Real Estate Tips – Home Buyer’s Action Steps

PlanningReview and list your reasons for buying a house at this time.
Review and list your reasons for not buying a house at this time.
Compare your reasons for and against buying at this.
Contact a Real Estate firm and get a home buyers’ guide i.e., the steps to buy a house.
Research and review the basic terms used when buying a house.
Check your credit score.
Correct any errors in your credit report.
Prepare a personal balance sheet listing your assets and liabilities.
Ask a lender what documents and information are needed for a loan application.
Assemble your personal documents and information needed to apply for a mortgage.
Develop and list your personal wants and needs in a house.Prepare Your Realistic BudgetReview and list your current living expenses excluding home ownership.
Research and list all expenses associated with home ownership.
Choose a mortgage payment amount that fits your comfort zone.
Include a cash reserve in your budget.
Calculate your total expense for home ownership.Choose a Trusted AdvisorAsk your friends and business associates for the names of real estate agents they would recommend.
Prepare a list of questions to ask your candidates.
Contact the candidates and arrange for an interview.
Meet with each candidate.
Ask the candidates tough questions, listen carefully, and take notes.
Get references from the candidates regarding their recent clients.
Call the references and ask specific questions.
Make a decision.
Meet with your chosen advisor.
Agree with your advisor on your mutual commitments.
Put your mutual commitments in writing.Get Pre-Approved for a Home LoanResearch the types of home loans available.
Get the names of mortgage sources.
Contact the mortgage sources.
Prepare of a list of lender questions.
Meet with a representative of a mortgage source.
Complete a loan application.
Determine the loan you quality for
Understand your down payment and monthly payment.
Make a decision regarding a loan.Choose Your NeighborhoodChoose a life style – live in the city, suburbs, on acreage.
Choose a house type – new or older, single family, one or two story, condo.
List the activities in your life: stores where you shop, recreation, houses of worship, entertainment, etc.
Contact the schools and ask:
What are the test scores?
Average class size
What % of high school graduates enter college
Do further research on
Research the neighborhood crime statistics.
Review the local medical resources.
If applicable, review the home owners association’s rules and meeting minutes.
What is the resale demand for houses in the neighborhood?
How many homes are currently listed for sale in the neighborhood?
Walk the neighborhood.
Attend a city council meetingHunt for Your HomeReview and confirm your list of your needs and wants in a house.
Agree with your agent regarding your needs and wants in a house.
See houses.
Keep score and compare as you visit houses.
Communicate with your agent in a timely and candid manner.
Review the house comparables in terms of prices and features.Your OfferAgree with your trusted advisor on the offer.
Read the contract and understand your offer and commitments.
Make your offer attractive to the sellerThe Negotiation GameDiscuss and agree with your trusted advisor on your counter offers.
Prepare your counter offers.
Control your emotions.
Don’t take it personally.InspectionsDo a thorough personal house inspection.
Consider a sewer camera inspection especially in older, treed neighborhoods.
Read and understand the home inspector’s report.
Ask questions on any inspection item you do not understand.Pre-closingUnderstand the closing process.
Understand all the money numbers
Have sufficient cash for closing.
Get your insurance policy.
Make moving arrangements.
Arrange for utilities to be put into your name.
Review the preliminary title report.
Make your final inspection.ClosingUnderstand what you are signing.
Sign the documents.
Create files for your new home documents.