Home Buyer's Essential Checklist

 Your home is the single most important financial investment you will make in your lifetime.  Remember, your home is an asset and not a liability.  Your home appreciates in value over the course of years you own the property and the equity you build into the property enables you to realize a higher return upon its sale.

Here is a quick check list of essentials to help make the homebuyer process run smoothly.

1. Know your credit score - Today's lenders have tightened lending requirements and are seriously looking at a potential buyer's credit score to determine if they are a good loan risk.

2. Select a lender and get a preapproval letter - Shop around for a lender who is willing to offering you the best terms over the duration of your loan and once selected obtain a preapproval letter from that lender.  Seller's react more positively to buyers with preapproval letters than those without.

3. Find a real estate agent - Before you start looking at homes find a real estate agent.  You will need them to function as intermediaries for you with sellers in setting up viewing homes and completing the necessary paperwork to make an offer on a property.

4. View homes - With your real estate agent clarify your needs and limit your search for a home to those needs and your preapproval qualifications amount.  

5. Make an offer - In today's market, it is common for sellers to get full price offers and some buyers engage in bidding wars over properties.  Know your limit and stick to it.

6. Sign a contract - When you and the seller agree on a sale price, sign the contract.  Now, you can request the home inspection, appraisal, and a survey of the property.  If there are no problems with the home inspection, appraisal, or survey you can move forward to closing.

7. Closing on your home - You are in the final phase of the purchasing process.  You have secured property insurance, paid pro-rated property taxes, signed final closing documents, and paid your portion of closing costs.  You walk away with the keys to your new home.

Bottom Line - As you can tell, I have abbreviated the timeline in the process, but the key elements are in place.  Following this checklist will help you through the entire home buying process.  Here is to your success!