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Home Buyers Check List Video Part 2

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

In this video of our February topic the Home Buyer’s Checklist, we discuss things you need to do before buying a home. Below is the full Home Buyer’s Checklist.  If you want me to talk about a certain topic in the future please email us.

Home Buyer Checklist

  • 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.

Today’s videos discuss the bullet points:

Once you find a house you like, have your real estate agent determine the price you should offer.

  • 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.
    • Your real estate agent will do a lot of the work with the access they have. But if you want to do your own research you can look at Zillow.com and it will tell you what houses recently sold in the neighborhood. You can 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

  • Have real estate agent write the offer
  • Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and imagine his or her reaction to everything you include. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal.

You Put an Offer on a House and the Sellers Accepted!  Now What?!? Below are things that the home buyer will need to do before settlement:

Follow up with your mortgage lender or broker

Let your mortgage lender know that the offer was accepted and tell them to order the appraisal and get the final mortgage approval ready.  Make sure a check for the mortgage loan will be available at the closing.  Mortgage documents and check should be delivered to the Closing Attorney, Escrow Agent or Title Company officer prior to closing day.

Mortgage loan application requirement was covered in a previous video.  Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all the data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow. Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors. To ensure that your mortgage application will be processed as quickly as possible, it’s important to bring all the proper information to your loan application interview.

We will continue with this video series topic next week.  Stay tuned.

Contact a real estate professional before you decided to sell. If you are in Pennsylvania contact me at www.CMTrealestate.net.

Subscribe to CMT Real Estate’s Youtube Channel

contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

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February 19, 2013 - Posted by | Uncategorized | , ,

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