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The Home Buying Process
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1.Get Ready for Home Ownership
  • Build a good credit history

  • Get mortgage pre-approval

  • Find out what type of mortgages you quality 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

2. Find a Real Estate Professional
  • Get a referral from friends, family, and work colleagues, or search® 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

3. Find the Right Property
  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.

  • Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment


4. Finance the Property
  • Contact your mortgage broker or lender

  • The lender or attorney will run a title search to ensure there are no clouds on the title

  • Make sure you understand the financing terms—ask the lender for clarification, if needed

5) Make an Offer
  • 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 clearance

  • 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

6. Closing and Life After the Big Purchase
  • 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