| Steps to the purchase of your home |
| 1. |
Assess your needs |
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a. |
How many bedrooms do you need? |
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b. |
How large of a house do you need? |
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c. |
How large of a yard do you need? |
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d. |
Are you willing to remodel? |
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e. |
Do you want a new home? |
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f. |
Do you want a condominium or a single - family home? |
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g. |
Do you want a city or a rural setting? |
| 2. |
Choose a realtor |
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a. |
Based on personal referral. |
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b. |
Based on greatest knowledge of the area? |
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c. |
Based on track record in the area? |
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d. |
Choose the REALTOR who provides you with the most and the best information? |
| 3. |
Set your target price |
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a. |
Establish the amount of your down payment. |
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b. |
Meet with a mortgage broker to establish your mortgage capacity. |
| 4. |
Reduce your choices to a few neighborhoods |
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a. |
What is the average home price? |
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b. |
What are the schools like? |
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c. |
What is the distance to work and shopping? |
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d. |
What is the average size of the home site? |
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e. |
Is the area going through any changes--new road, new businesses, new development, ecological concerns, etc? |
| 5. |
Learn by seeing |
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a. |
Visit homes in all neighborhoods of interest. |
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b. |
Identify your likes and dislikes. |
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c. |
Let your REALTOR know what you like. |
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d. |
Make comparisons and identify your favorites. |
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e. |
Get as much information as possible from your agent. |
| 6. |
Make the offer |
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a. |
Understand the seller's offer of price and terms. |
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b. |
Understand your abilities regarding price and terms. |
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c. |
Avoid insulting the seller with impossible terms. |
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d. |
Be persistent, four or five counter offers are not unusual. |
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e. |
Have more than one home to offer on, just in case. |
| 7. |
Get the answers |
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a. |
Have the home examined by a house inspector and other professionals. |
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b. |
Find out everything you can about the property. |
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c. |
Consider a new survey. |
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d. |
Check with your attorney if you have any questions. |
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e. |
Have more than one home to offer on, just in case. |
| 8. |
Acquire a home mortgage |
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a. |
Compare interest rates among mortgage lenders. |
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b. |
Obtain an application from one or more lenders. |
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c. |
Fill your application out in pencil. |
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d. |
Visit your lender with your application and three years of tax returns. |
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e. |
Ask your lender for advice on yhour application. |
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f. |
Get your completed application and all other necessary documents to the lender ASAP. |
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g. |
Be prepared to pay for a credit report and an appraisal at this time ($350 - $400). |
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h. |
Check with your lender once a week. |
| 9. |
Close the sale |
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a. |
Obtain the closing statement prior to closing. |
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b. |
Understand every charge on the closing statement. |
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c. |
Contact your REALTOR prior to closing. |
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d. |
If you do not understand all of the details, check with your attorney. |
| 10. |
Transfer utilities from seller |
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a. |
Water |
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b. |
Electricity |
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c. |
Gas |
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d. |
Telephone |
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e. |
Cable Television |
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f. |
Sewer |
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g. |
Trash Pickup
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CONGRATULATIONS! You have just purchased your new home.
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| Buying Tips |
