| 1. Decide what kind of home are you looking for. To | | | | you with information concerning the sale price of similar |
| help your realtor and facilitate your search, it is best to | | | | homes that have recently been on the market and |
| have an idea of what kind of home you are seeking. | | | | together you can decide on an appropriate amount to |
| What kind of neighborhood do you have in mind? Do | | | | bid. You will also work with your realtor to come up |
| you have a preference for new construction versus | | | | with a list of requirements, if any, for the sale to go |
| something older? What style of home appeals to you? | | | | through. There are many things that are negotiable |
| What size and layout? Do you want a fixer upper, or | | | | when buying a home. Price is an obvious example, but |
| something in move-in condition? It is also helpful to | | | | other variables might include financing, closing date, |
| come up with a list of items that are negotiable and a | | | | repairs, items that are included in the sale (such as |
| list of items that are non-negotiable. | | | | appliances), closing costs, and so on. You realtor will |
| 2. Get your finances in order. Once you decide what | | | | draft a contract and if the seller accepts it, you have a |
| kind of home you are looking for, you have to figure | | | | legally binding document! An offer should generally be |
| out how much you can afford. To do this, have a | | | | contingent on an inspection and an evaluation of the |
| mortgage broker preapprove or prequalify you for a | | | | results. This way, if an inspection reveals a major |
| loan. If you do not have a mortgage broker, your | | | | problem, you can reconsider and if necessary, |
| realtor will probably be able to refer you to one. | | | | renegotiate your offer. |
| However, you should feel free to shop around. | | | | If you are lucky, the seller will accept your first offer, |
| In addition to helping you figure out your price range, | | | | but often he or she will respond with a counter offer, |
| this step will often give you an advantage when you | | | | which you can then respond to in turn until eventually |
| find a home you want to bid on. It will signify to the | | | | (hopefully), you both agree on a deal. |
| seller that you have gone through a credit check and | | | | 5. Take care of your responsibilities as a buyer. In |
| that a lender is willing to work with you. If a seller | | | | preparation for the closing, there are several steps that |
| receives to identical offers, one from a buyer who is | | | | you, as the buyer, must complete in a timely and |
| preapproved and one from a buyer who is not, | | | | responsible fashion. Generally, you will need to arrange |
| chances are he or she will prefer to work with the | | | | for a home inspection for your potential real estate |
| preapproved individual. | | | | purchase, finalize your financing, have the home |
| To avoid getting turned down for a loan, and to get | | | | appraised, purchase title insurance, and purchase home |
| the best interest rate possible, it is a good idea to | | | | owners insurance. Once again, your realtor will |
| know what your credit report says, and take steps to | | | | probably be able to make referrals and assist you with |
| fix any problems, before you approach your mortgage | | | | these steps. |
| broker. | | | | 6. The closing. The closing is when ownership of the |
| 3. Find a home! Using your wish list as a guide (see | | | | home is legally transferred from the seller to the buyer. |
| Step 1), you realtor can do some initial investigating and | | | | All involved parties sometimes attend the closing. |
| provide you with list of potential properties to review. | | | | There are also circumstances under which a party |
| Together, you can visit the top contenders. Your | | | | might be absent, such as when the seller lives out of |
| realtor can also alert you to new listings that meet | | | | town, and circumstances under which the buyer and |
| your criteria by email, phone, or fax. You can also | | | | seller might be in different rooms. At the closing a |
| search listings by yourself using a tool such as our | | | | series of documents will be signed and funds will be |
| *on-line search*. Reading local classified ads and real | | | | dispersed. Just prior to the closing date you will be |
| estate magazines and driving or walking through your | | | | provided with a financial statement outlining the exact |
| favorite neighborhoods can also yield promising leads. If | | | | amount of money you owe. This money, along with |
| you find a property that piques your interest, just alert | | | | any other necessary documents, should be brought to |
| your realtor and he or she can arrange a visit. As you | | | | the closing. |
| view different homes, let your realtor know what you | | | | 7. Get the keys. Congratulations! The home is now |
| like and what you dislike, so he or she can find better | | | | yours! |
| possibilities in the future. | | | | Jen works for Inside Richmond Real Estate in |
| 4. Bid on a home. When you have decided on a home, | | | | Richmond Virginia. |
| it is time to make an offer. Your realtor can provide | | | | |