Buyer’s Checklist

• Be aware of your financial situation. Get copies of your Credit Reports.
• Get “Pre-qualified”. You supply a lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Talk to at least two to compare rates, fees, points and other options.
• Educate yourself about mortgages and the mortgage process.
• Determine a budget that works for you. What you qualify for may be more than you want to spend.
• Talk with your Realtor for alternatives, if the mortgage you qualify for is less than what you planned.
• Determine a time frame when you would like to be in your home.
• Understand the different Agency Relationships.
• Use a Realtor as your agent to help you find a home. A Realtor will work with you to find your perfect home and has pledged to protect and promote the interests of clients and to be honest and loyal. All Realtors are Agents but not all Agents are Realtors. When you develop trust with this person, you may want this agent to represent you as a Buyer’s Agent.
• Work with your Realtor® to learn the various types of housing and determine what best suits your needs. If this is your first home, view several homes to get comparisons. Don’t move too slowly with this and don’t act on the first property you see unless you’re 100% sure.
• Submit an offer to buy the property when you find a home you want to purchase. Your Buyer’s Agent will work with you to do this.
•       Negotiate your best deal with assistance from your Buyer’s Agent who will include any contingencies needed.
• If it’s not in writing, it doesn’t exist. All promises and discussions not written in the agreement are not enforceable. Don’t assume anything.
• One of your contingencies should be a “Home Inspection” of the property that will check the condition of your potential home and inspect for water quality, pests, mold, asbestos, radon and other possible concerns. Your Buyers Agent will review this with you. These inspections should be done by a qualified professional.
• Review this Home Inspection thoroughly as you will have a limited     time, as agreed (usually 10 days), to rectify any items of concern.
• Apply for your mortgage loan. The terms of the Purchase & Sale Agreement, the property you want to purchase and your financial situation will determine if you qualify for this particular loan. If everything qualifies, you will be given a “Good Faith Estimate” of what your closing costs will be.
• Obtain Homeowners Insurance. This is required if you have a mortgage on the property.
• Arrange for an Attorney or Title Company to make final preparations for closing. Your mortgage company may have you use theirs.
• Plan your move. Reserve a moving company if you need one.
• Get final loan commitment. This is usually needed about 10 days before you close. This is your pre-approval commitment. You'll complete an official mortgage application, pay any fees and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating.
• Plan for flexibility. Closing dates are not in set in stone and things happen.  Allow for contingencies and have a back-up plan.
• Be aware of the contingency dates you set. Some of them are set in stone and if you don’t act within the set timeframe, you could loose your options set by your contingencies.
• Do a final walk through of the house to ensure your home is in the expected condition.
• Review the HUD Statement to confirm the amounts including your expected contribution. This should be fairly close to the “Good Faith Estimate” you received when you applied for the mortgage.
• A closing time and place will be determined. Be on time.
• Move into your new home.