BUYERS CHECKLIST

1. Figure out how much house you can afford. 

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

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

• Choose a location (downtown, urban, suburban, rural).
• Choose a type (single family, townhouse, condo, loft).
• Choose a price range.
• Choose a size.
• Choose an architectural style.

• Look online for information on schools, crime rate, traffic and zoning.
• Determine your work commute.
• Scout local amenities, such as parks, shops and restaurants.

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

• 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 move-in date.
• Once both parties agree to the terms, sign the Purchase and Sale Agreement.

• Get the house appraised.
• Get a professional home inspection.
• Consider getting specific inspections for structural engineering, roof and termites.
• 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.
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• 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.