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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1521 Lewisburg Pike Franklin, TN 37064

Price $1,375,000
Beds 3
Baths 3
Living Area SqFt 2,464
Status Active
MLS # RTC2688801
Property Type Single Family Residence
 
 

1917 Kingsbury Dr Nashville, TN 37215

$1,375,000 - 4Br/3Ba -  for Sale in Forest Hills, Nashville
New
Price $1,375,000
Beds 4
Baths 3
Living Area SqFt 2,920
Status Active
MLS # RTC2762139
Property Type Single Family Residence
 
 

3809a Murphy Rd Nashville, TN 37209

Price $1,374,999
Beds 4
Baths 6
Living Area SqFt 3,534
Status Active
MLS # RTC2708364
Property Type Horizontal Property Regime - Detached
 
 

3388 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,374,900
Beds 5
Baths 6
Living Area SqFt 4,377
Status Active
MLS # RTC2752090
Property Type Single Family Residence
 
 

817 Plantation Way Gallatin, TN 37066

Price $1,374,000
Beds 4
Baths 4
Living Area SqFt 4,032
Status Under Contract - Showing
MLS # RTC2745809
Property Type Single Family Residence
 
 

2772 Otterham Dr Thompsons Station, TN 37179

Price $1,373,900
Beds 5
Baths 6
Living Area SqFt 4,264
Status Under Contract - Not Showing
MLS # RTC2652832
Property Type Single Family Residence
 
 

5085 Fairhaven Circle Thompsons Station, TN 37179

Price $1,372,990
Beds 5
Baths 4
Living Area SqFt 3,899
Status Active
MLS # RTC2705654
Property Type Single Family Residence
 
 

7405 Leelee Dr Franklin, TN 37064

$1,370,900 - 4Br/5Ba -  for Sale in Starnes Creek, Franklin
New
Price $1,370,900
Beds 4
Baths 5
Living Area SqFt 3,905
Status Active
MLS # RTC2762116
Property Type Single Family Residence
 
 

4037 Kathie Drive Thompsons Station, TN 37179

Price $1,370,000
Beds 5
Baths 5
Living Area SqFt 4,354
Status Under Contract - Not Showing
MLS # RTC2636945
Property Type Single Family Residence
 
 

1411 Robert E Lee Ln Brentwood, TN 37027

Price $1,369,000
Beds 6
Baths 5
Living Area SqFt 4,990
Status Active
MLS # RTC2749163
Property Type Single Family Residence
 
 

1734 Rigsby Ave Murfreesboro, TN 37129

Price $1,368,605
Beds 4
Baths 6
Living Area SqFt 4,500
Status Under Contract - Not Showing
MLS # RTC2602778
Property Type Single Family Residence
 
 

2530 Saint James Dr Franklin, TN 37064

Price $1,365,000
Beds 4
Baths 4
Living Area SqFt 3,289
Status Active
MLS # RTC2759126
Property Type Single Family Residence
 
 

653 Jackson Falls Dr Nashville, TN 37221

Price $1,365,000
Beds 4
Baths 3
Living Area SqFt 3,356
Status Active
MLS # RTC2761138
Property Type Single Family Residence
 
 

9924 Maupin Road Brentwood, TN 37027

Price $1,364,900
Beds 4
Baths 5
Living Area SqFt 3,814
Status Under Contract - Not Showing
MLS # RTC2755075
Property Type Single Family Residence
 
 

7500 Southwell Drive College Grove, TN 37046

Price $1,364,700
Beds 6
Baths 6
Living Area SqFt 4,814
Status Under Contract - Not Showing
MLS # RTC2649002
Property Type Single Family Residence
 
 

2207 Carpenter Bridge Road Columbia, TN 38401

Price $1,364,372
Beds 3
Baths 3
Living Area SqFt 3,196
Status Under Contract - Not Showing
MLS # RTC2594285
Property Type Single Family Residence
 
 

3533 Josephine Way Nolensville, TN 37135

Price $1,360,000
Beds 4
Baths 5
Living Area SqFt 4,238
Status Under Contract - Not Showing
MLS # RTC2543370
Property Type Single Family Residence
 
 

3800 Nebraska Ave Nashville, TN 37209

Price $1,360,000
Beds 5
Baths 4
Living Area SqFt 2,934
Status Under Contract - Not Showing
MLS # RTC2704115
Property Type Single Family Residence
 
 

1554 Pumpkin Ridge Ct Nolensville, TN 37135

Price $1,359,999
Beds 5
Baths 4
Living Area SqFt 4,967
Status Active
MLS # RTC2743679
Property Type Single Family Residence
 
 

5041 Fairhaven Circle Thompsons Station, TN 37179

Price $1,359,990
Beds 5
Baths 5
Living Area SqFt 3,641
Status Active
MLS # RTC2705705
Property Type Single Family Residence
 
 

5017 Fairhaven Circle Thompsons Station, TN 37179

$1,359,990 - 5Br/5Ba -  for Sale in Fairhaven, Thompsons Station
Open House
Price $1,359,990
Beds 5
Baths 5
Living Area SqFt 3,875
Status Active
MLS # RTC2758634
Property Type Single Family Residence
 
 

7413 Leelee Dr Franklin, TN 37064

$1,357,100 - 5Br/6Ba -  for Sale in Starnes Creek, Franklin
New
Price $1,357,100
Beds 5
Baths 6
Living Area SqFt 4,331
Status Active
MLS # RTC2762083
Property Type Single Family Residence
 
 

4029 Kathie Drive Thompsons Station, TN 37179

Price $1,356,280
Beds 5
Baths 6
Living Area SqFt 4,043
Status Under Contract - Not Showing
MLS # RTC2609832
Property Type Single Family Residence
 
 

407 Rushton Ln Clarksville, TN 37043

Price $1,355,000
Beds 4
Baths 5
Living Area SqFt 4,968
Status Active
MLS # RTC2644253
Property Type Single Family Residence
 
 

302 Bel Aire Dr Franklin, TN 37064

Price $1,355,000
Beds 5
Baths 4
Living Area SqFt 3,361
Status Active
MLS # RTC2682091
Property Type Single Family Residence
 
 

124 Watertown Drive Nolensville, TN 37135

Price $1,354,900
Beds 4
Baths 5
Living Area SqFt 4,157
Status Under Contract - Not Showing
MLS # RTC2708804
Property Type Single Family Residence
 
 

43 Landfill Ln Brush Creek, TN 38547

Price $1,350,900
Beds 4
Baths 3
Living Area SqFt 2,604
Status Active
MLS # RTC2750498
Property Type Single Family Residence
 
 

1803 Ashwood Ave Nashville, TN 37212

Price $1,350,000
Beds 4
Baths 3
Living Area SqFt 2,738
Status Active
MLS # RTC2690614
Property Type Single Family Residence
 
 

6064 Kidman Ln Spring Hill, TN 37174

Price $1,350,000
Beds 5
Baths 4
Living Area SqFt 4,059
Status Active
MLS # RTC2749220
Property Type Single Family Residence
 
 

912 Overman Street Chattanooga, TN 37405

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 3,834
Status Active
MLS # RTC2750637
Property Type Single Family Residence
 
 

7056 Big Oak Ln Nolensville, TN 37135

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 3,787
Status Active
MLS # RTC2694351
Property Type Single Family Residence
 
 

1212 Laurel St Unit 602 Nashville, TN 37203

Price $1,350,000
Beds 2
Baths 3
Living Area SqFt 1,563
Status Active
MLS # RTC2659912
Property Type High Rise
 
 

104 Portsmouth Cv Brentwood, TN 37027

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 4,180
Status Active
MLS # RTC2752512
Property Type Single Family Residence
 
 

209 W 13th St Columbia, TN 38401

Price $1,350,000
Beds 6
Baths 6
Living Area SqFt 5,757
Status Active
MLS # RTC2758656
Property Type Single Family Residence
 
 

408 W 6th St Columbia, TN 38401

Price $1,350,000
Beds 3
Baths 3
Living Area SqFt 2,645
Status Active
MLS # RTC2688495
Property Type Single Family Residence
 
 

1204 Laurel Springs Way Signal Mountain, TN 37377

Price $1,350,000
Beds 5
Baths 6
Living Area SqFt 5,464
Status Under Contract - Showing
MLS # RTC2709550
Property Type Single Family Residence
 
 

850 Horizon Dr Franklin, TN 37064

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 2,811
Status Under Contract - Showing
MLS # RTC2753122
Property Type Single Family Residence
 
 

124 Lori Lee Dr Gallatin, TN 37066

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 5,128
Status Under Contract - Showing
MLS # RTC2748082
Property Type Single Family Residence
 
 

884 High Point Ridge Rd Franklin, TN 37069

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 3,640
Status Under Contract - Showing
MLS # RTC2759532
Property Type Single Family Residence
 
 

107 Nannie Ola Ct Lascassas, TN 37085

Price $1,350,000
Beds 4
Baths 4
Living Area SqFt 3,834
Status Under Contract - Not Showing
MLS # RTC2697683
Property Type Single Family Residence