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Home Buyer’s Checklist

The Home Buying Process

Pre-Approval

The most important step in the Home Buying process is the Pre-Approval. This is where you meet with a bank, lender, or mortgage officer to determine your buying power. You will provide them with pertinent information regarding your income, debt, credit, and down payment. A loan amount will be determined based on this information… Now you can start shopping for your dream home!

Home Selection

Before choosing your dream home, Team Owens suggests you answer the big Why? Why am I making a home purchase? What is most important about this decision? Am I purchasing for equity? Tax exemptions? Location? School District? Wealth building? What is most important to me regarding the home? How long do I plan to live in the home?

Negotiation

So you found the house you want? Now how much do you want to pay for it? Time to get your shark tank on! ☺ But be careful, it’s a seller’s market!

Due Diligence

That’s right, this period is just what it sounds like! An opportunity to do your homework on the home you’re buying to make sure there’s no secrets.

Closing!

It’s time to pop some bottles because you’re officially a homeowner. Possession will be granted based on your agreement… and you can begin making your home yours. Congratulations!

The Home Buying Process: A closer look!

Pre-Approval:

Your loan representative will ask for the following information:
• Type of Home
• Planned Usage (Owner Occupied?)
• Down Payment Source
• Bank Statements
• Statement of additional assests
• Tax Returns
• Credit Report
• Verification of Identification
A Pre-Approval will be issued based on your creditworthiness. This letter will strengthen any offers you make on a home and will set the parameters upon which you should begin shopping.

Home Selection:

The following are some things to consider when selecting a home:
• Marketability (resale)
• Location
• Proximity to groceries, schools, parks, neighborhood amenities
• Property Values in the area
• School Districts
• Property type (multi-family, single family)
• Parking
• Curb Appeal
• Why is this important?
Once a home is selected, Property Disclosures will be provided to you for you to make an informed decision on the property.

Negotiation

Easy there shark! There’s an art to negotiation, here’s some things to consider!
• Buyer’s vs. Seller’s Market – Who has more leverage?
• Days on Market – Stale listings = Motivated Sellers with Less Leverage
• Number of Existing Offers – Hardball is not suggested during multiple offers
situations.

The Negotiables:

Here’s a list of items you can negotiate on to make an offer more or less attractive:
• Sales Price
• Contingencies
• Closing Date
• Closing Costs
• Transfer Taxes
• Termite Repairs
• Sewer Lateral
• Additional Repairs
• Date of possession
***Note: The highest price offer isn’t always the best. The terms of the offer (i.e. financing, close date, etc.) can significantly change it’s attractiveness and likelihood of acceptance.
A few things to make your offer more attractive:
• Earnest Money
• “Love”/Character Letter Quick closing
• Few contingencies

Due Diligence

Once the seller has accepted your offer to purchase their home, you will have a period (negotiated in your contract) for performing inspections on the property. This will give you an opportunity to renegotiate any terms if needed.
The following is a list of suggested inspections:
Home Inspection
Termite Report (usually provided with disclosures)
Any additional inspections needed will be suggested by a home inspector
When the inspections are complete, consult with Team Owens regarding re-negotiating any of the initial terms in the agreement.
The Due Diligence period will also give your loan representative time to process your loan and the title company time to do a full title search.

Closing!

The deal is closed and the home is yours! Possession will be turned over based on the terms of your agreement. Your homeownership will be recorded in public record and you can begin enjoying the benefits. Welcome Home and Congratulations!