Real Estate Tips for the Home Buyer

Home buying tips…

that will help make your experience as smooth as possible:

A good place to start your process is to review your budget. Once you know your current expenses you can get a better idea of what kind of monthly payment you could handle.

Connect with your preferred lender which could include your bank, mortgage broker or credit union. Prepare to bring your financial data to the meeting including your current income and expenses. They will be able to give you a pre-approval letter which will let sellers know that you are a qualified buyer.

Setup a search with a knowledgeable (Judy!) Realtor that will automatically send email reports of homes that meet your criteria as soon as they hit the marketplace. This will allow you to be among the first to setup a showing to review the home in person.

In most instances, going for a second showing of your selected property is a good idea. Another sound principal, make a trip from the home during your typical commuting times both to and from work.

Be prepared for the purchase to be a process rather than just the Purchase Agreement upfront. The purchase agreement is a vitally important first step to be negotiated.

Typically a home inspection follows the agreement with rather quick timelines to be met. Get recommendations for a qualified home inspector from your Realtor or a referral from friends or research on Angie’s List.

The next step is to clear the appraisal process. The lender will order this and typically is completed closer to the closing date. Sometimes concerns over appraisal issues might be cause for the appraisal to take place prior to the inspection. This is fine as long as the inspection addendum is worded to allow for the time lag for the appraisal completion.

You should call your local utilities and setup services with them so they are ready to go come closing. These include TV, Internet, Electricity, Gas, Water/Sewer, etc. Also, contact your current utilities and let them know when you are stopping their services as well.

A few days before the closing, review your preliminary HUD statement containing the breakdown of closing costs to make sure there aren’t any errors in the file.

The final walk through the homes usually take place immediately prior to the closing or the day before to ensure the condition of the property has not changed materially.

The closing – You’ve made it! Be sure to bring your valid photo ID to the meeting and be ready to sign more than a few pages. Bring a key chain and celebrate your new home ownership! You should also receive garage door openers and any other negotiated items. Congratulations!