Buying Information

• First, you should write down why you are looking for a new home.
  • Are you currently renting and would like to have a home where you can begin building equity?
  • Are you recently married and have outgrown your current residence.
  • Maybe you have just gotten a promotion which requires you to move to a new city. These factors will all have a bearing on how you approach your home search.
• Second, establish a time frame that you would like to stay within for buying your home
• Finally, have a mental picture of what you would like your house to look like.
  • What kind of features it should have.
  • How many bedrooms?
  • Write these ideas down to avoid any ambiguity later in your home search.
• Create two lists: one should be a list describing your dream home and the other should list the features of the home that are an absolute must have in order to buy it.
• These are your "Want" and "Need" lists. In a perfect world, your new home would fulfill both lists. However, it is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process.
• Share the "Want" and "Need" lists with your agent. Your agent will be able to help you organize your wants and needs.

• Pre-qualification
  • Prequalification is a simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify.
  • The pre-qualified amount is based solely on the information you provide.
  • A pre-qualified buyer is only told that they might be approved for a certain amount.
• Pre-approval
  • Pre-approval is a much more involved process.
  • The lender will take all pertinent information regarding your finances and perform an extensive check on your current financial status.
  • This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with).
  • Being pre-approved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home.
  • You can see how being pre-approved would be more attractive to a seller than just being pre-qualified.
• The type of mortgage you apply for will depend on many things, but the biggest factor will be based on your ability to pay a monthly installment.
  • Often times the monthly payment you qualify for is more than you are willing to pay.
  • Once you determine the monthly payment you are willing to make, you will be able to determine the loan amount.
• The loan amount plus the cash that you have available for your down payment, less amounts needed for loan fees and closing cost will determine the price of the home you can afford to purchase.

• Make another list of what type of neighborhood you want to live in.
  • Consider things like how living in the neighborhood will effect your drive time to and from work.
  • What amenities are offered (swimming pool, tennis courts, park, etc.)
  • If you have children who are attending school, what school district you will be in and how close the schools are.
• If you don't know much about the city that you are moving to you will most likely want to start your search by finding neighborhoods that meet your criteria and then narrowing your search to particular homes in the area. Your agent's experience in the local market will be an invaluable resource during this step.
• Your agent can provide you with an up-to-date list of available properties that possibly meet your criteria and your agent will screen these properties for you.
• When you find one that you like, your agent can arrange for you to walk through the property when it is convenient for you.

• Recent sales in the neighborhood
• Similar size of the homes
• Quality/Condition of the home
• Convenience
• Amenities
• What you are willing to pay for the home

• A legal description of the property
• The offering price
• The down payment
• Financing arrangements
• A list of fees and who will pay them
• Amount of the deposit
• Inspection rights and possible repair allowances
• The method of conveying the title and who will handle the closing
• A list of appliances and furnishings which will stay with the home
• The settlement or closing date
• Any relevant contingencies

• The price
• Financing
• Closing costs
• Repairs that need to be done
• Appliances and fixtures
• Landscaping
• Painting
• Closing date

Keep in contact with your loan officer, he/she may require additional information from you in order to obtain final loan approval. The contract will probably require final loan approval by a specific date. Meeting this date is the buyer’s responsibility. Your agent will assist you in facilitating your loan approval.

Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed.

A day or two prior to the recordation, a couple of appointments will be scheduled. The first will be with the lender to sign your loan documents. The second will be at the escrow or title company's office where the escrow closing officer will coordinate the document signing and the collection of funds (down payment and closing costs).

In order for the closing to go smoothly, the buyer will be notified in advance as to the amount he or she will be required to pay. The buyer will be advised to of the form of acceptable payment, which is either a certified check or a cashier’s check.

Your agent can be present at the closing to answer any questions or help to resolve any issues that may occur. Your agent will also be available to manage any last minute or unexpected details that come up.

Give Address Change To

• Post Office
• Charge Accounts, Credit Cards.
• Subscriptions: Notice requires several weeks.
• Friends and Relatives

Bank

• Transfer funds, arrange check cashing in new city. Arrange credit references.
• Insurance
• Notify company of new location for coverage: Life, Health, Fire and Auto.

Utility Companies

• Gas, light, water, telephone, fuel.
• Obtain refunds on any deposits made.

Medical, Dental, Prescriptions Histories

• Ask Doctor & Dentist for referrals.
• Transfer needed prescriptions, eyeglasses, X rays.
• Obtain birth records, medical records, etc.

On Moving Day

• Carry enough cash or travelers checks to cover cost of moving services and expenses until you make banking connections in the new city.
• Carry jewelry and documents yourself, or use registered mail.

At Your New Address

• Plan for transporting pets; they are poor traveling companions if unhappy.
• Double check closets, drawers & shelves to be sure they are empty.
• Check on service of telephone, gas, electricity & water.
• Check pilot light on stove, water heater, incinerator & furnace.
• Have new address recorded on driver's license.
• Register car within 5 days after arrival in state or a penalty may have to be paid when getting new license plates.
• Apply for state driver's license.
• Register children in school.
• Arrange for medical services: Doctor, Dentist, etc.