Buying Process

1. Get prequalified - The lender will look at your income, credit scores, revolving debts, financial obligations, and the type of loan you choose. Your down payment also affects the loan.  Smaller down payments mean higher monthly payments. Lastly, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments. You can get pre-qualified with several different lenders.  When choosing lenders, consider if they are local and accessible.  Also, consider the loan options and loan costs (origination, admin fees, APR, and any other fees).  See recommended lenders at http://willoswald.valuedagent.com/purl/pg/service-providers

2. Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle - condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance.

3. Choose a real estate professional - Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy.

4. Search for a home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford.

5. Make an offer - Your offer depends on the current market. If the house is priced fairly, consider an aggressive offer.  If you start too low, it may give the seller reason to be hesitant or defensive.  You may end up negotiating through counter-offers. Ask your real estate professional for advice.

6. Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. Choose an inspector based on experience, cost, and recommendation of your realtor. The inspector will point out the age of systems, and large and small repairs that are needed.  You can request and negotiate any repairs from the seller through a repair addendum.  See recommended inspectors at http://willoswald.valuedagent.com/purl/pg/service-providers

7. Choose an attorney - An attorney will handle the title search, title insurance, and deed transfer.  Choose an attorney based on location, experience, costs, and recommendation of your realtor.  See recommended attorneys at http://willoswald.valuedagent.com/purl/pg/service-providers

8. Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing.

9. Schedule Utilities connection – Call the Utility companies to have utilities connected/transferred in your name as of the closing date.  Find Utility Info at http://willoswald.valuedagent.com/purl/pg/local-utilities

10. Do a walk-through – Before you close, it is a good idea to do a walk through the house to make sure the condition has not changed and there are no major issues that have shown up.

11. Go to closing - Once final negotiations are complete, the parties to the transaction will sign papers at an attorney’s office. All mortgage and legal paperwork is signed by both parties. The seller and buyer may use the same attorney or two separate attorneys. Once all the disbursements have been made, you get the keys to your new home, according to your agreement.