Whether you’re buying your first home or are a seasoned veteran, there are some basic  tips which can help you through the process.

Video: Top 5 Tips for Home Buyers

Home Buyer’s Checklist

It will prepare you for the loan process, navigate you through the buying process and assist you in finding the home that’s right for you.

• Before you do anything, order a free credit report from each of the three major credit reporting agencies – Equifax, Trans Union, Experian.  They are required by law to provide you a free one annually.  Your goal is to ensure you have the highest credit score possible in order to obtain the lowest interest rate possible.
• Check for any negative or inaccurate reporting, including inquiries that you never authorized.  If you don’t find anything of concern, proceed to the 5th bullet. 
• If you do find negative reporting, you’ll want to clean up your credit report with each of the agencies.  Notate the discrepancies, circling them on each of the credit reports.  Write a letter to each of the agencies with the changes that should be made.  Make sure you include a copy of the credit reporting pages that were inaccurate.  Keep a full copy for your own reference.
• Once the credit reporting agencies make the corrections, you are ready to go!

• Next, you’ll want to make sure you have a good idea of what you are looking for in a house.  List the details and amenities you want.  Don’t leave anything out.  Start with a wish list of everything you can think of including number of bedrooms, bathrooms, and size of each, size of garage, basement, work shop, carpeting, hard wood floors, deck, sunroom, family room, eat-in kitchen, formal dining room, style of home (e.g., ranch, bi-level), central vacuum, heat pump, central heat/air, intercom system, garbage disposal, dishwasher, built-in microwave, trash compactor, fenced yard (privacy, chain link), type of driveway (e.g., asphalt, concrete), near schools, near shopping, etc.  That’ll give you a gauge in your house hunting adventure.
• Shop around for a good interest rate with home lenders.  You should be able to do several inquiries within a ten-day period without it affecting your credit score.  Don’t take the best rate until you’ve done your homework on the company.  Make sure they are reputable.  Check with the Better Business Bureau (BBB), your attorney general’s office and do a search online to see if you find anything negative about the company.
• Apply for a home loan and get preapproved.  This will tell you how much you are qualified to purchase in a home, so you’ll know how much of a home you’ll be able to afford.
• Interview prospective real estate agents.  Call up two or three agents. Do interviews.  Pick an agent you are comfortable with.  Sign your Buyer’s Agreement with the agent of your choice. 

Video: Finding an Agent

• Rely on your real estate agent to provide to you homes that fit your needs and budget. 
• When you find property you’re interested in, your sales agent should provide you with a comparative market analysis that shows what the value of the home should be.  Ask your agent if there are any other offers, and if the motivation of the seller is known.  Ask about neighborhood crime, liens, zoning changes, easements, etc.
• Comb through the Seller’s Disclosure for age of the roof, central heat/air, electrical and plumbing.  These could be point of negotiation if they are very old.
• Make an offer to the seller.

• Select a title company.  You don’t have to use the one suggested or chosen by your sales agent.
• Hire a home inspector.  Keep in mind you don’t have to hire the one offered to you by your sales agent.  Shop around and get the best rate with a reputable company.
• Before purchasing a home warranty, ensure you understand what it will cover.  Compare prices.
• Shop around and choose homeowners insurance.
• Attend the inspections and make note of any mold or areas in need of repair.
• Use any negative notes in the inspection report to renegotiate with seller based on inspection contingencies.

• Plan your move.
• Finalize your loan approval from your lender.
• Do your final walkthrough your new house.
• Close on your house.
• Move in and enjoy!