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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5809 Bridget Court Arrington, TN 37014

Price $1,266,040
Beds 5
Baths 6
Living Area SqFt 3,739
Status Under Contract - Not Showing
MLS # RTC2685185
Property Type Single Family Residence
 
 

594 Castle Drive Trenton, GA 30752

Price $1,265,000
Beds 5
Baths 7
Living Area SqFt 7,042
Status Active
MLS # RTC2704893
 
 
 

3324 Park Ave Nashville, TN 37209

$1,265,000 - 5Br/4Ba -  for Sale in Charlotte Park, Nashville
Open House
Price $1,265,000
Beds 5
Baths 4
Living Area SqFt 3,312
Status Active
MLS # RTC2749190
Property Type Single Family Residence
 
 

1467 Townsend Blvd Franklin, TN 37064

Price $1,264,825
Beds 3
Baths 3
Living Area SqFt 2,537
Status Active
MLS # RTC2745988
Property Type Single Family Residence
 
 

6013 Cargile Rd Nashville, TN 37205

Price $1,262,370
Beds 3
Baths 3
Living Area SqFt 2,740
Status Active
MLS # RTC2688835
Property Type Single Family Residence
 
 

1473 Townsend Blvd Franklin, TN 37064

Price $1,262,127
Beds 3
Baths 3
Living Area SqFt 2,537
Status Active
MLS # RTC2750930
Property Type Single Family Residence
 
 

1491 Townsend Blvd Franklin, TN 37064

$1,260,980 - 3Br/3Ba -  for Sale in Westhaven, Franklin
New
Price $1,260,980
Beds 3
Baths 3
Living Area SqFt 2,537
Status Active
MLS # RTC2758820
Property Type Single Family Residence
 
 

5112 Duckhorn Ct Franklin, TN 37067

Price $1,260,000
Beds 4
Baths 4
Living Area SqFt 3,795
Status Under Contract - Showing
MLS # RTC2748181
Property Type Single Family Residence
 
 

1717 Hayes St Unit 1502 Nashville, TN 37203

Price $1,260,000
Beds 2
Baths 3
Living Area SqFt 1,148
Status Active
MLS # RTC2645218
Property Type High Rise
 
 

162 Watermill Ln Lot 28 Lebanon, TN 37087

$1,259,900 - 4Br/4Ba -  for Sale in Watermill Ph2, Lebanon
Open House
Price $1,259,900
Beds 4
Baths 4
Living Area SqFt 3,606
Status Under Contract - Showing
MLS # RTC2739519
Property Type Single Family Residence
 
 

7019 Southvale Blvd Franklin, TN 37064

Price $1,259,395
Beds 5
Baths 5
Living Area SqFt 3,131
Status Active
MLS # RTC2690188
Property Type Single Family Residence
 
 

388 Treble Ln Murfreesboro, TN 37128

Price $1,257,220
Beds 4
Baths 5
Living Area SqFt 3,536
Status Under Contract - Not Showing
MLS # RTC2755430
Property Type Single Family Residence
 
 

7856 Halewood Drive College Grove, TN 37046

Price $1,252,400
Beds 5
Baths 5
Living Area SqFt 4,205
Status Under Contract - Not Showing
MLS # RTC2677430
Property Type Single Family Residence
 
 

7018 Southvale Blvd Franklin, TN 37064

Price $1,251,230
Beds 3
Baths 4
Living Area SqFt 3,388
Status Active
MLS # RTC2689628
Property Type Single Family Residence
 
 

249 Highland Trl Sparta, TN 38583

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 4,293
Status Active
MLS # RTC2697234
Property Type Single Family Residence
 
 

6441 Simmons Acres Ln Lascassas, TN 37085

Price $1,250,000
Beds 5
Baths 4
Living Area SqFt 4,400
Status Active
MLS # RTC2751954
Property Type Single Family Residence
 
 

618 Danny Ln Franklin, TN 37064

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 2,636
Status Active
MLS # RTC2746878
Property Type Single Family Residence
 
 

1469 N Les Franklin Rd Jamestown, TN 38556

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 3,400
Status Active
MLS # RTC2678102
Property Type Single Family Residence
 
 

1129 Brick Church Pike Nashville, TN 37207

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 1,951
Status Active
MLS # RTC2687871
Property Type Single Family Residence
 
 

3000 Ora Ln Spring Hill, TN 37174

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 3,702
Status Active
MLS # RTC2703653
Property Type Single Family Residence
 
 

1200 Pierce Rd Madison, TN 37115

Price $1,250,000
Beds 5
Baths 4
Living Area SqFt 3,236
Status Active
MLS # RTC2691229
Property Type Single Family Residence
 
 

3210 Long Blvd Unit 301 Nashville, TN 37203

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 2,158
Status Active
MLS # RTC2745034
Property Type Flat Condo
 
 

1697 Curtis Chapel Rd Mc Ewen, TN 37101

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 3,300
Status Active
MLS # RTC2693054
Property Type Single Family Residence
 
 

5712 Templegate Dr Nashville, TN 37221

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 5,046
Status Active
MLS # RTC2746670
Property Type Single Family Residence
 
 

404 Taylor St Nashville, TN 37208

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 2,633
Status Active
MLS # RTC2679073
Property Type Single Family Residence
 
 

1055 Riverwatch Trace Sparta, TN 38583

Price $1,250,000
Beds 3
Baths 6
Living Area SqFt 6,794
Status Active
MLS # RTC2740298
Property Type Single Family Residence
 
 

1495 Puryears Bend Rd Hartsville, TN 37074

Price $1,250,000
Beds 3
Baths 4
Living Area SqFt 3,313
Status Active
MLS # RTC2749649
Property Type Single Family Residence
 
 

1608 7th Ave N Unit A Nashville, TN 37208

Price $1,250,000
Beds 4
Baths 6
Living Area SqFt 3,487
Status Active
MLS # RTC2751522
Property Type Horizontal Property Regime - Attached
 
 

775 Railroad Rd Wartrace, TN 37183

Price $1,250,000
Beds 3
Baths 1
Living Area SqFt 1,508
Status Active
MLS # RTC2752315
Property Type Single Family Residence
 
 

4410 Trace Creek Rd Mc Ewen, TN 37101

Price $1,250,000
Beds 5
Baths 3
Living Area SqFt 2,368
Status Active
MLS # RTC2751946
Property Type Single Family Residence
 
 

5368 Trousdale Dr Nashville, TN 37220

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 3,479
Status Active
MLS # RTC2746811
Property Type Single Family Residence
 
 

1009a Caldwell Ave Nashville, TN 37204

Price $1,250,000
Beds 3
Baths 4
Living Area SqFt 2,412
Status Active
MLS # RTC2750929
Property Type Single Family Residence
 
 

163 Mythical Lane Ringgold, GA 30736

Price $1,250,000
Beds 3
Baths 6
Living Area SqFt 4,322
Status Active
MLS # RTC2709678
Property Type Single Family Residence
 
 

1605 Stokes Ln Unit A Nashville, TN 37215

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,194
Status Active
MLS # RTC2740262
Property Type Horizontal Property Regime - Detached
 
 

3000 Poston Ave Unit 101 Nashville, TN 37203

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 1,750
Status Active
MLS # RTC2750265
Property Type Flat Condo
 
 

1425 Sumner Ave Nashville, TN 37206

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 3,466
Status Active
MLS # RTC2752945
Property Type Single Family Residence
 
 

750 Holder Loop Road Rising Fawn, GA 30738

Price $1,250,000
Beds 3
Baths 2
Living Area SqFt 1,746
Status Active
MLS # RTC2689441
Property Type Single Family Residence
 
 

2103 Liebengood Rd Goodlettsville, TN 37072

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 4,302
Status Active
MLS # RTC2708971
Property Type Single Family Residence
 
 

1777 Hillmont Dr Nashville, TN 37215

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,243
Status Active
MLS # RTC2708187
Property Type Horizontal Property Regime - Detached
 
 

1752 Stillwater Cir Brentwood, TN 37027

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 4,216
Status Active
MLS # RTC2755508
Property Type Single Family Residence