I am writing this to hopefully provide a good checklist for home buyers to go through before purchasing a home. If you follow this checklist your transaction will go smoother. This list is not meant to be comprehensive because I could never address all the different situations that may come up in your transaction. You should consult with your real estate agent for specific items you need to be aware of.

1. Preparation – You need to find out what monthly payment you can afford and what monthly payment you want to afford. You will need to make a list of what you need in a new home, it may be helpful to prioritize those items. You will need to get a credit report and begin working on improving your credit if needed. Collect your Tax returns, W-2’s and bank statements. Get pre-approved for a home loan so you can submit that pre approval letter with any offer you decide to submit.

2. Choose an area and agent - Look into crime rates, schools, and get references on your agent. Start your home search online to narrow down the search. Start previewing properties make sure you ask lots of questions. It may be helpful to take pictures of possible prospects and also take notes of positive and negative features of each property.

3. Make your decision – Is this the best home for you? If so have your agent find comparable sales for homes in this area. Have your agent find out about previous offers, appraisals and other useful information. Ask yourself what is this home worth to me?

4. Make your offer – Discuss the best ways to approach this with your agent. Make sure that all items in the house that you want to stay are listed in the offer. Make sure to specify who pays for each closing cost. Remember home warranties, and include contingencies for any inspections that may become necessary. You will need earnest money at this point. Your agent should be able to advise you as to what amount of earnest money will be appropriate.

5. Purchase the home – Make sure you start arranging all inspections as soon as the offer is accepted. Sure up your loan with your lender and make sure you have a firm closing date. Talk with your insurance company to make sure you can obtain home owners insurance or if you need flood insurance. Get a closing statement from your title company as soon as possible (Your lender may hold this up). Prepare to move into your new home and enjoy your new home.

Like I stated in the first paragraph this should only be used as a reference as it is in no way a complete list. You will want to consult with your local real estate agent to get a comprehensive list. If you are interested in more information about this buying a home please visit my personal website – Cedar City Utah Real Estate

This entry was posted on Tuesday, December 19th, 2006 at 3:13 pm and is filed under Cedar City Real Estate, Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.