Buyer’s Checklist
Below is a checklist, provided to give you an overview of the “average” transaction. Often, a real estate file will fall outside of normal and require additional steps or documentation. The best way to ensure a smooth transaction is to enlist the help of a professional realtor and maintain contact with him/her throughout your process.
1. Contact a Mortgage Professional
- Obtain a Pre-Approval Letter
- Identify Best Mortgage Program for You
- Determine Max Loan Amount
- Contribution Need from Seller
- Ask if Pest Inspection will be required
2. Hire a Professional Real Estate Team
- Access to MLS
- Years of Experience
- Schedule a Meeting to Discuss Your Needs and Begin Your Search
3. Start Your Home Search
- Get a Feel for the Market – Spend a day seeing multiple (6-8) houses
- Make a Home Wishlist – things you MUST have, things you would like…
- Sign up for FREE Listing Alerts
4. Make an Offer
- Prepare to make an Earnest Money Deposit – $1000 minimum (usually around 1% of price)
- The Date all Parties Agree is the Date of Purchase Agreement
- Once all parties have agreed – take or wire deposit to title company identified by your realtor
5. Make Formal Application with Your Lender within 1-3 Days of Purchase Agreement
- Provide Purchase Agreement to Your Lender
- Pay Application Fee to Your Lender – usually About $500
- Sign Mortgage Documents – Many are now electronic signatures
- Obtain a List of Items Still Needed by Your Lender
- Ask if Well/Septic Inspection will be required
6. Shop for Homeowner’s Insurance – within 1-3 Days of Purchase Agreement
- Provide Purchase Details to Your Agent
- Ask if a Wind Mitigation Inspection will save you money
- Ask if a 4-Point Inspection will be required
- It is a good idea to obtain a quote from several companies
- Provide the “winning” quote and agent contact information to your lender
7. Get a Home Inspection within 7 Days of Purchase Agreement
- Get Recommendations for a Qualified Inspector from Your Agent
- Make sure the Home Inspector knows the completion date required
- Order wind mitigation, pest inspection and 4-point inspection from Home Inspector if needed
- Communicate date of inspection and inspector name to your realtor and lender
8. Review Home Inspection with your Realtor
- Identify any deal killers
- Obtain estimates
- Request repairs from seller in writing
9. Follow Up with Lender After You Are Past Home Inspection
- Order Appraisal
- Provide All Items Requested Previously
10. Loan Approval
- Conditions – Additional Items Required by the Underwriter. Get these back to Lender ASAP
- Get a Copy of Your Appraisal from Your Lender
- Order Survey (check with realtor and lender so you don’t end up with multiple surveys)
- Get Clear to Close from Lender
11. Closing
- Get Amount Needed to Close from Lender – usually the day before closing
- Wire Funds to Title Company
- Bring Picture IDs
- Possession – You will usually get keys at closing or later that day