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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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
 
 

123 Carol Dr Murfreesboro, TN 37128

Price $1,500,000
Beds 4
Baths 3
Living Area SqFt 2,745
Status Coming Soon / Hold
MLS # RTC2754690
Property Type Single Family Residence
 
 

1213 Holly St Nashville, TN 37206

$1,500,000 - 3Br/2Ba -  for Sale in Historic East End, Nashville
New
Price $1,500,000
Beds 3
Baths 2
Living Area SqFt 4,941
Status Coming Soon / Hold
MLS # RTC2756895
Property Type Single Family Residence
 
 

4024 Delaware Ave Nashville, TN 37209

$1,500,000 - 4Br/4Ba -  for Sale in Delaware Ave Townhomes, Nashville
New
Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 1,841
Status Coming Soon / Hold
MLS # RTC2757697
Property Type Horizontal Property Regime - Attached
 
 

6724 Buford Station Rd Lynnville, TN 38472

Price $1,500,000
Beds 4
Baths 4
Living Area SqFt 3,767
Status Active
MLS # RTC2697955
Property Type Single Family Residence
 
 

349 Chipman Rd Bethpage, TN 37022

Price $1,500,000
Beds 2
Baths 3
Living Area SqFt 4,370
Status Active
MLS # RTC2699893
Property Type Single Family Residence
 
 

5338 Beckwith Rd Mount Juliet, TN 37122

Price $1,500,000
Beds 3
Baths 2
Living Area SqFt 1,660
Status Active
MLS # RTC2219088
Property Type Single Family Residence
 
 

915 Cadillac Ave Nashville, TN 37204

Price $1,500,000
Beds 6
Baths 3
Living Area SqFt 3,307
Status Active
MLS # RTC2682570
Property Type Single Family Residence
 
 

1644 Valle Verde Dr Brentwood, TN 37027

Price $1,500,000
Beds 5
Baths 5
Living Area SqFt 5,881
Status Active
MLS # RTC2746572
Property Type Single Family Residence
 
 

1864 Laurel Ridge Drive Nashville, TN 37215

Price $1,500,000
Beds 4
Baths 3
Living Area SqFt 3,362
Status Active
MLS # RTC2648718
Property Type Single Family Residence
 
 

4720 Highway 231 S Castalian Springs, TN 37031

$1,500,000 - 4Br/3Ba -  for Sale in Armstrong Prop, Castalian Springs
Open House
Price $1,500,000
Beds 4
Baths 3
Living Area SqFt 2,722
Status Active
MLS # RTC2694052
Property Type Single Family Residence
 
 

421 Avoca St Nashville, TN 37203

$1,500,000 - 3Br/4Ba -  for Sale in Acropolis Townhomes, Nashville
Open House
Price $1,500,000
Beds 3
Baths 4
Living Area SqFt 3,161
Status Active
MLS # RTC2747374
Property Type Townhouse
 
 

12031 Pine Cove Drive Soddy Daisy, TN 37379

$1,500,000 - 6Br/5Ba -  for Sale in Oak Cove Shores, Soddy Daisy
Open House
Price $1,500,000
Beds 6
Baths 5
Living Area SqFt 5,725
Status Active
MLS # RTC2671173
Property Type Single Family Residence
 
 

4922 Comstock Rd Chapel Hill, TN 37034

Price $1,499,999
Beds 3
Baths 4
Living Area SqFt 6,260
Status Active
MLS # RTC2689360
Property Type Single Family Residence
 
 

412 Highland Dr Old Hickory, TN 37138

Price $1,499,999
Beds 3
Baths 4
Living Area SqFt 3,468
Status Active
MLS # RTC2688935
Property Type Single Family Residence
 
 

231 Rep John Lewis Way N Unit 503 Nashville, TN 37219

Price $1,499,999
Beds 3
Baths 4
Living Area SqFt 2,167
Status Active
MLS # RTC2683531
Property Type Loft
 
 

2800 Delaware Ave Nashville, TN 37209

Price $1,499,999
Beds 4
Baths 6
Living Area SqFt 4,053
Status Active
MLS # RTC2691773
Property Type Townhouse
 
 

3120 Highway 431 Spring Hill, TN 37174

$1,499,999 - 4Br/5Ba -  for Sale in Labella Springs, Spring Hill
New
Price $1,499,999
Beds 4
Baths 5
Living Area SqFt 5,052
Status Active
MLS # RTC2756549
Property Type Single Family Residence
 
 

8106 Hilldale Dr Brentwood, TN 37027

Price $1,499,998
Beds 5
Baths 4
Living Area SqFt 5,073
Status Under Contract - Showing
MLS # RTC2703196
Property Type Single Family Residence
 
 

1303 Chickering Dr Unit 101 & 102 Franklin, TN 37064

Price $1,499,996
Beds 6
Baths 8
Living Area SqFt 4,768
Status Active
MLS # RTC2622872
Property Type Horizontal Property Regime - Attached
 
 

5061 Fairhaven Circle Thompsons Station, TN 37179

Price $1,499,990
Beds 6
Baths 6
Living Area SqFt 4,532
Status Active
MLS # RTC2746363
Property Type Single Family Residence
 
 

469 Theas Way Liberty, TN 37095

Price $1,499,900
Beds 5
Baths 4
Living Area SqFt 6,913
Status Active
MLS # RTC2675539
Property Type Single Family Residence
 
 

7404 Leelee Dr Franklin, TN 37064

$1,499,900 - 5Br/7Ba -  for Sale in Starnes Creek, Franklin
New
Price $1,499,900
Beds 5
Baths 7
Living Area SqFt 4,240
Status Active
MLS # RTC2756722
Property Type Single Family Residence
 
 

2037 Vail Trace Nolensville, TN 37135

Price $1,499,900
Beds 4
Baths 5
Living Area SqFt 4,157
Status Active
MLS # RTC2753130
Property Type Single Family Residence
 
 

113 Jefferson Dr Columbia, TN 38401

Price $1,499,900
Beds 4
Baths 5
Living Area SqFt 4,484
Status Active
MLS # RTC2693240
Property Type Single Family Residence
 
 

1046 Wetzel Dr Franklin, TN 37064

Price $1,499,900
Beds 4
Baths 4
Living Area SqFt 3,674
Status Active
MLS # RTC2746167
Property Type Single Family Residence
 
 

2085 Highway 52 E Portland, TN 37148

Price $1,499,900
Beds 3
Baths 2
Living Area SqFt 1,950
Status Active
MLS # RTC2685665
Property Type Single Family Residence
 
 

1616 West End Ave Unit 2204 Nashville, TN 37203

Price $1,499,900
Beds 2
Baths 3
Living Area SqFt 1,412
Status Active
MLS # RTC2656692
Property Type High Rise
 
 

185 Deer Chase Trail Dandridge, TN 37725

Price $1,499,900
Beds 3
Baths 4
Living Area SqFt 3,997
Status Under Contract - Showing
MLS # RTC2747912
Property Type Single Family Residence
 
 

3140 Horn Springs Rd Lebanon, TN 37087

Price $1,499,900
Beds 4
Baths 5
Living Area SqFt 3,604
Status Under Contract - Not Showing
MLS # RTC2703309
Property Type Single Family Residence
 
 

1046 Wetzel Dr Franklin, TN 37064

$1,499,900 - 4Br/4Ba -  for Sale in Riverbluff Sec3, Franklin
New
Price $1,499,900
Beds 4
Baths 4
Living Area SqFt 3,674
Status Active
MLS # RTC2757810
Property Type Single Family Residence
 
 

1033 Southside Ct Nashville, TN 37203

Price $1,499,900
Beds 4
Baths 4
Living Area SqFt 3,076
Status Active
MLS # RTC2641951
Property Type Horizontal Property Regime - Attached
 
 

1492 Boardwalk Pl Gallatin, TN 37066

Price $1,499,900
Beds 4
Baths 3
Living Area SqFt 4,923
Status Under Contract - Showing
MLS # RTC2697874
Property Type Single Family Residence
 
 

1204 Luckett Rd Nashville, TN 37221

$1,499,900 - 4Br/4Ba -  for Sale in Stephens Valley Sec7, Nashville
Open House
Price $1,499,900
Beds 4
Baths 4
Living Area SqFt 3,572
Status Active
MLS # RTC2642744
Property Type Single Family Residence
 
 

3008 Trotters Ln Franklin, TN 37067

Price $1,499,120
Beds 4
Baths 5
Living Area SqFt 4,854
Status Active
MLS # RTC2698882
Property Type Single Family Residence
 
 

2142 Lock B Rd N Clarksville, TN 37043

Price $1,499,000
Beds 4
Baths 5
Living Area SqFt 2,909
Status Active
MLS # RTC2645966
Property Type Single Family Residence
 
 

1485 Ewing Ln Lewisburg, TN 37091

Price $1,499,000
Beds 3
Baths 3
Living Area SqFt 2,547
Status Active
MLS # RTC2740016
Property Type Single Family Residence