Real Estate Information Archive

- The offer itself isn’t just a price you’re willing to pay for the property; closing date, closing cost contribution, contingencies, or the earnest money deposit are all things that are normally included when the offer is submitted to the seller. 
 

- Talk with your agent before you come to your initial price, because you don’t want to insult the seller with a very low offer, nor do you want to pay too much for the house. 
 

- Although you won’t always get a complete answer, knowing why the house is on the market can give you some leverage, so ask anyway. Some sellers are in a time crunch and are eager to sell and may take your first offer. 
 

- Keep in mind that there are legal aspects to writing a proposal.  Your Realtor will know all the aspects of this part of the process and will take you through each step. 
 

- It is very likely that the seller won’t accept your price if it’s less than what they’re asking.  If they want to sell and have no higher offers, they may choose to send a counteroffer.  The counteroffer step is nothing to worry about, if the negotiations are getting you somewhere.   
 

- Some sellers will counteroffer with their original asking price.  If this happens, you may have to walk away, as they have shown they’re not interested in moving away from what they want for the property.
 

- Don’t forget that you may not be the only buyers interested in the home!  Realtor.com® offers some advice on how sellers might handle multiple offers and some ideas on how to make your offer stand out. 

Start budgeting now if you do not already. There are more expenses involved with homeownership than there are as a tenant, and you need to be able to manage your money properly. 
 

Check your credit score and correct any mistakes, if any, and do what is necessary to improve the numbers if your score is not going to be attractive to lenders. 
 

You may think that you cannot qualify for a loan, but there are different types of loans available. Check your state for low-income down payment assistance programs, and ask if your financial institution offers a first-time-buyer program. 
 

Do you love your rental? If so, talk with your landlord about purchasing the property! Once they become aware that you are interested and possibly moving, the thought of preparing and looking for a new tenant may encourage them to agree to a sale. All you can do is ask!  
 

Consider purchasing a townhouse or condominium when searching for properties. Many are affordable and convenient and would make the perfect first home. 
 

Think about your community options--where you live can affect how much you pay in fees, property taxes, or maintenance costs. 
 

If you have renters’ insurance--and you should--take note that a homeowner’s policy costs more, because it covers much more than just your belongings. Most mortgages will include homeowners’ insurance in the monthly payment. If your current agent can find a cheaper rate, go for it! 

Real Estate Agents  
The agent you choose will be your resource and constant contact throughout the home-buying process. In most transactions, there will be a listing agent representing the sellers, but it is unlikely you will be meeting them. 
 

Mortgage lenders  
To be adequately prepared to begin looking for a new house, you should be pre-approved for a mortgage. Meet with a few different lenders to find the best loan for you; see what the balance recommends for finding the right mortgage. 
 

Appraiser  
The mortgage company wants to be sure that the property is worth what the asking price. The appraiser is usually one of the lender's choosing. Learn more about what is involved with the appraisal from realtor.com®. 
 

Home Inspector  
You do not want any surprises with structural issues, mold, or insect infestation after you have the keys in hand, so it is in your best interest to hire an inspector to go over your prospective home. Call several inspectors, and ask these important questions. 
 

Homeowners Insurance Agent   
Most insurance companies offer a discount for having more than one policy with them, and it may be easier to go with your current insurer, so give your agent a call. Do not let that stop you from shopping around for better rates, however. 
 

Real Estate Attorney  
Many states require you to hire an attorney, as they will go over all of the documents, handle funds, and perform the title search, to name a few of their jobs during the home sale process. Find out why it is always a good idea to have a real estate attorney, whether it is the law or optional. 
 

Title Insurer   
In case there are any questions about the sale of the home being legitimate (no liens, family feuds, etc.), you will need title insurance, and in most cases, the lender or attorney will already have that lined up. 
 

Mortgage Servicer   
Sometimes, a lender will sell your loan to a mortgage servicer, and you will be notified if that happens. Learn the difference between a lender and a servicer at Investopedia. 

It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount. 
 

Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account. 
 

Put your savings egg into a nest of high-yield savings or money market account. 
 

Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
 

If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
 

When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
 

Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
 

A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
 

If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
 

You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

- While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
 

- Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
 

- Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
 

- Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
 

- A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
 

- Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

First things first, change all locks on the house, including the garage door and any outbuildings. 

Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
 

Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
 

Any flooring projects you would like done would go more smoothly if completed before living there.   
 

Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
 

Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
 

If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
 

The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

- Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 

- Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 

- Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   

- Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 

- As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

- A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers. 

- Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 

- Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 

- During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 

- While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.