Buying a home checklist A few things that buyers have learned over the years. We make available to prospective buyers a useful checklist to help you in the decision making for your search for new home. It contains a complete list of all the things you’ll need to think about before you begin your search and before you make your final decision thenest Step 1) Obtain a preapproval letter The reason you start here is because if you are already preapproved then all you need is the contract and appraisal on the property you choose and now you are in the driver’s seat. You have negotiating power! Also, by getting your mortgage preapproved you will be more comfortable with what your mortgage payment will be like. Choose a lender based on their proven ability to get the job done correctly first, then consider the costs. If you need help then don’t worry because we have a good lender list from where to choose from since these are lenders that we have worked with and are credible. Step 2) Start looking at homes Location, location, location. Remember that when looking for a property because you need to be happy with the area and then everything else will be easier to find. Step 3) Narrow down your choices Start cutting down your list to a target group of two or three homes in the area you like. Then if possible try to make a second visit to do a more thorough view review. This way, you will always be aware of your best alternative if your top pick doesn’t work out. Step 4) Purchase contracts We have title agents and attorneys that can help you with the process. Don’t sweat it because they review contracts all day long and can guide you through the process. If you want to hire your own attorney make sure you find an attorney who specializes in residential real estate and set aside some funds in order to do that. In any event, you’ll be much more confident when the time comes to sign a sales contract knowing we have people to help. Step 5 Start negotiating Once you decide on a specific home, make an offer immediately. Your negotiating position gets dramatically worse if another buyer starts negotiating on the same home before you have a contract signed. Also, if you start with step 1 above (Obtain a preapproval letter) then then you are ahead of the game. Step 5a) Continue negotiating by checking comparable If you haven’t already seen comparable sales data by now, this is the time you need to be reviewing it to know how much you should be paying for the home. Zillow is a good start. Always remember that if you are not paying cash then the lender will always get an appraisal to justify the loan on the property. Step 5b) Final Negotiation If you and the seller can find common ground, then you can sign a contract and move forward. If you can’t come to an agreement that makes sense for both of you, start looking at other homes and hope for better luck with the next negotiation. thenest Step6) Get the home inspected Make sure to have your place checked out for physical defects to include Roof condition, HVAC system, condition of appliances, structural defects lead, termites, radon, and/or other concerns. See our Home Inspection list for professionals that you may choose from. Step 7) Apply for homeowner’s insurance You will need to find a good agent that does Homeowners insurance because not all agents work in that field. Once you find one then send them the real estate contract and the mortgage information from your lender. If you need help then let us know because we have a list of reputable agents that are outstanding. Step 8) Set a closing date Pick a day when you, your lender, and the seller’s crew can be there. This may already be determined by the purchase contract terms. Call your lender and your seller to make sure that everything is going as planned. Review closing papers 24 hours before you have to sign. Step 9) Do a final walk-through of the home. Go to the closing with home insurance information, house inspection documents, your down payment funds, and your driver’s license. Step 10) Sign the paper work Remember that with the new mortgage laws the financing has to be inline within $50 dollars of the initial estimate or else the lender is paying for any difference. These new laws affect the sales contract as well and there can be no changes to it at the time of settlement which also protects you. So relax and sign with confidence!
Posted on: Sun, 11 Aug 2013 18:04:38 +0000
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