BUYERS CHECKLIST

1. Figure out how much houseyou can afford

• Calculate your monthly income and debt.
• Check your credit report and FICO score. Figure out your down payment.

2. Get pre-approved for a mortgage

• Choose a type of mortgage.
• Shop for the best interest rates and programs.

3. Determine what you want and need in a home

• Choose a location.
• Choose a type (single family, townhouse,condo).
• Choose a price range. Choose a size.
• Choose an architectural style.

4. Research your target neighborhoods

• Look online for information on schools, medical facilities, etc.
• Determine your work commute.
• Scout local amenities, such as parks, shops, restaurants, beaches, boat docks and golf courses.

5. Research each home you want to buy

• Ask the Arati Hammond Team for comps to estimate the property’s fair market value.
• Review all property disclosures.
• Find out about liens, easements or other restrictions.

6. Make an offer and negotiate

• Determine the purchase price.
• Include contingencies, such as financial, inspection or purchase.
• Spell out any special requests and repairs you want included in the sale.
• Determine an earnest money amount.
• Define a closing date.
• Once both parties agree to the terms, sign the Purchase and Sale Agreement.

7. Finalize the deal

• Get a professional home inspection.
• Consider getting specific inspections for structural engineering, roof and termites.
• Get the house appraised.
• Use the appraisal and inspection reports to re-negotiate if necessary.
• Choose a home insurance company.
• Complete the loan process with the lender.
• Do a walk-through inspection prior to closing.
• Set aside cash for the closing costs and down payment.

8. CLOSE THE PURCHASE

• Review the settlement document at least 2 days before closing to see how funds will be collected and distributed.
• Arrange for your bank’s wiring the amount you need to bring to closing, including the down payment and closing costs.