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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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 3,582
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
 
 

5737 Catholic Church Rd Cedar Hill, TN 37032

Price $1,340,000
Beds 4
Baths 3
Living Area SqFt 2,686
Status Under Contract - Showing
MLS # RTC2749052
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
 
 

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
 
 

2373 Phillips Rd Lewisburg, TN 37091

Price $1,330,000
Beds 3
Baths 2
Living Area SqFt 2,800
Status Active
MLS # RTC2675886
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
 
 

152 Telfair Ln Nolensville, TN 37135

Price $1,329,900
Beds 4
Baths 3
Living Area SqFt 4,009
Status Active
MLS # RTC2702402
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
 
 

843 Tom Osborne Rd Columbia, TN 38401

Price $1,329,000
Beds 4
Baths 4
Living Area SqFt 4,155
Status Active
MLS # RTC2752722
Property Type Single Family Residence
 
 

2470 Matts Hollow Rd Manchester, TN 37355

Price $1,328,000
Beds 3
Baths 1
Living Area SqFt 1,202
Status Under Contract - Not Showing
MLS # RTC2706583
Property Type Single Family Residence
 
 

6412 Simmons Acres Ln Lascassas, TN 37085

Price $1,325,000
Beds 5
Baths 5
Living Area SqFt 4,100
Status Under Contract - Showing
MLS # RTC2656313
Property Type Single Family Residence
 
 

108 Nestledown Xing Bell Buckle, TN 37020

Price $1,325,000
Beds 3
Baths 4
Living Area SqFt 4,142
Status Active
MLS # RTC2660023
Property Type Single Family Residence
 
 

3208 Thoroughbred Dr Hermitage, TN 37076

Price $1,325,000
Beds 4
Baths 5
Living Area SqFt 5,182
Status Active
MLS # RTC2666013
Property Type Single Family Residence
 
 

1650 Tarpley Shop Rd Pulaski, TN 38478

Price $1,325,000
Beds 3
Baths 3
Living Area SqFt 2,656
Status Active
MLS # RTC2666547
Property Type Single Family Residence
 
 

111 Chasepointe Dr Hendersonville, TN 37075

Price $1,325,000
Beds 4
Baths 6
Living Area SqFt 5,042
Status Active
MLS # RTC2697411
Property Type Single Family Residence
 
 

3428 Stagecoach Dr Franklin, TN 37067

Price $1,325,000
Beds 4
Baths 4
Living Area SqFt 4,291
Status Under Contract - Showing
MLS # RTC2708536
Property Type Single Family Residence
 
 

1726 London Ave Murfreesboro, TN 37129

$1,325,000 - 4Br/6Ba -  for Sale in Riverview Cove, Murfreesboro
Open House
Price $1,325,000
Beds 4
Baths 6
Living Area SqFt 3,713
Status Active
MLS # RTC2745683
Property Type Single Family Residence
 
 

408 Ripley Ln Franklin, TN 37064

Price $1,324,900
Beds 3
Baths 4
Living Area SqFt 2,796
Status Under Contract - Showing
MLS # RTC2757410
Property Type Single Family Residence
 
 

5006 Congress Drive Franklin, TN 37064

Price $1,324,650
Beds 4
Baths 4
Living Area SqFt 2,997
Status Under Contract - Not Showing
MLS # RTC2677019
Property Type Single Family Residence
 
 

394 Legato Blvd Murfreesboro, TN 37128

Price $1,321,730
Beds 4
Baths 5
Living Area SqFt 3,536
Status Under Contract - Not Showing
MLS # RTC2750463
Property Type Single Family Residence
 
 

4057 Kathie Drive Thompsons Station, TN 37179

Price $1,320,000
Beds 4
Baths 4
Living Area SqFt 3,394
Status Under Contract - Not Showing
MLS # RTC2618816
Property Type Single Family Residence
 
 

3396 Sarah Bee Lane Thompsons Station, TN 37179

Price $1,319,270
Beds 5
Baths 6
Living Area SqFt 3,860
Status Under Contract - Not Showing
MLS # RTC2656471
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 1803 Nashville, TN 37201

Price $1,319,000
Beds 1
Baths 2
Living Area SqFt 1,009
Status Active
MLS # RTC2694468
Property Type High Rise
 
 

5069 Fairhaven Circle Thompsons Station, TN 37179

Price $1,317,584
Beds 5
Baths 5
Living Area SqFt 3,472
Status Under Contract - Not Showing
MLS # RTC2636946
Property Type Single Family Residence
 
 

3529 Josephine Way Nolensville, TN 37135

Price $1,317,460
Beds 5
Baths 6
Living Area SqFt 4,435
Status Under Contract - Not Showing
MLS # RTC2555798
Property Type Single Family Residence
 
 

4001 Kathie Drive Thompsons Station, TN 37179

Price $1,316,000
Beds 5
Baths 5
Living Area SqFt 4,215
Status Under Contract - Not Showing
MLS # RTC2608630
Property Type Single Family Residence
 
 

3067 Conar St Franklin, TN 37064

Price $1,315,000
Beds 4
Baths 4
Living Area SqFt 2,839
Status Active
MLS # RTC2749009
Property Type Single Family Residence
 
 

1025 Camley Street Franklin, TN 37064

Price $1,314,268
Beds 4
Baths 4
Living Area SqFt 2,844
Status Active
MLS # RTC2707515
Property Type Single Family Residence
 
 

1013 Camley Street Franklin, TN 37064

Price $1,313,104
Beds 3
Baths 4
Living Area SqFt 2,667
Status Active
MLS # RTC2740333
Property Type Single Family Residence
 
 

3400 Sarah Bee Lane Thompsons Station, TN 37179

Price $1,312,970
Beds 5
Baths 6
Living Area SqFt 3,961
Status Under Contract - Not Showing
MLS # RTC2740324
Property Type Single Family Residence
 
 

2032 Landry Pl Franklin, TN 37064

Price $1,306,772
Beds 6
Baths 5
Living Area SqFt 4,536
Status Under Contract - Not Showing
MLS # RTC2684198
Property Type Single Family Residence
 
 

5057 Fairhaven Circle Thompsons Station, TN 37179

Price $1,306,244
Beds 4
Baths 4
Living Area SqFt 3,078
Status Under Contract - Not Showing
MLS # RTC2685353
Property Type Single Family Residence
 
 

895 Harrisburg Ln Mount Juliet, TN 37122

Price $1,305,350
Beds 4
Baths 5
Living Area SqFt 4,103
Status Under Contract - Not Showing
MLS # RTC2757304
Property Type Single Family Residence