Seven Steps to Buying your Home

Written by Jane Clark on . Posted in Home Buyers

 Home Buyers Checklist

stick figure drawing four check marks 150 clrHere is a little procedure that has proved effective time and time again. You are welcome to examine it, use it, or modify it as you see fit,

 

1. Define your needs.
 

  A. Select a professional real estate agent before house hunting.

  B. Let the agent help you define what kind of home and neighborhood best suits your family desires and needs.

  C. Make a wish list, the finer the details the more effective your home search.

 

2. Get Preapproved.
 

  A. Find out what you can afford by getting a prequalification or preapproval for a home loan.

  B. Let your agent refer you to a mortgage broker and start the progress.

  C. By getting preapproved your seller knows:

1. You have gone through an extensive financial background check.
2. A lender is willing to do business with you.
3. The likelihood of unexpected obstacles regarding financing is minimal
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3. Let the house hunting begin!
 

  A. The most efficient route is to allow your real estate agent to do the initial scouting for you.

  B. Using your wish list as a guide, your agent will alert you of new and existing listings that have strong potential.

  C. Once you find properties that pique your interest, you agent can arrange home tours for your to view the properties

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4. Make an offer.
 

  A. When you are ready to make an offer, your agent will assist you to determine the offer price by reviewing recent sales of homes of similar, size, quality and amenities.

  B. Your agent will put your offer in a written contract.

  C. An offer is not a binding agreement until both parties agree to the contract terms.

 

5. Strike a deal.
 

  A. Sometimes, you get lucky and the seller accepts your offer with no changes. In most instances the seller will make a counteroffer.

  B. Keep in mind that almost anything is negotiable. Keep in close contact with your agent so you can quickly review any changes to the contract.

  C. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

 

6. Prepare for the closing.
 

  A. When an offer becomes a binding agreement, your agent will help you tackle the checklist of action items that you, as a buyer have agreed to perform prior to closing.

  B. All action items should be done in a timely manner so not to delay the closing. Your agent should serve as your “one-stop shopping” referral source for service providers, and be your advocate, helping to coordinate activities and making sure vendors have access to the property. These are actions you will typically take prior to closing;

1. Conduct a home inspection.
2. Get an appraisal and finalize your financing.
3. Secure title insurance.
4. Shop for home warranty.
 
7. Close that deal.
 

  A. Congratulations! The moment you have been waiting for, the closing. The closing is where home ownership is legally transferred from the seller to the buyer.

  B. The closing is a formal meeting that takes place at a title company or attorney’s office that both parties will attend.

  C. Your lender will send a final closing statement that outlines your closing costs (24 hours min.) Your agent will assist you in reviewing this document to ensure accuracy.

mckinney_realtor_blue ribbon1 Voted Best Realtor  "D" Magazine 2006-2012
mckinney_realtor_blueribbon2Top Producer   Keller Williams   North Collin County
mckinney_realtor_blue ribbon3 20+ Years raising a family in Collin County
mckinney_realtor_blueribbon414 years experience  Full-Time Realtor  KW Agent Leadership Council

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