Real Estate Buyer Survival Guide

Real Estate Buyer Survival Guide

When purchasing a home a lot of responsibilities start to arise. You want to be as prepared as possible when you start the process to buy your dream home. Follow this guide when you are ready to start the home buying process.

1.       Figure out how much you can afford.

·         Calculate your monthly income and debt
·         Use a mortgage calculator
·         Figure out what you want your down payments to be  

2.       Get pre-approved from a Lender.

·         Speak to 2 or more Lenders
·         Shop for the best interest rates  

3.       Determine what you want and what you need in a home.

·         Choose a location
·         Choose a type (single family, condo, townhome)
·         When your lender gives your pre-approval amount, choose a price range
·         Choose a size  

4.       Research your target neighborhoods

·         Look online for information on schools, crime rate, zoning, etc…
·         Time your work commute
·         Find local amenities such as parks, shops, and restaurants  

5.       Work with a buyer’s agent who knows the neighborhood.

·         Get referrals
·         Consider working with an exclusive buyer’s agent
·         Look for hard working (get the job done kind of attitude) and good chemistry  

6.       Search for homes on the MLS and For Sale By Owner.

·         Browse listings online and save the ones you like
·         Ask your agent to set up tours of homes that fit your criteria.
·         Check the local news papers
·         Pick up flyers and attend open houses with your agent.  

7.       Research each home you want to buy.

·         Ask you agent for comps to estimate the property’s fair market value.
·         Ask the seller’s reason for selling
·         Review all property disclosures
·         Find out about liens, easements or other restrictions (your agent will tell you this information)  

8.       Make an offer and your agent will do the negotiating.

·         Sit down and talk with your agent about determining the right purchase price. Never start with a low ball offer, it will offend the sellers and they might not even look at your offer.
·         Include contingencies like financial, inspection, or appraisal.
·         Spell out any special requests and repairs you want included in the sale.
·         Determine an earnest money amount.
·         Define a move-in date.  

9.       Finalize the deal

·         Get the home appraised.
·         Get a professional home inspection
·         Use the appraisal and inspection reports to re-negotiate if necessary
·         Choose a home insurance company
·         Complete the loan process with your Lender
·         Do a final walk-through to make sure everything is up to par before your closing
·         Set aside cash for the closing costs and down payment (if the sellers are not paying the closing costs).  

10.   Close the deal

·         Review the settlement document at least 2 days before closing
.         Get a cashier’s check for the amount you need to bring to closing, including the down payment and closing costs.

Kelsey Rorabeck Headshot
Phone: 715-529-1410
Dated: May 21st 2014
Views: 3,347
About Kelsey: Kelsey was a student athlete for 4 years at Augsburg College and received the Joyce Plaff (scholar a...

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