The Buyer’s Checklist

1. Figure out how much house you can afford.

• Calculate your monthly income and debt.
• Check your credit report and FICO score.
• Use The Premier Group’s mortgage calculator.
• Figure out your down payment
• You can do this yourself or call a loan officer who will do it for free! ?

2. Get pre-approved for a mortgage.

• Choose a type of mortgage.
• Speak to at least five lenders and mortgage brokers, we will be happy to loan officers that we have used before and had great experiences with.
• Shop for the best interest rates and programs.
• Go with the mortgage company you trust. ?

3. Determine what you want and need in a home.

• Choose a location (downtown, urban, suburban, or rural).
• Choose a type (single family, townhouse, condo, or loft).
• Choose a price range. (Based on the monthly payment you can afford)
• Choose a size.
• Choose an architectural style. ?

4. Research your target neighborhoods.

• Look online for information on schools, crime rate, traffic and zoning.
• Determine your work commute.
• Scout local amenities, such as parks, shops and restaurants. ?

5. Work with a buyer’s agent who knows the neighborhood.

• Get referrals.
• Consider working with an exclusive buyer’s agent.
• Interview at least three agents.
• Look for experience and good chemistry. ?

6. Ask your agent to set you up on a drip campaign and receive homes with your criteria, daily, monthly or weekly.

• Browse listings online, including, Realtor.com, Trulia.com, Zillow.com and FrontDoor.com.
• Ask your agent to set you up on an e-mailing list through MLS of homes that fit you criteria.
• Ask your agent to set up showings of homes that you have chosen.
• Ask your agent about attending open houses in the area. ?

7. Research each home you want to buy.

• Ask your agent for comps to estimate the property’s fair market value.
• Review the Seller’s Disclosure.
• Ask about HOA dues.
• Ask your agent to find out about liens, easements or other restrictions on the property. ?

8. Make an offer and negotiate.

• Determine the purchase price.
• Negotiate terms, such as closing costs, special provisions, and sale price.
• Include contingencies, such as financial, inspection or purchase.
• Spell out any special requests and repairs you want included in the sale.
• Determine an earnest money amount.
• Set terms for option period.
• Define a closing date.
• Once both parties agree to the terms, sign the Single 1-4 Family Residential Contract. ?

9. Finalize the deal.

• Get the house appraised.
• Get a professional home inspection.
• Consider getting specific inspections for structural engineering, roof and termites.
• Use the appraisal and inspection reports to re-negotiate if necessary.
• Ask your agent about choosing a home insurance company.
• Complete the loan process with the lender.
• Do a walk-through inspection prior to closing.
• Set aside cash for the closing costs and down payment. ?

10. Close the purchase.

• Review the HUD-1 document at least 2 days before closing to see how funds will be collected and distributed.
• Get a cashier’s check for the amount you need to bring to closing, including the down payment and closing costs.
• Go to Title Company and close on your new home!