Buyer Tips

TIPS TO BUY A HOME

FIND A REALTOR® TO REPRESENT YOU
As a member of the multiple listing service (MLS), your REALTOR® has access to the homes on the market.
SHOP LENDERS
It is recommended you shop at least three different lenders. Find out what loan options are recommended for you and the costs and benefits for each.
LOOK AT HOMES
You will be set up on “auto email” based on your home search criteria. Your REALTOR® will arrange for private showings. Once you find a home you want to buy, you will need a “Loan Estimate” from your lender.
WRITE AN OFFER
An earnest money check & pre-qualification letter from your lender will be needed when writing an offer. Once your offer is accepted, you will need to indicate your “Intent to Proceed” to your lender.
HOME INSPECTION
Inspections are encouraged and usually done within 3-5 days of an accepted offer at the expense of the buyer. This inspection provides a professional opinion on the condition of the home.
APPRAISAL
Most loan types will require an appraisal to be done. The home will need to appraise at the purchase price or greater to move forward.
NOTIFY OTHERS
Give written notice if you are renting and notify the post office. You’ll be responsible for putting all utilities (electric, water, garbage/sewer, internet/cable), in your name, starting on the closing date.
HOMEOWNERS INSURANCE
You’ll be responsible for getting insurance set up and information sent to your lender.
FINAL WALK-THROUGH
You and your REALTOR® will go through the home a final time before closing to ensure it is in the same or better condition as when the offer was written.
UNDERSTANDING THE DISCLOSURE
At least 3 days before closing, you will receive a “Closing Disclosure” that breaks down your loan costs. Compare to the Loan Estimate. If you have questions, notify your REALTOR®.
CLOSING
Closing dates are usually 45-60 days from the contract date. It’s time to sign papers and get the keys to your new home! You will need a cashier’s check and a driver’s license or government issued ID.

A Home Warranty Provides Peace-of-Mind After the Sale

A home warranty should include the property’s plumbing, electrical, central air conditioning and heating systems, water well system, and structural coverage.
During your first year of ownership, a warranty protects you from unexpected costs of failures due to normal wear and tear on many mechanical systems. Simply call the warranty company when a covered component fails.
Appliances included in the sale are typically covered under the warranty. Look for a warranty that covers most appliances under that standard coverage without additional charges. Read the warranty contract to determine if both the built-in appliances, as well as the stand-alone appliances, are covered under the warranty.
Some warranties include various structural coverage. The warranty may cover structural items, including roof leaks, basement, wall, floor and ceiling cracks.
You can request the home warranty in your Offer to Purchase. If the seller opts not to purchase on your behalf, you may purchase the warranty separately as part of the closing process.

PARK CO., REALTORS® partners with HSA Home Warranty. For more information, visit their website at www.onlinehsa.com .