9 Steps to Buying a Home

1. Hire a Real Estate Professional.

An important first step is selecting a professional (like me) to help you find your dream home and fine-tune your financial expectations. Working with a buyer's agent (like me) is worth consideration because he is legally responsible for representing the buyer's interest in a real estate transaction.

2. Shop for Mortgage Rates and Terms.

A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

3. Prequalify for a Loan

Also early on, you'll want to get prequalified for a mortgage loan, which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property.

4. Determining Your Housing Requirements.

The next step is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house hunt. It is helpful to search online (www.daviddursa.com) to see what is currently available on the market.

5. House Hunting.

Now you're ready to visit houses. You might find the right home your first day out... or, it could take a couple of weeks. The best homes sell quickly. Many people lose the home they really want because the wait too long to make a decision. After touring each home, write down what you liked and didn't like. Develop a rating system that will help narrow the field. For example pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standared. Avoid trying to track more than four top choices at any given time since this can quickly become overwhelming.

6. Make an Offer.

Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. Completing the Puchase Agreement involves establishing the terms of the sale in writing. The Ultimate goal is to reach agreement and secure the home, so aim for a win-win transaction. Multiple offer situations, you may only have one shot, so make it your very best offer. Don't get stuck on items of personal property, you're buying a home, not the contents.
Buyers too often place more importance on getting a 'good deal' than on getting a good home. Quality real estate will command market value.

7. Presenting & Negotiating the Purchase Agreement.

Your real estate agent will make arrangements for the purchase agreement to be presented to the seller. The Sellers have FOUR options with your offer: Accept, Reject, Counter, or Accept a Competing Offer. You and the seller will agree on the price and terms, including closing and settlement dates.
Let your agent guide you through this sensitive process. Because you and the seller have different goals, rely on your agent's experience and expertise to bring order and calm to this process and help both parties reach a favorable outcome. Remember it's win-win transaction.

8. Your Offer is Accepted.

At this point, all deposit money (hand money) must be placed in an escrow account which will be used for either your down payment or closing costs depending on lender. Next, you will make your formal loan application. At this time, the various inspections you have elected will be scheduled. It is common to find problems, including leaky roofs, cracked walls, incect infestations and foundation problems. Your agent can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. Ask your real estate expert about home protection plans, which may save you money in the near future.

9. Closing the Sale.

Your real estate agent and loan officer will be working hard to ensure a smooth closing. Make sure you've made all necessary deposits and completed the paperwork - including mortgage, title, homeowners insurance and any other paperwork required by your lender and local or state governments. Your real estate agent will be there to help you complete that closing checklist and avoid any last-minute snags.
Bring to closing your homeowner's insurance policy, a cashier's check for closing costs, your checkbook for any potential incidental costs and a photo i.d.

Your're Home. Congratulations!

Before rolling out the welcome mat, consider some moving basics; turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address.

If you ever have any questions about the home buying process please contact me.

Sincerely,

David Dursa, CRS,GRI
Associate Broker
Office Manager
Northwood Realty Services
678 West Main Street
Uniontown PA 15401

Office: 724-425-0446
Cell Phone: 412-691-5103