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The checklists are for informational purposes only & is not a substitute for legal, tax or other professional assistance.
5 Proven Checklists To Help Keep You On Track & Avoid Common Buyer Mistakes
6 Truths About Today's Marketplace That Will Help Any Buyer Be More Realistic
8+ Ways To Protect Yourself Against Unpleasant Surprises When Buying A Home
13 Common Contingencies That Buyers Might Consider Putting Into Their Offer To Purchase
12 Steps To Getting Yourself "In Shape" To Be A First Time Homebuyer
23 Ingredients To Successfully Selecting A Contractor Or Home Remodeler For Buyers
12+ Sets Of Rules & Regulations Every Home Buyer Should Be Aware Of Before Buying
Are You A Ready, Willing & Able Buyer? 7 Critical Issues To Consider
Attention Condo Buyers: 3 Warning Signs That Could Cost You Thousands Of Dollars
Location - Location - Location...7 Characteristics Of An Economically Healthy Neighborhood
Prioritizing Your Needs As A Buyer...30+ Home Buying Issues To Consider
The Final "Walk-Thru" . . . 36 Items You May Want To Consider
The Top 8 Reasons For Using A Professional Real Estate Agent
The Top 10...Service Providers You'll Want To Consider Using The Next Time You Purchase A Home
Do I Have A Valid & Enforceable Contract? 6 Essential Elements Of Most Real Estate Contracts
The 5 Big Mistakes Most Home Buyers Make & How You Can Avoid Each One
5 Simple Steps To Buying Your Next Home That Could Save You Thousands Of Dollars
Making Your Move Less Stressful...A Checklist To Make Sure Things Get Done
5+ Of The Most Common Hidden Defects In Real Property
These repairs can become expensive. Be sure to seek expert opinions and estimates on repair costs from reputable professionals.
Bad foundation
Worn roof
Water drainage
Termite infestation
Working components of the house:
Inadequate wiring
Inadequate plumbing
Heating/cooling
* Other areas of concern:
Environmental issues
Title issues
Adverse location issues
*Special note: If a property is on private water, sewage or roads, the buyer will most likely have individual inspections on each of the items. A compliance certificate or other written documentation will most likely be requested by the buyer &/or lender to indicate all systems meet the required standards for the area.
5 Proven Checklists To Help Keep You On Track And Avoid Common Buyer Mistakes
"5 Simple Steps To Becoming A Smart Buyer"*
"The 5 Big Mistakes Most Home Buyers Make & How You Can Avoid Each One"
"6 Keys To Making You & Your Offer Look Great!"
"14 questions To Ask All Lenders" plus..."The Home Loan Application Checklist"*
"8 Ways To Protect Yourself Against Unpleasant Surprises When Buying A Home"
*Contact your real estate agent for more information.
5 Simple Steps To Becoming A "Smart" Buyer
Look at rent vs. buy to decide if there are enough benefits to YOU to buy. Look at your goals, timetables and desired lifestyle.
Select a professional real estate agent to help you with information, knowledge and a road map through the maze.
Have your agent do an in-depth "needs analysis" for you. By specifically writing down your wants, needs, goals, timetable, etc., all parties will be more focused.
Get financially pre-qualified and/or pre-approved. This will help you save time, energy, effort and money in the home buying process.
Look at your marketplace objectively. View properties and analyze data with an open, but critical mind. Your agent should be a big help in keeping you on track.
6 Keys To Make You And Your Offer Look GREAT!
Proof of ability to pay... have evidence of loan approval or cash. A preapproval letter from a lender is best.
Earnest Money...put down enough earnest money to make your offer look attractive to the seller.
Offer a realistic price for the property that you think the seller might accept.
Be careful not to include too many terms, conditions & contingencies that might make your offer less desirable to the seller. Only include those terms, conditions & contingencies you really need or want.
Make a summary list of the STRONG features of both yourself and your offer.
Humanize yourself to the seller. Include a written personal introduction to the seller. Give the seller facts about yourself that you think would be interesting to a seller.
6 Truths About Today's Marketplace That Will Help Any Buyer Be More Realistic
There is no perfect house......when you find a house/property that is consistent with your top few priorities - consider writing an offer. Seldom does a buyer find a property that has more than 85% of what they want/need.
The popular properties priced right go quickly. See "5 Reasons Why Pricing Your Home Correctly In The Beginning Is So-o-o-o Important".
Package yourself and your offer so that both look good to a seller. You may be in competition with one or more buyers for the same property. See "6 Keys To Making You & Your Offer Look Great"
The home buying process is complex, so consider using professional service providers such as real estate agents, attorneys, etc..
If value and price are important to you, have an appraisal or Competitive Market Analysis (CMA) done on the property BEFORE buying it.
Don't be surprised if and when you get buyer's remorse... an uneasy feeling about your buying decision.
Most people question their decision to purchase at some time during the process.
What are your company's resources, support staff and network affiliation?
What is your company's history and track record in helping buyers? (ex: How many buyers did your company serve last year?)
What checklists and systems does the agent have to help you, the buyer, stay on track?
Does the agent have information to help you find the best lender, including the "Home Loan Application Checklist" and "14 General Questions To Ask All Lenders".
Is the agent offering you a choice between customer and client level service?
Is the agent offering traditional level service only or do they have an upgraded home buying system?
Does your agent appear trustworthy, caring and committed to helping you reach your goals?
8+ Ways To Protect Yourself Against Unpleasant Surprises When Buying A Home
A Customized Market Analysis
Appraisal Rider
Review the Seller's Disclosure Form . . . in detail
Home Warranty/Protection Plan
Building Inspection
Other Inspections (ex: radon, environmental, heating/cooling, etc.)
Title Search
Keep Yourself Focused on Your Goals and Timetable
9 Issues To Consider BEFORE Buying A Condominium
Why buy a condominium? - Make a list of all the reasons you want a condominium rather than a single family detached house.
Is what you’re looking at really a condominium? - If you want a condominium be sure you’re not buying a look-alike (ex: townhouse, zero lot line, etc.). Make sure it is technically a condominium.
Pay close attention to the covenants, restrictions, by-laws, indentures, etc.
Don’t hesitate to contact the "Board of Directors" for questions and concerns. -This is the body who should be able to give you the facts on key issues that may be important to you and also make you aware of past problems.
Take time to learn the key rules governing condominiums. - Federal, state and local laws all have a potential impact on your experience as a condominium owner.
The quality of construction 3 A VERY important issue both in the short and long run
Assessments and fees 3 Are the fees realistic? Too little is a problem waiting to happen...
What is the profile of the occupants who live there? - ...% owner occupied - ...% tenant occupied
Other demographics that are important to you
Did you select a real estate agent that understands condominiums? - Pick a Pro!
10 Key Questions To Ask A Home Inspector Before Hiring One
What type of licenses, certificates or designations do you hold?
What is the scope of your inspection? How detailed will the inspection be?
How many inspections do you do per year on residential homes like ours?
How long does the actual on-site inspection normally take?
Will you allow us to accompany you on the inspection?
What type of report will we receive and will it include estimates of costs to correct defects?
Do you carry errors-and-omissions insurance or give any warranties/guarantees?
How much does an inspection cost for a property like ours?
How quickly can we get it done?
Do you have a list of past customers and clients that we may call as referrals?
13 Common Contingencies That Buyers Might Consider Putting Into Their Offer To Purchase
Mortgage Contingencies
Home Inspections Contingencies
Environmental Contingencies
Lead Paint Contingencies
Termite Inspection Contingencies
Appraisal Contingencies
Attorney Approval Contingencies
Home Sale Contingencies
Home Close Contingencies
Title Inspection Contingency
Final Construction Approval (new homes)
Insurance Contingency
If purchase is an attached single family home, townhome or condominium...common contract clauses may include:
Contingency to review covenants and restrictions of the association.
Financial review of association budget.
Contingency to review association documents and bylaws.
13 "Don'ts" Every Home Buyer Should Know
Don’t wait for the perfect house . . . there isn't one. Compromise & prioritizing are necessary elements in home purchasing.
Don’t buy before you do some comparison shopping...especially if you’re new to the area.
Don’t write an unrealistic offer or you will simply be helping someone else’s offer look good (too low of a price...too many contingencies).
Don’t feel a need to negotiate if a property is fresh to the market, priced right and popular... the good ones often go quickly and at full or close to full price.
Don’t think all real estate agents and companies are created equal...they are NOT. Find an agent/company with a great track record and proven home buying system.
Don’t be afraid to write an offer above or below the asking price... offer what it is worth to YOU.
Don’t work with more than one agent. Find one you like and stick with them. If you make a bad choice, change but stick with the new ONE.
Don’t wait for perfect conditions to buy. The best time to buy is when you have found the right home.
Don’t get too many friends and family involved in your buying decision... you’ll go NUTS!
Don’t wait until you find a home to shop for the best loan. Start up-front.
Don’t wait until after you find a house to be qualified for a loan. Do it upfront.
Don’t work with an agent who can’t show you Checklists & Systems . Only pick a friend or relative that is licensed as an agent if they are GOOD! Look for value-added services.
Don’t be surprised if you get buyer’s remorse at some time before closing...most buyers do. It is normal and it will pass.
14 Steps To Getting Yourself "In Shape" To Be A First Time Homebuyer
The following items are the keys to being ready, willing and able to purchase when you find the right home. Doing the homework and getting your papers in order will make the home buying process much easier.
Consider the following items:
Be pre-qualified by a mortgage loan officer.
Obtain a mortgage pre-approval.
Have the necessary funds in your checking account to write an initial earnest money check.
Have the remaining money for your down payment easily accessible.
If you are receiving a "gift letter" for a portion of your down payment, be sure to have the money transferred into your savings account.
Pay balances on revolving credit cards.
Do not make big purchases (such as a car on installment payments) prior to getting loan approval and closing on your new home.
Have a credit report run by a credit agency so that you can see what might be on the report and clear up any credit problems.
Find an attorney to review an "offer to purchase agreement".
Be aware of the dates you can move.
Do you have a current lease?
Can you sublet your current residence?
How important is it to remain in your current residence until the lease expires?
Can you be flexible on dates?
18 Steps Most Buyers Take To Buy Their Home
Look for an agent to help you through the maze.
Interview the agent...set an appointment with an agent to find out if they have the skills, services and professional attitude you're looking for.
Discover if the agent is working "for" you or "with" you... client or customer?
Clarify your wants and needs to your agent...let them know your objectives and timetable.
Have the agent help you establish your purchasing power...this may include getting preapproval.
Select the best three to five properties to see.
View each property objectively following the "Simple 3-Step" approach. See "A Proven 3 Step Approach To Selecting The Right Property".
Write the offer to purchase following the "6 Keys To Making You & Your Offer Look Great" .
Have your agent present your offer ASAP...time is of the essence.
Handle all counter offers and negotiations with a win/win attitude...BIG Picture Mentality.
Avoid "Second Guessing Syndrome"...also known as "Buyer's Remorse". Almost EVERYONE gets it at some point in time. Let it pass...
Finalize any loan details to get final approval. If you haven't been pre-approved, you need to get the ball rolling NOW!
You or your agent need to order title insurance from the company of your choice.
Any inspections or predications that need to be addressed should be done in a timely fashion.
Address snags and problems as part of life. Keep focused on your goals...BIG Picture.
Do a "walk-thru" prior to closing...See "The Final Walk-Thru Checklist" .
Show up early to closing with all necessary items from your closing checklist.
After closing, keep in contact with your agent. They want to assist you with questions, concerns and problems whenever you have the need!
21+ Common Closing Costs For Buyers
Down Payment
Loan Origination Fee and Points
Appraisal Fee
Credit Report
Flood Letter
Private Mortgage Insurance (PMI) Premium
Home Owners Insurance Premium
Mortgage Insurance Escrow
Home Owners Insurance Escrow
Property Taxes Escrow
Closing Fees
Recording Fees
Mortgage Title Policy
Owner’s Title Policy
Mortgage Interest Adjustment
Survey
Termite Inspection and Building Inspection Fee
Tax Servicing Fee
Lender Inspection Fee
Notary Fees
Federal Express (if needed)
* Other - Misc. Fees
23 Ingredients To Successfully Selecting A Contractor Or Home Remodeled For Buyers
Shop around...don’t rush into choosing a contractor.
Get references from friends, neighbors and family who have had similar work completed.
Get at least three written estimates for identical work so that you can easily compare bids.
Get references from the contractors so you can check on their work.
Call your local municipality and check if there have been any complaints against any of the companies you might consider for your remodeling.
After you have made a choice of contractor, don’t let work begin without a signed contract. Be sure to seriously consider having an attorney review prior to signing.
Be wary of signing a "letter or agreement" or even a contractor bid form—this might be a binding contract.
Be sure to specify what is to be done and when work is to be completed.
Make sure the contract contains:
Who will do the work
When will the work be completed?
A detailed list of specific materials to be used.
The appliances and/or fixtures to be supplied
The dates for beginning and completing the job.
Monetary penalties for non-completion of project on time.
A provision for the clean-up of the premises.
Don’t sign a contract that reads "work as per agreement".
Specify that contractor will obtain all necessary licenses and permits.
Specify contractor will meet all zoning regulations and building codes.
Be sure contractor will indemnify you in case of not meeting all regulations.
Be sure that the contract states that the contractor is responsible for any damages to your property.
If contractor guarantees the work, be sure it specifically states what is guaranteed and for how long.
Contract should state when payment is due. Never pay full price in advance; link payments to certain stages of completion of the entire job.
Final payment and the signing of any completion certificate should only take place when the work is completed to your satisfaction.
12+ Sets Of Rules And Regulations Every Home Buyer Should Be Aware Of Before Buying
Seller Disclosure Laws
Lead Base Paint Disclosure
Federal Fair Housing Laws
State and Local Housing Laws
Laws regulating advertising and marketing
Real Estate Contract Law
Zoning and Local Ordinance Laws
Occupancy Laws
Building Code Laws
Environmental Rules and Regulations
Stigmatized Property Laws
Governmental Rights and Real Property Laws
* Other rules and regulations impacting the buying & selling of real estate in your area
A Proven "3 Step Approach" To Selecting The Right Property.
No Perfect House...85% Rule
The Good Ones Go quickly
Avoid Second Guessing Syndrome...Commonly Referred To As "Buyer's Remorse"
What did I like about the property?
What, if anything, would I want or need to change?
If the price were right, could I see myself owning this property? If yes, at what price?
Your judgment as an educated/informed buyer
The Customized Market Analysis prepared by your agent
The option of an Appraisal Rider
Are You A Ready, Willing And Able Buyer? 7 Critical Issues To Consider
Motivation
...why are you considering a move? Are your reasons compelling enough to cause you to be realistic and put up with the realities of moving?
Authority
...is the decision to move yours alone?
Finances
...are you financially qualified to make the move at this time?
Compromise
...are you willing to make some compromises along the way?
Competitive
...are you willing to be competitive with other motivated and qualified
buyers that may want to purchase the same home that you do?
Availability
...are you available to find and secure the best property?
Will you be able to preview & screen properties when they first become
available?
Commitment
...are you committed to reaching your goals in a specific time frame?
Attention Condo Buyers: 3 Warning Signs That Could Cost You Thousands Of Dollars
50% or more of the units are tenant occupied
If 50% or more of the units are rentals it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell.
The association’s "reserve fund" is less than healthy
The association does not have a healthy reserve fund. Without a large sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value.
The project is in litigation
If the project is involved in litigation with builders and/or other homeowners this can quickly deplete reserve funds and affect resale value.
Before You Continue Your Pursuit Of Buying Your Next Home...The "BIG 3" questions To Ask Yourself!
How soon do I need (or want) to move?
How long have I been looking?
If I found the home today, what would I want to do?
Do I Need An Agent When Buying A Home? 9 Critical Points
There are several items that a professional real estate salesperson can provide to you while in pursuit of your new home. Here are several items to consider when asking yourself whether or not you will benefit from the assistance of a real estate professional.
Do I have time to research the residential housing market?
Do I have the knowledge to integrate and understand the information available to me?
Can I integrate the information available on the real estate Internet sites into useful data that can help me accomplish my goal of home ownership?
Do I have the expertise to negotiate on my own behalf?
Do I have the ability to find a qualified home inspector? See "10 Key questions To Ask A Home Inspector Before Hiring One" .
Do I have the time to research the home loan programs available in the market? See "6 Of The Most Popular Mortgage Options" .
Do I have the time to interview mortgage loan officers? See "14 General questions To Ask All Lenders" .
Do I have the time and expertise to target market, if necessary, for the type of property I am looking to purchase?
Do I know the zoning regulations and building codes pertaining to residential real estate in the area I am interested in moving to?
Home Warranty Policy Checklist...For Buyers
A Home Warranty Policy can protect against costly repair expenses. Home Warranty Policies offer protection during the initial listing period and for one year after the sale of a home. For buyers, the typical home warranty may eliminate concerns about unexpected
repair costs and may also add confidence to the buying decision. Make sure to evaluate each protection policy, as the terms and conditions vary from policy to policy, company to company. The items most often covered in a Home Warranty Policy are as follows:
Plumbing System
Well Pump
Water Heater
Electrical System
Central Vacuum System
Ceiling Fans
Dishwasher
Garbage Disposal
Built-in Microwave
Range/Oven/Cook top
Trash Compactor
Heating System
Ductwork
Optional coverage may include:
Central Air Conditioning
Swimming Pool
Built-in Swimming Pool
Spa
Refrigerator
Washer/Dryer
Location - Location - Location 7 Characteristics Of An Economically Healthy Neighborhood
Pride of Ownership
A Low Crime Rate
Quality Schools In The Area
The Economic Stability In The Area
The Homogeneity Of The Neighborhood
Proximity To: Work - Schools - Churches - Shopping - Major Roads/Highways - Etc.
wide curving streets
well lighted but not too bright streets
abundance of trees
green areas and parks
common grounds
rivers, mountains, hills, lakes, etc.
Prioritizing Your Needs As A Buyer... 30+ Home Buying Issues To Consider
How many bedrooms?
How many bathrooms?
Master bath?
How soon would you like to be in your new home?
What type of condition does the home need to be in?
Age of home? Older home vs. newer?
New construction? Or resale?
Type of home? Condo, townhouse, single family?
If maintenance free lifestyle, have you prioritized the amenities and services of the development?
Style of home?
One level, two-story, multi-level?
Monthly assessments? How much?
Is the lot important?
Location?
Basement?
Finished basement or unfinished?
Garage? Attached or detached?
Side drive?
Extra parking spaces?
Eat-in kitchen?
Formal dining room?
Family room?
Fireplace?
First floor laundry room?
Mechanical systems? Older vs. newer?
Home Warranty Policy?
Hardwood floors?
Seller financing?
Rent with option to buy?
Room sizes?
Interior decor?
Searching For Your Next Home... 11 questions To Ask Yourself
Answering the following questions may assist you in determining the most important features you would like in your next home. It is important to prioritize your needs in housing and also recognize that compromising on less important features will help in narrowing your selection of homes. Remember that there is no "perfect" house.
Are there features in your current home that you would like in your next home? - What are they?
Do you have a floor plan preference?
Do you prefer single story, two-story, or multi-level living?
Do you want a yard?
Are you looking for a maintenance free lifestyle? If yes, do you have a preference for single family, townhouse or condominium living?
How many bedrooms?
How many bathrooms?
What would be the most compelling reason for you to purchase a particular property?
Which of those amenities would be nice to have but not necessary?
What in your current home would you like to change?
What other amenities would you like? Be sure to prioritize these items. See "Prioritizing Your Needs As A Buyer...30+ Home Buying Issues To Consider".
The Final "Walk-Thru" 36 Items You May Want To Consider
Doorbell
Range/oven
Stove/cook top
Microwave
Refrigerator
Garbage disposal
Trash compactor
Attached gas grill
Sump pump
Water softener
Central humidifier
Washer
Dryer
Central van system & equipment
Smoke detectors
TV antennas
Bathroom fixtures
Toilets
Bathtubs
Sinks
Showers
Ceiling fans
Heating system
Cooling system
Window air conditioning units
Windows
Existing storm windows & screens
Doors
Garage door opener
Sprinkler system
Intercom system
Security system
Spa
Hot tub
Any items that were negotiated to be replaced or repaired per the initial inspection
Any personal property items that are to remain on the property per the contract The final walk-thru is a final opportunity for you to be certain that the home you purchased is in similar condition as it was on the date of the initial contract. The final walk- thru is not to be used as another home inspection or a tool to renegotiate items at the closing table.
The Top 8 Reasons For Using A Professional Real Estate Agent
Working with a real estate professional can save you time and stress. It is of utmost importance that you feel comfortable with your real estate professional and that you can communicate effectively with them. A relationship that is built on open and honest communication can assist your real estate professional in finding the right home for you.
Here are some of the services that your real estate professional will provide...
Work with you to find properties that meet your specific requirements such as location, price and amenities
Arrange for appointments and show you the properties selected
Provide you with information regarding the price and value of properties
Provide knowledge of the current real estate market and how it relates to your property purchase
Educate you regarding the purchase agreement
Prepare an offer to purchase
Assist in the negotiation of your selected property
Refer you to professional service providers for:
Home Inspections
Environmental Inspections
Legal Services
Mortgage Services
Well, Septic/Sanitary Inspections
Home Owners Insurance
Title Services
The TOP 10 Service Providers You'll Want To Consider Using The Next Time You Purchase A Home
Real Estate Agent
Home Inspector
Mortgage Loan Officer
Surveyor
Property Appraiser
Insurance Salesperson
Attorney
Title Company
Moving Company
* Other Service Providers You Want: (list here)
Radon Gas
Lead Paint Test and Inspector
Well, Septic/Sanitary Systems Inspector
Local Municipality Building Inspector
Local Municipality Zoning Inspector
Soil Testing
Flood Plain
Termite/Pest Control
Asbestos
Major Tax Issues Every Buyer Of Real Estate Needs To Know
1. Increase in the exclusion from capital gains tax on the sale of a principle residence from
$125,000 in capital gains to $500,000 for filing joint taxpayers. ($250,000 exclusion of profit
for single taxpayer). This exclusion can occur every 2 years. The repetitive ability is a
great opportunity to buy and sell a principle residence and either move up or buy down.
There is no age restriction on who is eligible for this exemption.
2. First-time homebuyer incentives:
Save income in a tax-deferred IRA account with the purpose of saving for a down payment and withdraw down payment at any time without penalties for early withdrawal.
Parents can save money in a tax-exempt savings account for the purpose of assisting children with a down payment for housing.
3. Investments in real estate.
4. Reduction in capital gains tax rate from 28% to 20%. This will increase the profitability of a
real estate holding.
* For these or any other tax law issues be sure to contact your accountant or tax advisor for
further information and details.
Do I Have A Valid And Enforceable Contract? 6 Essential Elements Of Most Real Estate Contracts
Competent parties—must be at least 2 parties to any contract
Names and signatures of all parties to the contract
Consideration—such as a promise to pay money
Must be in writing—except for leases of one year or less
Address of property
Meeting of the minds—an unqualified acceptance of the offer so that seller clearly understands the terms of buyer’s offer and the buyer clearly understands the performance required and the timing of the obligations
*In most instances, the parties involved in a real estate transaction would be best advised to seek the services of an experienced real estate attorney to review an agreement to purchase.
9 Things Every Buyer Needs To Know About Title Insurance
A title insurance policy will protect the insured against losses arising from the defects in
title such as the following items:
Forged documents
Undisclosed heirs to the property
Mistaken legal interpretations of wills
Misfiled documents
Confusion in similarity of names
Incorrect marital status
Mental incompetence
Title Insurance for owners
Title Insurance for lender
Some areas of the country require both a lender & owner title policy to be purchased. Local custom and practice usually dictate which party buys the appropriate title insurance. Seller may pay for the buyer's policy and the purchaser/buyer may pay for
the lender's policy. The lender policy covers the same items as the owner's policy and ensures the lender is limited to only the mortgage balance on the date of the claim. This amount reduces with every mortgage payment. Because of the decreasing liability, the lender policy usually costs less than the owner policy.
Key Characteristics Of The Property:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
Time Frame:
Less than 30 days
30 - 60 days
90 days
30 - 60 days
Other Important Considerations:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
After Home Is Selected:
Pretend you're the seller: how attractive will the offer look?
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
Price Range
From: $________________ To: $_______________ Start Date: ____________
Getting Yourself "In Shape" To Buy Your Next Home
Getting yourself prepared to purchase a new home takes planning. When you currently own a home and need to sell the current home as well as purchase, the planning of the sale and purchase can be best managed with diligent consideration of the following items:
Realistically pricing your current home based upon the comparable homes that have recently sold in a similar location with similar amenities and upgrades
Do not price your current home based upon what you would like to purchase
Consult a mortgage loan officer to understand your financing options:
Interim financing
Conventional financing
Understand the current marketplace:
What is the average time on the market for homes in the same price range as yours is listed?
What is the average time it takes to go from contract to closing?
Although it might be difficult to imagine not purchasing a new home until your current home is under contract and contingencies have been met, you will be in a better position to negotiate with a new seller
The 5 Big Mistakes Most Home Buyers Make And How You Can Avoid Each One
They don't ask the lenders enough questions, or the right questions so they don't necessarily get the best loan for them.
They don't act quickly enough when they find the right house...and someone else buys it.
They don't make themselves and their offer look attractive to the seller...
They don't think resale BEFORE they buy...
They select the wrong agent and/or company to help them!
Solution: Find an agent with proven Checklists & Systems that will help
you reach your goals.
5 Simple Steps To Buying Your Next Home That Could Save You Thousands Of Dollars
Ask mortgage bankers & lenders the right questions…to get the best loan for you based upon your needs & your financial goals.
Act quickly when you find the right house…someone else may consider it to be the right house for them and you could miss out or be placed in a situation of multiple offers.
Be sure to package yourself & your offer in a way that looks attractive to the seller.
Think resale BEFORE you buy…
Be sure to select the right agent and/or company to help you!
Solution: Find an agent with proven Checklists & Systems that will help you reach your goals.
The above checklist is for informational purposes only & is not a substitute for legal, tax or other professional assistance.
The lists were reproduced with permission of "Your Home Coach"