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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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
 
 

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
 
 

4025 Nestledown Dr Franklin, TN 37067

Price $5,950,000
Beds 4
Baths 8
Living Area SqFt 9,097
Status Active
MLS # RTC2746740
Property Type Single Family Residence
 
 

4212 Two Rivers Ln Franklin, TN 37069

Price $5,950,000
Beds 5
Baths 7
Living Area SqFt 8,611
Status Active
MLS # RTC2664784
Property Type Single Family Residence
 
 

5111 Meadowlake Rd Brentwood, TN 37027

Price $5,920,000
Beds 8
Baths 9
Living Area SqFt 11,502
Status Active
MLS # RTC2650674
Property Type Single Family Residence
 
 

2200 Sugar Ridge Rd Spring Hill, TN 37174

Price $5,900,000
Beds 3
Baths 2
Living Area SqFt 1,036
Status Active
MLS # RTC2611931
Property Type Mobile Home
 
 

1190 W Ellington Pkwy Lewisburg, TN 37091

Price $5,875,000
Beds 4
Baths 4
Living Area SqFt 3,693
Status Active
MLS # RTC2708565
Property Type Single Family Residence
 
 

1661 Martha Leeville Rd Lebanon, TN 37090

Price $5,850,000
Beds 3
Baths 4
Living Area SqFt 3,825
Status Active
MLS # RTC2646981
Property Type Single Family Residence
 
 

506 Franklin Road Brentwood, TN 37027

Price $5,849,900
Beds 5
Baths 6
Living Area SqFt 8,325
Status Active
MLS # RTC2750416
Property Type Single Family Residence
 
 

230 Williamsburg Cir Brentwood, TN 37027

Price $5,795,000
Beds 5
Baths 8
Living Area SqFt 8,409
Status Active
MLS # RTC2750875
Property Type Single Family Residence
 
 

3550 Shelbyville Hwy Murfreesboro, TN 37127

Price $5,750,000
Beds 3
Baths 4
Living Area SqFt 2,526
Status Active
MLS # RTC2610723
Property Type Single Family Residence
 
 

5620 Leipers Creek Rd Franklin, TN 37064

Price $5,750,000
Beds 4
Baths 4
Living Area SqFt 3,524
Status Active
MLS # RTC2745710
Property Type Single Family Residence
 
 

1656 Heartwood Ln Brentwood, TN 37027

Price $5,750,000
Beds 6
Baths 8
Living Area SqFt 9,454
Status Active
MLS # RTC2672557
Property Type Single Family Residence
 
 

6113 Montcrest Dr Nashville, TN 37215

$5,712,699 - 5Br/7Ba -  for Sale in Hillsboro Park, Nashville
New
Price $5,712,699
Beds 5
Baths 7
Living Area SqFt 7,915
Status Under Contract - Not Showing
MLS # RTC2761307
Property Type Single Family Residence
 
 

1114 3rd Ave S Nashville, TN 37210

Price $5,700,000
Living Area SqFt 19,912
Status Active
MLS # RTC2622060
Property Type Single Family Residence
 
 
 
 

7204 Green Hill Blvd Nw Fort Payne, AL 35967

Price $5,700,000
Beds 5
Baths 7
Living Area SqFt 12,549
Status Active
MLS # RTC2634893
Property Type Single Family Residence
 
 

1003 Lookout Ridge Ct Brentwood, TN 37027

Price $5,699,900
Beds 6
Baths 7
Living Area SqFt 8,922
Status Active
MLS # RTC2668389
Property Type Single Family Residence
 
 

1008 Highland Rd Brentwood, TN 37027

Price $5,699,000
Beds 7
Baths 11
Living Area SqFt 9,868
Status Coming Soon / Hold
MLS # RTC2751162
Property Type Single Family Residence
 
 

6462 Arno College Grove Rd College Grove, TN 37046

Price $5,600,000
Beds 5
Baths 5
Living Area SqFt 6,133
Status Active
MLS # RTC2669448
Property Type Single Family Residence
 
 

160 2nd Ave S Unit 2704 Nashville, TN 37201

Price $5,600,000
Beds 3
Baths 4
Living Area SqFt 2,758
Status Active
MLS # RTC2758538
Property Type High Rise
 
 

4442 Pratt Ln Franklin, TN 37064

Price $5,600,000
Beds 4
Baths 3
Living Area SqFt 2,976
Status Active
MLS # RTC2691327
Property Type Single Family Residence
 
 

5904 Sedberry Rd Nashville, TN 37205

Price $5,600,000
Beds 6
Baths 13
Living Area SqFt 14,547
Status Active
MLS # RTC2535154
Property Type Single Family Residence
 
 

827 Tyne Blvd Nashville, TN 37220

Price $5,550,000
Beds 5
Baths 5
Living Area SqFt 6,767
Status Active
MLS # RTC2674729
Property Type Single Family Residence
 
 

2312 Nashville Hwy Columbia, TN 38401

Price $5,500,000
Beds 3
Baths 3
Living Area SqFt 5,324
Status Active
MLS # RTC2657968
Property Type Single Family Residence
 
 

3290 Carl Rd Franklin, TN 37064

Price $5,500,000
Beds 4
Baths 6
Living Area SqFt 6,263
Status Under Contract - Showing
MLS # RTC2757913
Property Type Single Family Residence
 
 

2133 Allisona Rd Eagleville, TN 37060

Price $5,499,000
Beds 4
Baths 4
Living Area SqFt 3,158
Status Active
MLS # RTC2583523
Property Type Single Family Residence
 
 

4520 Shys Hill Rd Nashville, TN 37215

Price $5,499,000
Beds 6
Baths 7
Living Area SqFt 9,145
Status Active
MLS # RTC2679544
Property Type Single Family Residence
 
 

7317 Harlow Dr College Grove, TN 37046

Price $5,495,000
Beds 5
Baths 7
Living Area SqFt 5,909
Status Under Contract - Not Showing
MLS # RTC2679779
Property Type Single Family Residence
 
 

3906 Harding Pl Nashville, TN 37215

Price $5,495,000
Beds 8
Baths 9
Living Area SqFt 7,925
Status Active
MLS # RTC2674394
Property Type Horizontal Property Regime - Detached
 
 

7251 Harlow Dr College Grove, TN 37046

Price $5,489,900
Beds 6
Baths 7
Living Area SqFt 6,152
Status Active
MLS # RTC2692256
Property Type Single Family Residence
 
 

9316 Edenwilde Dr Brentwood, TN 37027

Price $5,300,000
Beds 6
Baths 9
Living Area SqFt 9,677
Status Active
MLS # RTC2647995
Property Type Single Family Residence
 
 

1884 Barnstaple Ln Brentwood, TN 37027

Price $5,299,900
Beds 6
Baths 6
Living Area SqFt 8,427
Status Active
MLS # RTC2756428
Property Type Single Family Residence
 
 

7045 Lanceleaf Dr College Grove, TN 37046

Price $5,250,000
Beds 5
Baths 7
Living Area SqFt 5,217
Status Active
MLS # RTC2699087
Property Type Single Family Residence
 
 

818 Brentview Dr Nashville, TN 37220

$5,249,942 - 5Br/7Ba -  for Sale in Fieldcrest Estates, Nashville
Open House
Price $5,249,942
Beds 5
Baths 7
Living Area SqFt 7,999
Status Active
MLS # RTC2754567
Property Type Single Family Residence
 
 

1 Traditions Ln Brentwood, TN 37027

Price $5,227,132
Beds 6
Baths 9
Living Area SqFt 9,611
Status Under Contract - Not Showing
MLS # RTC2707277
Property Type Single Family Residence
 
 

450 Reid Hooker N Eads, TN 38028

Price $5,200,000
Beds 4
Baths 6
Living Area SqFt 1,512
Status Active
MLS # RTC2673070
Property Type Single Family Residence
 
 

741 Brook Hollow Rd Nashville, TN 37205

Price $5,100,000
Beds 5
Baths 7
Living Area SqFt 7,299
Status Active
MLS # RTC2698337
Property Type Single Family Residence
 
 

6420 Currywood Dr Nashville, TN 37205

Price $5,100,000
Beds 5
Baths 7
Living Area SqFt 6,587
Status Coming Soon / Hold
MLS # RTC2759724
Property Type Single Family Residence
 
 

4315 Iroquois Ave Nashville, TN 37205

Price $5,050,000
Beds 5
Baths 5
Living Area SqFt 7,466
Status Active
MLS # RTC2703131
Property Type Single Family Residence
 
 

1780 Molly Hollow Rd Nolensville, TN 37135

Price $5,000,000
Beds 3
Baths 2
Living Area SqFt 1,680
Status Active
MLS # RTC2659501
Property Type Single Family Residence