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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9244 Hidden Mountain Drive Chattanooga, TN 37421

Price $1,575,000
Beds 5
Baths 6
Living Area SqFt 7,299
Status Under Contract - Showing
MLS # RTC2705183
Property Type Single Family Residence
 
 

2210 County Road 131 Bryant, AL 35958

Price $1,570,000
Beds 4
Baths 3
Living Area SqFt 2,364
Status Active
MLS # RTC2709643
 
 
 

4523 Beacon Dr Nashville, TN 37215

Price $1,569,000
Beds 3
Baths 3
Living Area SqFt 3,215
Status Active
MLS # RTC2745864
Property Type Single Family Residence
 
 

1717 Hayes St Unit 1509 Nashville, TN 37203

Price $1,560,000
Beds 3
Baths 3
Living Area SqFt 1,436
Status Active
MLS # RTC2645220
Property Type High Rise
 
 

5000 Fairhaven Circle Thompsons Station, TN 37179

Price $1,555,855
Beds 5
Baths 5
Living Area SqFt 3,611
Status Active
MLS # RTC2744954
Property Type Single Family Residence
 
 

743 Benton Ave Nashville, TN 37204

Price $1,555,000
Beds 5
Baths 3
Living Area SqFt 3,440
Status Active
MLS # RTC2752713
Property Type Single Family Residence
 
 

9187 Fox Run Dr Brentwood, TN 37027

Price $1,555,000
Beds 6
Baths 6
Living Area SqFt 6,101
Status Under Contract - Showing
MLS # RTC2665276
Property Type Single Family Residence
 
 

7276 Murrel Dr Franklin, TN 37064

Price $1,554,935
Beds 5
Baths 6
Living Area SqFt 4,230
Status Under Contract - Not Showing
MLS # RTC2667475
Property Type Single Family Residence
 
 

400 Hume St Nashville, TN 37208

$1,550,900 - 3Br/4Ba -  for Sale in Tennyson Germantown, Nashville
New
Price $1,550,900
Beds 3
Baths 4
Living Area SqFt 2,226
Status Coming Soon / Hold
MLS # RTC2757627
Property Type Townhouse
 
 

885 Fanning Bend Dr Winchester, TN 37398

Price $1,550,000
Beds 4
Baths 6
Living Area SqFt 4,130
Status Active
MLS # RTC2696311
Property Type Single Family Residence
 
 

146 Angels Cove Ln Lebanon, TN 37087

Price $1,550,000
Beds 4
Baths 4
Living Area SqFt 4,169
Status Active
MLS # RTC2756047
Property Type Single Family Residence
 
 

515 Church St Unit 3606 Nashville, TN 37219

$1,550,000 - 2Br/2Ba -  for Sale in 505 High Rise Condominium, Nashville
New
Price $1,550,000
Beds 2
Baths 2
Living Area SqFt 1,053
Status Active
MLS # RTC2756712
Property Type High Rise
 
 

138 Prospect Hill Nashville, TN 37205

$1,550,000 - 5Br/5Ba -  for Sale in Sugartree, Nashville
New
Price $1,550,000
Beds 5
Baths 5
Living Area SqFt 4,998
Status Active
MLS # RTC2757427
Property Type Single Family Residence
 
 

4481 Stockard Road Culleoka, TN 38451

Price $1,550,000
Beds 3
Baths 3
Living Area SqFt 2,520
Status Active
MLS # RTC2668789
Property Type Single Family Residence
 
 

90 Grandview Lake Rd Estill Springs, TN 37330

Price $1,550,000
Beds 4
Baths 4
Living Area SqFt 5,144
Status Active
MLS # RTC2672687
Property Type Single Family Residence
 
 

9600 Stonebluff Dr Brentwood, TN 37027

Price $1,550,000
Beds 4
Baths 5
Living Area SqFt 4,241
Status Active
MLS # RTC2690203
Property Type Single Family Residence
 
 

2516 Rocky Fork Rd Nolensville, TN 37135

Price $1,550,000
Beds 4
Baths 4
Living Area SqFt 4,271
Status Under Contract - Showing
MLS # RTC2657019
Property Type Single Family Residence
 
 

721 Old Hickory Blvd Brentwood, TN 37027

$1,550,000 - 4Br/6Ba -  for Sale in The Eisley Development, Brentwood
Open House
Price $1,550,000
Beds 4
Baths 6
Living Area SqFt 3,640
Status Active
MLS # RTC2756033
Property Type Single Family Residence
 
 

101 Savoy Cir Nashville, TN 37205

$1,550,000 - 4Br/4Ba -  for Sale in Whitworth, Nashville
Open House
Price $1,550,000
Beds 4
Baths 4
Living Area SqFt 4,309
Status Active
MLS # RTC2751898
Property Type Single Family Residence
 
 

1772 Stillwater Cir Brentwood, TN 37027

$1,550,000 - 4Br/5Ba -  for Sale in Highland Park / Raintree Forest So Sec 3, Brentwood
Open House
New
Price $1,550,000
Beds 4
Baths 5
Living Area SqFt 4,584
Status Active
MLS # RTC2756342
Property Type Single Family Residence
 
 

1830 Kettering Trce Brentwood, TN 37027

$1,550,000 - 6Br/5Ba -  for Sale in Taramore Ph 5, Brentwood
Open House
Price $1,550,000
Beds 6
Baths 5
Living Area SqFt 4,867
Status Active
MLS # RTC2698947
Property Type Single Family Residence
 
 

2975 Mccanless Rd Nolensville, TN 37135

Price $1,549,999
Beds 3
Baths 2
Living Area SqFt 2,748
Status Active
MLS # RTC2755704
Property Type Single Family Residence
 
 

7287 Murrel Drive Franklin, TN 37064

$1,549,900 - 5Br/6Ba -  for Sale in Starnes Creek, Franklin
Open House
Price $1,549,900
Beds 5
Baths 6
Living Area SqFt 4,598
Status Active
MLS # RTC2754395
Property Type Single Family Residence
 
 

776 Bathwick Dr Brentwood, TN 37027

Price $1,549,900
Beds 7
Baths 5
Living Area SqFt 5,047
Status Active
MLS # RTC2708921
Property Type Single Family Residence
 
 

6625 Flushing Dr College Grove, TN 37046

Price $1,549,000
Beds 5
Baths 5
Living Area SqFt 4,499
Status Active
MLS # RTC2706491
Property Type Single Family Residence
 
 

817 Walden Dr Franklin, TN 37064

Price $1,545,000
Beds 5
Baths 4
Living Area SqFt 4,358
Status Active
MLS # RTC2696230
Property Type Single Family Residence
 
 

351 Barlow Ln Lascassas, TN 37085

Price $1,545,000
Beds 5
Baths 4
Living Area SqFt 4,558
Status Active
MLS # RTC2739564
Property Type Single Family Residence
 
 

1127 Meroney Street Chattanooga, TN 37405

$1,545,000 - 5Br/6Ba -  for Sale in Magnolia One, Chattanooga
Open House
Price $1,545,000
Beds 5
Baths 6
Living Area SqFt 4,619
Status Active
MLS # RTC2750630
 
 
 

4208 Lone Oak Rd Nashville, TN 37215

Price $1,544,900
Beds 5
Baths 5
Living Area SqFt 4,031
Status Active
MLS # RTC2655801
Property Type Horizontal Property Regime - Detached
 
 

4561 Majestic Meadows Dr Arrington, TN 37014

Price $1,544,000
Beds 5
Baths 6
Living Area SqFt 4,517
Status Active
MLS # RTC2687889
Property Type Single Family Residence
 
 

7024 Southvale Blvd Franklin, TN 37064

Price $1,540,000
Beds 4
Baths 5
Living Area SqFt 3,670
Status Under Contract - Not Showing
MLS # RTC2698698
Property Type Single Family Residence
 
 

112 Addison Ave Franklin, TN 37064

Price $1,540,000
Beds 4
Baths 4
Living Area SqFt 3,555
Status Active
MLS # RTC2745608
Property Type Single Family Residence
 
 

874 Harrisburg Ln Mount Juliet, TN 37122

$1,539,900 - 4Br/5Ba -  for Sale in Wright Farms Sec Six-b, Mount Juliet
New
Price $1,539,900
Beds 4
Baths 5
Living Area SqFt 4,512
Status Under Contract - Not Showing
MLS # RTC2756490
Property Type Single Family Residence
 
 

1022 Pasadena Dr Brentwood, TN 37027

Price $1,533,898
Beds 4
Baths 5
Living Area SqFt 3,848
Status Under Contract - Not Showing
MLS # RTC2623506
Property Type Single Family Residence
 
 

3412 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,531,780
Beds 5
Baths 7
Living Area SqFt 4,491
Status Under Contract - Not Showing
MLS # RTC2654967
Property Type Single Family Residence
 
 

2006 Seco Ln Brentwood, TN 37027

Price $1,529,400
Beds 4
Baths 5
Living Area SqFt 4,157
Status Under Contract - Not Showing
MLS # RTC2683251
Property Type Single Family Residence
 
 

4021 Kathie Drive Thompsons Station, TN 37179

Price $1,528,813
Beds 5
Baths 6
Living Area SqFt 4,043
Status Under Contract - Not Showing
MLS # RTC2609833
Property Type Single Family Residence
 
 

3376 Sarah Bee Lane Thompsons Station, TN 37179

Price $1,528,050
Beds 5
Baths 6
Living Area SqFt 4,617
Status Under Contract - Not Showing
MLS # RTC2709221
Property Type Single Family Residence
 
 

7031 Southvale Blvd Franklin, TN 37064

Price $1,527,500
Beds 5
Baths 6
Living Area SqFt 3,811
Status Active
MLS # RTC2747345
Property Type Single Family Residence
 
 

3914 Caylor Dr Nashville, TN 37215

Price $1,525,000
Beds 3
Baths 2
Living Area SqFt 3,150
Status Active
MLS # RTC2707394
Property Type Single Family Residence