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RSS FeedHomebuying checklist |
Posted at Real Estate for you! by Valerie Sullivan
Jun. 12, 2008
Categorized in: Buying Real Estate
Tagged with: first time home buyer, florida, home, home inspection, insurance, lender, real estate, realtor
Hi all! I hope you've all had a wonderful week! As anyone that has bought a home can attest, buying your first home can be overwhelming and stressful. BUT, it can also be fun and exciting. You're walking in to new territory, and making (likely) the biggest purchase of your life.
Many first time home-buyers, while they do extensive research on home-buying, are still overwhelmed and not quite sure what "the steps" for buying a home are. Considering I spent 20+ years in the Air Force, I am a lover of checklists, so I put one together. This covers much of the process, but leaves out many of the details. The process will vary according to your circumstances.
1. Find/work with a Realtor you are comfortable with. This is likely the largest purchase of your life. You want someone who is going to listen to what YOUR wants, needs and requirements are. A Realtor can help narrow down your search by asking the right questions at the start.
2. Get pre-approved with a lender. Regardless of the market, this puts you in a better position. It shows sellers you have done your homework. And there's always the chance that "perfect home" for you may have another offer coming in at the same time. You can tip the scales in your favor by having that pre-approval letter if the other buyer doesn't.
a. As a first time home-buyer, be sure to ask your lender about Bond Money, SHIP funds and the Ameridream program. Depending on your income level and family size, you may qualify for funds that help with down payment and/or closing costs.
3. When you find a home you want to put an offer in on, your realtor should provide you with a CMA, also called a comparative market analysis. This shows what homes in the immediate vicinity have sold for over the previous 3-6 months. It can help you determine a price to offer.
a. We'll write up an offer. You'll read through and sign the paperwork, as well as the seller's disclosure (if provided) and we'll submit it. Negotiations begin here;
b. The seller can;
i. Refuse the offer
ii. Counter offer some or all of the terms
iii. Accept the offer as-is
4. Once the contract is signed by all parties, you will get a copy of it with all signatures, as will the seller's realtor, the lender, and the title company. Your realtor will ensure everyone that needs a copy has one.
5. If you choose to get a home inspection (not mandatory, but highly recommended). Cost varies according to the size of the home, but you can plan on approximately $300-$400. I recommend you attend the inspection. Your inspector can teach you valuable information about your new home.
a. When the inspection report comes back, if they have found issues that are not cosmetic, we can require the sellers to remedy those issues according to the contract.
b. If the seller refuses to fix the issues, you decide if this is a show-stopper.
c. Some homes are "as-is" sales and we'll know up-front that the seller won't make repairs, a home inspection is still a good idea so you don't have any surprises.
6. Get insurance on the home (have the listing on the home in front of you to answer questions).
a. It is ok to shop around to get the best rates--just like with a loan.
7. A pest inspection is scheduled as well. This is a requirement for all homes in Florida prior to closing on a property.
8. Your Realtor, the seller's realtor, lender, and title company or closing attorney will work together to ensure all necessary paperwork is completed prior to closing. As your Realtor, I make sure you are aware of the processes as they do happen, and answer any questions you may have.
9. Closing happens and the home is now yours as of that day. You receive the keys and move in!
Congratulations!
