Buyers

1 Get Ready For Home Ownership

Build a good credit history
Get mortgage pre-approval
Find out what type of mortgages you qualify for
Consider hiring an attorney to review all contracts and agreements associated with the home buying process
Save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less)
Consider closing costs which can include taxes, attorney’s fees, and transfer fees
Consider utilities and monthly bills, such as homeowner’s assessments

Get a referral from friends, family, and work colleagues, or search REALTOR.com® and look for real estate yard signs and advertisements
Ask the real estate professionals you interview about buyer’s representation contracts and agreements; make sure you understand the terms
Explain your needs and expectations to the real estate professional you choose to work with

Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, accessibility, etc.
Make sure you include homeowner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

Contact your mortgage broker or lender
Make sure you include homeowner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

Ensure the property is inspected by a licensed home inspector
Acquire title insurance
Make sure the title is clear, or make your offer contingent upon title clearances
Read all contracts before signing—make sure you understand all of the terms, ask questions
Place a competitive bid and be prepared to make a counter-offer
Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing
Only one offer will result in a sale, so be prepared to move on if your offer is not accepted

Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
Weatherproof your new home
Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.
Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)
Set up utilities bills in your name, maintain files
Implement desired aesthetic changes such as painting, minor construction, and re-flooring
Set a move date and hire movers or plan a move party with your friends
Get to know your neighbors and explore your new neighborhood
If you’re happy with the work of your real estate professional, be sure to recommend her/him to friends and family