Real Estate Survival Guide: Buyer's Checklist template

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