Real Estate Survival Guide: Buyer's Checklist

home buying home buying
  • 1) Realize how much you can afford

  • What is your monthly income & debt?

  • What is your credit report and FICO score?

  • Check out FrontDoor\'s mortgage calculator for reference

  • Calculate your budge for a down payment

  • 2) Get pre-approved for a mortgage

  • Decide on a particular type of mortgage

  • Meet with multiple lenders and mortgage brokers, not just one!

  • Look around for where you\'ll get the best interest rates & programs

  • 3) Decide what are all of your wants & needs in this new home. Consider:

  • Location (down, urban, suburban, rural, etc.)

  • Type of home (single family, townhouse, condo, loft, etc.)

  • Price range

  • Size of home (and how many rooms)

  • Architectural style

  • 4) Consider neighborhoods you\'re interested in

  • Search online for information regarding local schools, crime rates, traffic, and zoning

  • What will be your commute to work?

  • Check out local amenities, like parks, shops & restaurants

  • 5) Meet with a buyer\'s agent that truly knows the neighborhood

  • Get referrals for neighborhood experts

  • Consider collaborating exclusively with one buyer\'s agent

  • Before settling on one, interview at least three agents

  • Look out for experience in their field, and good working chemistry with you

  • 6) Check for homes in the MLS and For Sale By Owner (FSBO)

  • Look at listings online, such as FrontDoor.com

  • Ask the agent you choose to work with to set up home tours within your preferred criteria

  • Check local newspapers

  • Snag flyers for open houses that you can attend

  • 7) Be sure to fully research each home you\'re interested in buying

  • Request for comps from your agent to estimate the property\'s fair market value

  • Request a response from the seller as to why they are selling

  • Look over all property disclosures

  • Check for liens, easements or other restrictions

  • 8) Ready to make an offer & begin negotiations

  • Determine the purchase price

  • Incorporate contingencies, relating to finances, inspections or purchase

  • Be clear on any special requests and repairs you would like to include in the sale

  • Decide on an earnest money amount

  • Decide a move-in date

  • When both parties agree to the terms, you\'re ready to sign the Purchase & Sale Agreement

  • 9) Finalize the deal

  • Get your new house apprised

  • Have your new home professionally inspected

  • Consider particular inspections for the structure of the house, such as roof and termites

  • Utilize the appraisal and inspection reports to re-negotiate the price (if possible)

  • Decide on a home insurance company & policy

  • Complete the loan process with whichever lender you chose earlier

  • Do a final walk-through inspection prior to closing

  • Don\'t forget to keep aside some money for the closing costs & down payment

  • 10) You\'re ready to close the purchase!

  • Go over the settlement document no less than 2 days before closing to know how the funds will be collected & distributed

  • Obtain a cashier\'s check for the official closing payment, including the down payment and any closing costs

This checklist was created by hgtv

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