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Whether
your dream home is newly constructed or an existing home, you need to be
aware of the processes involved in searching for the right
home and what to look for as you begin your home search.
The checklist
below outlines the basic steps you'll take as you begin
conducting your home search, negotiating on a purchase and sale
agreement and, ultimately, closing on your new home:
- Get pre-approved for a
mortgage
Credit report, FICO score, type of mortgage,
shop for best rates and programs. Note: An exclusive Buyer's Agent
can assist you in finding the right home loan to meet your needs so
feel free to move this step down on your list, if need
be.
- Determine your
wants and needs
Style of home, size, price, location.
- Seek out and
retain the services of an Exclusive Buyer's Agent
Compare the services of different agents and look
for good personal chemistry.
- Search for
available homes using the MLS database and For Sale By Owner (FSBO)
properties
Sign up for daily email notification
services and stay on top of all new FSBO's coming to market.
- Check out
neighborhoods, schools, crime rates, traffic and work commutes
Rely on your exclusive buyer's agent's expertise and
in-company resources. Check the Web for helpful information.
- Perform research
and due diligence on your property of
interest
Your agent will visit the town or city
hall to learn of any zoning changes, liens, easements, or other
restrictions.
- Prepare the offer
and negotiate
Have your exclusive buyer's agent
prepare a property value study and ask the seller if there are any other
offers and his motivation for selling, deadlines, etc.
- Conduct a
home inspection, pest and any other inspections
Take
advantage of the inspection contingencies in your offer and get thorough
inspections to eliminate any surprises after you move in to your new
home.
- Final
negotiations; sign the Purchase and Sale
Agreement
Use the inspection report to re-negotiate,
if necessary, and sign the Purchase and Sale Agreement after review.
- Walk-through
inspection prior to closing
Visit your new home
before you sit down at the closing table to make sure everything is as
you expect it to be.
- Closing
You may need to add some steps
based on your special situation to create a customized home buying
checklist for yourself.
Remember: An EBA's mission is
to help you -- their client -- during the process of buying
a home by maintaining his or her fiduciary responsibility
to represent your best interests throughout the entire
process!
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