In honor of the spring market and all the new buyers, I thought it would be helpful to review a standard checklist on what to expect when purchasing a home. Depending on the location and type of property will determine the finer details of purchase. For this article, I will present a general checklist for buying a single family home:
1. Begin by understanding your finances –
You will need to know what you can afford to pay monthly as well as determining
how much money you will need for a down payment. Prepare a monthly budget to
put everything into perspective. This budget should include every expense each
month.
2. Choose your realtor - You want to
choose a realtor you trust. The cost to a buyer for their service is “free” and
they will represent you and your best interest throughout the transaction. In
many cases, your realtor can refer you to a mortgage broker as well as other
vendors throughout the entire transaction. This becomes your “team of professionals”
that will help you along the way to successfully purchase a home you feel
comfortable with. The realtor acts as the “conductor” of the entire process
from beginning to end just like in an orchestra.
3. Get pre-approved before you start
looking for a home – Understanding what you can afford before you step into a
property will make the process more smooth and straightforward.
4. Look for a home – After meeting with
your Realtor, you now should have determined what your want, how much you’re
willing to spend and where you want to look. Start house hunting!
5. Make an offer – Working closely with
your realtor, they will help you understand what the best strategy is to offer
on the property based the most recent sales in the area.
6. Under contract – This is the most
exciting moment for the buyer! Your realtor will guide you through the all the
timeframes that are important within your contract.
7. Inspection of home – By now, you are
anxiously wondering what condition the home you are about to purchase is really
in. Your realtor should be able to have a preferred vendor list ranging from
home inspectors to air/water testing and everything in between when it comes
time to inspect the home.
8. Obtain Homeowners Insurance – It is
best to get a few quotes from various companies to get the most affordable and
best coverage for your new home.
9. Pack and move – If you plan to use a
moving company, secure this early on in the process so you know how much you
are going to pack and how much the company will pack and set the date. The
rates vary depending on how much you pack yourself.
10. Final walk through – Either 24 hours or
an hour before the day of closing, walk through the home to make sure it is in
the same condition it was when you last viewed it and all the repairs have been
completed to your satisfaction, if applicable.
11. Closing – Once the title company receives
your loan documents, you will receive a HUD statement which reviews in detail
your fees and then amount of money needed for closing. In most cases the money
need to close must be in the form of a cashier’s check, so make sure you allow
time to go to the bank prior to going to the closing. Your realtor will arrange
with the title company the day and time of closing where you will sign the loan
documents.
12. Congratulations, you are now a home owner
– After signing the documents, you get your keys and move in! If there is any
personalization you want to make to the home, its best to do it prior to moving
in if possible.
13. Enjoy!
As
I have said since the beginning, please call a local realtor for all your real
estate needs no matter how big or small. We are trained professionals here to
make your life easier. It's best to surround yourself with the right team of
professionals that can continuously give you the right advice for all your
circumstances.
Lisa
is the owner/realtor of Landing Real Estate in Portland. To contact Lisa with
questions, email columnist@TheWindhamEagle.com.
No comments:
Post a Comment