by hgtv
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Real Estate Survival Guide: Buyer's Checklist

home buying

• 1) Realize how much you can afford

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• What is your monthly income & debt?

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• What is your credit report and FICO score?

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• Check out FrontDoor's mortgage calculator for reference

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• Calculate your budge for a down payment

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• 2) Get pre-approved for a mortgage

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• Decide on a particular type of mortgage

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

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

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

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

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

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• Price range

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• Size of home (and how many rooms)

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• Architectural style

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• 4) Consider neighborhoods you\'re interested in

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

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• What will be your commute to work?

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

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

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• Get referrals for neighborhood experts

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• Consider collaborating exclusively with one buyer's agent

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• Before settling on one, interview at least three agents

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

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

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• Look at listings online, such as FrontDoor.com

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

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• Check local newspapers

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• Snag flyers for open houses that you can attend

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

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

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

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• Look over all property disclosures

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• Check for liens, easements or other restrictions

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• 8) Ready to make an offer & begin negotiations

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• Determine the purchase price

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• Incorporate contingencies, relating to finances, inspections or purchase

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

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• Decide on an earnest money amount

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• Decide a move-in date

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

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• 9) Finalize the deal

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• Get your new house apprised

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• Have your new home professionally inspected

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

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

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• Decide on a home insurance company & policy

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• Complete the loan process with whichever lender you chose earlier

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• Do a final walk-through inspection prior to closing

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

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

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

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

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This checklist was created by hgtv

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