Buying a Home

1. Preparing to Make an Offer
Confirm basic information about the house that you are interested in buying. After you have found a house that you like and believe that the asking price is within reason, it is wise to check out a few problem areas. Before making an offer, consider these items:

  • Are there any liens against the property?
  • How is the structural integrity of the home? Roof Leaks? Foundation defects?
  • What is the zoning for the area?
  • I recommend getting pre-qualified for a mortgage before making the offer - it makes your offer stronger.

2. Negotiating the Deal
Once you have satisfied yourself that serious problems do not appear to exist and that the asking price is within your range, it is time to see if you can strike a deal. A Real Estate Agent can help make negotiations between the buyer and seller and draft a contract to be signed by the involved parties.

3. Applying for a Loan
Although you do not need to wait until you have a signed contract to apply for a mortgage, most people wait until they have a contract to seek a loan. Whenever you apply, be prepared to supply a great deal of information about your financial history. Following is a checklist of the items nearly every mortgage lender requires:

  • Social Security Number(s)
  • Residency information for the past 2 years (Names & Addresses of Landlords)
  • Employment Information (Dates, Names, Addresses and Phone for employers)
  • Income (have copies of tax returns for prior two years and paycheck stubs for past 30 days)
  • Assets (acct. numbers and balances of all accounts at banks, credit unions, etc...)
  • Liabilities (Loans –payments and balances; Credit cards, Alimony/Child Support) Self Employment
  • Tax Returns for past 2 years (personal & corporate)
  • Business year to date profit and loss statement
  • Current balance sheet for business
  • Most recent paycheck stub

4. Pre Closing
After the contract is signed and the loan application process is underway, it is time to think about preparing for “closing.” Closing is simply the “event” where the seller and buyer come together to make the final delivery of their respective obligations. For the seller, this means delivering possession and a deed to the house that conveys title as called for in the contract. For the buyer, it means delivering the funds necessary to complete the purchase. Buyers who have never purchased before are especially encouraged to have legal counsel to assist at this stage, as well as throughout the process.

  • Inspections
  • Make Moving Arrangements
  • Contact utilities, telephone, cable TV providers to establish service to new home.
  • Prepare Change of Address notices
  • Review deed and other closing documents
  • Compile items you will need to produce at closing (Personal ID & Certified Funds)
  • Stay in close contact with your agent at all times for answers and assistance to ensure a smooth process.