Your First Home Purchase

Your first purchase is easier to follow when the major decisions are separated into stages. These phases can overlap, and the specific contract and lender determine the actual deadlines.

1. Prepare — Identify neighborhoods, must-haves and a realistic monthly payment; begin lender conversations.
2. Choose representation — Discuss how your agent works, the written buyer agreement, duties and compensation before touring together.
3. Search and tour — Evaluate the home, location, condition, taxes, schools and property-specific limitations.
4. Offer and contract — Negotiate price, earnest money, financing, due-diligence timing and other terms in a written purchase agreement.
5. Investigate and finalize financing — Complete inspections, survey or specialty checks, appraisal, insurance, title review and lender requirements.
6. Review and close — Confirm closing figures and instructions, perform the agreed final walkthrough, sign closing documents and receive possession according to the contract.

Not every buyer signs every form listed below. Your exact forms depend on agency relationships, state, property type, financing and the transaction.

Before you look at listings, define what matters most. A clear list keeps the search focused and makes the right home easier to recognize.

• Must-haves

  Location and commute, bedrooms and bathrooms, and anything you truly need day to day.

• Nice-to-haves

  Features you would enjoy but could add later or live without.

• Deal-breakers

  One or two things that rule a home out, such as a long commute or a steep driveway.

• How long you will stay

  Your expected time in the home shapes how much to spend and which trade-offs make sense.

Your down payment depends on your loan type, and it is not the only cash you will need. Your Loan Estimate shows most of these costs for your situation.

• Earnest money

  Deposited when your offer is accepted and typically credited toward your costs at closing.

• Closing costs

  Lender fees, the appraisal, title search and title insurance, recording fees, and prepaid items such as homeowners insurance and property taxes.

• Inspections

  Paid during due diligence; the number depends on the property.

• Moving and set-up

  Movers, utility deposits, basic tools and the small purchases every new home needs.

Tour with a checklist, not just first impressions. Look at roof age, HVAC, moisture, drainage, lot slope, utility connections, access, restrictions, proximity to your regular destinations and how the home fits your daily life.

Making an offer

A written purchase offer identifies the property and parties, price, financing, earnest money, deadlines, closing and possession dates, and any negotiated terms. Recent comparable sales can help inform the offer; the seller may accept, decline or counter.

Documents to expect when you make an offer

• RF 401 · Purchase and Sale AgreementA commonly used Tennessee residential contract; land uses a different form (such as RF 404). Contract form selection depends on the transaction.
• RF 201 · Residential Property Condition DisclosureSeller-provided disclosure when applicable, or a permitted disclaimer/exemption as allowed by law. It is not a warranty or substitute for inspection.
• RF 209 · Lead-Based Paint DisclosureGenerally relevant to most pre-1978 residential housing, subject to statutory exemptions and separate federal rules.
• Other applicable addendaFinancing, appraisal, contingencies, property-specific matters, inspection arrangements, HOA/condo information or other negotiated provisions.

Review the purchase agreement and every related addendum before signing. The actual signed contract controls what happens next and when requests or notices must be delivered.