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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2310 Black Fox Ct Murfreesboro, TN 37127

Price $1,300,000
Beds 5
Baths 5
Living Area SqFt 5,375
Status Active
MLS # RTC2745486
Property Type Single Family Residence
 
 

94 Oak Shadow Dr Loretto, TN 38469

Price $1,300,000
Beds 4
Baths 5
Living Area SqFt 5,876
Status Active
MLS # RTC2745313
Property Type Single Family Residence
 
 

4403 Harding Pl Nashville, TN 37205

Price $1,300,000
Beds 3
Baths 2
Living Area SqFt 2,334
Status Active
MLS # RTC2697375
Property Type Single Family Residence
 
 

3075 Bennett Rd Cookeville, TN 38506

Price $1,300,000
Beds 3
Baths 3
Living Area SqFt 3,300
Status Active
MLS # RTC2743460
Property Type Single Family Residence
 
 

721 Rushing Wind Ln Spencer, TN 38585

Price $1,300,000
Beds 4
Baths 5
Living Area SqFt 4,833
Status Active
MLS # RTC2750886
Property Type Single Family Residence
 
 

2972 Cainsville Rd Lebanon, TN 37090

Price $1,300,000
Beds 3
Baths 1
Living Area SqFt 1,675
Status Active
MLS # RTC2693923
Property Type Single Family Residence
 
 

913 Cooks Road Mount Juliet, TN 37122

Price $1,300,000
Beds 4
Baths 4
Living Area SqFt 3,766
Status Active
MLS # RTC2753345
Property Type Single Family Residence
 
 

3218 Charlotte Ave Nashville, TN 37209

Price $1,300,000
Beds 4
Baths 5
Living Area SqFt 2,428
Status Active
MLS # RTC2758864
Property Type Horizontal Property Regime - Attached
 
 

247 Scarsdale Dr N Hendersonville, TN 37075

Price $1,300,000
Beds 5
Baths 5
Living Area SqFt 5,120
Status Active
MLS # RTC2749548
Property Type Single Family Residence
 
 

4480 Old Murfreesboro Rd W Lebanon, TN 37090

Price $1,300,000
Beds 4
Baths 4
Living Area SqFt 4,051
Status Active
MLS # RTC2754343
Property Type Single Family Residence
 
 

790 Blooming Grove Rd Pulaski, TN 38478

Price $1,300,000
Beds 6
Baths 6
Living Area SqFt 5,492
Status Active
MLS # RTC2761516
Property Type Single Family Residence
 
 

6938 Arno Allisona Rd College Grove, TN 37046

Price $1,300,000
Beds 3
Baths 3
Living Area SqFt 1,600
Status Under Contract - Showing
MLS # RTC2749508
Property Type Single Family Residence
 
 

2230 Castleman Dr Nashville, TN 37215

Price $1,300,000
Beds 4
Baths 4
Living Area SqFt 2,894
Status Under Contract - Showing
MLS # RTC2759010
Property Type Horizontal Property Regime - Detached
 
 

216 Breckenridge Glen Dr Mount Juliet, TN 37122

Price $1,300,000
Beds 4
Baths 5
Living Area SqFt 3,850
Status Under Contract - Not Showing
MLS # RTC2682592
Property Type Single Family Residence
 
 

115 Dunham Springs Ln Nashville, TN 37205

Price $1,300,000
Beds 5
Baths 4
Living Area SqFt 3,830
Status Under Contract - Not Showing
MLS # RTC2739794
Property Type Single Family Residence
 
 

4383 Arno Rd Franklin, TN 37064

$1,300,000 - 3Br/2Ba -  for Sale in Na, Franklin
New
Price $1,300,000
Beds 3
Baths 2
Living Area SqFt 1,672
Status Coming Soon / Hold
MLS # RTC2762157
Property Type Single Family Residence
 
 

1014 16th Avenue S Unit Ph Nashville, TN 37212

$1,300,000 - 2Br/2Ba -  for Sale in H&o, Nashville
New
Price $1,300,000
Beds 2
Baths 2
Living Area SqFt 1,102
Status Active
MLS # RTC2762408
Property Type Other Condo
 
 

171 Sturbridge Dr Franklin, TN 37064

Price $1,300,000
Beds 5
Baths 7
Living Area SqFt 5,050
Status Active
MLS # RTC2627896
Property Type Single Family Residence
 
 

233 Nine Mile Cross Rd W Pikeville, TN 37367

Price $1,300,000
Beds 5
Baths 6
Living Area SqFt 5,350
Status Active
MLS # RTC2703729
Property Type Single Family Residence
 
 

4592 Abednego Rd Greenbrier, TN 37073

Price $1,300,000
Beds 5
Baths 5
Living Area SqFt 4,600
Status Active
MLS # RTC2686267
Property Type Single Family Residence
 
 

172 Horntown Rd Gallatin, TN 37066

Price $1,299,999
Beds 4
Baths 4
Living Area SqFt 4,125
Status Active
MLS # RTC2693604
Property Type Single Family Residence
 
 

1813 Kingsbury Drive Nashville, TN 37215

Price $1,299,999
Beds 4
Baths 3
Living Area SqFt 2,961
Status Active
MLS # RTC2751773
Property Type Single Family Residence
 
 

2126 Stone Harbor Dr Dandridge, TN 37725

Price $1,299,999
Beds 5
Baths 4
Living Area SqFt 4,546
Status Active
MLS # RTC2755098
Property Type Single Family Residence
 
 

244 Halswelle Dr Franklin, TN 37064

Price $1,299,999
Beds 5
Baths 5
Living Area SqFt 3,853
Status Under Contract - Not Showing
MLS # RTC2670427
Property Type Single Family Residence
 
 

100 Randall Dr Kingston Springs, TN 37082

Price $1,299,999
Beds 3
Baths 3
Living Area SqFt 2,112
Status Active
MLS # RTC2702885
Property Type Single Family Residence
 
 

1011 11th Ave S Nashville, TN 37203

Price $1,299,999
Beds 4
Baths 4
Living Area SqFt 2,205
Status Active
MLS # RTC2644275
Property Type Horizontal Property Regime - Detached
 
 

777 Hospital Dr Madison, TN 37115

Price $1,299,999
Beds 6
Baths 5
Living Area SqFt 5,800
Status Active
MLS # RTC2695752
Property Type Single Family Residence
 
 

4033 Kathie Drive Thompsons Station, TN 37179

$1,299,990 - 5Br/5Ba -  for Sale in Fountain View, Thompsons Station
Open House
Price $1,299,990
Beds 5
Baths 5
Living Area SqFt 4,258
Status Active
MLS # RTC2756367
Property Type Single Family Residence
 
 

884 Fairington Way Gallatin, TN 37066

Price $1,299,900
Beds 4
Baths 5
Living Area SqFt 4,848
Status Under Contract - Not Showing
MLS # RTC2665337
Property Type Single Family Residence
 
 

2013 Hector Drive Thompsons Station, TN 37179

Price $1,299,900
Beds 4
Baths 5
Living Area SqFt 3,693
Status Active
MLS # RTC2654493
Property Type Single Family Residence
 
 

4030 Kathie Dr Thompsons Station, TN 37179

Price $1,299,900
Beds 4
Baths 5
Living Area SqFt 3,693
Status Active
MLS # RTC2697169
Property Type Single Family Residence
 
 

4049 Kathie Drive Thompsons Station, TN 37179

$1,299,900 - 4Br/5Ba -  for Sale in Fountain View, Thompsons Station
Open House
Price $1,299,900
Beds 4
Baths 5
Living Area SqFt 3,603
Status Under Contract - Showing
MLS # RTC2665417
Property Type Single Family Residence
 
 

5815 E Division St Mount Juliet, TN 37122

Price $1,299,900
Beds 4
Baths 3
Living Area SqFt 4,097
Status Active
MLS # RTC2690300
Property Type Single Family Residence
 
 

3885 Stonecrest Dr Columbia, TN 38401

Price $1,299,900
Beds 3
Baths 3
Living Area SqFt 3,546
Status Active
MLS # RTC2757139
Property Type Single Family Residence
 
 

208 Loop Dr Winchester, TN 37398

Price $1,299,900
Beds 5
Baths 4
Living Area SqFt 2,906
Status Active
MLS # RTC2759236
Property Type Single Family Residence
 
 

1817 Hillside Ave Nashville, TN 37203

Price $1,299,900
Beds 3
Baths 4
Living Area SqFt 2,863
Status Under Contract - Not Showing
MLS # RTC2754233
Property Type Horizontal Property Regime - Attached
 
 

1946 Independence Rd Huntingdon, TN 38344

Price $1,299,900
Beds 4
Baths 5
Living Area SqFt 5,000
Status Active
MLS # RTC2692752
Property Type Single Family Residence
 
 

647 Oakley Dr Nashville, TN 37220

Price $1,299,900
Beds 4
Baths 3
Living Area SqFt 3,014
Status Under Contract - Showing
MLS # RTC2740399
Property Type Single Family Residence
 
 

719 Huckleberry Trail Nashville, TN 37221

Price $1,299,900
Beds 5
Baths 4
Living Area SqFt 4,365
Status Active
MLS # RTC2756718
Property Type Single Family Residence
 
 

846 Kirkwood Ave Unit #b Nashville, TN 37204

Price $1,299,500
Beds 5
Baths 6
Living Area SqFt 3,515
Status Active
MLS # RTC2751100
Property Type Horizontal Property Regime - Detached