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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1892 Burke Hollow Rd Nolensville, TN 37135

Price $2,500,000
Beds 4
Baths 7
Living Area SqFt 9,284
Status Active
MLS # 1846678
Property Type Residential
 

504 Westview Ave Nashville, TN 37205

Price $2,500,000
Beds 4
Baths 5
Living Area SqFt 6,108
Status Active
MLS # 1861242
Property Type Residential
 

397 Grove Hurst Ln Brentwood, TN 37027

Price $2,499,999
Beds 5
Baths 6
Living Area SqFt 7,970
Status Active
MLS # 1876828
Property Type Residential
 

618 Belle Meade Boulevard Nashville, TN 37205

Price $2,499,900
Beds 5
Baths 6
Living Area SqFt 6,264
Status Active
MLS # 1822407
Property Type Residential
 

0 Miller Rd Christiana, TN 37037

Price $2,499,000
Beds 3
Baths 3
Living Area SqFt 2,837
Status Active
MLS # 1878292
Property Type Residential
 

320 Vaughn Rd Nashville, TN 37221

Price $2,499,000
Beds 4
Baths 6
Living Area SqFt 7,886
Status Active
MLS # 1781983
Property Type Residential
 

5906 Hillsboro Pike Nashville, TN 37215

Price $2,499,000
Beds 5
Baths 6
Living Area SqFt 5,912
Status Active
MLS # 1811891
Property Type Residential
 

1549 Boardwalk Pl Gallatin, TN 37066

Price $2,499,000
Beds 7
Baths 10
Living Area SqFt 9,516
Status Active
MLS # 1832682
Property Type Residential
 

1504 Starlight Ln Franklin, TN 37069

Price $2,499,000
Beds 6
Baths 7
Living Area SqFt 8,214
Status Active
MLS # 1839405
Property Type Residential
 

287 Jones Parkway E, Brentwood

$2,499,000 - 7Br/9Ba -  for Sale in Annandale, Brentwood
New
Price $2,499,000
Beds 7
Baths 9
Living Area SqFt 10,983
Status Active
MLS # 1881660
Property Type Residential
 

422 Ellendale Ave Nashville, TN 37205

Price $2,495,000
Beds 5
Baths 5
Living Area SqFt 6,317
Status Active
MLS # 1847047
Property Type Residential
 

1160 Manley Ln Brentwood, TN 37027

Price $2,495,000
Beds 4
Baths 6
Living Area SqFt 7,556
Status Active
MLS # 1850788
Property Type Residential
 

4822 Post Rd Nashville, TN 37205

Price $2,495,000
Beds 5
Baths 9
Living Area SqFt 9,419
Status Active
MLS # 1866446
Property Type Residential
 

515 Belle Meade Blvd Nashville, TN 37205

Price $2,489,000
Beds 4
Baths 4
Living Area SqFt 5,882
Status Active
MLS # 1871993
Property Type Residential
 

1 Agincourt Way Brentwood, TN 37027

Price $2,485,000
Beds 4
Baths 9
Living Area SqFt 10,263
Status Active
MLS # 1816783
Property Type Residential
 

1212 Laurel Street Apt 2307 Nashville, TN 37203

Price $2,450,000
Beds 2
Baths 3
Living Area SqFt 1,951
Status Active
MLS # 1869568
Property Type Condo
 

3000 Poston Avenue 501 Nashville, TN 37203

$2,450,000 - 4Br/4Ba -  for Sale in The Poston At The Park, Nashville
Open House
Price $2,450,000
Beds 4
Baths 4
Living Area SqFt 3,335
Status Active
MLS # 1870777
Property Type Condo
 

1300 Forrest Park Nashville, TN 37205

Price $2,450,000
Beds 6
Baths 9
Living Area SqFt 9,096
Status Active
MLS # 1696164
Property Type Residential
 

4508 Murfreesboro Rd Franklin, TN 37067

Price $2,450,000
Beds 4
Baths 5
Living Area SqFt 6,062
Status Active Under Contract
MLS # 1836151
Property Type Residential
 

1715 Talbot Trl Franklin, TN 37069

Price $2,447,000
Beds 6
Baths 9
Living Area SqFt 9,342
Status Active
MLS # 1844231
Property Type Residential
 

3155 Highway 70 E White Buff, TN 37056

Price $2,421,500
Beds 4
Baths 4
Living Area SqFt 4,956
Status Active
MLS # 1860150
Property Type Residential
 

3547 Betty Ford Road Murfreesboro, TN 37130

Price $2,400,000
Beds 5
Baths 5
Living Area SqFt 6,261
Status Active
MLS # 1829854
Property Type Residential
 

410 Wilsonia Ave Nashville, TN 37205

Price $2,400,000
Beds 6
Baths 10
Living Area SqFt 9,466
Status Active Under Contract
MLS # 1865423
Property Type Residential
 

301 Lionheart Way Franklin, TN 37067

Price $2,399,000
Beds 5
Baths 7
Living Area SqFt 8,266
Status Active
MLS # 1865655
Property Type Residential
 

1452 Witherspoon Drive, Brentwood, TN 37027

Price $2,375,000
Beds 5
Baths 7
Living Area SqFt 7,771
Status Active
MLS # 1878284
Property Type Residential
 

359 Jones Pkwy Brentwood, TN 37027

Price $2,365,000
Beds 4
Baths 8
Living Area SqFt 7,200
Status Active Under Contract
MLS # 1812721
Property Type Residential
 

2061 Trilogy Ln Mount Pleasant, TN 38474

Price $2,364,500
Beds 5
Baths 7
Living Area SqFt 9,603
Status Active
MLS # 1727722
Property Type Residential
 

6129 Hillsboro Pike Nashville, TN 37215

Price $2,350,000
Beds 5
Baths 5
Living Area SqFt 6,347
Status Active
MLS # 1872832
Property Type Residential
 

1925 Edenbridge Way Nashville, TN 37215

Price $2,345,000
Beds 6
Baths 8
Living Area SqFt 7,095
Status Active
MLS # 1812130
Property Type Residential
 

401 Legends Park Cir Franklin, TN 37069

Price $2,325,000
Beds 6
Baths 8
Living Area SqFt 9,646
Status Active
MLS # 1839543
Property Type Residential
 

1307 Mooresville Road Culleoka, TN 38451

Price $2,300,000
Beds 4
Baths 5
Living Area SqFt 5,066
Status Active
MLS # 1870628
Property Type Residential
 

572 Eagle Shore Dr Dover, TN 37058

Price $2,290,000
Beds 4
Baths 5
Living Area SqFt 4,627
Status Active
MLS # 1822150
Property Type Residential
 

2512 Belmont Blvd Nashville, TN 37212

Price $2,290,000
Beds 4
Baths 4
Living Area SqFt 4,444
Status Active Under Contract
MLS # 1839134
Property Type Residential
 

5246 Brick Church Pike Goodlettsville, TN 37072

Price $2,250,000
Beds 4
Baths 5
Living Area SqFt 4,510
Status Active
MLS # 1818194
Property Type Residential
 

367 Jones Pkwy Brentwood, TN 37027

Price $2,250,000
Beds 5
Baths 8
Living Area SqFt 9,062
Status Active
MLS # 1845735
Property Type Residential
 

212 Craighead Ave Nashville, TN 37205

Price $2,250,000
Beds 5
Baths 5
Living Area SqFt 5,363
Status Active
MLS # 1846645
Property Type Residential
 

1154 Travelers Ridge Dr Nashville, TN 37220

Price $2,250,000
Beds 4
Baths 4
Living Area SqFt 6,173
Status Active
MLS # 1856804
Property Type Residential
 

2259 Horn Springs Rd. Lebanon, TN 37087

Price $2,250,000
Beds 5
Baths 6
Living Area SqFt 7,694
Status Active
MLS # 1866420
Property Type Residential
 

35 Missionary Dr Brentwood, TN 37027

Price $2,245,000
Beds 5
Baths 7
Living Area SqFt 10,782
Status Active
MLS # 1813991
Property Type Residential
 

1212 Laurel St #2302 Nashville, TN 37203

Price $2,225,000
Beds 2
Baths 3
Living Area SqFt 2,239
Status Active
MLS # 1874320
Property Type Condo