baths 2
Living Area SqFt 2,428
Status Active
MLS # RTC2697128
Property Type Single Family Residence
 
 

1235 Chloe Dr Gallatin, TN 37066

Price $1,749,000
Beds 5
Baths 6
Living Area SqFt 4,745
Status Under Contract - Showing
MLS # RTC2684086
Property Type Single Family Residence
 
 

7407 Indian Creek Rd Nashville, TN 37209

$1,739,000 - 3Br/4Ba -  for Sale in Rowena Obrien Farm, Nashville
Open House
Price $1,739,000
Beds 3
Baths 4
Living Area SqFt 4,192
Status Active
MLS # RTC2745689
Property Type Single Family Residence
 
 

1792 Northumberland Dr Brentwood, TN 37027

$1,739,000 - 4Br/5Ba -  for Sale in Northumberland, Brentwood
Open House
Price $1,739,000
Beds 4
Baths 5
Living Area SqFt 5,269
Status Active
MLS # RTC2649004
Property Type Single Family Residence
 
 

4707 Majestic Meadows Arrington, TN 37014

Price $1,738,075
Beds 5
Baths 6
Living Area SqFt 4,685
Status Under Contract - Not Showing
MLS # RTC2689659
Property Type Single Family Residence