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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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
 
 

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
 
 

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
 
 

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
 
 

106 Whiteside Ct Franklin, TN 37064

Price $1,350,000
Beds 6
Baths 5
Living Area SqFt 4,156
Status Active
MLS # RTC2757898
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
 
 

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
 
 

7715f Sawyer Brown Rd Nashville, TN 37221

$1,350,000 - 5Br/5Ba -  for Sale in Sawyer Brown, Nashville
New
Price $1,350,000
Beds 5
Baths 5
Living Area SqFt 4,080
Status Active
MLS # RTC2762470
Property Type Single Family Residence
 
 

6048 Woodland Hills Dr Nashville, TN 37211

$1,350,000 - 4Br/3Ba -  for Sale in Mountain View, Nashville
New
Price $1,350,000
Beds 4
Baths 3
Living Area SqFt 3,050
Status Coming Soon / Hold
MLS # RTC2762769
Property Type Single Family Residence
 
 

7027 Starnes Creek Blvd Franklin, TN 37064

Price $1,349,900
Beds 6
Baths 6
Living Area SqFt 4,593
Status Under Contract - Not Showing
MLS # RTC2705417
Property Type Single Family Residence
 
 

1046 Pasadena Drive Brentwood, TN 37027

Price $1,349,900
Beds 4
Baths 5
Living Area SqFt 3,814
Status Under Contract - Not Showing
MLS # RTC2704551
Property Type Single Family Residence
 
 

9205 Concord Rd Brentwood, TN 37027

Price $1,349,900
Beds 4
Baths 3
Living Area SqFt 2,477
Status Under Contract - Showing
MLS # RTC2760462
Property Type Single Family Residence
 
 

1713a 14th Ave S Unit A Nashville, TN 37212

Price $1,349,000
Beds 5
Baths 7
Living Area SqFt 3,802
Status Active
MLS # RTC2676228
Property Type Horizontal Property Regime - Attached
 
 

1713b 14th Ave S Unit B Nashville, TN 37212

Price $1,349,000
Beds 5
Baths 7
Living Area SqFt 3,802
Status Active
MLS # RTC2676229
Property Type Horizontal Property Regime - Attached
 
 

1901a Warfield Dr Nashville, TN 37215

Price $1,349,000
Beds 3
Baths 4
Living Area SqFt 2,997
Status Active
MLS # RTC2701926
Property Type Horizontal Property Regime - Detached
 
 

389 Childe Harolds Cir Brentwood, TN 37027

Price $1,349,000
Beds 4
Baths 4
Living Area SqFt 3,847
Status Active
MLS # RTC2703395
Property Type Single Family Residence
 
 

601 S 15th St Nashville, TN 37206

Price $1,349,000
Beds 4
Baths 6
Living Area SqFt 2,906
Status Under Contract - Showing
MLS # RTC2704050
Property Type Single Family Residence
 
 

1509a Woodmont Blvd Nashville, TN 37215

Price $1,349,000
Beds 5
Baths 5
Living Area SqFt 3,870
Status Active
MLS # RTC2744820
Property Type Horizontal Property Regime - Detached
 
 

1109 Lillian St Nashville, TN 37206

Price $1,349,000
Beds 5
Baths 4
Living Area SqFt 3,040
Status Under Contract - Showing
MLS # RTC2748394
Property Type Single Family Residence
 
 

1871 Notting Hill Chattanooga, TN 37405

Price $1,349,000
Beds 4
Baths 4
Living Area SqFt 3,618
Status Active
MLS # RTC2750633
Property Type Single Family Residence
 
 

136 42nd Ave N Nashville, TN 37209

Price $1,349,000
Beds 4
Baths 4
Living Area SqFt 3,225
Status Active
MLS # RTC2751509
Property Type Horizontal Property Regime - Detached
 
 

7849 Barnhill Rd Primm Springs, TN 38476

Price $1,349,000
Beds 3
Baths 3
Living Area SqFt 4,069
Status Active
MLS # RTC2757787
Property Type Single Family Residence
 
 

5107 Longstreet Dr Brentwood, TN 37027

Price $1,349,000
Beds 4
Baths 3
Living Area SqFt 3,262
Status Active
MLS # RTC2761633
Property Type Single Family Residence
 
 

1616 West End Ave Unit 1904 Nashville, TN 37203

$1,349,000 - 2Br/3Ba -  for Sale in The Residences At Broadwest, Nashville
New
Price $1,349,000
Beds 2
Baths 3
Living Area SqFt 1,412
Status Coming Soon / Hold
MLS # RTC2762282
Property Type High Rise
 
 

1000 Douglas Ave Nashville, TN 37206

Price $1,347,975
Beds 4
Baths 5
Living Area SqFt 3,659
Status Active
MLS # RTC2635369
Property Type Single Family Residence
 
 

7536 Southwell Drive College Grove, TN 37046

Price $1,347,400
Beds 5
Baths 5
Living Area SqFt 4,292
Status Under Contract - Not Showing
MLS # RTC2656219
Property Type Single Family Residence
 
 

7949 Halewood Drive College Grove, TN 37046

Price $1,346,800
Beds 5
Baths 5
Living Area SqFt 4,124
Status Under Contract - Not Showing
MLS # RTC2756476
Property Type Single Family Residence
 
 

1037 Camley Street Franklin, TN 37064

Price $1,345,600
Beds 3
Baths 4
Living Area SqFt 2,733
Status Under Contract - Not Showing
MLS # RTC2701048
Property Type Single Family Residence
 
 

109 Chandelle Dr Tullahoma, TN 37388

Price $1,345,000
Beds 4
Baths 4
Living Area SqFt 4,115
Status Active
MLS # RTC2620832
Property Type Single Family Residence
 
 

5044 Fairhaven Circle Thompsons Station, TN 37179

$1,344,990 - 5Br/5Ba -  for Sale in Fairhaven, Thompsons Station
Open House
Price $1,344,990
Beds 5
Baths 5
Living Area SqFt 3,572
Status Active
MLS # RTC2707889
Property Type Single Family Residence
 
 

5065 Fairhaven Circle Thompsons Station, TN 37179

Price $1,340,148
Beds 5
Baths 4
Living Area SqFt 3,899
Status Under Contract - Not Showing
MLS # RTC2648343
Property Type Single Family Residence
 
 

1437 Townsend Blvd Franklin, TN 37064

Price $1,339,466
Beds 3
Baths 4
Living Area SqFt 2,689
Status Active
MLS # RTC2748867
Property Type Single Family Residence
 
 

1225 Davidson Rd Nashville, TN 37205

Price $1,339,000
Beds 4
Baths 4
Living Area SqFt 3,323
Status Active
MLS # RTC2745220
Property Type Single Family Residence
 
 

506 Simonton St Nashville, TN 37221

Price $1,333,000
Beds 4
Baths 4
Living Area SqFt 3,131
Status Active
MLS # RTC2705655
Property Type Single Family Residence
 
 

1443 Townsend Blvd Franklin, TN 37064

Price $1,332,540
Beds 4
Baths 4
Living Area SqFt 2,820
Status Active
MLS # RTC2750931
Property Type Single Family Residence
 
 

7048 Lampkins Crossing Drive College Grove, TN 37046

Price $1,330,923
Beds 6
Baths 6
Living Area SqFt 4,171
Status Under Contract - Not Showing
MLS # RTC2676735
Property Type Single Family Residence
 
 

3340 Highway 230 W Nunnelly, TN 37137

Price $1,330,000
Beds 3
Baths 3
Living Area SqFt 2,776
Status Active
MLS # RTC2707941
Property Type Single Family Residence
 
 

6 Double Branch Rd Columbia, TN 38401

Price $1,329,900
Beds 3
Baths 4
Living Area SqFt 2,689
Status Active
MLS # RTC2690930
Property Type Single Family Residence
 
 

1455 Townsend Blvd Franklin, TN 37064

Price $1,329,854
Beds 4
Baths 4
Living Area SqFt 2,810
Status Active
MLS # RTC2753302
Property Type Single Family Residence