Why Do You Need a Homebuyer's
Checklist?
By Jeanette Joy Fisher
No matter how many houses you
have purchased, it helps to remember every detail to
protect yourself. Here's a checklist to help you.
In a search
for "Home Buyer's Checklist," I found articles, spread
sheets, and tips with differing advice. Some of this
advice includes:
1. Know your location
2. Negotiate price
3. Check for amenities and compare to other homes
4. Inspect the house for defects
It seems that the real estate websites want you to
choose a home and blindly put your money in escrow.
These home buying tips should include more information
for home buyers to make a solid home purchase.
Always leave yourself a way out of any home purchase
contract until you get your home inspection and have
time to fully investigate the property, neighborhood,
and your financing terms.
Home Buyer's Checklist
1. Get your financing arranged before you look
for a home. See your bank or loan officer before you see
a real estate agent. You must know how much you qualify
for in a mortgage and how much money you need to close.
When you meet these basic requirements, you'll know the
price range to shop.
2. Know your
location and its projected economic outlook.
3. Shop around
and compare houses, prices, features, neighborhoods, and
demographics.
4. Purchase an
Owners Title Policy to cover your interest. Although you
need a title policy for your mortgage lender, this only
covers the loan amount. An Owners Title Policy costs
little and protects your equity.
5. Know your property boundaries. In many locations,
this involves getting a survey so you understand exactly
what you're buying.
6. Use an attorney when you need legal advice. Most
agents can advise you on local customs, not legal
issues.
7. Read the Covenants, Conditions and Restrictions of
the subdivision (CC&Rs). If you're purchasing a
condominium, know what the association fees are and your
legal rights. You need to know if you must always occupy
the property or if you can rent it, if children are
allowed, and what the association does. Do they paint
the exterior, landscape, and send you an extra bill?
8. Do a final walk-thru before handing over your down
payment and signing closing documents.
9. Double
check all contracts. Make sure your mortgage documents
match your promised interest rates and charges.
10. Make sure the seller's move out on time. Once they
get their money and the house changes ownership, you
have no leverage if they damage something or don't
leave.
If you use a knowledgeable real estate agent, he or she
should protect your rights and money. If you buy from an
owner, you need to take extra precautions. Buying a home
should be a fun experience. Enjoy searching for the
right home. Avoid mistakes and make a decision you'll be
happy living with for many years.
Copyright © 2006 Jeanette J. Fisher. All rights
reserved. (You may publish this article in its entirety
with the following author's information with live links
only.)
Jeanette Fisher teaches home buyers how to satisfy the
six credit requirements to buy their dream home
or multiple investment properties. For FREE Credit
Tips for Home Financing ebook and more home purchase
information, visit
Real Estate Credit Help.
P. S. Please
contact me if I forgot anything! Thank you.
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