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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5101 Fairhaven Circle Thompsons Station, TN 37179

Price $1,638,231
Beds 6
Baths 6
Living Area SqFt 5,038
Status Under Contract - Not Showing
MLS # RTC2638055
Property Type Single Family Residence
 
 

2824 Robert Truelove Rd Columbia, TN 38401

Price $1,629,000
Beds 3
Baths 2
Living Area SqFt 2,224
Status Active
MLS # RTC2703105
Property Type Single Family Residence
 
 

1050 Pasadena Drive Brentwood, TN 37027

Price $1,620,282
Beds 6
Baths 7
Living Area SqFt 5,351
Status Under Contract - Not Showing
MLS # RTC2632150
Property Type Single Family Residence
 
 

506 Clematis Dr Nashville, TN 37205

Price $1,615,000
Beds 4
Baths 4
Living Area SqFt 3,259
Status Active
MLS # RTC2757675
Property Type Single Family Residence
 
 

1212 Demonbreun St Unit B4(p) Nashville, TN 37203

$1,613,000 - 2Br/3Ba -  for Sale in Pullman Gulch Union, Nashville
Open House
Price $1,613,000
Beds 2
Baths 3
Living Area SqFt 1,502
Status Active
MLS # RTC2757208
Property Type High Rise
 
 

5212 Fairhaven Court Thompsons Station, TN 37179

Price $1,603,833
Beds 6
Baths 6
Living Area SqFt 5,561
Status Under Contract - Not Showing
MLS # RTC2642593
Property Type Single Family Residence
 
 

7007 Southvale Blvd Franklin, TN 37064

Price $1,602,345
Beds 5
Baths 5
Living Area SqFt 3,973
Status Active
MLS # RTC2707068
Property Type Single Family Residence
 
 

5109 Fairhaven Circle Thompsons Station, TN 37179

Price $1,601,345
Beds 6
Baths 6
Living Area SqFt 5,101
Status Active
MLS # RTC2704945
Property Type Single Family Residence
 
 

1 Spencer Mill Rd Burns, TN 37029

Price $1,600,000
Beds 5
Baths 6
Living Area SqFt 4,600
Status Active
MLS # RTC2632879
Property Type Single Family Residence
 
 

1722 Rigsby Ave Murfreesboro, TN 37129

Price $1,600,000
Beds 7
Baths 7
Living Area SqFt 6,256
Status Under Contract - Not Showing
MLS # RTC2685524
Property Type Single Family Residence
 
 

100 Chatsworth Dr Nashville, TN 37215

Price $1,600,000
Beds 3
Baths 3
Living Area SqFt 3,780
Status Active
MLS # RTC2700198
Property Type Single Family Residence
 
 

5375 County Road 30 Florence, AL 35634

Price $1,600,000
Beds 5
Baths 4
Living Area SqFt 3,955
Status Active
MLS # RTC2752155
Property Type Single Family Residence
 
 

407 Brickenhall Dr Franklin, TN 37069

Price $1,600,000
Beds 5
Baths 5
Living Area SqFt 4,793
Status Active
MLS # RTC2702253
Property Type Single Family Residence
 
 

1237 Kilrush Dr Franklin, TN 37069

Price $1,600,000
Beds 5
Baths 4
Living Area SqFt 4,438
Status Active
MLS # RTC2753039
Property Type Single Family Residence
 
 

374 Rock Springs Rd Smyrna, TN 37167

$1,600,000 - 2Br/1Ba -  for Sale in None, Smyrna
New
Price $1,600,000
Beds 2
Baths 1
Living Area SqFt 984
Status Active
MLS # RTC2761734
Property Type Single Family Residence
 
 

17d Fern Ave Nashville, TN 37207

Price $1,600,000
Beds 5
Baths 5
Living Area SqFt 3,040
Status Active
MLS # RTC2706511
Property Type Single Family Residence
 
 

445 Halltown Rd Portland, TN 37148

Price $1,600,000
Beds 3
Baths 4
Living Area SqFt 3,346
Status Under Contract - Showing
MLS # RTC2697646
Property Type Single Family Residence
 
 

104 The Landings Hendersonville, TN 37075

Price $1,600,000
Beds 3
Baths 4
Living Area SqFt 4,639
Status Coming Soon / Hold
MLS # RTC2747082
Property Type Single Family Residence
 
 

1748 Riverhaven Dr Adams, TN 37010

Price $1,600,000
Beds 5
Baths 4
Living Area SqFt 7,453
Status Coming Soon / Hold
MLS # RTC2761442
Property Type Single Family Residence
 
 

285 Moon Bay Dr Kuttawa, KY 42055

Price $1,600,000
Beds 7
Baths 5
Living Area SqFt 5,418
Status Active
MLS # RTC2645459
Property Type Single Family Residence
 
 

5734 N Lick Creek Rd Franklin, TN 37064

Price $1,600,000
Beds 3
Baths 3
Living Area SqFt 5,067
Status Active
MLS # RTC2739508
Property Type Single Family Residence
 
 

251 Gibbs Ln Gallatin, TN 37066

Price $1,600,000
Beds 2
Baths 1
Living Area SqFt 1,786
Status Active
MLS # RTC2689388
Property Type Single Family Residence
 
 

7775 Medley Amonette Rd Silver Point, TN 38582

Price $1,600,000
Beds 3
Baths 5
Living Area SqFt 4,302
Status Active
MLS # RTC2653969
Property Type Single Family Residence
 
 

609 Pearre Springs Way Franklin, TN 37064

Price $1,600,000
Beds 4
Baths 5
Living Area SqFt 4,449
Status Active
MLS # RTC2753658
Property Type Single Family Residence
 
 

2804b W Kirkwood Ave Nashville, TN 37204

Price $1,599,999
Beds 4
Baths 5
Living Area SqFt 4,306
Status Coming Soon / Hold
MLS # RTC2761179
Property Type Horizontal Property Regime - Attached
 
 

2804a W Kirkwood Ave Nashville, TN 37204

Price $1,599,999
Beds 4
Baths 5
Living Area SqFt 4,306
Status Coming Soon / Hold
MLS # RTC2744842
Property Type Horizontal Property Regime - Attached
 
 

921 Hickory Hills Dr Franklin, TN 37067

Price $1,599,999
Beds 3
Baths 3
Living Area SqFt 1,862
Status Active
MLS # RTC2760746
Property Type Single Family Residence
 
 

4638 Genevieve Leigh Dr Nolensville, TN 37135

Price $1,599,900
Beds 5
Baths 5
Living Area SqFt 4,492
Status Active
MLS # RTC2754308
Property Type Single Family Residence
 
 

7421 Leelee Dr Franklin, TN 37064

$1,599,900 - 5Br/6Ba -  for Sale in Starnes Creek, Franklin
New
Price $1,599,900
Beds 5
Baths 6
Living Area SqFt 4,835
Status Active
MLS # RTC2762079
Property Type Single Family Residence
 
 

1245 Chloe Dr Gallatin, TN 37066

Price $1,599,900
Beds 4
Baths 5
Living Area SqFt 5,715
Status Active
MLS # RTC2697120
Property Type Single Family Residence
 
 

926 Monteagle Falls Rd Monteagle, TN 37356

Price $1,599,900
Beds 3
Baths 4
Living Area SqFt 3,100
Status Active
MLS # RTC2707518
Property Type Single Family Residence
 
 

1040 Annecy Pkwy Nolensville, TN 37135

Price $1,599,900
Beds 5
Baths 6
Living Area SqFt 4,005
Status Active
MLS # RTC2754423
Property Type Single Family Residence
 
 

1052 Wetzel Dr Franklin, TN 37064

Price $1,599,900
Beds 5
Baths 5
Living Area SqFt 3,919
Status Active
MLS # RTC2757821
Property Type Single Family Residence
 
 

1040 Annecy Pkwy Nolensville, TN 37135

Price $1,599,900
Beds 5
Baths 6
Living Area SqFt 2,301
Status Active
MLS # RTC2761423
Property Type Single Family Residence
 
 

543 Turtle Creek Dr Brentwood, TN 37027

Price $1,599,900
Beds 4
Baths 5
Living Area SqFt 5,079
Status Under Contract - Showing
MLS # RTC2755043
Property Type Single Family Residence
 
 

1845 Savannah Springs Dr Franklin, TN 37064

Price $1,599,900
Beds 5
Baths 4
Living Area SqFt 4,211
Status Active
MLS # RTC2685445
Property Type Single Family Residence
 
 

Bethlehem Way Sevierville, TN 37876

Price $1,599,000
Beds 6
Baths 7
Living Area SqFt 4,800
Status Active
MLS # RTC2581171
Property Type Single Family Residence
 
 

1248 Battlefield Dr Nashville, TN 37215

Price $1,599,000
Beds 4
Baths 4
Living Area SqFt 3,903
Status Active
MLS # RTC2694716
Property Type Horizontal Property Regime - Detached
 
 

2267 Hunter Rd Lewisburg, TN 37091

Price $1,599,000
Beds 4
Baths 5
Living Area SqFt 4,441
Status Active
MLS # RTC2739509
Property Type Single Family Residence
 
 

1905 Hams Creek Rd Pulaski, TN 38478

Price $1,599,000
Beds 2
Baths 1
Living Area SqFt 1,377
Status Active
MLS # RTC2708015
Property Type Single Family Residence