FIRST TIME HOME BUYER’S CHECKLIST

Determine how much you can afford monthly

  • Calculate your monthly income & debt

  • Check your credit report

  • Determine your down payment

Get pre approved by your bank or lender

  • Speak with your Bank, Mortgage Lender or Mortage Broker

  • Meet with 2-3 Lenders for best interest rates and programs

Determine what you need in a home or property

  • Choose desired locations

  • Chose type of property (single, multi, condo, townhouse)

  • Choose price range

  • Choose size (square feet)

Research target neighborhoods

  • Research nearby schools, crime rate and traffic

  • Determine commute to work

  • Scout local amenities (parking, shops, restaurants)

Search for homes on MLS and For sale by owner

  • Browse listings daily online

  • Attend open houses

  • Check local papers or social media sites for listings

Research each home you want to buy

  • Agent will provide comps in the area

  • Agent will find out about liens, easements or other restrictions

  • Review property disclosure with agent

MAKE A SOLID OFFER AND NEGOTIATE

  • Determine purchase

  • Include contingencies (financial seller credits, inspection and purchasing)

  • Include any special requests and repairs to be included in sale

  • Determine earnest money amount

  • Once both parties agree to terms, sign purchase & sale agreement

Finalizing The Deal

  • Get a professional home inspection

  • Get the house/property appraised (Done by bank or lender)

  • Use appraisal & inspection report to negotiate lower price or credits

  • Choose a homeowner insurance company

  • Complete the loan process with lender (Sign documents)

  • Do a walk through inspection prior to closing

  • Set aside cash for closing costs & down payment (don’t make any large purchases)

  • Contact attorney to represent you at closing

CLOSE THE PURCHASE

  • Review the settlement documents at least 3 days prior to closing to see how much funds will be collected and distributed at closing

  • Get bank/cashier’s check for the amount you need to bring to closing, including down payment and closing costs

  • Meet with attorney to sign paperwork and take ownership of the property!