Here’s Your House Buying Checklist

Use A House Buying Checklist

Be Prepared:  Buying a new house, or buying your first house, should be an exciting time and a fun experience.  A house buying checklist will help you stay focused, organized and prepared.  Being a prepared buyer will help to make your new house purchase a lot less stressful and it will make the time you spend looking for your new house far more productive.

Build Your Team!  There are several important steps that every house buyer must take.  The well prepared buyer will plan early and surround him or herself with a good real estate purchase team!  Your basic real estate team should include a real estate agent, a mortgage lender, a home inspector and an escrow and title officer.

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Here is A Generic House Buying Checklist

Find an agent
Some real estate agents work for sellers or buyers, some agents try to work for both at the same time, and there are agents that just work for buyers.  The latter companies are called Exclusive Buyer Agent Companies (EBA).  (Your real estate agent will be like the captain of your real estate team.  Your experienced agent has done this many times before and will help to guide your team toward a successful transaction.  Find a good real estate agent that you trust to represent YOUR interests whether you are a buyer or a seller.  –TB)

Obtain a preapproval
If you will be getting a mortgage, a preapproval will allow you to shop for a new house with confidence!  A good real estate agent will be able to help you find a reliable mortgage lender.  Choose a lender based on their proven ability to get the job done correctly first, then consider the costs.  (Obtaining a pre-approval letter before you start your search for a new house is extremely important in this market and should be toward the top of your buying checklist.  Your real estate agent can provide you with referrals to mortgage lenders who will help you get a mortgage.  It is NEVER a good idea to work with a lender who is affiliated with a real estate agent or to work with a combination real estate agent / mortgage broker.  –TB)

Start looking at homes
You can usually visit eight or ten homes in a well-planned day with a well-prepared real estate agent.  Open houses typically are not the best use of time because they are only a small indication of the inventory of available homes.

Narrow down your choices
Start cutting down your list to a target group of two or three homes.  Then make a second visit to do a “detailed” viewing.  This way, you will always be aware of your best alternative if your top pick doesn’t work out.

Research purchase contracts
Don’t wait till the day you need to sign a contract to look at one.  Your agent should be reviewing the documents, the processes, and the local customs for negotiations and contingencies with you while you are still searching for a home.  You’ll be much more confident when the time comes to “sign on the bottom line.”   (I am always happy to go over the offer and purchase documents with you.  I can also send you blank copies of the standard forms if you would like to take a look – just ask me!  –TB)

Start negotiating
Once you decide on a specific home, make an offer immediately.  Your negotiating position gets dramatically worse if another buyer starts negotiating on the same home before you have a contract signed.   (This is imperative in our current market environment where demand is high and the inventory is limited. – TB)

Check comps
If you haven’t already seen comparable sales data by now, this is the time you need to be reviewing it to know how much you should be paying for the home.  If the market values are stagnant or dropping, you also need to consider market inventory and absorption rate.  (Comparable sales, market demand and inventory should always be considered when deciding on an appropriate offer price.  –TB)

Shop for a mortgage
Now that you have a contract, you can shop for the best mortgage deal.  Remember, focus first on the lenders that you know will get the job done, then make cost comparisons to find the best deal.  Use our mortgage calculator to help figure out your monthly payments.  (This brings up a good point.  The lender who provided you with your pre-approval letter when you started shopping for your new house is not necessarily the mortgage lender who you will get your loan from.  After your offer is accepted and your escrow is opened, you will have a couple of days to shop for the BEST rate and terms.  I can help you evaluate your mortgage loan options.  –TB)

Get the home inspected
Make sure to have your place checked out for lead, termites, radon, and/or other concerns. See our Home Inspection Checklist for more details.

I am always available to discuss your new house purchase and to help you assemble your real estate team!