Home Buyer Checklist of Considerations When Buying a Home

 

Following are a few words of wisdom from those of us who have learned from past experiences buying For Sale By Owner or Flat Fee MLS Listed Home For Sale Properties:

  •  
Take a few moments to discuss what you're looking for with your spouse or partner BEFORE YOU START setting up appointments to look at properties. Decide what is most important in a home, then what other items are important to you. If you have looked at 10 or more properties and still haven't found what you are looking for, rethink your criteria.

  •  
Speak to a lender and have a pre-qual letter prepared.  This prevents you from wasting time looking at properties you cannot afford. This will save you from being disappointed when you find a home and then realize you cannot afford it and it will save you from wasting time.
  •  
Do not sign an agreement that states an agent will get a commission even if you find the home on your own.  Only sign for short periods and write that the agent will only be paid a commission on homes that they actually show you.  This way it doesn't lock you into one person.  This allows you to look at properties with other agents as well.  It also allows you to look a homes listed For Sale By Owner.

  •  
If you find a FSBO Home that you want to see, do not hire an agent to go with you to look at it.   If you like the home, hire a company like GoToFSBO.com.  We have licensed professionals who will work with the seller and the buyer for one small low fee.  We will prepare the offer for all parties to sign electronically.  Once the contract is ratified, we will work with the seller and buyer to meet the terms of the contract to get you both to closing day.  We hold your hand every step of the way.  If you bring an agent into the picture, you, the buyer, should be prepared to pay the agent's commission out of your own pocket (which is typically 3%). 

  •  
What do you do if you find your perfect next home - but you haven't sold your current home yet.  Many home sellers do not want to accept a contingent contract on the sale of the buyer's property.  What you can do is have the contract drawn up with a kick out clause that allows the seller to keep their home on the market  but will allow you to have "first right of refusal" if they seller does get another offer.  This will push you to market your own home agressively and will allow you to be informed asap if the seller does receive another offer.  At that point, you can decide if you truly need to sell your current home or if you can buy this home without selling it. Another possible alternative is to offer the sellers a non-refundable deposit on the seller's home to show how motivated you are regarding purchasing their property.

  •  
What happens if you sell your current home before your find your next dream house?  Be sure to add a clause to your contract that the sale is contingent on you finding another home.  You also can stay in extended stay hotels and put your belongings in storage until you find your next home.  Some sellers even rent a home so they don't feel rushed in finding their next home.

  •  
When submitting an offer to a seller, be polite.  Just because you don't like the new paint colors or the new carpet or flooring they just put into the home you wish to purchase, avoid making negative remarks.  This type of behavior will often result in the likelihood of the seller accepting another offer rather than your offer.

  •  
What do you do when you think the home you wish to purchase is priced too high, but the seller is standing firm on their price?  
Offer them the lowest price the sellers are willing to accept but make it contingent on a appraisal.  Note that if the home does not appraise - the seller will come down to appraised value.  You can also suggest the seller get their own appraisal as well.


  •  
Always do a walk-through prior to closing. This allows you to confirm all items that were asked to be corrected per the home inspection, have been corrected.  It also allows you to see if there were any issues that may have been hidden by furniture or rugs or hanging pictures, etc.  You don't want any surprises after closing.

  •  
Be sure a completed property disclosure or disclaimer form is included with your offer.  Sellers are required to have one filled out prior to listing their property in the MLS.  (will vary from state to state) Request a copy of the disclosure before you make an offer.  Sellers must disclose the condition of the property and they must report all major issues with the property even if the home is being sold as-is. There are a few states that do not require the disclosure/disclaimer form.

  •  
Always have a deadline with your offer. (12 - 24 hours).  You want the seller to pick your offer and not wait for other offers to come in.  Be sure to make the deadline during the day (reasonable hours).

  •  
How do you know what kind of shape a home is in?  This is where a home inspector comes in.  Be sure you have in the contract that you will be doing a home inspection and that the offer is contingent on the outcome of the inspection. The inspector will go throught the home from top to bottom.  They will draw up a report so you can then decide what items you wish to have the seller fix.

  •  
Never do a verbal offer/contract.  All details should be in writing. The contract should list all the details of the offer.  It should also state what items convey with the property and the timeline for financing, inspections, etc.
 

Remember we offer the ASSISTANCE OPTION PROGRAM - where we guide you through the process, handle the countering and negotiations, prepare the offer and get you to closing. 
Ease your stress and burden for a Flat Fee.