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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1718 Otter Creek Rd Nashville, TN 37215

Price $4,695,000
Beds 5
Baths 5
Living Area SqFt 6,605
Status Active
MLS # RTC2677525
Property Type Single Family Residence
 
 

6261 Hillsboro Pike Nashville, TN 37215

Price $4,695,000
Beds 5
Baths 11
Living Area SqFt 16,672
Status Under Contract - Showing
MLS # RTC2701191
Property Type Single Family Residence
 
 

7353 Harlow Dr College Grove, TN 37046

Price $4,690,000
Beds 4
Baths 5
Living Area SqFt 2,572
Status Active
MLS # RTC2743784
Property Type Single Family Residence
 
 

301 Lionheart Ct Franklin, TN 37067

Price $4,650,000
Beds 5
Baths 7
Living Area SqFt 8,279
Status Active
MLS # RTC2683231
Property Type Single Family Residence
 
 

7212 Shagbark Ln College Grove, TN 37046

Price $4,599,999
Beds 6
Baths 8
Living Area SqFt 6,834
Status Active
MLS # RTC2661769
Property Type Single Family Residence
 
 

2825 Oregon Rd Milton, TN 37118

Price $4,500,000
Beds 3
Baths 3
Living Area SqFt 2,920
Status Active
MLS # RTC2760924
Property Type Single Family Residence
 
 

712 Sills Ct Nashville, TN 37220

Price $4,500,000
Beds 5
Baths 6
Living Area SqFt 5,900
Status Active
MLS # RTC2705294
Property Type Single Family Residence
 
 

9676 Heard Ridge Rd Monroe, TN 38573

Price $4,500,000
Beds 6
Baths 6
Living Area SqFt 9,175
Status Active
MLS # RTC2753379
Property Type Single Family Residence
 
 

31 Annandale Nashville, TN 37215

Price $4,500,000
Beds 5
Baths 11
Living Area SqFt 8,299
Status Active
MLS # RTC2753905
Property Type Single Family Residence
 
 

9131 Old Smyrna Road Brentwood, TN 37027

Price $4,500,000
Beds 5
Baths 8
Living Area SqFt 6,689
Status Active
MLS # RTC2680274
Property Type Single Family Residence
 
 

5893 Cairo Bend Rd Lebanon, TN 37087

Price $4,500,000
Beds 3
Baths 4
Living Area SqFt 4,607
Status Active
MLS # RTC2751345
Property Type Single Family Residence
 
 

128 Alton Rd Nashville, TN 37205

Price $4,500,000
Beds 5
Baths 7
Living Area SqFt 6,289
Status Active
MLS # RTC2752431
Property Type Single Family Residence
 
 

4035 Sneed Rd Nashville, TN 37215

$4,500,000 - 5Br/7Ba -  for Sale in Wallace, Nashville
Open House
Price $4,500,000
Beds 5
Baths 7
Living Area SqFt 7,819
Status Active
MLS # RTC2744598
Property Type Single Family Residence
 
 

7013 Belcastle Lane College Grove, TN 37046

Price $4,499,999
Beds 6
Baths 9
Living Area SqFt 6,794
Status Active
MLS # RTC2703756
Property Type Single Family Residence
 
 

5020 Brooklands Ln Franklin, TN 37064

Price $4,499,990
Beds 4
Baths 6
Living Area SqFt 5,388
Status Active
MLS # RTC2704864
Property Type Single Family Residence
 
 

7007 Belcastle Lane College Grove, TN 37046

Price $4,499,900
Beds 5
Baths 7
Living Area SqFt 7,303
Status Active
MLS # RTC2678454
Property Type Single Family Residence
 
 

32 Northumberland Nashville, TN 37215

Price $4,499,900
Beds 5
Baths 8
Living Area SqFt 9,253
Status Active
MLS # RTC2678870
Property Type Single Family Residence
 
 

4501 Peytonsville Rd Franklin, TN 37064

Price $4,499,000
Beds 8
Baths 7
Living Area SqFt 7,462
Status Active
MLS # RTC2666335
Property Type Single Family Residence
 
 

521 Mansion Dr Brentwood, TN 37027

Price $4,495,000
Beds 5
Baths 7
Living Area SqFt 6,000
Status Active
MLS # RTC2656396
Property Type Single Family Residence
 
 

4905 Tyne Valley Blvd Nashville, TN 37220

Price $4,495,000
Beds 6
Baths 6
Living Area SqFt 6,677
Status Active
MLS # RTC2736367
Property Type Single Family Residence
 
 

4855 Murfreesboro Rd Arrington, TN 37014

Price $4,450,000
Beds 5
Baths 11
Living Area SqFt 8,575
Status Active
MLS # RTC2745473
Property Type Single Family Residence
 
 

5551 Parker Branch Rd Franklin, TN 37064

Price $4,449,900
Beds 4
Baths 5
Living Area SqFt 4,185
Status Active
MLS # RTC2759939
Property Type Single Family Residence
 
 

4420 Warner Pl Nashville, TN 37205

Price $4,425,000
Beds 4
Baths 4
Living Area SqFt 5,300
Status Active
MLS # RTC2679151
Property Type Single Family Residence
 
 

6034 Frazier Park Ln Brentwood, TN 37027

Price $4,420,000
Beds 5
Baths 5
Living Area SqFt 5,851
Status Active
MLS # RTC2702859
Property Type Single Family Residence
 
 

9243 Lehigh Dr Brentwood, TN 37027

Price $4,400,000
Beds 6
Baths 8
Living Area SqFt 7,344
Status Active
MLS # RTC2678729
Property Type Single Family Residence
 
 

9322 Joslin Ct Brentwood, TN 37027

Price $4,399,995
Beds 5
Baths 7
Living Area SqFt 7,468
Status Active
MLS # RTC2645330
Property Type Single Family Residence
 
 

8517 Blanton Ct College Grove, TN 37046

Price $4,398,720
Beds 6
Baths 9
Living Area SqFt 7,790
Status Active
MLS # RTC2750509
Property Type Single Family Residence
 
 

5029 Lone Oak Trail Franklin, TN 37064

Price $4,350,000
Beds 4
Baths 7
Living Area SqFt 5,741
Status Active
MLS # RTC2758098
Property Type Single Family Residence
 
 

5017 Brooklands Ln Franklin, TN 37064

Price $4,300,000
Beds 4
Baths 7
Living Area SqFt 5,659
Status Active
MLS # RTC2761059
Property Type Single Family Residence
 
 

109 Jocelyn Hills Dr Nashville, TN 37205

Price $4,285,000
Beds 4
Baths 7
Living Area SqFt 7,302
Status Active
MLS # RTC2747502
Property Type Single Family Residence
 
 

4818 Ashland City Hwy Nashville, TN 37218

Price $4,282,980
Beds 2
Baths 1
Living Area SqFt 800
Status Active
MLS # RTC2757514
Property Type Single Family Residence
 
 

9323 Joslin Court Brentwood, TN 37027

$4,277,845 - 5Br/7Ba -  for Sale in Witherspoon, Brentwood
Open House
Price $4,277,845
Beds 5
Baths 7
Living Area SqFt 7,486
Status Active
MLS # RTC2750518
Property Type Single Family Residence
 
 

8888 Edgecomb Dr College Grove, TN 37046

Price $4,249,900
Beds 6
Baths 9
Living Area SqFt 9,535
Status Under Contract - Showing
MLS # RTC2636515
Property Type Single Family Residence
 
 

Ladd Rd Franklin, TN 37064

Price $4,200,000
Beds 5
Baths 7
Living Area SqFt 6,543
Status Active
MLS # RTC2755981
Property Type Single Family Residence
 
 

5420 Raulston Falls Road Unit Jf-103 Jasper, TN 37347

Price $4,200,000
Beds 6
Baths 4
Living Area SqFt 4,345
Status Active
MLS # RTC2665635
 
 
 

1066 Vaughn Crest Dr Franklin, TN 37069

Price $4,200,000
Beds 7
Baths 9
Living Area SqFt 11,861
Status Active
MLS # RTC2709226
Property Type Single Family Residence
 
 

1607 Rosebrooke Drive Lot 21 Brentwood, TN 37027

$4,200,000 - 5Br/7Ba -  for Sale in Rosebrooke, Brentwood
Open House
Price $4,200,000
Beds 5
Baths 7
Living Area SqFt 7,668
Status Active
MLS # RTC2758595
Property Type Single Family Residence
 
 

6305 Robin Hill Rd Nashville, TN 37205

Price $4,199,991
Beds 5
Baths 8
Living Area SqFt 7,126
Status Active
MLS # RTC2754568
Property Type Single Family Residence
 
 

609 Bowling Ave Nashville, TN 37215

Price $4,199,000
Beds 5
Baths 7
Living Area SqFt 7,186
Status Active
MLS # RTC2654933
Property Type Single Family Residence
 
 

2510 Oakland Ave Nashville, TN 37212

Price $4,195,000
Beds 4
Baths 5
Living Area SqFt 4,874
Status Active
MLS # RTC2706272
Property Type Single Family Residence