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 3303 Nashville, TN 37203

Price $7,925,450
Beds 3
Baths 4
Living Area SqFt 3,455
Status Active
MLS # RTC2648667
Property Type High Rise
 
 

3815 Harding Pl Nashville, TN 37215

Price $7,900,000
Beds 6
Baths 9
Living Area SqFt 10,460
Status Under Contract - Not Showing
MLS # RTC2657325
Property Type Single Family Residence
 
 

600 12th Ave S Unit 2201 Nashville, TN 37203

Price $7,900,000
Beds 2
Baths 4
Living Area SqFt 4,215
Status Active
MLS # RTC2676643
Property Type High Rise
 
 

2925 Old Clarksville Pike Ashland City, TN 37015

Price $7,900,000
Beds 6
Baths 8
Living Area SqFt 12,403
Status Active
MLS # RTC2678762
Property Type Single Family Residence
 
 

4801 Highway 48 Cumberland Furnace, TN 37051

Price $7,500,000
Beds 5
Baths 4
Living Area SqFt 3,877
Status Active
MLS # RTC2617701
Property Type Single Family Residence
 
 

7368 Harlow Dr College Grove, TN 37046

Price $7,500,000
Beds 5
Baths 7
Living Area SqFt 7,017
Status Active
MLS # RTC2691310
Property Type Single Family Residence
 
 

5190 Old Harding Road Franklin, TN 37064

Price $7,500,000
Beds 4
Baths 5
Living Area SqFt 5,443
Status Active
MLS # RTC2744952
Property Type Single Family Residence
 
 

280 Star Creek Crossing Morganton, GA 30560

Price $7,500,000
Beds 7
Baths 8
Living Area SqFt 16,227
Status Active
MLS # RTC2748304
 
 
 

8336 Solstice Dr College Grove, TN 37046

Price $7,489,497
Beds 5
Baths 8
Living Area SqFt 10,363
Status Under Contract - Not Showing
MLS # RTC2679276
Property Type Single Family Residence
 
 

55 Governors Way Brentwood, TN 37027

Price $7,450,000
Beds 7
Baths 11
Living Area SqFt 19,935
Status Active
MLS # RTC2652666
Property Type Single Family Residence
 
 

4333 Chickering Ln Nashville, TN 37215

Price $7,400,000
Beds 7
Baths 10
Living Area SqFt 10,417
Status Active
MLS # RTC2748089
Property Type Single Family Residence
 
 

6490 Peytonsville Arno Rd College Grove, TN 37046

Price $7,400,000
Beds 5
Baths 6
Living Area SqFt 6,263
Status Active
MLS # RTC2749313
Property Type Single Family Residence
 
 

6459 Arno College Grove Rd College Grove, TN 37046

$7,300,000 - 6Br/8Ba -  for Sale in Hidden Grove Estates, College Grove
Open House
Price $7,300,000
Beds 6
Baths 8
Living Area SqFt 8,546
Status Active
MLS # RTC2669540
Property Type Single Family Residence
 
 

Pewitt Rd Franklin, TN 37064

Price $7,200,000
Beds 5
Baths 6
Living Area SqFt 6,000
Status Active
MLS # RTC2689143
Property Type Single Family Residence
 
 

7555 Whiskey Rd College Grove, TN 37046

Price $7,200,000
Beds 5
Baths 6
Living Area SqFt 5,548
Status Under Contract - Not Showing
MLS # RTC2529673
Property Type Single Family Residence
 
 

1624 Ragsdale Rd Brentwood, TN 37027

Price $6,999,900
Beds 5
Baths 8
Living Area SqFt 7,017
Status Active
MLS # RTC2695044
Property Type Single Family Residence
 
 

4503 Wayland Dr Nashville, TN 37215

Price $6,999,900
Beds 5
Baths 9
Living Area SqFt 8,582
Status Active
MLS # RTC2697473
Property Type Single Family Residence
 
 

7388 Harlow Dr College Grove, TN 37046

Price $6,995,000
Beds 6
Baths 8
Living Area SqFt 8,627
Status Active
MLS # RTC2702997
Property Type Single Family Residence
 
 

5231 Williamsburg Rd Brentwood, TN 37027

Price $6,950,000
Beds 6
Baths 8
Living Area SqFt 8,504
Status Active
MLS # RTC2689595
Property Type Single Family Residence
 
 

7286 Harlow Dr College Grove, TN 37046

Price $6,750,000
Beds 5
Baths 7
Living Area SqFt 6,528
Status Active
MLS # RTC2699887
Property Type Single Family Residence
 
 

274 Callis Rd Lebanon, TN 37090

Price $6,700,000
Beds 4
Baths 6
Living Area SqFt 6,852
Status Active
MLS # RTC2748087
Property Type Single Family Residence
 
 

9147 Spantown Rd Arrington, TN 37014

Price $6,500,000
Beds 2
Baths 2
Living Area SqFt 2,000
Status Active
MLS # RTC2646050
Property Type Single Family Residence
 
 

1010 Church St Unit 5803 Nashville, TN 37203

Price $6,500,000
Beds 2
Baths 3
Living Area SqFt 2,686
Status Active
MLS # RTC2752330
Property Type High Rise
 
 

5603 Winslet Dr Franklin, TN 37064

Price $6,499,000
Beds 4
Baths 6
Living Area SqFt 9,927
Status Active
MLS # RTC2740376
Property Type Single Family Residence
 
 

8320 Solstice Dr College Grove, TN 37046

Price $6,496,360
Beds 5
Baths 8
Living Area SqFt 9,345
Status Under Contract - Not Showing
MLS # RTC2677487
Property Type Single Family Residence
 
 

813 Deercrossing Nashville, TN 37220

Price $6,400,000
Beds 5
Baths 7
Living Area SqFt 8,827
Status Active
MLS # RTC2682185
Property Type Single Family Residence
 
 

1945 Thompson Station Rd W Thompsons Station, TN 37179

Price $6,388,000
Beds 4
Baths 4
Living Area SqFt 2,767
Status Active
MLS # RTC2745254
Property Type Single Family Residence
 
 

410 Saint Edmunds Ct Brentwood, TN 37027

Price $6,357,500
Beds 6
Baths 9
Living Area SqFt 11,823
Status Active
MLS # RTC2646123
Property Type Single Family Residence
 
 

4412 Chickering Lane Nashville, TN 37215

Price $6,300,000
Beds 5
Baths 10
Living Area SqFt 10,179
Status Active
MLS # RTC2744999
Property Type Single Family Residence
 
 

336 White Swans Crossing Brentwood, TN 37027

Price $6,250,000
Beds 6
Baths 7
Living Area SqFt 9,740
Status Active
MLS # RTC2754976
Property Type Single Family Residence
 
 

8127 Mountaintop Dr College Grove, TN 37046

Price $6,249,000
Beds 5
Baths 7
Living Area SqFt 8,052
Status Active
MLS # RTC2668502
Property Type Single Family Residence
 
 

2811 Tyne Blvd Nashville, TN 37215

Price $6,199,000
Beds 5
Baths 8
Living Area SqFt 6,947
Status Active
MLS # RTC2664065
Property Type Single Family Residence
 
 

1109 Mccall Ct Brentwood, TN 37027

Price $6,198,000
Beds 5
Baths 9
Living Area SqFt 8,454
Status Active
MLS # RTC2702381
Property Type Single Family Residence
 
 

1616 West End Ave Unit 3304 Nashville, TN 37203

Price $5,999,900
Beds 3
Baths 4
Living Area SqFt 2,858
Status Active
MLS # RTC2689508
Property Type High Rise
 
 

5028 Franklin Pike Nashville, TN 37220

Price $5,999,900
Beds 7
Baths 12
Living Area SqFt 11,554
Status Active
MLS # RTC2701969
Property Type Single Family Residence
 
 

1 Colonel Winstead Dr Brentwood, TN 37027

Price $5,999,900
Beds 6
Baths 9
Living Area SqFt 8,865
Status Under Contract - Showing
MLS # RTC2743572
Property Type Single Family Residence
 
 

1614 Rosebrooke Dr Brentwood, TN 37027

Price $5,997,604
Beds 5
Baths 8
Living Area SqFt 7,846
Status Under Contract - Not Showing
MLS # RTC2703200
Property Type Single Family Residence
 
 

1613 Windy Ridge Dr Brentwood, TN 37027

Price $5,995,000
Beds 5
Baths 7
Living Area SqFt 7,781
Status Active
MLS # RTC2611950
Property Type Single Family Residence
 
 

5117 Meadowlake Rd Brentwood, TN 37027

Price $5,995,000
Beds 5
Baths 8
Living Area SqFt 8,519
Status Active
MLS # RTC2692222
Property Type Single Family Residence
 
 

1439 Mentelle Dr Franklin, TN 37069

Price $5,995,000
Beds 5
Baths 7
Living Area SqFt 7,504
Status Under Contract - Not Showing
MLS # RTC2744601
Property Type Single Family Residence