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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5156 Turney Groce Rd Byrdstown, TN 38549

Price $14,000,000
Beds 8
Baths 10
Living Area SqFt 31,600
Status Active
MLS # RTC2619028
Property Type Single Family Residence
 
 

2407 Hidden River Ln Franklin, TN 37069

Price $13,499,999
Beds 5
Baths 9
Living Area SqFt 19,561
Status Active
MLS # RTC2645809
Property Type Single Family Residence
 
 

1010 Church St Unit 5801 Nashville, TN 37203

Price $13,000,000
Beds 4
Baths 5
Living Area SqFt 4,651
Status Active
MLS # RTC2752313
Property Type High Rise
 
 

1711 Old Hillsboro Rd Franklin, TN 37069

Price $12,750,000
Beds 5
Baths 6
Living Area SqFt 8,517
Status Active
MLS # RTC2703213
Property Type Single Family Residence
 
 

4113 Murfreesboro Rd Franklin, TN 37067

Price $12,500,000
Beds 5
Baths 6
Living Area SqFt 10,457
Status Active
MLS # RTC2446629
Property Type Single Family Residence
 
 

1296 Liberty Pike Franklin, TN 37067

Price $12,500,000
Beds 5
Baths 7
Living Area SqFt 8,500
Status Active
MLS # RTC2653832
Property Type Single Family Residence
 
 

30 Bass Ct Whitesville, KY 42378

Price $12,500,000
Beds 14
Baths 16
Living Area SqFt 20,000
Status Active
MLS # RTC2699688
Property Type Single Family Residence
 
 

Natchez Rd Franklin, TN 37069

Price $12,000,000
Beds 6
Baths 6
Living Area SqFt 4,000
Status Active
MLS # RTC2685418
Property Type Single Family Residence
 
 

1112 Franklin Rd Brentwood, TN 37027

Price $12,000,000
Beds 10
Baths 11
Living Area SqFt 13,025
Status Active
MLS # RTC2683094
Property Type Single Family Residence
 
 

2363 Heavenly Vw Ooltewah, TN 37363

Price $12,000,000
Beds 5
Baths 6
Living Area SqFt 11,200
Status Active
MLS # RTC2693888
Property Type Single Family Residence
 
 

6838 Edwards Grove Rd College Grove, TN 37046

Price $11,995,000
Beds 5
Baths 6
Living Area SqFt 10,758
Status Active
MLS # RTC2691810
Property Type Single Family Residence
 
 

395 Allen Rd Goodlettsville, TN 37072

Price $11,500,000
Beds 3
Baths 4
Living Area SqFt 5,821
Status Active
MLS # RTC2750025
Property Type Single Family Residence
 
 

6330 Cox Rd Arrington, TN 37014

Price $11,000,000
Beds 4
Baths 3
Living Area SqFt 2,200
Status Under Contract - Showing
MLS # RTC2516059
Property Type Manufactured On Land
 
 

4760 Sharpsville Rd Murfreesboro, TN 37130

Price $10,950,000
Beds 5
Baths 9
Living Area SqFt 14,096
Status Active
MLS # RTC2702886
Property Type Single Family Residence
 
 

5102 Pickney Dr Brentwood, TN 37027

Price $10,500,000
Beds 6
Baths 9
Living Area SqFt 10,052
Status Active
MLS # RTC2680905
Property Type Single Family Residence
 
 

9221 Liza Ct Brentwood, TN 37027

Price $10,499,000
Beds 6
Baths 9
Living Area SqFt 11,749
Status Active
MLS # RTC2665059
Property Type Single Family Residence
 
 

1148 Gateway Ln Nashville, TN 37220

Price $10,000,000
Beds 6
Baths 9
Living Area SqFt 9,503
Status Under Contract - Not Showing
MLS # RTC2650123
Property Type Single Family Residence
 
 

9553 Clovercroft Rd Franklin, TN 37067

Price $10,000,000
Beds 2
Baths 2
Living Area SqFt 1,764
Status Active
MLS # RTC2662442
Property Type Single Family Residence
 
 

5016 Carters Creek Pike Franklin, TN 37064

Price $9,995,000
Beds 5
Baths 8
Living Area SqFt 10,281
Status Active
MLS # RTC2700057
Property Type Single Family Residence
 
 

2050 Old Hillsboro Rd Franklin, TN 37064

Price $9,950,000
Beds 4
Baths 5
Living Area SqFt 6,788
Status Active
MLS # RTC2663833
Property Type Single Family Residence
 
 

9 Colonel Winstead Dr Brentwood, TN 37027

Price $9,750,000
Beds 5
Baths 8
Living Area SqFt 15,705
Status Active
MLS # RTC2689548
Property Type Single Family Residence
 
 

1612 County Hospital Rd Nashville, TN 37218

Price $9,200,000
Beds 44
Baths 47
Living Area SqFt 20,435
Status Active
MLS # RTC2656344
Property Type Horizontal Property Regime - Attached
 
 

217 2nd Ave N Nashville, TN 37201

Price $9,000,000
Beds 3
Baths 6
Living Area SqFt 9,217
Status Active
MLS # RTC2695559
Property Type Single Family Residence
 
 

1134 Balbade Dr Nashville, TN 37215

Price $8,900,000
Beds 6
Baths 9
Living Area SqFt 10,882
Status Active
MLS # RTC2703031
Property Type Single Family Residence
 
 

4730 Edwardian Trce Franklin, TN 37067

Price $8,750,000
Beds 6
Baths 9
Living Area SqFt 12,510
Status Under Contract - Showing
MLS # RTC2692732
Property Type Single Family Residence
 
 

161 West Road Wartrace, TN 37183

Price $8,500,000
Beds 3
Baths 2
Living Area SqFt 2,552
Status Active
MLS # RTC2682596
Property Type Single Family Residence
 
 

1010 Church St Unit 5802 Nashville, TN 37203

Price $8,500,000
Beds 3
Baths 4
Living Area SqFt 3,450
Status Active
MLS # RTC2752321
Property Type High Rise
 
 

8020 Oak Springs Rd Nunnelly, TN 37137

Price $8,500,000
Beds 5
Baths 9
Living Area SqFt 8,222
Status Active
MLS # RTC2753209
Property Type Single Family Residence
 
 

4909 Granny White Pike Nashville, TN 37220

Price $8,499,000
Beds 5
Baths 5
Living Area SqFt 9,800
Status Under Contract - Not Showing
MLS # RTC2640022
Property Type Single Family Residence
 
 

9330 Joslin Ct Brentwood, TN 37027

Price $8,440,135
Beds 6
Baths 11
Living Area SqFt 13,928
Status Under Contract - Not Showing
MLS # RTC2684005
Property Type Single Family Residence
 
 

3120 Boxley View Ln Franklin, TN 37064

Price $8,400,000
Beds 5
Baths 5
Living Area SqFt 5,748
Status Active
MLS # RTC2687576
Property Type Single Family Residence
 
 

4325 Cave Springs Rd Columbia, TN 38401

Price $8,250,000
Beds 4
Baths 5
Living Area SqFt 6,500
Status Active
MLS # RTC2751765
Property Type Single Family Residence
 
 

227 2nd Ave N Unit 101 & #401 Nashville, TN 37201

Price $8,000,000
Beds 5
Baths 6
Living Area SqFt 6,052
Status Active
MLS # RTC2687868
Property Type Other Condo
 
 

1553 Harding Pl Nashville, TN 37215

Price $8,000,000
Beds 5
Baths 8
Living Area SqFt 9,046
Status Active
MLS # RTC2694492
Property Type Single Family Residence
 
 

405 Belle Meade Blvd Nashville, TN 37205

Price $8,000,000
Beds 3
Baths 6
Living Area SqFt 5,399
Status Active
MLS # RTC2701868
Property Type Single Family Residence
 
 

5609 Pigeon Forge Ln Thompsons Station, TN 37179

Price $7,999,999
Beds 4
Baths 6
Living Area SqFt 6,469
Status Active
MLS # RTC2673397
Property Type Single Family Residence
 
 

2876 Sawyer Bend Rd Franklin, TN 37069

Price $7,990,000
Beds 5
Baths 7
Living Area SqFt 7,744
Status Under Contract - Showing
MLS # RTC2709227
Property Type Single Family Residence
 
 

109 Woodward Hills Pl Brentwood, TN 37027

Price $7,980,000
Beds 6
Baths 12
Living Area SqFt 13,730
Status Active
MLS # RTC2573350
Property Type Single Family Residence
 
 

8328 Solstice Dr College Grove, TN 37046

Price $7,975,000
Beds 6
Baths 9
Living Area SqFt 10,216
Status Active
MLS # RTC2750133
Property Type Single Family Residence
 
 

1335 Otter Creek Rd Nashville, TN 37215

Price $7,950,000
Beds 7
Baths 8
Living Area SqFt 11,761
Status Under Contract - Showing
MLS # RTC2704747
Property Type Single Family Residence