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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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
 
 

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
 
 

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
 
 

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
 
 

1884 New Hope Rd Joelton, TN 37080

Price $1,400,000
Beds 5
Baths 4
Living Area SqFt 4,773
Status Under Contract - Showing
MLS # RTC2708741
Property Type Single Family Residence
 
 

3875 Rockdale Fellowship Rd Mount Juliet, TN 37122

Price $1,400,000
Beds 3
Baths 4
Living Area SqFt 4,087
Status Active
MLS # RTC2747441
Property Type Single Family Residence
 
 

9713 Onyx Ln Brentwood, TN 37027

Price $1,400,000
Beds 4
Baths 3
Living Area SqFt 3,722
Status Under Contract - Showing
MLS # RTC2749466
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
 
 

1923 Hicks Ln Columbia, TN 38401

Price $1,400,000
Beds 5
Baths 6
Living Area SqFt 4,480
Status Active
MLS # RTC2757452
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
 
 

8130 Saundersville Rd Mount Juliet, TN 37122

$1,400,000 - 4Br/3Ba -  for Sale in N/a, Mount Juliet
New
Price $1,400,000
Beds 4
Baths 3
Living Area SqFt 2,400
Status Active
MLS # RTC2758736
Property Type Single Family Residence
 
 

4131 New Highway 96 W Franklin, TN 37064

Price $1,399,999
Beds 3
Baths 5
Living Area SqFt 4,174
Status Active
MLS # RTC2699724
Property Type Single Family Residence
 
 

309 Bayberry Ct Nolensville, TN 37135

Price $1,399,999
Beds 4
Baths 4
Living Area SqFt 3,600
Status Active
MLS # RTC2702700
Property Type Single Family Residence
 
 

402 Page Rd Nashville, TN 37205

Price $1,399,999
Beds 4
Baths 4
Living Area SqFt 2,556
Status Under Contract - Showing
MLS # RTC2704225
Property Type Single Family Residence
 
 

1105 Archer St Nashville, TN 37203

Price $1,399,995
Beds 4
Baths 4
Living Area SqFt 2,194
Status Active
MLS # RTC2677650
Property Type Horizontal Property Regime - Detached
 
 

5017 Fairhaven Circle Thompsons Station, TN 37179

$1,399,990 - 5Br/5Ba -  for Sale in Fairhaven, Thompsons Station
New
Price $1,399,990
Beds 5
Baths 5
Living Area SqFt 3,871
Status Active
MLS # RTC2758634
Property Type Single Family Residence
 
 

5074 Fairhaven Circle Thompsons Station, TN 37179

Price $1,399,990
Beds 5
Baths 5
Living Area SqFt 3,611
Status Active
MLS # RTC2704959
Property Type Single Family Residence
 
 

116 Lewisburg Ave Franklin, TN 37064

Price $1,399,990
Beds 3
Baths 3
Living Area SqFt 2,359
Status Under Contract - Not Showing
MLS # RTC2669332
Property Type Single Family Residence
 
 

914 Douglas Ave Nashville, TN 37206

Price $1,399,990
Beds 5
Baths 5
Living Area SqFt 3,937
Status Active
MLS # RTC2695250
Property Type Single Family Residence
 
 

3416 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,399,900
Beds 6
Baths 6
Living Area SqFt 4,489
Status Active
MLS # RTC2749189
Property Type Single Family Residence
 
 

7031 Starnes Creek Blvd Franklin, TN 37064

Price $1,399,900
Beds 5
Baths 7
Living Area SqFt 4,488
Status Active
MLS # RTC2752557
Property Type Single Family Residence
 
 

3327 Cherry Jack Lane Thompsons Station, TN 37179

Price $1,399,900
Beds 5
Baths 6
Living Area SqFt 4,617
Status Active
MLS # RTC2747558
Property Type Single Family Residence
 
 

3508 Josephine Way Nolensville, TN 37135

$1,399,900 - 4Br/6Ba -  for Sale in Annecy, Nolensville
Open House
Price $1,399,900
Beds 4
Baths 6
Living Area SqFt 4,386
Status Active
MLS # RTC2757814
Property Type Single Family Residence
 
 

3226 Arundel Lane Thompsons Station, TN 37179

Price $1,399,900
Beds 5
Baths 6
Living Area SqFt 4,389
Status Active
MLS # RTC2665446
Property Type Single Family Residence
 
 

3373 Midland Acres Dr Bell Buckle, TN 37020

Price $1,399,900
Beds 4
Baths 3
Living Area SqFt 3,950
Status Active
MLS # RTC2690289
Property Type Single Family Residence
 
 

1209 Luckett Rd Nashville, TN 37221

Price $1,399,900
Beds 4
Baths 5
Living Area SqFt 3,363
Status Active
MLS # RTC2708144
Property Type Single Family Residence
 
 

501 Green Apple Turn Brentwood, TN 37027

Price $1,399,900
Beds 5
Baths 4
Living Area SqFt 3,538
Status Under Contract - Not Showing
MLS # RTC2744693
Property Type Single Family Residence
 
 

13993 Hopewell Rd Silver Point, TN 38582

Price $1,399,900
Beds 5
Baths 4
Living Area SqFt 6,000
Status Under Contract - Showing
MLS # RTC2746752
Property Type Single Family Residence
 
 

217 Eastmoreland St Unit A & B Nashville, TN 37207

$1,399,900 - 8Br/6Ba -  for Sale in Twoseventeen Eastmoreland Street, Nashville
New
Price $1,399,900
Beds 8
Baths 6
Living Area SqFt 4,410
Status Active
MLS # RTC2757930
Property Type Single Family Residence
 
 

884 Pinnacle Hill Rd Kingston Springs, TN 37082

$1,399,900 - 4Br/4Ba -  for Sale in Pinnacle Hill Rd, Kingston Springs
New
Price $1,399,900
Beds 4
Baths 4
Living Area SqFt 3,905
Status Coming Soon / Hold
MLS # RTC2758808
Property Type Single Family Residence
 
 

1035 Southside Ct Nashville, TN 37203

Price $1,399,899
Beds 4
Baths 4
Living Area SqFt 3,156
Status Active
MLS # RTC2641950
Property Type Horizontal Property Regime - Attached
 
 

309 Sunset Island Trl Gallatin, TN 37066

Price $1,399,899
Beds 3
Baths 6
Living Area SqFt 4,719
Status Active
MLS # RTC2673162
Property Type Single Family Residence
 
 

1406 Wedgewood Ave Nashville, TN 37212

Price $1,399,000
Beds 3
Baths 4
Living Area SqFt 2,749
Status Active
MLS # RTC2621586
Property Type Horizontal Property Regime - Attached
 
 

162 Hawkersmith Ln Winchester, TN 37398

Price $1,399,000
Beds 4
Baths 4
Living Area SqFt 3,921
Status Under Contract - Showing
MLS # RTC2637741
Property Type Single Family Residence
 
 

2001 Lynnhaven Ct Mount Juliet, TN 37122

Price $1,399,000
Beds 4
Baths 5
Living Area SqFt 4,989
Status Active
MLS # RTC2657659
Property Type Single Family Residence
 
 

1621 Shoemaker Rd Benton, KY 42025

Price $1,399,000
Beds 4
Baths 4
Living Area SqFt 6,072
Status Active
MLS # RTC2668924
Property Type Single Family Residence
 
 

3432 Amanda Ave Nashville, TN 37215

Price $1,399,000
Beds 5
Baths 5
Living Area SqFt 3,660
Status Under Contract - Showing
MLS # RTC2669477
Property Type Horizontal Property Regime - Detached
 
 

7474 Nashville Hwy Dowelltown, TN 37059

Price $1,399,000
Beds 4
Baths 2
Living Area SqFt 2,000
Status Active
MLS # RTC2679350
Property Type Single Family Residence
 
 

2984 Mccanless Rd Nolensville, TN 37135

Price $1,399,000
Beds 4
Baths 3
Living Area SqFt 3,230
Status Active
MLS # RTC2682176
Property Type Single Family Residence
 
 

1812 Charity Dr Brentwood, TN 37027

Price $1,399,000
Beds 4
Baths 4
Living Area SqFt 3,983
Status Under Contract - Not Showing
MLS # RTC2690343
Property Type Single Family Residence