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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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
 
 

1746 Kingsbury Dr Nashville, TN 37215

Price $1,525,000
Beds 4
Baths 4
Living Area SqFt 4,387
Status Active
MLS # RTC2695658
Property Type Single Family Residence
 
 

7420 Leelee Dr Franklin, TN 37064

Price $1,524,400
Beds 5
Baths 7
Living Area SqFt 5,035
Status Active
MLS # RTC2748863
Property Type Single Family Residence
 
 

314 N Porter St Winchester, TN 37398

Price $1,520,000
Beds 5
Baths 5
Living Area SqFt 4,068
Status Active
MLS # RTC2755101
Property Type Single Family Residence
 
 

3404 Sarah Bee Lane Thompsons Station, TN 37179

Price $1,517,909
Beds 4
Baths 5
Living Area SqFt 4,021
Status Under Contract - Not Showing
MLS # RTC2680817
Property Type Single Family Residence
 
 

2032 Vail Trace Nolensville, TN 37135

Price $1,515,901
Beds 5
Baths 6
Living Area SqFt 5,228
Status Under Contract - Not Showing
MLS # RTC2635635
Property Type Single Family Residence
 
 

9444 Ashford Pl Brentwood, TN 37027

$1,510,000 - 4Br/5Ba -  for Sale in Chenoweth Sec 4, Brentwood
New
Price $1,510,000
Beds 4
Baths 5
Living Area SqFt 4,836
Status Active
MLS # RTC2756182
Property Type Single Family Residence
 
 

7280 Murrel Dr Franklin, TN 37064

Price $1,504,710
Beds 4
Baths 5
Living Area SqFt 4,238
Status Under Contract - Not Showing
MLS # RTC2698891
Property Type Single Family Residence
 
 

Collier Ln Gallatin, TN 37066

Price $1,500,000
Beds 1
Baths 1
Living Area SqFt 777
Status Active
MLS # RTC2755212
Property Type Single Family Residence
 
 

5049 Fairhaven Circle Thompsons Station, TN 37179

Price $1,500,000
Beds 6
Baths 6
Living Area SqFt 4,058
Status Under Contract - Not Showing
MLS # RTC2632698
Property Type Single Family Residence
 
 

468 Phillips Rd Linden, TN 37096

Price $1,500,000
Beds 3
Baths 4
Living Area SqFt 3,621
Status Active
MLS # RTC2668800
Property Type Single Family Residence
 
 

1582 Hellsneck Ln Waverly, TN 37185

Price $1,500,000
Beds 3
Baths 3
Living Area SqFt 5,400
Status Active
MLS # RTC2677378
Property Type Single Family Residence
 
 

9298 Lebanon Rd E Mount Juliet, TN 37122

Price $1,500,000
Beds 3
Baths 2
Living Area SqFt 1,800
Status Active
MLS # RTC2400835
Property Type Single Family Residence
 
 

1345 Durham Rd Clarksville, TN 37043

Price $1,500,000
Beds 8
Baths 7
Living Area SqFt 8,056
Status Active
MLS # RTC2669314
Property Type Single Family Residence
 
 

205 Mockingbird Rd Nashville, TN 37205

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 2,540
Status Active
MLS # RTC2698049
Property Type Single Family Residence
 
 

3804 Dakota Ave Nashville, TN 37209

Price $1,500,000
Beds 4
Baths 5
Living Area SqFt 3,261
Status Active
MLS # RTC2695108
Property Type Single Family Residence
 
 

438 Deer Run Rd Wartrace, TN 37183

Price $1,500,000
Beds 4
Baths 6
Living Area SqFt 4,800
Status Active
MLS # RTC2704692
Property Type Single Family Residence
 
 

153 Arrowhead Dr Smithville, TN 37166

Price $1,500,000
Beds 3
Baths 2
Living Area SqFt 3,506
Status Active
MLS # RTC2675311
Property Type Single Family Residence
 
 

3650 River Road Decatur, TN 37322

Price $1,500,000
Beds 6
Baths 4
Living Area SqFt 4,500
Status Active
MLS # RTC2690592
Property Type Single Family Residence
 
 

951 Alvin York Highway Whitwell, TN 37397

Price $1,500,000
Beds 6
Baths 5
Living Area SqFt 4,326
Status Active
MLS # RTC2618670
Property Type Single Family Residence
 
 

1172f Goshentown Rd Hendersonville, TN 37075

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 3,517
Status Active
MLS # RTC2706679
Property Type Single Family Residence
 
 

8188 Shoals Branch Rd Primm Springs, TN 38476

Price $1,500,000
Beds 3
Baths 2
Living Area SqFt 2,414
Status Active
MLS # RTC2704358
Property Type Single Family Residence
 
 

3875 Rockdale Fellowship Rd Mount Juliet, TN 37122

Price $1,500,000
Beds 3
Baths 4
Living Area SqFt 4,087
Status Active
MLS # RTC2747441
Property Type Single Family Residence
 
 

1880 E Compton Rd Murfreesboro, TN 37130

Price $1,500,000
Beds 4
Baths 2
Living Area SqFt 3,000
Status Active
MLS # RTC2739534
Property Type Single Family Residence
 
 

894 Odd Fellows Hall Rd Pulaski, TN 38478

Price $1,500,000
Beds 6
Baths 5
Living Area SqFt 4,200
Status Active
MLS # RTC2657144
Property Type Single Family Residence
 
 

1158 Hillview Ln Franklin, TN 37064

Price $1,500,000
Beds 2
Baths 1
Living Area SqFt 1,650
Status Active
MLS # RTC2659166
Property Type Single Family Residence
 
 

21010 River Canyon Road Chattanooga, TN 37405

Price $1,500,000
Beds 3
Baths 3
Living Area SqFt 3,620
Status Active
MLS # RTC2709339
Property Type Single Family Residence
 
 

6923 Cross Keys Rd College Grove, TN 37046

Price $1,500,000
Beds 4
Baths 3
Living Area SqFt 3,607
Status Active
MLS # RTC2750194
Property Type Single Family Residence
 
 

2143 Goodrich Ave Nashville, TN 37218

Price $1,500,000
Beds 3
Baths 4
Living Area SqFt 2,850
Status Under Contract - Showing
MLS # RTC2644236
Property Type Horizontal Property Regime - Detached
 
 

1302 Tyne Blvd Nashville, TN 37215

Price $1,500,000
Beds 3
Baths 3
Living Area SqFt 2,172
Status Under Contract - Showing
MLS # RTC2665405
Property Type Single Family Residence
 
 

3300 Walton Ln Nashville, TN 37216

Price $1,500,000
Beds 2
Baths 1
Living Area SqFt 1,298
Status Under Contract - Showing
MLS # RTC2355956
Property Type Single Family Residence
 
 

531 Midway Cir Brentwood, TN 37027

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 4,717
Status Under Contract - Showing
MLS # RTC2744013
Property Type Single Family Residence
 
 

3 Jerrell Ln Gordonsville, TN 38563

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 4,050
Status Under Contract - Showing
MLS # RTC2689668
Property Type Single Family Residence
 
 

8427 Pettus Rd Eagleville, TN 37060

Price $1,500,000
Beds 3
Baths 3
Living Area SqFt 3,106
Status Under Contract - Showing
MLS # RTC2707847
Property Type Single Family Residence
 
 

8222 Shoals Branch Rd Primm Springs, TN 38476

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 3,138
Status Under Contract - Showing
MLS # RTC2667325
Property Type Single Family Residence
 
 

3600 Sperry Ave Nashville, TN 37215

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 3,256
Status Under Contract - Not Showing
MLS # RTC2752601
Property Type Single Family Residence
 
 

6511 Leipers Creek Rd Columbia, TN 38401

Price $1,500,000
Beds 4
Baths 3
Living Area SqFt 3,642
Status Under Contract - Not Showing
MLS # RTC2701970
Property Type Single Family Residence