We Buy Houses Philadelphia

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Home Buyer Checklist

Here’s a useful checklist for homebuyers.

  • Get a copy of your credit report and correct any errors
  • Reduce your consumer debt – pay down credit card balances.
    • Pay off the debt with the highest interest rate first.
  • Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
  • Can you afford the down payment (FHA 3.5%, conventional 5-20%)?  Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
  • Get familiar with basic mortgage terms
  • Shop around local and national banks for best rates and programs.
  • Get pre-qualified for a mortgage loan
  • Research neighborhoods that you want to a house (drive & online)
    • Location, schools, crime, etc.
  • Interview real estate agents who specialize in the neighborhoods where you want to buy a house
  • Get pre-approved for a mortgage loan
  • Visit homes and make notes/pictures
  • Once you find a house you like, have your real estate agent determine the price you should offer.  Look at comparable houses the sold in the last 6 months. 
    • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
    • If your house is dated you should offer less than a newer renovated home.
  • Have real estate agent write the offer
  • Complete all mortgage loan application requirements
  • Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
  • Get agreement on repairs to be made by the Seller
  • Inspect repairs and handle other details prior to closing day (settlement).
  • Hand over a certified check for the down payment and pick up the deed for your home.

December 30, 2010 - Posted by | Uncategorized | , ,

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