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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255 Spencer Creek Rd Franklin, TN 37069

Price $1,445,000
Beds 4
Baths 5
Living Area SqFt 5,796
Status Active
MLS # RTC2647978
Property Type Single Family Residence
 
 

4910 Shoreline Drive Chattanooga, TN 37416

Price $1,445,000
Beds 3
Baths 3
Living Area SqFt 3,496
Status Active
MLS # RTC2611122
Property Type Single Family Residence
 
 

4041 Kathie Drive Thompsons Station, TN 37179

Price $1,443,603
Beds 5
Baths 5
Living Area SqFt 4,250
Status Active
MLS # RTC2755408
Property Type Single Family Residence
 
 

7932 Halewood Drive College Grove, TN 37046

Price $1,442,500
Beds 6
Baths 6
Living Area SqFt 4,754
Status Under Contract - Not Showing
MLS # RTC2756468
Property Type Single Family Residence
 
 

5013 Fairhaven Circle Thompsons Station, TN 37179

Price $1,440,518
Beds 6
Baths 6
Living Area SqFt 4,532
Status Under Contract - Not Showing
MLS # RTC2608610
Property Type Single Family Residence
 
 

5049 Fairhaven Circle Thompsons Station, TN 37179

Price $1,436,845
Beds 6
Baths 6
Living Area SqFt 4,058
Status Under Contract - Not Showing
MLS # RTC2632698
Property Type Single Family Residence
 
 

5956 Greenbrier Rd Franklin, TN 37064

Price $1,435,000
Beds 3
Baths 3
Living Area SqFt 2,863
Status Active
MLS # RTC2747033
Property Type Single Family Residence
 
 

1005 Pasadena Dr Brentwood, TN 37027

Price $1,430,220
Beds 4
Baths 5
Living Area SqFt 4,033
Status Under Contract - Not Showing
MLS # RTC2646815
Property Type Single Family Residence
 
 

12273 Manchester Pike Christiana, TN 37037

Price $1,430,000
Beds 3
Baths 6
Living Area SqFt 4,302
Status Active
MLS # RTC2741423
Property Type Single Family Residence
 
 

7027 Kinderhook Rd Nashville, TN 37221

Price $1,429,900
Beds 4
Baths 5
Living Area SqFt 3,106
Status Under Contract - Not Showing
MLS # RTC2687811
Property Type Single Family Residence
 
 

4013 Kathie Dr Thompsons Station, TN 37179

$1,429,900 - 5Br/5Ba -  for Sale in Fountain View, Thompsons Station
Open House
Price $1,429,900
Beds 5
Baths 5
Living Area SqFt 4,082
Status Active
MLS # RTC2745517
Property Type Single Family Residence
 
 

515 Church St #3306 Nashville, TN 37219

Price $1,425,000
Beds 2
Baths 2
Living Area SqFt 1,053
Status Active
MLS # RTC2751368
Property Type High Rise
 
 

5857 Branta Dr Franklin, TN 37064

Price $1,425,000
Beds 5
Baths 5
Living Area SqFt 3,952
Status Active
MLS # RTC2752549
Property Type Single Family Residence
 
 

1707 Eastland Ave Nashville, TN 37206

Price $1,425,000
Beds 5
Baths 3
Living Area SqFt 2,839
Status Under Contract - Showing
MLS # RTC2745947
Property Type Single Family Residence
 
 

414 Lena Ln Franklin, TN 37067

Price $1,425,000
Beds 6
Baths 6
Living Area SqFt 5,044
Status Active
MLS # RTC2702967
Property Type Single Family Residence
 
 

2008 Vail Trace Nolensville, TN 37135

Price $1,424,900
Beds 5
Baths 6
Living Area SqFt 4,311
Status Under Contract - Not Showing
MLS # RTC2751516
Property Type Single Family Residence
 
 

7043 Starnes Creek Blvd Franklin, TN 37064

$1,424,900 - 5Br/6Ba -  for Sale in Starnes Creek, Franklin
Open House
Price $1,424,900
Beds 5
Baths 6
Living Area SqFt 4,646
Status Active
MLS # RTC2751385
Property Type Single Family Residence
 
 

2907 Avenue Downs Dr Thompsons Station, TN 37179

Price $1,424,409
Beds 5
Baths 6
Living Area SqFt 4,510
Status Under Contract - Not Showing
MLS # RTC2628150
Property Type Single Family Residence
 
 

107 Bluegrass Cir Hendersonville, TN 37075

Price $1,420,000
Beds 4
Baths 6
Living Area SqFt 4,995
Status Active
MLS # RTC2705670
Property Type Single Family Residence
 
 

3375 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,419,900
Beds 5
Baths 6
Living Area SqFt 4,864
Status Active
MLS # RTC2750020
Property Type Single Family Residence
 
 

8000 Southvale Blvd Franklin, TN 37064

Price $1,419,880
Beds 4
Baths 4
Living Area SqFt 3,128
Status Active
MLS # RTC2752392
Property Type Single Family Residence
 
 

7088 Lampkins Crossing Drive College Grove, TN 37046

Price $1,419,300
Beds 6
Baths 6
Living Area SqFt 4,968
Status Under Contract - Not Showing
MLS # RTC2676731
Property Type Single Family Residence
 
 

3205 Arundel Ln Thompsons Station, TN 37179

Price $1,417,900
Beds 4
Baths 6
Living Area SqFt 4,499
Status Active
MLS # RTC2704231
Property Type Single Family Residence
 
 

2916 Avenue Downs Dr Thompsons Station, TN 37179

$1,417,000 - 5Br/5Ba -  for Sale in Avenue Downs Sec 2, Thompsons Station
Open House
Price $1,417,000
Beds 5
Baths 5
Living Area SqFt 4,654
Status Active
MLS # RTC2748159
Property Type Single Family Residence
 
 

7531 Southwell Drive College Grove, TN 37046

Price $1,410,453
Beds 5
Baths 4
Living Area SqFt 4,624
Status Under Contract - Not Showing
MLS # RTC2677296
Property Type Single Family Residence
 
 

7277 Murrel Dr Franklin, TN 37064

Price $1,409,900
Beds 4
Baths 5
Living Area SqFt 4,156
Status Active
MLS # RTC2756724
Property Type Single Family Residence
 
 

2021 Vail Trace Nolensville, TN 37135

Price $1,409,900
Beds 5
Baths 6
Living Area SqFt 4,311
Status Under Contract - Not Showing
MLS # RTC2709116
Property Type Single Family Residence
 
 

3384 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,406,220
Beds 5
Baths 6
Living Area SqFt 4,494
Status Under Contract - Not Showing
MLS # RTC2693445
Property Type Single Family Residence
 
 

7527 Southwell Drive College Grove, TN 37046

Price $1,404,200
Beds 6
Baths 6
Living Area SqFt 4,841
Status Under Contract - Not Showing
MLS # RTC2677445
Property Type Single Family Residence
 
 

5322 Huffman Road Greenbrier, TN 37073

Price $1,400,000
Beds 4
Baths 3
Living Area SqFt 3,027
Status Active
MLS # RTC2739763
Property Type Single Family Residence
 
 

1075 Sunset Cir Jasper, TN 37347

$1,400,000 - 3Br/4Ba -  for Sale in Jasper Highlands 3-a, Jasper
New
Price $1,400,000
Beds 3
Baths 4
Living Area SqFt 3,000
Status Active
MLS # RTC2758604
Property Type Single Family Residence
 
 

1075 Sunset Circle Jasper, TN 37347

Price $1,400,000
Beds 3
Baths 4
Living Area SqFt 3,000
Status Active
MLS # RTC2755788
Property Type Single Family Residence
 
 

1403 Rural Hill Rd Antioch, TN 37013

Price $1,400,000
Beds 3
Baths 2
Living Area SqFt 1,671
Status Active
MLS # RTC2638198
Property Type Manufactured On Land
 
 

3903 Elkins Ave Nashville, TN 37209

Price $1,400,000
Beds 4
Baths 4
Living Area SqFt 3,071
Status Active
MLS # RTC2682354
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 1903 Nashville, TN 37201

Price $1,400,000
Beds 1
Baths 2
Living Area SqFt 1,009
Status Active
MLS # RTC2708633
Property Type High Rise
 
 

1201 Old Hopewell Rd Castalian Springs, TN 37031

Price $1,400,000
Beds 3
Baths 3
Living Area SqFt 3,042
Status Active
MLS # RTC2704992
Property Type Single Family Residence
 
 

10955 Old Lebanon Rd Murfreesboro, TN 37129

Price $1,400,000
Beds 3
Baths 3
Living Area SqFt 2,939
Status Active
MLS # RTC2707697
Property Type Single Family Residence
 
 

1334 Theta Pike Columbia, TN 38401

Price $1,400,000
Beds 4
Baths 5
Living Area SqFt 4,500
Status Active
MLS # RTC2669433
Property Type Single Family Residence
 
 

6921 Owendale Ln College Grove, TN 37046

Price $1,400,000
Beds 4
Baths 4
Living Area SqFt 3,636
Status Active
MLS # RTC2707808
Property Type Single Family Residence
 
 

529 Ardmore Pl Franklin, TN 37064

Price $1,400,000
Beds 4
Baths 4
Living Area SqFt 3,658
Status Active
MLS # RTC2706233
Property Type Single Family Residence