You already know that buying a home is a huge decision, and itโs best if youโre as prepared as possible. Use our buyerโs checklist to make sure youโre on the right track.
The Ultimate Buyer Checklist for Main Line Real Estate
- Pay down your debt. Make sure your credit score is where it needs to be before you start asking for preapproval letters from lenders.
- Put money in the bank. Buying a home is about more than the down payment, which can range from 3.5 percent to 20 percent of the homeโs total value. Youโll have to think about how much you need to save to buy a home, including what youโll spend on closing fees and other expenses.
- Get preapproved for a mortgage. Donโt forget to ask for a preapproval letter so you can use it when you need it.
- Decide what you want from a home using our Wish List Worksheet.
- Research neighborhoods and talk to your Main Line real estate agent about what might work best for your needs.
- Define your move-in date.
- Start visiting homes for sale in the Main Line area that meet your needs. Remember to ask your agent to compare the listings youโre interested in with other sales in the area so that you know whether theyโre priced appropriately.
- Once youโve chosen a home, spell out your special requests or any repairs that you want done before you buy the home.
- Determine an earnest money amount and sign an agreement with the seller.
- Have the house appraised and inspected; if necessary, re-negotiate.
- Choose your home insurance company.
- Complete the loan process with your lender.
- Finalize your transaction and close the purchase, but donโt forget to review the settlement document at least two days prior to closing. Bring a cashierโs check for the amount you need at closing, which includes closing costs and the down payment.
Ready to Explore Main Line Homes with an Expert?
Call us at 610-608-3119 or contact us online. Weโll be happy to start at square one with you and walk you through the entire home buying process.
Links:
Understand Your Credit
How Much Do I Have to Save to Buy a Home
Donโt Forget Your Preapproval Letter
Wishlist Worksheet