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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215 Breckenridge Glen Dr Mount Juliet, TN 37122

Price $1,299,400
Beds 4
Baths 5
Living Area SqFt 4,677
Status Active
MLS # RTC2693109
Property Type Single Family Residence
 
 

5468 Granny White Pike Brentwood, TN 37027

Price $1,299,000
Beds 6
Baths 6
Living Area SqFt 5,439
Status Active
MLS # RTC2704390
Property Type Horizontal Property Regime - Attached
 
 

1106a Biltmore Dr Nashville, TN 37204

Price $1,299,000
Beds 5
Baths 4
Living Area SqFt 3,588
Status Active
MLS # RTC2708443
Property Type Horizontal Property Regime - Attached
 
 

3330 Sarah Bee Ln Thompsons Station, TN 37179

Price $1,299,000
Beds 5
Baths 6
Living Area SqFt 3,984
Status Active
MLS # RTC2752086
Property Type Single Family Residence
 
 

2098 Charity Rd Fayetteville, TN 37334

Price $1,299,000
Beds 5
Baths 5
Living Area SqFt 6,728
Status Active
MLS # RTC2699341
Property Type Single Family Residence
 
 

3351 Shacklett Rd Murfreesboro, TN 37129

Price $1,299,000
Beds 3
Baths 4
Living Area SqFt 2,396
Status Active
MLS # RTC2692319
Property Type Single Family Residence
 
 

4343 Highway 41a N Eagleville, TN 37060

Price $1,299,000
Beds 4
Baths 3
Living Area SqFt 4,768
Status Active
MLS # RTC2678857
Property Type Single Family Residence
 
 

879 Mount Vernon Rd Bethpage, TN 37022

Price $1,299,000
Beds 3
Baths 4
Living Area SqFt 3,276
Status Active
MLS # RTC2702375
Property Type Single Family Residence
 
 

1802a Warfield Dr Nashville, TN 37215

Price $1,299,000
Beds 5
Baths 5
Living Area SqFt 3,866
Status Active
MLS # RTC2654486
Property Type Horizontal Property Regime - Detached
 
 

329 Old Flat Creek Rd Shelbyville, TN 37160

Price $1,299,000
Beds 2
Baths 3
Living Area SqFt 1,854
Status Active
MLS # RTC2634787
Property Type Single Family Residence
 
 

288 Toad Rd Dowelltown, TN 37059

Price $1,299,000
Beds 2
Baths 2
Living Area SqFt 2,168
Status Active
MLS # RTC2655703
Property Type Single Family Residence
 
 

560 Cumberland Hills Dr Hendersonville, TN 37075

Price $1,299,000
Beds 3
Baths 7
Living Area SqFt 8,744
Status Active
MLS # RTC2653243
Property Type Single Family Residence
 
 

3152 Albert Robinson Rd Selmer, TN 38375

Price $1,299,000
Beds 5
Baths 6
Living Area SqFt 3,900
Status Active
MLS # RTC2694898
Property Type Single Family Residence
 
 

3119 Luke Moser Rd Columbia, TN 38401

Price $1,299,000
Beds 4
Baths 5
Living Area SqFt 4,367
Status Active
MLS # RTC2694867
Property Type Single Family Residence
 
 

8835 Big Colt Lane Ooltewah, TN 37363

Price $1,298,000
Beds 8
Baths 6
Living Area SqFt 4,400
Status Active
MLS # RTC2692564
Property Type Single Family Residence
 
 

7031 Rhodes Lane Lascassas, TN 37085

Price $1,296,000
Beds 3
Baths 6
Living Area SqFt 4,766
Status Under Contract - Not Showing
MLS # RTC2690902
Property Type Single Family Residence
 
 

9067 Clovercroft Preserve Dr Franklin, TN 37067

Price $1,295,900
Beds 5
Baths 4
Living Area SqFt 3,914
Status Active
MLS # RTC2761685
Property Type Single Family Residence
 
 

205 Cheltenham Ave Franklin, TN 37064

Price $1,295,000
Beds 3
Baths 4
Living Area SqFt 3,349
Status Active
MLS # RTC2695578
Property Type Single Family Residence
 
 

1243 Potter Ln Gallatin, TN 37066

Price $1,295,000
Beds 4
Baths 4
Living Area SqFt 4,644
Status Active
MLS # RTC2698739
Property Type Single Family Residence
 
 

205 Princess Trail Lookout Mountain, GA 30750

Price $1,295,000
Beds 5
Baths 5
Living Area SqFt 3,930
Status Active
MLS # RTC2758632
 
 
 

1015 Stainback Ave Nashville, TN 37207

Price $1,295,000
Beds 4
Baths 5
Living Area SqFt 3,086
Status Under Contract - Showing
MLS # RTC2755658
Property Type Single Family Residence
 
 

1196 Sandpiper Pt Counce, TN 38326

Price $1,295,000
Beds 3
Baths 4
Living Area SqFt 3,293
Status Active
MLS # RTC2662510
Property Type Single Family Residence
 
 

11 Walnut Creek Dr Manchester, TN 37355

Price $1,295,000
Beds 4
Baths 3
Living Area SqFt 4,160
Status Active
MLS # RTC2662863
Property Type Single Family Residence
 
 

109 Carriage Pl Hendersonville, TN 37075

Price $1,295,000
Beds 5
Baths 6
Living Area SqFt 4,385
Status Active
MLS # RTC2688749
Property Type Single Family Residence
 
 

4590 Pulaski Hwy Culleoka, TN 38451

Price $1,295,000
Beds 3
Baths 3
Living Area SqFt 3,876
Status Active
MLS # RTC2707321
Property Type Single Family Residence
 
 

1031 Camley Street Franklin, TN 37064

Price $1,294,950
Beds 4
Baths 4
Living Area SqFt 2,820
Status Under Contract - Not Showing
MLS # RTC2704846
Property Type Single Family Residence
 
 

10 Double Branch Columbia, TN 38401

$1,293,400 - 3Br/3Ba -  for Sale in Blackberry Meadows, Columbia
New
Price $1,293,400
Beds 3
Baths 3
Living Area SqFt 3,166
Status Active
MLS # RTC2761889
Property Type Single Family Residence
 
 

112 Honeywine St Nashville, TN 37206

Price $1,291,995
Beds 4
Baths 5
Living Area SqFt 3,512
Status Active
MLS # RTC2739733
Property Type Horizontal Property Regime - Detached
 
 

9442 Foothills Dr Brentwood, TN 37027

Price $1,290,000
Beds 4
Baths 4
Living Area SqFt 4,101
Status Active
MLS # RTC2706319
Property Type Single Family Residence
 
 

3124 Hwy 231 North Shelbyville, TN 37160

Price $1,290,000
Beds 2
Baths 3
Living Area SqFt 1,920
Status Active
MLS # RTC2756440
Property Type Single Family Residence
 
 

464 Wilder Hwy Alpine, TN 38543

Price $1,290,000
Beds 6
Baths 6
Living Area SqFt 2,077
Status Under Contract - Showing
MLS # RTC2700350
Property Type Single Family Residence
 
 

2819 Cale Ct Franklin, TN 37064

Price $1,290,000
Beds 4
Baths 4
Living Area SqFt 4,329
Status Under Contract - Not Showing
MLS # RTC2753218
Property Type Single Family Residence
 
 

614 Eastbrook Road Estill Springs, TN 37330

Price $1,290,000
Beds 3
Baths 4
Living Area SqFt 4,137
Status Under Contract - Showing
MLS # RTC2707635
Property Type Single Family Residence
 
 

4715 Bennett Hollow Rd Thompsons Station, TN 37179

$1,290,000 - 4Br/3Ba -  for Sale in Bennett Hollow, Thompsons Station
Open House
New
Price $1,290,000
Beds 4
Baths 3
Living Area SqFt 2,301
Status Active
MLS # RTC2762464
Property Type Single Family Residence
 
 

124 Cliffe Run Franklin, TN 37067

Price $1,289,000
Beds 4
Baths 4
Living Area SqFt 3,412
Status Under Contract - Showing
MLS # RTC2759583
Property Type Single Family Residence
 
 

392 Legato Bvd Murfreesboro, TN 37128

Price $1,287,700
Beds 4
Baths 5
Living Area SqFt 3,683
Status Under Contract - Not Showing
MLS # RTC2750461
Property Type Single Family Residence
 
 

2806 Chaudoin Ct Murfreesboro, TN 37129

Price $1,287,006
Beds 5
Baths 5
Living Area SqFt 3,701
Status Under Contract - Not Showing
MLS # RTC2660724
Property Type Single Family Residence
 
 

2806 Chaudoin Ct Murfreesboro, TN 37129

Price $1,287,006
Beds 4
Baths 5
Living Area SqFt 3,701
Status Under Contract - Not Showing
MLS # RTC2748662
Property Type Single Family Residence
 
 

4085 Kathie Drive Thompsons Station, TN 37179

Price $1,285,000
Beds 5
Baths 5
Living Area SqFt 4,215
Status Under Contract - Not Showing
MLS # RTC2682572
Property Type Single Family Residence
 
 

1465 Smith Rd Lebanon, TN 37087

Price $1,285,000
Beds 3
Baths 3
Living Area SqFt 4,134
Status Active
MLS # RTC2761508
Property Type Single Family Residence