1) Finding an Agent
· Talk
to friends and relatives to see if they can refer a trusted realtor.
· Check
with a local trade association.
· Be
sure to “interview” prospective realtors.
Find out how long they have held their license and the number of homes
sold.
· Consider
working with a “Buyer’s Agent”.
2) Shopping
for a House
· Determine
how long you plan to live in your next home.
· Make
two lists – one of “must haves” and another of “prefer to haves”. Rank items according to their importance.
· Use
the internet to search for information on prospective neighborhoods. Many websites offer information on tax rates, schools, and crime.
3) Applying
for a Loan
· A loan
officer can help cut down the amount of leg work you need to do.
· If
possible, order copies of your credit report before starting the home buying
process.
· Make
sure you get a complete list of fees before applying.
· Always
research the different types of loans available.
· If using
a “Buyer’s Agent”, they can help you determine a good offer.
· Research
the selling price of comparable houses in the area.
· Considering
whether the market is “hot” or “cold” will help you know whether to make your
offer high or low.
· Be
prepared to negotiate.
4) Making an Offer
· If using
a “Buyer’s Agent”, they can help you determine a good offer.
· Research
the selling price of comparable houses in the area.
· Considering
whether the market is “hot” or “cold” will help you know whether to make your
offer high or low.
· Be
prepared to negotiate.
5) The
Sales Agreement
· The
sales agreement is a legally binding contract issued between the buyer and
seller. It outlines all the details of
the sale.
· Consult
an attorney before signing a sales agreement.
· Know
what options you have and determine whether an “escape clause” is necessary.
6) Home
Inspections
· A home
inspection is a way for buyers to know exactly what they are purchasing by
searching for faults and defects.
· Information
found in a home inspection can help you renegotiate the selling price of the
home.
· You
can find home inspectors either through your real estate agent or listed in the
yellow pages.
7) Closing
· The
closing is where the actual sale of the home takes place.
· By
law, you must receive a list of all your closing costs prior to the sale. Speak with your lender if you are unclear
about any charges.
· It is
a good idea to have your lawyer accompany you to the closing.