When seeking for the ideal homebuyer’s checklist on the Internet, one should understand that there are various types of checklists. The first type is the one that gives you all the information you need to find your dream home. With this checklist, you will know exactly the right things to check for as you visit properties in this crucial process.
To demonstrate, a checklist such as this ensures that you discover if a house has a useable floor plan, enough storage space and the like. This type of list is much like those employed by appraisers, who examine properties closely to determine the condition and to compare it to other houses in the same area at comparable values.
Here are the main steps to guide you how to buy a house:
1. Educate Yourself
In learning about every step involved in buying a house, the first thing to do is to educate yourself about it. Nowadays, this means to understand about what’s involved, and to become knowledgeable about who the best real estate people are, how homes are doing in your market, the prevailing prices and so on.
2. Retain the Right Pros
Of course, you must do some serious homework before buying a house because you don’t want to leave anything to chance. This means you should hire the best real estate professionals you can find to protect your interests. So, item two on your checklist should be to find a sophisticated real estate person, who knows your market and has listings of properties in your price range. That person will hold your hand and guide you through the process step by step.
3. Get Pre-Approved for a Mortgage
Clearly, it doesn’t make sense to begin shopping without lining up the financing for what you wish to buy. Your real estate pro will guide you through this process as well. A financial statement, if you have one, is a good place to start.
4. Determine What Type of Property You are Going to Buy and for How Much
As soon as you’ve decided the kind of home you wish to buy, inform your real estate agent in detail so he will line up only your targeted choices for showings. This will save both you and your agent a lot of time.
5. Make an Offer
Once your real estate representative has coached you about how to do it, you will probably find a home to buy. This is when to make your offer, which becomes a contract to buy. If your offer is accepted, you will probably be asked to put down a deposit, but if your office isn’t accepted, it’s time to negotiate, with the close supervision of your real estate pro to guide you to negotiate wisely.
6. Make an Application for a Mortgage
Often your real estate pro will direct you to a reputable mortgage company that he likes to use. Be prepared to fill out applications and much more.
7. Arrange for Home Inspection
Note that your real estate professional will be glad to help you locate the home inspection professionals you will need to retain.
8. Are There Existing Warranties
If the seller offers you warranties on air conditioning systems or other appliances, does that mean the system is very old and unreliable? If so, is it expensive to replace? What are the costs involved?
9. Purchase Homeowners’ Insurance
Homeowner’ Insurance is an important item because you’ll be paying the premiums long term.
10. Prepare for the closing
Make arrangements to hire a closing agent or attorney. Make all final preparations for closing with the help of your real estate professional.
11. Call the Movers
At this juncture, you will need to commit to a moving company so you can move into your new house! Naturally, you’ll want to hire the one with the best prices and services.
12. Secure final loan approval from lending institution.
This is the final step in securing the mortgage financing for your new house. Be aware of the terms of your loan.
13. Hold last walk-through of the home.
Make sure you walk through the home one last time and check for any possible repairs or issues you may not have noticed in prior inspections.
14. Hold final closing and settlement.
Prepare yourself to sign many documents. Pick up a chilled bottle of bubbly, open and toast!
David DuPont is a principal with The DuPont Group, a residential real estate firm in Marin County, California specializing in Marin County, CA real estate and Mill Valley real estate. David is a Senior Real Estate Specialist (SRES) and has consulted more than 50 individuals and families in buying and selling real estate in the San Francisco Bay Area.
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