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As a follow up to the article "10 Things for Sellers to Remember," here's a list of 10 things for buyers to remember.
1. No Major Purchases - Since you will be making the most major purchase of your life you'll need your debt to asset ratio to be in line. Don't make any major purchases as the additional debt can negetively affect your credit.
2. Get a Home Inspection (and termite inspection)- Even though you may already be emotionally attached to a home, a home inspection can help you keep a level head and realistic view of any repairs the home may need. Don't let the little things get in the way of your dream home but do make sure there are no major issues.
3. Only put earnest money in escrow - If you are buying directly from the home owner in particular (without an agent) be sure you have the earnest money put into escrow.
4. Keep on a professional level - It may be tempting to become great friends with the home sellers but don't. You never know what problems may arise after the sale that could cause hard feelings.
5. Answer lender requirements quickly - Different types of loans require different types of paperwork. Some of the paperwork you will be responsible for obtaining on your own. Be sure you act promptly to all lender requirements to assure your home loan progresses smoothly.
6. Home Insurance - Surprisingly this item gets left until the very last minute. Get a quote from your insurance agent as soon as your offer has been accepted. This will help you budget and your lender will need the information.
7. Consider a Homeowners Warranty - This item covers appliances including central air and water heaters. It will save you money should you have any major appliance issues in the first year.
8. Be sure you understand the terms of your loan completely! In the last few years there have been many adjustable rate mortgages that, although manageable in the beginning became un-affordable when the rate increased. Know your terms and your options before signing.
9. Turn on the lights! - Remember to contact utility companies when your contract is approved and find out how much time it will take to get things "turned on" at your new home.
10. Don't Go It Alone - Real estate professionals can help you with everything from negotiating a price, to moving company recommendations and more.
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