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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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
 
 

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
 
 

4676 Majestic Meadows Dr Arrington, TN 37014

Price $1,735,000
Beds 5
Baths 6
Living Area SqFt 4,496
Status Active
MLS # RTC2700915
Property Type Single Family Residence
 
 

5101 Fairhaven Circle Thompsons Station, TN 37179

Price $1,734,490
Beds 6
Baths 6
Living Area SqFt 5,038
Status Under Contract - Not Showing
MLS # RTC2638055
Property Type Single Family Residence
 
 

5028 Owenruth Dr Franklin, TN 37069

Price $1,729,900
Beds 5
Baths 7
Living Area SqFt 4,500
Status Under Contract - Not Showing
MLS # RTC2702785
Property Type Single Family Residence
 
 

9529 Ohara Dr Brentwood, TN 37027

Price $1,729,900
Beds 4
Baths 5
Living Area SqFt 4,315
Status Under Contract - Showing
MLS # RTC2693186
Property Type Single Family Residence
 
 

1634 S Observatory Dr Nashville, TN 37215

Price $1,729,000
Beds 4
Baths 5
Living Area SqFt 3,802
Status Active
MLS # RTC2697722
Property Type Single Family Residence
 
 

1802 Legacy Cove Ln Brentwood, TN 37027

Price $1,725,900
Beds 5
Baths 7
Living Area SqFt 5,490
Status Under Contract - Not Showing
MLS # RTC2745818
Property Type Single Family Residence
 
 

886 Fairington Pvt Way Gallatin, TN 37066

Price $1,725,000
Beds 4
Baths 4
Living Area SqFt 4,352
Status Active
MLS # RTC2674969
Property Type Single Family Residence
 
 

625 Calverton Ln Brentwood, TN 37027

Price $1,724,900
Beds 5
Baths 6
Living Area SqFt 5,045
Status Active
MLS # RTC2681698
Property Type Single Family Residence
 
 

7012 Kalarama Drive Arrington, TN 37014

Price $1,719,900
Beds 5
Baths 6
Living Area SqFt 4,525
Status Active
MLS # RTC2661310
Property Type Single Family Residence
 
 

5212 Fairhaven Court Thompsons Station, TN 37179

Price $1,710,000
Beds 6
Baths 6
Living Area SqFt 5,561
Status Under Contract - Not Showing
MLS # RTC2642593
Property Type Single Family Residence
 
 

1033 Pasadena Drive Brentwood, TN 37027

Price $1,700,885
Beds 5
Baths 5
Living Area SqFt 4,923
Status Under Contract - Not Showing
MLS # RTC2639334
Property Type Single Family Residence
 
 

115 Holt Ave Shelbyville, TN 37160

Price $1,700,000
Beds 3
Baths 2
Living Area SqFt 2,225
Status Active
MLS # RTC2592524
Property Type Manufactured On Land
 
 

1131 W Broad St Smithville, TN 37166

Price $1,700,000
Beds 3
Baths 2
Living Area SqFt 2,032
Status Active
MLS # RTC2636273
Property Type Single Family Residence
 
 

4901 Toll Dugger Rd Culleoka, TN 38451

Price $1,700,000
Beds 4
Baths 4
Living Area SqFt 3,621
Status Active
MLS # RTC2658683
Property Type Single Family Residence
 
 

406 Pine Hill Road Sw Mc Donald, TN 37353

Price $1,700,000
Beds 4
Baths 4
Living Area SqFt 4,150
Status Active
MLS # RTC2668295
Property Type Single Family Residence
 
 

199 Knee Rd Watertown, TN 37184

Price $1,700,000
Beds 4
Baths 4
Living Area SqFt 3,808
Status Under Contract - Showing
MLS # RTC2672975
Property Type Single Family Residence
 
 

2775 Highway 43 N Lawrenceburg, TN 38464

Price $1,700,000
Beds 3
Baths 2
Living Area SqFt 2,251
Status Active
MLS # RTC2679902
Property Type Single Family Residence
 
 

1148 Brookwood Ln Nashville, TN 37220

Price $1,700,000
Beds 3
Baths 2
Living Area SqFt 3,102
Status Under Contract - Showing
MLS # RTC2680666
Property Type Single Family Residence
 
 

2236 Osburn Rd Arrington, TN 37014

Price $1,700,000
Beds 5
Baths 5
Living Area SqFt 5,033
Status Active
MLS # RTC2687989
Property Type Single Family Residence
 
 

1036 Wynfield Village Ct Franklin, TN 37064

Price $1,700,000
Beds 4
Baths 5
Living Area SqFt 3,973
Status Under Contract - Not Showing
MLS # RTC2697769
Property Type Single Family Residence
 
 

1048 Annecy Pkwy Nolensville, TN 37135

Price $1,700,000
Beds 4
Baths 4
Living Area SqFt 4,049
Status Active
MLS # RTC2699208
Property Type Single Family Residence
 
 

707 S 12th St Nashville, TN 37206

Price $1,700,000
Beds 4
Baths 5
Living Area SqFt 4,139
Status Active
MLS # RTC2740168
Property Type Single Family Residence
 
 

1728 Championship Blvd Franklin, TN 37064

Price $1,700,000
Beds 4
Baths 5
Living Area SqFt 3,922
Status Under Contract - Showing
MLS # RTC2740230
Property Type Single Family Residence
 
 

1654b Highway 231 S Bethpage, TN 37022

Price $1,700,000
Beds 4
Baths 4
Living Area SqFt 4,004
Status Active
MLS # RTC2743503
Property Type Single Family Residence
 
 

7296 Deer Ridge Rd Fairview, TN 37062

Price $1,700,000
Beds 3
Baths 3
Living Area SqFt 2,542
Status Active
MLS # RTC2746268
Property Type Single Family Residence
 
 

6884 Walnut Hills Dr Brentwood, TN 37027

Price $1,700,000
Beds 8
Baths 5
Living Area SqFt 7,354
Status Under Contract - Not Showing
MLS # RTC2746775
Property Type Single Family Residence
 
 

1315 Chatsworth Blvd Cookeville, TN 38501

Price $1,700,000
Beds 5
Baths 7
Living Area SqFt 7,321
Status Active
MLS # RTC2750206
Property Type Single Family Residence
 
 

609 Pearre Springs Way Franklin, TN 37064

Price $1,700,000
Beds 4
Baths 5
Living Area SqFt 4,449
Status Active
MLS # RTC2753658
Property Type Single Family Residence
 
 

1212 Laurel St Unit 902 Nashville, TN 37203

Price $1,699,999
Beds 2
Baths 3
Living Area SqFt 1,564
Status Active
MLS # RTC2649611
Property Type High Rise
 
 

1185 Sequoya Trl Columbia, TN 38401

Price $1,699,999
Beds 5
Baths 6
Living Area SqFt 5,338
Status Active
MLS # RTC2682821
Property Type Single Family Residence
 
 

511 Covered Bridge Ln Summertown, TN 38483

Price $1,699,999
Beds 5
Baths 5
Living Area SqFt 6,321
Status Active
MLS # RTC2695175
Property Type Single Family Residence
 
 

3721b Estes Rd Nashville, TN 37215

$1,699,999 - 5Br/5Ba -  for Sale in Homes At 3721 & 3719 Estes Road, Nashville
Open House
Price $1,699,999
Beds 5
Baths 5
Living Area SqFt 4,235
Status Active
MLS # RTC2706939
Property Type Horizontal Property Regime - Detached
 
 

9201 Hunterboro Dr Brentwood, TN 37027

Price $1,699,999
Beds 5
Baths 5
Living Area SqFt 5,727
Status Under Contract - Showing
MLS # RTC2707735
Property Type Single Family Residence
 
 

2804a W Kirkwood Ave Nashville, TN 37204

Price $1,699,999
Beds 4
Baths 5
Living Area SqFt 4,306
Status Coming Soon / Hold
MLS # RTC2744842
Property Type Horizontal Property Regime - Attached
 
 

3703 Hilldale Dr Nashville, TN 37215

Price $1,699,999
Beds 4
Baths 5
Living Area SqFt 4,052
Status Under Contract - Showing
MLS # RTC2748987
Property Type Single Family Residence
 
 

4001b Murphy Rd Nashville, TN 37209

Price $1,699,998
Beds 4
Baths 4
Living Area SqFt 3,756
Status Active
MLS # RTC2686059
Property Type Horizontal Property Regime - Detached
 
 

1022 Benelli Park Ct Franklin, TN 37064

Price $1,699,995
Beds 4
Baths 4
Living Area SqFt 3,582
Status Active
MLS # RTC2748349
Property Type Single Family Residence
 
 

907 Fanning Bend Dr Winchester, TN 37398

Price $1,699,900
Beds 5
Baths 5
Living Area SqFt 4,859
Status Active
MLS # RTC2752216
Property Type Single Family Residence