Buyer’s Checklist

The Alderfer Auction Center is the place to come for the ultimate buying experience.
The Alderfer Auction Center is the place to come for the ultimate buying experience.
The Alderfer Auction Center is the place to come for the ultimate buying experience.

Refer to this handy list to get you through the home buying process

1. Figure out how much house you can afford.

  • Calculate your monthly income and debt.
  • Check your credit report and FICO score.
  • Use a mortgage calculator to estimate your monthly payments.
  • Figure out your down payment.

2. Get pre-approved for a mortgage.

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

3. Determine what you want and need in a home.

  • Location (downtown, urban, suburban, rural).
  • Type (single family, townhouse, condo, loft).
  • Determine your price range.

4. Research your target neighborhoods.

  • Search information on schools, taxes, etc.
  • Determine your work commute.
  • Scout local amenities, such as parks, shops and restaurants.

5. Work with your Sanford Alderfer Real Estate agent to search for available homes.

  • Browse listings online.
  • Ask your agent to set up tours of homes that fit your criteria.
  • Check local newspapers.

6. Research each home you want to buy.

  • Ask your agent 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.

7. Make an offer and negotiate.

  • Determine the purchase price.
  • Include contingencies, such as financial or inspection.
  • 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 Agreement of Sale.

8. Finalize the deal.

  • 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 company.
  • Complete the loan process with the lender.
  • Set aside cash for the closing costs and down payment.

9. Close the purchase.

  • Review the settlement document at least 2 days before closing to see how funds will be collected and distributed.
  • Do a walk-through inspection prior to closing.
  • Get a cashier’s check for the amount you need to bring to closing, including the down payment and closing costs.