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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3400 Bronco Road La Fayette, GA 30728

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 1,925
Status Under Contract - Showing
MLS # RTC2646678
Property Type Single Family Residence
 
 

4285 Franklin Rd Lebanon, TN 37090

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 5,152
Status Under Contract - Showing
MLS # RTC2749815
Property Type Single Family Residence
 
 

1032c Jefferson St Unit 10 Nashville, TN 37208

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 2,282
Status Under Contract - Showing
MLS # RTC2761004
Property Type Horizontal Property Regime - Attached
 
 

1517 Kirkwood Ave Nashville, TN 37212

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 2,579
Status Under Contract - Showing
MLS # RTC2761703
Property Type Horizontal Property Regime - Detached
 
 

1313 Baptist World Center Drive Unit B Nashville, TN 37207

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 1,771
Status Under Contract - Not Showing
MLS # RTC2603612
Property Type Horizontal Property Regime - Attached
 
 

1012 Luxborough Dr Hendersonville, TN 37075

Price $1,250,000
Beds 4
Baths 6
Living Area SqFt 3,933
Status Under Contract - Not Showing
MLS # RTC2658236
Property Type Single Family Residence
 
 

506 Liberty Chapel Rd Mount Juliet, TN 37122

Price $1,250,000
Beds 3
Baths 6
Living Area SqFt 5,376
Status Under Contract - Not Showing
MLS # RTC2754564
Property Type Single Family Residence
 
 

2500 Sheridan Rd Nashville, TN 37206

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,314
Status Coming Soon / Hold
MLS # RTC2759914
Property Type Horizontal Property Regime - Detached
 
 

480 Friendship Rd Medina, TN 38355

Price $1,250,000
Beds 6
Baths 4
Living Area SqFt 4,096
Status Active
MLS # RTC2668212
Property Type Single Family Residence
 
 

1653 Allen Ferry Rd Smithville, TN 37166

Price $1,250,000
Beds 5
Baths 5
Living Area SqFt 5,402
Status Active
MLS # RTC2674953
Property Type Single Family Residence
 
 

5251 Waddell Hollow Rd Franklin, TN 37064

Price $1,250,000
Beds 2
Baths 2
Living Area SqFt 3,260
Status Active
MLS # RTC2686753
Property Type Single Family Residence
 
 

3102 Lebanon Pike Nashville, TN 37214

Price $1,250,000
Beds 6
Baths 5
Living Area SqFt 5,128
Status Active
MLS # RTC2699400
Property Type Single Family Residence
 
 

900 20th Ave S Unit 815 Nashville, TN 37212

Price $1,250,000
Beds 2
Baths 3
Living Area SqFt 1,586
Status Active
MLS # RTC2702360
Property Type High Rise
 
 

1616 West End Ave Unit 2404 Nashville, TN 37203

Price $1,250,000
Beds 2
Baths 3
Living Area SqFt 1,412
Status Active
MLS # RTC2692020
Property Type Flat Condo
 
 

118 Robert Simmons Rd Westmoreland, TN 37186

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 3,698
Status Active
MLS # RTC2561287
Property Type Single Family Residence
 
 

9954 Lodestone Dr Brentwood, TN 37027

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,669
Status Active
MLS # RTC2708226
Property Type Single Family Residence
 
 

1403 Bowman Ln Brentwood, TN 37027

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2751328
Property Type Single Family Residence
 
 

1037c Scovel St Nashville, TN 37208

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 2,133
Status Active
MLS # RTC2651878
Property Type Townhouse
 
 

9556 Faulkner Sq Brentwood, TN 37027

Price $1,250,000
Beds 5
Baths 5
Living Area SqFt 3,949
Status Active
MLS # RTC2744862
Property Type Single Family Residence
 
 

6225 Les Waggoner Rd Franklin, TN 37067

Price $1,250,000
Beds 4
Baths 2
Living Area SqFt 2,448
Status Active
MLS # RTC2698520
Property Type Single Family Residence
 
 

4301 Union Springs Ln Arrington, TN 37014

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,609
Status Active
MLS # RTC2664211
Property Type Single Family Residence
 
 

2077 Autry Drive Nolensville, TN 37135

Price $1,250,000
Beds 4
Baths 4
Living Area SqFt 3,579
Status Active
MLS # RTC2702235
Property Type Single Family Residence
 
 

714 Pinecrest Dr Gatlinburg, TN 37738

Price $1,250,000
Beds 3
Baths 4
Living Area SqFt 2,115
Status Under Contract - Showing
MLS # RTC2660511
Property Type Single Family Residence
 
 

2704 Deer Haven Ct Franklin, TN 37067

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 3,573
Status Under Contract - Showing
MLS # RTC2688897
Property Type Single Family Residence
 
 

3861 Stonecrest Dr Columbia, TN 38401

Price $1,250,000
Beds 3
Baths 3
Living Area SqFt 2,227
Status Under Contract - Showing
MLS # RTC2684723
Property Type Single Family Residence
 
 

5300 Big East Fork Rd Franklin, TN 37064

Price $1,250,000
Beds 2
Baths 3
Living Area SqFt 2,245
Status Under Contract - Showing
MLS # RTC2707182
Property Type Single Family Residence
 
 

295 Sunrise Circle Jasper, TN 37347

Price $1,250,000
Beds 4
Baths 5
Living Area SqFt 5,116
Status Under Contract - Showing
MLS # RTC2684003
Property Type Single Family Residence
 
 

7526 Hodges Ferry Road Knoxville, TN 37920

Price $1,250,000
Beds 4
Baths 3
Living Area SqFt 4,934
Status Under Contract - Showing
MLS # RTC2755102
Property Type Single Family Residence
 
 

734 Old Nashville Dirt Rd Shelbyville, TN 37160

Price $1,250,000
Beds 3
Baths 1
Living Area SqFt 1,376
Status Under Contract - Not Showing
MLS # RTC2695280
Property Type Single Family Residence
 
 

1421a 15th Ave S Nashville, TN 37212

Price $1,249,999
Beds 5
Baths 4
Living Area SqFt 3,343
Status Under Contract - Showing
MLS # RTC2757236
Property Type Horizontal Property Regime - Detached
 
 

198 Treece Ln Clifton, TN 38425

Price $1,249,999
Beds 3
Baths 2
Living Area SqFt 2,018
Status Active
MLS # RTC2620310
Property Type Single Family Residence
 
 

2005 Holly Grove Rd Lascassas, TN 37085

Price $1,249,999
Beds 4
Baths 6
Living Area SqFt 3,476
Status Active
MLS # RTC2666989
Property Type Single Family Residence
 
 

4009 Kathie Drive Thompsons Station, TN 37179

Price $1,249,990
Beds 5
Baths 5
Living Area SqFt 4,341
Status Under Contract - Not Showing
MLS # RTC2756271
Property Type Single Family Residence
 
 

425 Hampton Way Dandridge, TN 37725

Price $1,249,900
Beds 4
Baths 3
Living Area SqFt 2,954
Status Active
MLS # RTC2648856
Property Type Single Family Residence
 
 

7408 Leelee Dr Franklin, TN 37064

$1,249,900 - 4Br/5Ba -  for Sale in Starnes Creek, Franklin
New
Price $1,249,900
Beds 4
Baths 5
Living Area SqFt 3,498
Status Active
MLS # RTC2762095
Property Type Single Family Residence
 
 

3339 Cherry Jack Lane Thompsons Station, TN 37179

Price $1,249,900
Beds 5
Baths 7
Living Area SqFt 3,890
Status Under Contract - Not Showing
MLS # RTC2707639
Property Type Single Family Residence
 
 

2009 Landry Pl Franklin, TN 37064

Price $1,249,900
Beds 5
Baths 4
Living Area SqFt 3,760
Status Under Contract - Not Showing
MLS # RTC2743650
Property Type Single Family Residence
 
 

5616 Carney Ln Franklin, TN 37064

Price $1,249,900
Beds 5
Baths 5
Living Area SqFt 3,573
Status Active
MLS # RTC2681547
Property Type Single Family Residence
 
 

160 Watermill Ln Lot 27 Lebanon, TN 37087

Price $1,249,900
Beds 4
Baths 4
Living Area SqFt 3,392
Status Active
MLS # RTC2753223
Property Type Single Family Residence
 
 

2737 Beaulah Dr Murfreesboro, TN 37128

Price $1,249,900
Beds 8
Baths 7
Living Area SqFt 5,800
Status Active
MLS # RTC2752617
Property Type Single Family Residence