Buyer Basic Strategies
Before you “make your move” to purchase a home, please
make sure that you carefully look at the basic strategies so
that your home purchase is satisfying experience! Here are
the steps to take to ensure that your move is the right one!
- Make sure that you have knowledge of what you
want and combine that with what you need to enter the
marketplace. How quickly do you want to move? Where do
you want to go? If you are buying your next home, what
are the features in your current home that you like or
don’t like? What are your goals? Do you have the
financial stability to buy a home? Is your job secure?
Do you know your credit score? Getting your financial
house in order is one of the first things that you will
need to do to! You will need some cash even if you have
elected to secure a low down payment loan.
- Contact your Realtor, Cathy Champion. Buying
a home involves many complicated elements. Cathy will be
able to sort through the myriad of details to provide
you with the information that you will need to make an
intelligent purchase. Cathy will talk to you about
agency and the advantage of working with her as your
buyer’s agent. There will be an agreement that is signed
between you and Cathy that outlines the responsibilities
of Cathy as your buyer’s agent.
- Pre-approval from your mortgage lender is a
necessary step. It’s also a good idea to contact at
least two lenders so that you are confident that you are
getting the loan that you want. Is the interest rate
competitive? How much are the closing costs? Loan
officers have a variety of programs available and will
find one that meets your needs and expectations the
- It is time to look at homes! Many home buyers
start their search for a new home on the internet first.
My website gives you a convenient way to find properties
in Southeast Michigan which would include the Grosse
Pointes, Harper Woods, St. Clair Shores, Detroit and
other areas in Macomb, Oakland and Wayne Counties. Once
you’ve determined what you like and what you can afford,
put on some comfortable shoes and let’s get started!
- I found my dream home! Putting an offer
together to purchase your home is the next step. Cathy
will guide you in the execution of the documents that
will include a purchase agreement, seller’s and lead
based paint disclosures and other documents that might
be necessary if it is a short sale, contingency sale, or
FHA/VA sale. You will have your financing already
started so now that you have found a house, your lender
will start ordering appraisals and coordinate title
work. Inspections by private contractors are also a good
idea. The inspection can be done before making the offer
or during a specified time period after the offer is
accepted. Homeowner’s insurance that will provide
coverage if the unthinkable happens must be obtained.
Your mortgage lender will insist upon it and you will
also need to have coverage. Insurance premiums vary with
the carrier and sometimes better deals may be obtained
if you have auto and home insurance through the same
- It’s time for closing! You will sign lots of
different documents at closing but the most important
one will be the one that you don’t sign…the deed! Your
mortgage lender should have provided you with all your
closing costs approximately three days before closing.
Make sure that these costs are the same ones that were
provided to you earlier. You will need a certified or
cashier’s check that will represent the difference
between the purchase price and the amount of mortgage.
Utilities will need to be transferred into your name so
that you start out with a zero balance. You also might
want to consider the purchase of a home warranty that
covers many of the mechanical systems in the home.
- Now what? Make sure that you look for your
first payment coupon to arrive in the mail. It is
usually due the first of the month. Watch for your tax
bills if you don’t have an escrow account set up. Also,
make sure that you file the property transfer affidavit
and the homestead exemption with the city where your
home is located! Keep all of your papers that you
received at closing in a special file. You will need
them when you file your next income tax. And, start
saving for unforeseen expenses that might be incurred if
something breaks or wears out. Most of all, enjoy your
new home and put your special mark on it!
For more home buying tips & tricks, check out:
Home Buyer Basics