by hgtv
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Real Estate Survival Guide: Buyer's Checklist

home buying

• 1) Realize how much you can afford

• What is your monthly income & debt?

• What is your credit report and FICO score?

• Check out FrontDoor\'s mortgage calculator for reference

• Calculate your budge for a down payment

• 2) Get pre-approved for a mortgage

• Decide on a particular type of mortgage

• Meet with multiple lenders and mortgage brokers, not just one!

• Look around for where you\'ll get the best interest rates & programs

• 3) Decide what are all of your wants & needs in this new home. Consider:

• Location (down, urban, suburban, rural, etc.)

• Type of home (single family, townhouse, condo, loft, etc.)

• Price range

• Size of home (and how many rooms)

• Architectural style

• 4) Consider neighborhoods you\'re interested in

• Search online for information regarding local schools, crime rates, traffic, and zoning

• What will be your commute to work?

• Check out local amenities, like parks, shops & restaurants

• 5) Meet with a buyer\'s agent that truly knows the neighborhood

• Get referrals for neighborhood experts

• Consider collaborating exclusively with one buyer\'s agent

• Before settling on one, interview at least three agents

• Look out for experience in their field, and good working chemistry with you

• 6) Check for homes in the MLS and For Sale By Owner (FSBO)

• Look at listings online, such as FrontDoor.com

• Ask the agent you choose to work with to set up home tours within your preferred criteria

• Check local newspapers

• Snag flyers for open houses that you can attend

• 7) Be sure to fully research each home you\'re interested in buying

• Request for comps from your agent to estimate the property\'s fair market value

• Request a response from the seller as to why they are selling

• Look over all property disclosures

• Check for liens, easements or other restrictions

• 8) Ready to make an offer & begin negotiations

• Determine the purchase price

• Incorporate contingencies, relating to finances, inspections or purchase

• Be clear on any special requests and repairs you would like to include in the sale

• Decide on an earnest money amount

• Decide a move-in date

• When both parties agree to the terms, you\'re ready to sign the Purchase & Sale Agreement

• 9) Finalize the deal

• Get your new house apprised

• Have your new home professionally inspected

• Consider particular inspections for the structure of the house, such as roof and termites

• Utilize the appraisal and inspection reports to re-negotiate the price (if possible)

• Decide on a home insurance company & policy

• Complete the loan process with whichever lender you chose earlier

• Do a final walk-through inspection prior to closing

• Don\'t forget to keep aside some money for the closing costs & down payment

• 10) You\'re ready to close the purchase!

• Go over the settlement document no less than 2 days before closing to know how the funds will be collected & distributed

• Obtain a cashier\'s check for the official closing payment, including the down payment and any closing costs

This checklist was created by hgtv

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