HOME BUYERS “HOW TO”

Here are some "How To" hints to keep in mind while buying a home:

Make a list of what you must have, and would like to have in descending order of priority. Be prepared to compromise “because the perfect house hasn't yet been built”.

Save enough money to cover the down payment, closing costs and moving expenses without stretching your budget too much.

Form a firm idea of what type of house you want. Some prospective buyers have no idea of what they want, but a real estate agent can be more effective if you provide the focus.

Choose a neighborhood you will love.

Select one full-time real estate agent with whom you are compatible and stick with him or her.

Give yourself enough time to select your home without undue haste, but be prepared to act quickly when you find the right home.

Consult with an expert before you make an offer if something appears defective in the home.

The offer should include:

• The amount you are willing to pay
• Closing and occupancy dates
• Any contingencies, including obtaining a mortgage, and building inspections.
• Any personal property specifically included or excluded.

If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller

BE PATIENT! The lender will arrange for a credit report and appraisal of the property and begin processing the loan. This may take 2-8 weeks depending on the type of financing.

Once loan approval is received, the Realtor will see that title work is begun and all necessary contingencies are met.

The buyer’s closer will examine the updated abstract to determine what steps the seller must take to provide clear title.

Buyer and seller meet with the closer, lender and Realtors involved to perform the closing transaction. Afterward, the documents are filed at the courthouse. Possession and closing are the same day unless other arrangements have been made.

THERE ARE ALSO SOME IMPORTANT “DON’TS”

Don’t be unrealistic about what you demand in a home.

Don’t disqualify a home just because it needs some repair.

Don’t insult sellers with an unrealistic offer.

Don’t hesitate to ask questions about the house and its neighborhood.

Don’t select a lending institution solely on the basis of its “low” rate period. It’s reputation, service and reliability are also important

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