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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1616 West End Ave Unit 2406 Nashville, TN 37203

Price $1,225,000
Beds 2
Baths 2
Living Area SqFt 1,343
Status Active
MLS # RTC2693390
Property Type High Rise
 
 

3079 Riley Creek Rd Normandy, TN 37360

Price $1,225,000
Beds 4
Baths 5
Living Area SqFt 5,172
Status Active
MLS # RTC2670342
Property Type Single Family Residence
 
 

1495 Puryears Bend Rd Hartsville, TN 37074

Price $1,225,000
Beds 3
Baths 4
Living Area SqFt 3,313
Status Active
MLS # RTC2749649
Property Type Single Family Residence
 
 

1040 Burnt House Rd Lebanon, TN 37090

Price $1,224,777
Beds 4
Baths 4
Living Area SqFt 3,640
Status Active
MLS # RTC2751438
Property Type Single Family Residence
 
 

7049 Bolton Street Franklin, TN 37064

Price $1,224,620
Beds 4
Baths 4
Living Area SqFt 2,501
Status Under Contract - Not Showing
MLS # RTC2746019
Property Type Single Family Residence
 
 

3114 Belwood St Nashville, TN 37203

Price $1,224,500
Beds 4
Baths 5
Living Area SqFt 3,434
Status Active
MLS # RTC2633578
Property Type Horizontal Property Regime - Attached
 
 

7121 Flats Rd Tallassee, TN 37878

Price $1,224,000
Beds 4
Baths 3
Living Area SqFt 2,800
Status Active
MLS # RTC2747664
Property Type Single Family Residence
 
 

1304 7th Ave N Unit A Nashville, TN 37208

Price $1,224,000
Beds 3
Baths 5
Living Area SqFt 2,077
Status Active
MLS # RTC2752558
Property Type Horizontal Property Regime - Detached
 
 

4108 New Highway 96 W Franklin, TN 37064

Price $1,224,000
Beds 4
Baths 3
Living Area SqFt 2,466
Status Active
MLS # RTC2752232
Property Type Single Family Residence
 
 

149 Allenhurst Cir Franklin, TN 37067

Price $1,224,000
Beds 4
Baths 5
Living Area SqFt 3,780
Status Under Contract - Showing
MLS # RTC2702094
Property Type Single Family Residence
 
 

7067 Bolton Street Franklin, TN 37064

Price $1,223,954
Beds 4
Baths 4
Living Area SqFt 2,494
Status Active
MLS # RTC2758822
Property Type Single Family Residence
 
 

7512 Southwell Drive College Grove, TN 37046

Price $1,223,200
Beds 6
Baths 6
Living Area SqFt 4,540
Status Under Contract - Not Showing
MLS # RTC2648996
Property Type Single Family Residence
 
 

8014 Atlee Court College Grove, TN 37046

Price $1,222,300
Beds 5
Baths 6
Living Area SqFt 3,738
Status Active
MLS # RTC2761715
Property Type Single Family Residence
 
 

8044 Atlee Ct College Grove, TN 37046

Price $1,222,300
Beds 6
Baths 5
Living Area SqFt 3,923
Status Under Contract - Not Showing
MLS # RTC2755382
Property Type Single Family Residence
 
 

1602 Awalt Dr N Winchester, TN 37398

Price $1,220,000
Beds 5
Baths 4
Living Area SqFt 3,471
Status Under Contract - Not Showing
MLS # RTC2748982
Property Type Single Family Residence
 
 

Keystone Drive Pleasant View, TN 37146

Price $1,219,000
Beds 5
Baths 5
Living Area SqFt 3,650
Status Under Contract - Showing
MLS # RTC2744795
Property Type Single Family Residence
 
 

7073 Bolton Street Franklin, TN 37064

Price $1,217,451
Beds 3
Baths 4
Living Area SqFt 2,459
Status Active
MLS # RTC2753306
Property Type Single Family Residence
 
 

890 Braidwood Lane Franklin, TN 37064

Price $1,216,410
Beds 6
Baths 6
Living Area SqFt 6,490
Status Under Contract - Not Showing
MLS # RTC2585838
Property Type Single Family Residence
 
 

7915 Halewood Drive College Grove, TN 37046

Price $1,215,200
Beds 4
Baths 4
Living Area SqFt 3,113
Status Under Contract - Not Showing
MLS # RTC2756463
Property Type Single Family Residence
 
 

1118 Sigler St Nashville, TN 37203

Price $1,215,000
Beds 3
Baths 4
Living Area SqFt 2,291
Status Active
MLS # RTC2683089
Property Type Townhouse
 
 

311 W 6th St Columbia, TN 38401

Price $1,215,000
Beds 4
Baths 4
Living Area SqFt 2,977
Status Active
MLS # RTC2666616
Property Type Single Family Residence
 
 

4079 Twin Oaks Ln Antioch, TN 37013

Price $1,214,999
Beds 4
Baths 4
Living Area SqFt 3,495
Status Active
MLS # RTC2746161
Property Type Single Family Residence
 
 

1035 Hillview Dr Hendersonville, TN 37075

Price $1,210,000
Beds 4
Baths 3
Living Area SqFt 3,204
Status Active
MLS # RTC2753627
Property Type Single Family Residence
 
 

3360 Sarah Bee Lane Thompsons Station, TN 37179

Price $1,207,880
Beds 5
Baths 7
Living Area SqFt 3,543
Status Under Contract - Not Showing
MLS # RTC2755402
Property Type Single Family Residence
 
 

7960 Halewood Drive College Grove, TN 37046

Price $1,201,400
Beds 6
Baths 6
Living Area SqFt 4,126
Status Under Contract - Not Showing
MLS # RTC2756478
Property Type Single Family Residence
 
 

6459 Simmons Acres Lane Lascassas, TN 37085

Price $1,200,000
Beds 5
Baths 6
Living Area SqFt 4,110
Status Under Contract - Showing
MLS # RTC2683180
Property Type Single Family Residence
 
 

8615 Couchville Pike Mount Juliet, TN 37122

Price $1,200,000
Beds 2
Baths 4
Living Area SqFt 2,552
Status Active
MLS # RTC2758653
Property Type Single Family Residence
 
 

5550 Mount View Rd Antioch, TN 37013

Price $1,200,000
Beds 2
Baths 1
Living Area SqFt 1,558
Status Active
MLS # RTC2624742
Property Type Single Family Residence
 
 

2295 Holloway Rd Lebanon, TN 37090

Price $1,200,000
Beds 4
Baths 3
Living Area SqFt 1,722
Status Active
MLS # RTC2606973
Property Type Manufactured On Land
 
 

1339 Horn Springs Rd Lebanon, TN 37087

Price $1,200,000
Beds 3
Baths 4
Living Area SqFt 3,845
Status Active
MLS # RTC2704711
Property Type Single Family Residence
 
 

7400 Cedar Forest Rd Lebanon, TN 37090

Price $1,200,000
Beds 4
Baths 4
Living Area SqFt 3,623
Status Active
MLS # RTC2694622
Property Type Single Family Residence
 
 

4231 Lylewood Rd Indian Mound, TN 37079

Price $1,200,000
Beds 2
Baths 2
Living Area SqFt 1,380
Status Active
MLS # RTC2740034
Property Type Single Family Residence
 
 

330 Hurricane Hill Rd Silver Point, TN 38582

Price $1,200,000
Beds 4
Baths 5
Living Area SqFt 3,814
Status Active
MLS # RTC2747104
Property Type Single Family Residence
 
 

4662 Murfreesboro Hwy Manchester, TN 37355

Price $1,200,000
Beds 3
Baths 3
Living Area SqFt 3,130
Status Active
MLS # RTC2693439
Property Type Single Family Residence
 
 

1953 Franklin Pike Lewisburg, TN 37091

Price $1,200,000
Beds 3
Baths 3
Living Area SqFt 2,890
Status Active
MLS # RTC2693079
Property Type Single Family Residence
 
 

310 Deshea Creek Rd Gallatin, TN 37066

Price $1,200,000
Beds 3
Baths 3
Living Area SqFt 2,890
Status Active
MLS # RTC2673243
Property Type Single Family Residence
 
 

775 Scanty Branch Rd Dixon Springs, TN 37057

Price $1,200,000
Beds 1
Baths 1
Living Area SqFt 875
Status Active
MLS # RTC2753712
Property Type Single Family Residence
 
 

5 S Orchard Drive Chickamauga, GA 30707

Price $1,200,000
Beds 6
Baths 6
Living Area SqFt 8,562
Status Active
MLS # RTC2672247
Property Type Single Family Residence
 
 

974 Fowler Ford Rd Portland, TN 37148

Price $1,200,000
Beds 1
Baths 1
Living Area SqFt 1,280
Status Active
MLS # RTC2754039
Property Type Single Family Residence
 
 

843 Dry Branch Court Chattanooga, TN 37419

Price $1,200,000
Beds 5
Baths 5
Living Area SqFt 4,455
Status Active
MLS # RTC2737896