Once
the decision has been made to buy your first home (or your next home) it’s time
to take steps to make that dream a reality and a check list is a great place to
start. A check list will guide you through the process of searching for a home
that meets your needs, wants and desires. So here is a brief checklist on some
things you should do to make that dream happen.
Get A
Free Credit Report
Once
every 12 months you can request a free copy of your credit report from the Big
Three credit reporting agencies, Experian, Equifax and Transunion. It is a good
idea to make this request before you begin searching for homes, this way you
will allow sufficient time to check your reports and dispute any inaccuracies
in your files.
Get Pre-approved
When contacting
a lender for a pre-approval letter, it’s a good feeling to know your credit
files are correct and up-to-date. Any
top-performing Realtor® will request a copy of your pre-approval letter prior
to showing homes. Having this in hand, your Realtor® will be able to search
only the homes that you are in your price range. This will save you time, money
and disappointment by not searching homes outside of your budget.
Learn
The Lingo
Being
in the ‘Know” is a great place to be. If you’re unfamiliar with real estate
turns a great place to start would be at www.CBGundaker.com and click on the Buyer and
Seller’s tabs for a glossary of terms.
Find A REALTOR®
A
Realtor® is an important part in your house hunting process because they know
the real estate business, How to search for homes, how to complete documents,
establishing time lines, interpreting real estate data and so much more. It’s
recommended to find one that can offer you a buyer’s consultation which will
inform you of the home buying process. You will know about deadlines,
counteroffers, loan commitment dates, earnest money deposits, inspections and
so much more.
Make An
Offer
Once
you find the “right” home that you are ready willing and able to make an offer
on your Realtor® will counsel you on how best to write the offer, They will
review details with you such as, comparable home pricing, seller response time,
attached riders, anticipated closing date, financing details, special agreements
and more
It’s
strongly recommended not to try to low ball the seller and try to get a “Steal
Deal” There are too many want to be home buyers that have lost their dream home
because someone else made a better offer. Be it ever so slight. It is best to
put your best foot forward first!
When submitting
your offer, have your loan pre-approval letter written slightly above you “best
foot forward price” by your lender. Submitting a pre-approval letter gives the
seller confidence in your offer and the letter tells them what you’re able to
get a loan for.
Obtain
A Loan
The first
step after the sales price is agreed upon is to make an earnest money deposit.
This money is deposited into a special account and applied to your purchase
price when closing. In most cases this money will be returned to you in the
event you are unable to close. Please see your Realtor® for details
To
approve the loan the loan you lender may require a home inspection (which is a
GREAT idea, even if your lender doesn’t require it) an appraisal to be sure the
house is worth what you are offering and other documents as required and this
may take a few weeks. Be sure to stay in touch with both your lender and Realtor®
during this time.
Get
Moving
Now
that the papers are signed and you have the keys to your new home, it's time to
get moving - literally. Remember to decorate your new home and add all of those
special touches that reflect your personality. After all, a house is only a
house until you make it a home.
In the few weeks between
the acceptance date and closing, there are a few things to do and deadlines to
be met. Your Realtor® will help you stay informed of these to dos and the deadlines
required as you approach the closing. A few
important points for you to remember are to arrange for utilities to be
transferred into your name on the closing date, schedule a locksmith to change
the locks and to arrange for a moving company. You can also start to make plans
on how you want to redecorate the master bedroom. Congratulations on your home
purchase!
As a Realtor®, I can assist you with any or all of the items above. If you happen to be outside of the St. Louis market, I can help you find a quality agent in your area of choice. Please contact me for assistance.
By Bob Weibrecht,
Realtor
Coldwell Banker Gundaker
314-852-9566 / 636-461-2000
www.BobWeibrecht.com
FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.
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