Yet another hand-out I've created for buyers. Let me know if I've missed anything or you have any suggestions. Feel free to use this or repost it, please include my email and website address though.
Buyer Checklist
•1. Read and sign the Consumer Notice. (The Consumer Notice is a summary of an agent's duty to you the consumer and required to be delivered to the client before any substantive discussion regarding real estate occurs. If this is not done before a substantive discussion occurs, the agent is breaking Pennsylvania law.)
•2. Get Pre-approved for a mortgage. (Getting pre-approved is the first main step in buying a home. When buying a home it is important to take into consideration the value of a timely offer and negotiation... the faster your offer is placed, the less likely a better offer will come in while negotiating a deal. When you are pre-approved you can make an offer on a house immediately and begin negotiations quickly.)
•3. Sign a Buyer's Agreement. (A buyer's agreement is the agreement between a sales agent and the homebuyer. Signing a buyer's agreement ensures that the agent will be working for you and you only, and negotiating the best possible deal for you as well as advising in your best interest. If you make an offer on a house through an agent that you have not signed on with, that agent then becomes a sub-agent for the seller, meaning their fiduciary duty is now to the seller and not to you, the buyer, anymore.)
•4. Look at some properties. (How will you find a house without looking at candidates? Let your agent know what you're looking for and be specific. [ex. if you absolutely don't want to live in a certain area, tell your agent that] A good agent will be sending you weekly or even daily listing updates. Sometimes it's best just to get a stack of listings and go for a drive with your agent.)
•5. When you walk into a home and feel that "certain feeling", don't delay, make an offer! (Buyers may lose the chance to purchase their dream home by "sleeping on it". Remember time is of the essence if you fall in love with a home, go with your gut instinct and let your agent know you want to place an offer. [The first house I was interested in was sold under my nose as I waited one day to think about making an offer])
•6. Fill out and sign an Agreement of Sale with your agent. (When you decide to make an offer your agent should right up a sales contract and deliver it to the seller's agent immediately to begin negotiations as well as give you a Good Faith Estimate of costs to the buyer up to and during the settlement process.)
•7. Negotiate with the seller via your agent. (Remember that your agent's duty is to get you the best price and to advise in your best interest.)
•8. Once the sales price is determined, have the home inspection done if it is deemed necessary and listed on the Sales Agreement. (A home inspection will let the buyer know the extent of what they are getting into as far as maintenance and any necessary, immediate repairs. Some sellers will already have had a home inspection report prepared, make sure you get a copy of it.)
•9. Have any Radon, termite, asbestos or lead based paint inspections done. (These inspections will usually be decided on by the buyer and the buyer will have to pay for them [like the home inspection] at the time they are completed. Remember that the Sales Agreement can be cancelled by the buyer if an unwanted issue is found during any inspection as long as it is marked correctly on the Sales Agreement the buyer and seller may also agree to continue with the transaction if the seller agrees to repair the problem.)
•10. Once the terms of the contract are met, the buyer will be responsible for:
-having utilities put into his/her name (on closing date)
-having the home insured
-a walk-through to make sure the house is in the same shape as it was during the negotiations
-being at the closing to seal the deal and get the keys
For more information feel free to email me at dustinnulf@prudentialpreferred.com or visit my website at www.dustinnulf.com
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