HOW TO BUY A HOUSE

Contact a REALTOR® Shielding Realty will help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and beyond. He or she can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.

Get A Pre-Approval Letter On A Loan Locate a licensed Mortgage Originator in the state you are considering. This letter will give you the power to make “real” offers that the Seller will respect and take seriously. Do you want to pre-pay the closing costs or wrap them into the loan and finance those costs over time.

Establish Your Price and Area(s) Where You Want To Live With your pre-qualification letter, you now know how much home you can afford. You should also begin researching the school districts and neighborhoods in which you might want to live.

Decide The Amenities and Features You Must Have – Which Ones Are Not Necessary Do you need a newer home or an older one? Should there be established landscaping or do you want to create your own? Hardwood floors, carpet or tile a must? Is an updated kitchen important to you? Walk-in closets? Which features would you be willing to give up if you find the otherwise-perfect home? Which room would you buy, if you could only buy that one room?

Begin Testing the Market Use our unique map search to isolate the “location, location, location” that works for you and your budget With Your Agent, Begin Seriously Looking at Homes Your agent can add to the list of homes you've already identified – including ones that have just come on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there?

Take notes at each home you visit.

What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day.

How Do I Buy A House? When you've identified the home you want to buy, be prepared to help your agent prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted. At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.

How Do I Make An Offer To Buy A House? Get a Pre-Qualification letter from a bank or mortgage broker. CASH OFFERS DO NOT NEED THIS LETTER. Have a lawyer ready to review the Seller’s Contract. If you delay responding to an offer, you could loose the property. Agree on a price you can pay and what your Buyer’s Agent suggests. You'll be asked to submit an EMD (earnest money deposit) to your Buyer’s Agent with your offer, usually, $1,000. Submit a copy of your bank statement showing your down payment amount and available. Your Buyer Agent submits your offer with your bank statement and Pre- Qualification letter Your offer may not be accepted, so prepare to counter-offer what the seller has proposed. YOUR OFFER GETS ACCEPTED! The property should not be continued to be show by the Seller’s Agent. The Seller’s Contract is sent to your lawyer for review. Upon accepting the Seller’s Contract, you will need to provide your lawyer with the rest of the down-payment. Your lawyer then sends the Seller your down payment. You order a property inspection. You tell your mortgage provider the property address and your lawyer’s contact information/address. Your lawyer orders a title search, followed by title insurance after the title is “unclouded” & “marketable”. A Closing date is set and you hope that the Home Inspection does not reveal any problems. 1-If necessary, request repairs from the Seller. 2-Begin making moving arrangements (select a mover, obtain change-of-address cards, inform friends and relatives). 3-Obtain homeowner's insurance. 4-Contact utilities (phone, water, power, etc.) of the new property, so you are all set the day you close. 5-A few days before closing, stage a walk-through. 6-Obtain a cashier's check for closing costs, if you are not bundling them into your mortgage.

At Closing: Make sure the terms and conditions of the loan statement are correct and the walk through was acceptable. Carefully read everything before you sign. WOW! You just bought a house. Plan the house warming party ASAP.