Buyer Check List
Buyer Check List
First steps in buying a new home
1) Obtain pre-approval by a lender
2) Determine a price range that you are comfortable with
3) Establish your criteria for a new home
4) Begin your search online, newspaper, Open Houses and select a Realtor
5) Drive by listings to view community and curb appeal
6) Have your Realtor schedule showings
7) Get to know the communities and area (go to the town’s website for info)
8) Once you have found the home that matches your criteria, have your Realtor set up a second showing before you submit an offer
9) Discuss with your lender about the home and verify that you can obtain financing for this specific property
10) Have the Realtor provide a comprehensive Competitive Market Analysis on the home to determine current market value
11) Review all documents on the property (Seller disclosures, Deed, condo docs, tax bill, restrictive covenants, etc). Do your due Diligence.
The Purchase & Sale
1) Have your pre approval letter available
2) Have your check book handy to write a deposit (deposit can range in amount and seek the advice of your agent)
3) Review the Purchase & Sale before you sign (make sure you understand everything as a contract is legally binding)
4) Once you are satisfied with the Purchase & Sales, CMA and any documents that go with the property, determine details of P&S which is as follows:
· Asking price (what did the CMA tell you and what does your agent suggest)
· Closing Date
· Home inspection and tests that you wish to conduct
· Type of mortgage
· Are you going to be asking for anything else that is not on the P&S (consult with your Realtor about what things to ask for)
5) Be prepared to negotiate with the Sellers (negotiations can go back and forth as every transaction is different)
The Acceptance of the Purchase & Sales
1) Schedule a home inspection (it is a Buyer’s cost at time of inspection)
2) Home inspections should occur within 14 days of a fully executed P&S
3) During the home inspection your agent should attend and the Listing agent may be there as well. Rarely are the Sellers at the home inspection
4) Negotiate the home inspection, if required
5) Work on your mortgage application and gather all info needed for the lender
6) Communicate with a title company who will require information for processing
7) A title company works for the bank not the buyer nor the Seller. Hire an attorney if desired
8) Appraisal will be next on the list and this is another upfront cost for a Buyer
9) Once the appraisal is complete and the lender has all the info they need, you should receive bank commitment according to date stipulated on P&S regarding financing
10) Remember to meet all your deadlines that are stated in the P&S
11) Once you have bank commitment, you should be “clear to close” on the date that is specified on your P&S
12) The title company will contact you to set up a time for the closing on the property
13) Prior the closing you should also have an insurance binder for your new home which is needed
14) You should be aware of all utilities and be in contact with them to advise them of your closing date
15) Change your mailing address
16) 24 to 48 hours prior to the closing, schedule a final walk through to make sure that the home is in the same condition as previously previewed
17) At the closing bring a photo ID (driver license) and check book
18) Don’t forget your Bank check for the mortgage down payment!
19) After the closing keys are given and you are ready to move in your new home!
20) Change the locks on your door as soon as possible as well as any passwords needed to gain entry to the property
21) Enjoy your new home!
Please call Bryan Wheeler with any questions at 603-440-5850
