1.HIRE A REAL ESTATE PROFESSIONAL.
An important first step is selecting a professional to help you find your dream home. First and fore most , select an agent to represent you as a Buyers Agent, because he or she is legally responsible for representing the buyers interest in a real estate transaction.
2.SHOP FOR MORTAGE RATES AND TERMS.
A difference of even half a percentage point can mean a considerable savings over the life of a loan.
3.PREQUALIFY FOR A LOAN
This will determine how much you can afford. It allows you to move quickly when you do find the home of your dreams, especially if there are other interested buyers. It also indicated to the seller that you are serious about buying and can afford the property. A pre-qualified buyer is always more attractive to a seller.
Mortgage lenders will want answers to questions such as:
Do you have a steady and reliable income. Have you been employed on a regular basis for 2-3 years?
Do you have a good credit history?
Do you have any outstanding long-term debts, such as car payments?
Do you have money saved for a down payment?
Do you have the ability to pay a mortgage payment every month, plus additional cost?
4.OUTLINE WHAT YOU WANT IN A HOME.
What features are the most important to you? Make two lists: One of the items you cant live without and one of the features you would enjoy. Refine the list as you house-hunt. It is also helpful to search online to see what is current available on the market. Your real estate professional can then show you the houses that meet your needs.
5.VISIT SEVERAL PROPERTIES
Keep track of the properties you have seen make notes on likes and dislikes. Review your notes to eliminate the properties that do not meet your needs. Rate each home you visit because it will become overwhelming. Avoid trying to track more than 4 top choices.
6.KNOW THE FEATURES THAT HELP OR HURT RESALE OF THE HOME.
Consider access to community facilities, shopping centers, schools, public transportation. Research the neighborhood. Check out ratings of the schools. Even if you dont have children, this could be important when you try to sell in the future. Also, make sure you know the proximity to anything that might be deemed undesirable, such as airports and major highways, and ask your agent for zoning information on any areas surrounding the home.
7.MAKE AN OFFER CONTINGENT ON AN INSPECTION
Once you have found your dream home its time to get serious about the financial side of the purchase. Make an offer contingent on inspections.
8.ARRANGE FOR A HOME INSPECTION.
Know what you are buying! Inspection time is your opportunity to understand the condition of the property you are about to own. After your offer is accepted, set up a home inspection. Your real estate professional can help you find a list of qualified inspectors. The inspector will identify any problem areas through observation of structural, mechanical, plumbing and electrical systems of the home. They can also schedule to have your home inspected for termites and other wood destroying insects, which is required by most mortgage lenders. Ask for a walk thru before finalizing the paperwork to verify all repairs have been completed.
9.INSURANCE
Just like you shop for a car or house, shop for your insurance. Compare and check for discounts. Talk to your lender about insurance requirements well before closing. They will want to see an insurance binder showing your coverage for the new home. Get it as early as possible so the closing will not be delayed.
10.DONT CHANGE YOUR FINANCIAL STATUS
From the time you decide to buy a home until you actually close on the loan - is not the time to make major changes in your finances. Dont quit your job, dont buy a car or make any other large purchases, and dont stop paying your bills. Changes like this can result in even a pre-approved loan being denied before closing.
11.CLOSE
Before your closing make sure you have made all necessary deposits and completed the paperwork. Answer lender questions and provide paperwork as quickly as possibleyour closing depends on it. Certified funds are required for closing, no personal checks.
12.PREPARE FOR LIFE IN YOUR NEW HOME.
Consider some moving basics such as turning on electricity, water, gas and clean or replace carpets, notify local post office of address change.
See Real Estate
216 N. Main
Monroe City, MO 63456
800.748.7586
573.735.2245
Fax: 573.735.2276
Email: inquiries_seerealestate.com
®
See Real Estate -- Licensed In The State of Missouri
