Home Buying Process

Dated: 01/11/2019

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1) Get Ready for Home 

  • Ownership Build a good credit history Get mortgage pre-approval

  • Find out what type of mortgages you quality for Save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less) 

  • Consider closing costs which can include taxes, attorney’s fees, and transfer fees Consider utilities and monthly bills, such as homeowner's assessments

 2) Find a Real Estate Professional 

  • Get a referral from friends, family, and work colleagues, or search realtor.com® and look for real estate yard signs and advertisements 

  • Ask the real estate professionals you interview about buyer's representation contracts and agreements; make sure you understand the terms 

  • Explain your needs and expectations to the real estate professional you choose to work with 

3) Find the Right Property 

  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc. 

  • Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment 

4) Finance the Property 

  • Contact your mortgage broker or lender The lender or attorney will run a title search to ensure there are no clouds on the title Make sure you understand the financing terms—ask the lender for clarification if needed 

5) Make an Offer Ensure the property is inspected by a licensed home inspector 

  • Acquire title insurance Make sure the title is clear, or make your offer contingent upon title clearance

  •  Read all contracts before signing—make sure you understand all of the terms, ask questions

  •  Place a competitive bid and be prepared to make a counter-offer

  •  Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing Only one offer will result in a sale, so be prepared to move on if your offer is not accepted 

6) Closing and Life After the Big Purchase 

  • Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire 

  • Weatherproof your new home Maintain files—digital or print—for all warranties, insurance documents, contracts, etc. 

  • Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box) 

  • Set up utility bills in your name, maintain files Implement desired aesthetic changes such as painting, minor construction, and re-flooring 

  • Set a move date and hire movers or plan a moving party with your friends 

  • Get to know your neighbors and explore your new neighborhood

  •  If you're happy with the work of your real estate professional, be sure to recommend her/him to friends and family

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