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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1006 Cheltenham Ave Franklin, TN 37064

Price $1,475,000
Beds 4
Baths 4
Living Area SqFt 2,986
Status Under Contract - Not Showing
MLS # RTC2706516
Property Type Single Family Residence
 
 

3152 Albert Robinson Rd Selmer, TN 38375

Price $1,475,000
Beds 5
Baths 6
Living Area SqFt 3,900
Status Active
MLS # RTC2694898
Property Type Single Family Residence
 
 

6105 Melbourne Dr Nashville, TN 37215

Price $1,475,000
Beds 4
Baths 4
Living Area SqFt 3,890
Status Under Contract - Showing
MLS # RTC2695518
Property Type Single Family Residence
 
 

1250 East Rd Clarksville, TN 37040

Price $1,475,000
Beds 4
Baths 4
Living Area SqFt 4,370
Status Active
MLS # RTC2706253
Property Type Single Family Residence
 
 

3000 Poston Ave Unit 406 Nashville, TN 37203

Price $1,474,999
Beds 3
Baths 3
Living Area SqFt 1,988
Status Under Contract - Not Showing
MLS # RTC2690184
Property Type Flat Condo
 
 

3001 Arroyo Way Brentwood, TN 37027

Price $1,474,900
Beds 5
Baths 5
Living Area SqFt 4,646
Status Under Contract - Not Showing
MLS # RTC2698471
Property Type Single Family Residence
 
 

12275 Hogwood Rd Milton, TN 37118

Price $1,474,900
Beds 4
Baths 5
Living Area SqFt 4,450
Status Active
MLS # RTC2663013
Property Type Single Family Residence
 
 

1315b Hawkins St Nashville, TN 37203

Price $1,474,900
Beds 3
Baths 4
Living Area SqFt 3,948
Status Active
MLS # RTC2661832
Property Type Horizontal Property Regime - Detached
 
 

4634 Genevieve Leigh Dr Nolensville, TN 37135

Price $1,472,075
Beds 5
Baths 5
Living Area SqFt 4,409
Status Under Contract - Not Showing
MLS # RTC2754484
Property Type Single Family Residence
 
 

8053 Atlee Court College Grove, TN 37046

$1,470,100 - 5Br/5Ba -  for Sale in Reeds Vale, College Grove
New
Price $1,470,100
Beds 5
Baths 5
Living Area SqFt 4,239
Status Under Contract - Not Showing
MLS # RTC2756660
Property Type Single Family Residence
 
 

2819 Kell Road Signal Mountain, TN 37377

Price $1,470,000
Beds 6
Baths 6
Living Area SqFt 6,268
Status Active
MLS # RTC2709761
Property Type Single Family Residence
 
 

2819 Kell Rd Signal Mountain, TN 37377

Price $1,470,000
Beds 6
Baths 6
Living Area SqFt 6,268
Status Active
MLS # RTC2677392
Property Type Single Family Residence
 
 

1026 Pasadena Drive Brentwood, TN 37027

Price $1,469,900
Beds 5
Baths 6
Living Area SqFt 5,052
Status Under Contract - Not Showing
MLS # RTC2695019
Property Type Single Family Residence
 
 

7921 Halewood Court College Grove, TN 37046

$1,469,000 - 6Br/6Ba -  for Sale in Reeds Vale, College Grove
New
Price $1,469,000
Beds 6
Baths 6
Living Area SqFt 4,600
Status Under Contract - Not Showing
MLS # RTC2756455
Property Type Single Family Residence
 
 

8049 Atlee Court College Grove, TN 37046

$1,465,600 - 5Br/5Ba -  for Sale in Reeds Vale, College Grove
New
Price $1,465,600
Beds 5
Baths 5
Living Area SqFt 4,205
Status Under Contract - Not Showing
MLS # RTC2756664
Property Type Single Family Residence
 
 

321 31st Ave N Unit 207 Nashville, TN 37203

Price $1,465,000
Beds 2
Baths 2
Living Area SqFt 1,417
Status Under Contract - Showing
MLS # RTC2611710
Property Type Other Condo
 
 

3581 Benders Ferry Rd Mount Juliet, TN 37122

Price $1,465,000
Beds 3
Baths 3
Living Area SqFt 2,170
Status Active
MLS # RTC2691520
Property Type Single Family Residence
 
 

814 Denning Ford Rd Portland, TN 37148

Price $1,463,900
Beds 4
Baths 4
Living Area SqFt 5,857
Status Active
MLS # RTC2657254
Property Type Single Family Residence
 
 

1601 Peerman Dr Nashville, TN 37206

Price $1,462,390
Beds 5
Baths 5
Living Area SqFt 3,819
Status Under Contract - Not Showing
MLS # RTC2754950
Property Type Single Family Residence
 
 

7224 Murrel Dr Franklin, TN 37064

Price $1,460,000
Beds 4
Baths 5
Living Area SqFt 4,082
Status Active
MLS # RTC2747362
Property Type Single Family Residence
 
 

882 Harrisburg Ln Mount Juliet, TN 37122

Price $1,459,900
Beds 4
Baths 5
Living Area SqFt 4,174
Status Under Contract - Not Showing
MLS # RTC2687333
Property Type Single Family Residence
 
 

200 Pioneer Trl Savannah, TN 38372

Price $1,459,000
Beds 5
Baths 5
Living Area SqFt 4,000
Status Active
MLS # RTC2672531
Property Type Single Family Residence
 
 

7417 Leelee Dr Franklin, TN 37064

Price $1,458,899
Beds 4
Baths 5
Living Area SqFt 4,325
Status Under Contract - Not Showing
MLS # RTC2687103
Property Type Single Family Residence
 
 

2005 Vail Trace Nolensville, TN 37135

Price $1,454,920
Beds 4
Baths 4
Living Area SqFt 3,781
Status Under Contract - Not Showing
MLS # RTC2638160
Property Type Single Family Residence
 
 

8635 Mountain Laurel Trail Signal Mountain, TN 37377

Price $1,450,000
Beds 4
Baths 4
Living Area SqFt 3,820
Status Under Contract - Showing
MLS # RTC2699401
Property Type Single Family Residence
 
 

5077 Fairhaven Circle Thompsons Station, TN 37179

Price $1,450,000
Beds 6
Baths 6
Living Area SqFt 4,058
Status Under Contract - Not Showing
MLS # RTC2701570
Property Type Single Family Residence
 
 

6899 Old Mill Creek Rd Nunnelly, TN 37137

Price $1,450,000
Beds 3
Baths 2
Living Area SqFt 1,905
Status Active
MLS # RTC2687115
Property Type Single Family Residence
 
 

117 Erica Ter Carthage, TN 37030

Price $1,450,000
Beds 5
Baths 6
Living Area SqFt 4,160
Status Active
MLS # RTC2698677
Property Type Single Family Residence
 
 

1605 Rock Springs Midland Rd Christiana, TN 37037

Price $1,450,000
Beds 5
Baths 5
Living Area SqFt 4,845
Status Active
MLS # RTC2705635
Property Type Single Family Residence
 
 

565 Thoroughbred Ln Hartsville, TN 37074

Price $1,450,000
Beds 4
Baths 5
Living Area SqFt 4,753
Status Active
MLS # RTC2498451
Property Type Single Family Residence
 
 

3617 Ronstadt Rd Thompsons Station, TN 37179

Price $1,450,000
Beds 4
Baths 5
Living Area SqFt 4,045
Status Active
MLS # RTC2752677
Property Type Single Family Residence
 
 

209 Cypress Point Dr Winchester, TN 37398

Price $1,450,000
Beds 5
Baths 6
Living Area SqFt 4,449
Status Active
MLS # RTC2749679
Property Type Single Family Residence
 
 

3000 Poston Ave Unit 405 Nashville, TN 37203

Price $1,450,000
Beds 3
Baths 3
Living Area SqFt 1,733
Status Active
MLS # RTC2754608
Property Type High Rise
 
 

6401 Waterford Dr Brentwood, TN 37027

Price $1,450,000
Beds 5
Baths 4
Living Area SqFt 4,100
Status Active
MLS # RTC2755708
Property Type Single Family Residence
 
 

5018 Rockport Ave Franklin, TN 37064

Price $1,450,000
Beds 4
Baths 4
Living Area SqFt 3,928
Status Under Contract - Showing
MLS # RTC2705374
Property Type Single Family Residence
 
 

4552 Majestic Meadows Dr Arrington, TN 37014

Price $1,450,000
Beds 4
Baths 5
Living Area SqFt 4,248
Status Under Contract - Showing
MLS # RTC2750745
Property Type Single Family Residence
 
 

360 Fairway Dr Clarksville, TN 37043

Price $1,450,000
Beds 5
Baths 6
Living Area SqFt 7,241
Status Active
MLS # RTC2609430
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 2203 Nashville, TN 37201

Price $1,450,000
Beds 1
Baths 2
Living Area SqFt 1,009
Status Active
MLS # RTC2693986
Property Type High Rise
 
 

2727 Mclemore Way Franklin, TN 37064

Price $1,450,000
Beds 4
Baths 4
Living Area SqFt 4,564
Status Active
MLS # RTC2700660
Property Type Single Family Residence
 
 

1705 5th Ave N Nashville, TN 37208

Price $1,450,000
Beds 4
Baths 4
Living Area SqFt 2,907
Status Active
MLS # RTC2688475
Property Type Single Family Residence