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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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
 
 

8004 Cane Creek Rd Nashville, TN 37221

Price $1,699,900
Beds 4
Baths 6
Living Area SqFt 3,857
Status Under Contract - Showing
MLS # RTC2694293
Property Type Single Family Residence
 
 

5024 Owenruth Dr Franklin, TN 37069

$1,699,900 - 4Br/6Ba -  for Sale in Reese, Franklin
Open House
Price $1,699,900
Beds 4
Baths 6
Living Area SqFt 4,504
Status Active
MLS # RTC2651107
Property Type Single Family Residence
 
 

206 Camille Victoria Ct Mount Juliet, TN 37122

Price $1,699,900
Beds 5
Baths 6
Living Area SqFt 7,064
Status Active
MLS # RTC2739314
Property Type Single Family Residence
 
 

1788 Balvenie Ct Brentwood, TN 37027

Price $1,699,900
Beds 4
Baths 4
Living Area SqFt 3,855
Status Active
MLS # RTC2750715
Property Type Single Family Residence
 
 

214 Battle Avenue Franklin, TN 37064

Price $1,699,900
Beds 3
Baths 4
Living Area SqFt 2,634
Status Under Contract - Showing
MLS # RTC2752452
Property Type Single Family Residence
 
 

1701 Villa Pl Nashville, TN 37212

Price $1,699,900
Beds 4
Baths 5
Living Area SqFt 3,413
Status Under Contract - Showing
MLS # RTC2748168
Property Type Single Family Residence
 
 

9228 Horton Hwy College Grove, TN 37046

Price $1,699,000
Beds 5
Baths 5
Living Area SqFt 4,550
Status Active
MLS # RTC2613878
Property Type Single Family Residence
 
 

201 Ward Ln Hendersonville, TN 37075

Price $1,699,000
Beds 4
Baths 4
Living Area SqFt 4,508
Status Active
MLS # RTC2745714
Property Type Single Family Residence
 
 

9417 Green Hill Cir Brentwood, TN 37027

Price $1,699,000
Beds 5
Baths 4
Living Area SqFt 4,000
Status Coming Soon / Hold
MLS # RTC2754928
Property Type Single Family Residence
 
 

700 Rebel Rd Old Hickory, TN 37138

Price $1,699,000
Beds 4
Baths 3
Living Area SqFt 3,125
Status Active
MLS # RTC2701546
Property Type Single Family Residence
 
 

234 Halswelle Dr Franklin, TN 37064

$1,699,000 - 6Br/6Ba -  for Sale in Lockwood Glen Sec12, Franklin
Open House
Price $1,699,000
Beds 6
Baths 6
Living Area SqFt 5,301
Status Active
MLS # RTC2745155
Property Type Single Family Residence
 
 

3957 Casparis Rd Franklin, TN 37064

Price $1,695,000
Beds 5
Baths 5
Living Area SqFt 3,713
Status Active
MLS # RTC2754464
Property Type Single Family Residence
 
 

5000 Halls Hill Pike Murfreesboro, TN 37130

Price $1,695,000
Beds 5
Baths 7
Living Area SqFt 5,164
Status Active
MLS # RTC2755161
Property Type Single Family Residence
 
 

921 Sutton Hill Rd Nashville, TN 37204

Price $1,695,000
Beds 4
Baths 4
Living Area SqFt 3,728
Status Under Contract - Showing
MLS # RTC2748073
Property Type Single Family Residence
 
 

2109 Burgin Dr Thompsons Station, TN 37179

$1,695,000 - 4Br/6Ba -  for Sale in Whistle Stop Farms Sec1, Thompsons Station
New
Price $1,695,000
Beds 4
Baths 6
Living Area SqFt 4,108
Status Coming Soon / Hold
MLS # RTC2757538
Property Type Single Family Residence
 
 

441 Otter Creek Ln Crossville, TN 38571

Price $1,695,000
Beds 4
Baths 5
Living Area SqFt 4,474
Status Active
MLS # RTC2656179
Property Type Single Family Residence
 
 

211 Forest Avenue Chattanooga, TN 37405

Price $1,695,000
Beds 3
Baths 4
Living Area SqFt 3,542
Status Active
MLS # RTC2459079
Property Type Townhouse
 
 

2504 Pullman Ct Thompsons Station, TN 37179

Price $1,695,000
Beds 5
Baths 5
Living Area SqFt 4,955
Status Under Contract - Showing
MLS # RTC2685785
Property Type Single Family Residence
 
 

4745 Majestic Meadows #1320 Arrington, TN 37014

Price $1,691,735
Beds 5
Baths 8
Living Area SqFt 4,676
Status Under Contract - Not Showing
MLS # RTC2625418
Property Type Single Family Residence
 
 

2173 Highway 82 South Shelbyville, TN 37160

Price $1,690,000
Beds 4
Baths 3
Living Area SqFt 3,250
Status Active
MLS # RTC2668252
Property Type Single Family Residence
 
 

2142 Braly Ln Pulaski, TN 38478

Price $1,690,000
Beds 5
Baths 4
Living Area SqFt 4,342
Status Active
MLS # RTC2748119
Property Type Single Family Residence
 
 

146 Peach Rd Leoma, TN 38468

Price $1,690,000
Beds 3
Baths 4
Living Area SqFt 10,510
Status Under Contract - Showing
MLS # RTC2677390
Property Type Single Family Residence
 
 

9179 Fox Run Dr Brentwood, TN 37027

Price $1,690,000
Beds 4
Baths 4
Living Area SqFt 4,502
Status Under Contract - Not Showing
MLS # RTC2753935
Property Type Single Family Residence
 
 

296 38th Ave N Nashville, TN 37209

Price $1,690,000
Beds 3
Baths 4
Living Area SqFt 3,380
Status Active
MLS # RTC2691014
Property Type Single Family Residence
 
 

3358 Acklen Ave Nashville, TN 37212

Price $1,690,000
Beds 4
Baths 4
Living Area SqFt 3,926
Status Active
MLS # RTC2703895
Property Type Single Family Residence
 
 

2021 Hobo Shaw Rd Lewisburg, TN 37091

Price $1,685,400
Beds 3
Baths 3
Living Area SqFt 5,167
Status Active
MLS # RTC2698120
Property Type Single Family Residence
 
 

Rocky Hollow Road Winchester, TN 37398

Price $1,685,000
Beds 3
Baths 4
Living Area SqFt 3,000
Status Under Contract - Showing
MLS # RTC2628303
Property Type Single Family Residence
 
 

1003 W Grove Ave Nashville, TN 37203

Price $1,685,000
Beds 4
Baths 4
Living Area SqFt 3,465
Status Active
MLS # RTC2686542
Property Type Single Family Residence
 
 

5036 Owenruth Dr Franklin, TN 37069

Price $1,681,900
Beds 5
Baths 6
Living Area SqFt 4,264
Status Active
MLS # RTC2652843
Property Type Single Family Residence
 
 

10795 Threet Rd Christiana, TN 37037

Price $1,680,000
Beds 5
Baths 4
Living Area SqFt 5,012
Status Active
MLS # RTC2751122
Property Type Single Family Residence
 
 

7076 Sky Meadow Dr College Grove, TN 37046

Price $1,675,000
Beds 6
Baths 7
Living Area SqFt 6,173
Status Active
MLS # RTC2706901
Property Type Single Family Residence
 
 

9434 Highwood Hill Rd Brentwood, TN 37027

Price $1,675,000
Beds 5
Baths 5
Living Area SqFt 6,178
Status Active
MLS # RTC2750736
Property Type Single Family Residence
 
 

449 Rochelle Dr Nashville, TN 37220

Price $1,675,000
Beds 5
Baths 6
Living Area SqFt 4,285
Status Under Contract - Showing
MLS # RTC2747169
Property Type Single Family Residence
 
 

1502 Ferguson Ave Nashville, TN 37212

Price $1,675,000
Beds 6
Baths 5
Living Area SqFt 4,231
Status Under Contract - Showing
MLS # RTC2700876
Property Type Single Family Residence
 
 

4380 Trousdale Ln Columbia, TN 38401

Price $1,675,000
Beds 3
Baths 4
Living Area SqFt 4,509
Status Under Contract - Not Showing
MLS # RTC2739460
Property Type Single Family Residence
 
 

6202 Greenhill Blvd Nw Fort Payne, AL 35967

Price $1,675,000
Beds 7
Baths 9
Living Area SqFt 7,200
Status Active
MLS # RTC2634888
Property Type Single Family Residence
 
 

613 Eton Ct Franklin, TN 37064

Price $1,675,000
Beds 3
Baths 4
Living Area SqFt 4,170
Status Under Contract - Not Showing
MLS # RTC2705717
Property Type Single Family Residence
 
 

3403 Elkins Ave Nashville, TN 37209

$1,675,000 - 4Br/5Ba -  for Sale in Sylvan Heights, Nashville
Open House
Price $1,675,000
Beds 4
Baths 5
Living Area SqFt 4,000
Status Active
MLS # RTC2708268
Property Type Single Family Residence
 
 

3313 Elkins Ave Nashville, TN 37209

$1,675,000 - 4Br/5Ba -  for Sale in Hortense Place, Nashville
Open House
Price $1,675,000
Beds 4
Baths 5
Living Area SqFt 3,996
Status Active
MLS # RTC2746314
Property Type Single Family Residence