Buyer’s Tips

Posted by dagmar | |

Welcome to the Home-Buying Experience!

One of the worst mistakes you can make when buying a home is to start the process without
first deciding what you need and want in a house and what you can afford.  Once you get started, 
hire a Realtor you will enjoy working with who will represent you and look after your best interest. 
You will sign an “Exclusive Buyer’s Brokerage Agreement” which is mandatory in many states
in order for your Real Estate Agent to represent you.  Making offers, etc., it can be difficult to put
the brakes on and spend time thinking about what kind of home is right for you.  While it is perfectly
ok  to “window shop” to get ideas about what you might like in home, don’t start the real shopping
until you’ve taken the time to know yourself and set some goals for your home buying journey.
Customs and laws vary from state to state and even within states; however, these are the basic
steps you will take on the road to owning your own home.  Here are some tips that will guide you
through your home buying process.

What to do before you buy your home!

__  Choose a real estate agent. Sign Exclusive Buyer’s Brokerage Agreement
__  Choose a lender. Ask important questions and compare several lenders’  closing costs
__  Learn the terms used in buying a home, condominium or a co-op.
__  Get prequalified, ,or even better, get pre-approved for a loan. This will make it easier 
       for you when making the offer because you can show the seller you are ready, willing, and able.
__  Decide on the type of home you want. Know what price range is best for you.
__  Decide on the features you want in your home. Share these with your agent.
__  Start house hunting! Use the Home & Property Evaluation Form on our website to jog
       your memory about properties you have seen. You may want to also take photos.
__  When you find a home you want and can afford, negotiate price, terms, 
       personal items that will remain, ask for a homeowner’s one year 
       warranty, make sure you have property contingencies,
       ( i.e. Appraisal, Loan, Inspection, etc.)
__  Make an offer in writing. Have  your earnest money ready to put down.
__  Find an attorney and a tax accountant if you feel you need them.
__  Choose the best mortgage for you – have your lender prepare a
       “Good Faith Estimate” for you.
__  Make sure to get the home inspected by qualified inspector.  Attend
       your home inspection. Feel free to learn all about your new home.
__  Shop for homeowner’s insurance from your insurance agent & get quotes.
__  Obtain approval from homeowner’s association, condominium association, or co-op.
__  Contact utility companies to change all utilities into your own name as
       of the date of closing.
__  Shop for moving company rates and schedule your movers.
__  Prepare for closing. You will need a certified check or funds wired over
       for your down payment, you will need to bring a picture ID. to closing
       and your first year’s insurance policy.
__  Make sure you purchase title insurance to protect your title and
       your equity. 
__  Review closing documents with your agent before going to the closing.
__  Attend closing at the attorney’s office or escrow company to sign
       final documents.
__  Pick up keys at or after closing & start moving. 

ENJOY your new home!  It is a great investment, a privilege of ownership
and should be an asset that if you take care of it will prove to be
an excellent investment.

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