7 Steps to BUYING A HOUSE | Home Buying Checklist

Todd and Oana discuss the 7 steps to buying a house and the things that a first time home buyer should watch out for.

7 Steps to Buying a House!

1. Making an offer
Bid smartly – look at comparables, ask your agent about the value, and understand the market.
Make a clear offers the specifies the extras upfront — all the items you expect to be included in the purchase price Use the closing date as a negotiating strategy

2. The Inspection
Use a qualified home inspector and have other inspections such as roof, pool, pest, etc as necessary.
Review the seller’s disclosures about the property and share them with your home inspector
If possible, attend the inspection and go over the inspection report with the home inspector
Ask home repair professionals to review the items of concern on the home inspection to get a better idea of the cost of repairs
Ask for a price credit and for the seller to pay for a home warranty

3. The home loan
Ask for referrals from your Realtor, family friends, your financial planner, and your banking institution Know the amount of downpayment you will need plus the closing costs so there are no surprises at the closing
Obtain quotes from multiple lenders including banks and mortgage brokers to make sure you are getting the best interest rate and be sure you review the detailed list of closing costs too.
Watch for bogus fees Consider if it’s worth paying points to lower your rate vs cost of the loan
Check to see if you qualify for any downpayment assistance program
Once you’ve selected your lender and loan program, lock in your interest rate

4. Escrow company
Ask about a military discount or for a list of any discount programs that may apply to you

5. The closing process
Know your time lines and make appropriate arrangements for cashing in any investments necessary for your down payment and closing costs Obtain wire instructions from the escrow company for your closing funds
Schedule your signing date and be sure you attend your signing with your government issued ID
Wire your closing funds
Transfer the utilities in your name including the internet!

6. The final walk-thru
Verify all the appliances are working
Turn on every faucet and flush all toilets
Check the outlets by plugging something in like a night light
Test the heater and air conditioner if possible
Look for any new water damage including on the ceilings
Keep an eye out for any pests
Negotiate another credit if anything is missing or damaged during the seller’s move out

7. Close on your home, have the home cleaned, locks changed, and move-in!

Leave a Reply

Your email address will not be published. Required fields are marked *