First Time Home Buying

Since home buying is the largest personal purchase for most people, the first time will be the most overwhelming.  You do want to go into a home buying experience with expert guidance to avoid any major issues and smooth out the impact of the minor ones.  To help new home buyers, here is just a non-exclusive list of things to look out for.  Happy house hunting!

1st Time Home Buyer Checklist

  • Cash purchase or financing?
    • Have you spoken to a lender recently?
    • Do you have a preapproval letter?
    • Have you kept up a good credit score?
    • Who can help you with down payment?  Did the transfer/gift letter season?
    • Special financing options for 1st time buyer
    • Less conventional financing
  • Do you know what type of property you want?
    • Hoa or no hoa?
    • Yard? Distance to work, family
    • Appreciation potential
    • What is tax deductible?
    • Neighborhood crime statistics
    • Age of property/maintenance budget
  • What’s market like today?
    • Seller market currently, multiple offers is the norm
    • How to make you stand out
      • How much above listing?
      • Escalation clause
      • Other methods
    • Write offer with inspection contingency
    • Offer negotiation (may need to accept counter offer)
    • When offer is accepted, more work starts
  • Buyer checklist/time table
    • Why is appraisal important
      • If higher than, its great; if its lower than purchase price, we have work to do
    • Other contractual/escrow obligations
      • Open escrow, order title report
      • Complete inspection within and determine if anything needs attention
      • Ensure all financial obligations met and collected all necessary disclosures
      • Close of Escrow date set
      • Verify repair work/title issue included in contract is completed and accepted(if specified)
      • Understanding closing statement and buyer expenses
      • Monitor close process until close date, obtaining signatures as required
  • Smooth Close/Key turnover/Celebrate
    • Post-close checklist

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