BuyersAgent_111 List

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GetInformed-DoYourResearch

1 Researchtherealestateindustryandlegalservicestounderstandwhat’savailabletoyou, includingtheentireprocessandnecessityforlegalrepresentation

2. Achieveproficiencyinfederalandstatefairhousinglawsthatprotectyourrights.Youwant tobesurethatyou’renotbeingdeniedtheopportunitytomakeanofferonahomeor securefinancingbasedonyourrace,religion,nationalorigin,sex,disability,and/orfamily status.

3 Researchlocalandnationaldownpaymentassistanceresources Theseprogramscan helpmakeyourhomepurchasemoreaffordable.

4 Checkyoureligibilityfordownpaymentassistanceprograms

5. Ifyou’reaVeteran,researchhomeservicesandloanprogramsavailabletoyou.

6 Ifyou’reaVeteran,determinewhetheryouqualifyforazero-downVAhomeloan Makinga downpaymentisasignificanthurdleformanyhomebuyers Programslikethesecanopen thedoortohomeownership,forthosewhoknowaboutthemandqualify.

7 Learnaboutlocalhomeprices,inventorylevels,andmarketdemandinyourdesiredarea Ifyouareinahottermarket,highdemandforhomesmayaffectyourbuyingprocessand offerstrategy.

8 Ensurethatallpersonalandfinancialinformationremainsconfidentialtomitigateriskof identitytheft.Researchthestepsthatyoucantaketoprotectyouridentitywhenbuyinga home.

9 Throughouttheprocess,knowtherisksofpostinghomesearchdetailsonsocialmediato avoidbeingtargetedforfraud.

10 Dosomeresearchonwhathomefeaturesarecurrentlypopulartohelpidentifyyour preferences andhowthismayaffectthevalueofthehome.

So,you’rereadytobuyahome. Here’syournext111to-dos.*

SetHomeownershipGoalsandBudget

11 Obtainacopyofyourcreditreport,includingyourcreditscore,toassesswhereyoustand, andensureyouhavetimetodisputeerrorsandimproveyourscore

Thebetteryourcreditscore,themorelikelyyouaretobeapprovedforamortgageand receiveabetterrate

12. Considerallyourhomeownershipwantsandnon-negotiableneeds.Youmayneeda certainnumberofbedroomsbasedonthesizeofyourfamily,orafirst-floorbedroomand bathroomifyouplantoageinplace

13. Setyourbudgetandbemindfulofthecompletecostofhomeownership.Considerthe purchasecostofthehomeandanyongoinglivingandmaintenanceexpenses.Those ongoingexpensesmayincludebutarenotlimitedtorealestatetaxes,heating,AC,water, yardandappliancemaintenance,repairs,homeownersassociationfees,andcommuting costs.

14 Assessyourfinancialabilitytopurchaseahome

Thetypicalruleofthumbisthatyourtotalmonthlyhousingpayment(mortgage,taxes, insurance,etc.)shouldn’tbemorethan30%ofyourgrossmonthlyhouseholdincome,but individualsituationsmayvary

15. Assessyourdesiredmarket’scompatibilitywithyourbudgetbasedoncurrentincomeand otherconsiderations

16. Professionallyadvocateforyourselfthroughouttheentireprocess.Todothat,youshould promoteanddefendyourinterestswhilekeepingemotionsinchecktoensureyougetyour desiredoutcome

StartYourHomeSearch

17 Establishandadheretoascheduleforhousehunting,mortgageapproval,andclosingto meetyourdesiredtimeline.Ifyoumissanymilestonedeadlines,youcouldbeatriskof losingyourdownpaymentorlosingthehomeforpurchase

18. Learnhowlocalmarketscouldaffectyourbuyingandowningprocess.Fewerhomesfor sale,futuredevelopmentplans,schoolratings,accesstotransportation,andcommunity amenitiesareallelementsthatmayaffectdemandinagivenmarket

19. Scoutlistingsandonlinemarketplacesforsuitableproperties.

20 Setupreal-timealertsonhomesearchmarketplacestogetnotificationswhenmatching homeshitthemarket,andforopenhousesandpricereductions

21 Comparepropertiestoyourwantsandneedslisttoensuretheyalignwithwhatyou’re lookingfor.

22 Tapyourpersonalnetworktouncoveradditionalpropertiesofinterestthatarenotyet publiclylistedandmaybecomeavailableforsalesoon

23. Contacthomeownersindesiredareastoseeiftheyareconsideringselling.

24 Gatherinformationaboutanyhomesthatmightbeforsalebutarenotactivelybeing marketed.

25 Virtuallypreviewpropertiesthatyou’reinterestedin

26. Selecthomesforviewingthatalignwithyourspecificneeds.

27. Schedulemultiplein-personhomeviewingsbycontactingeachhome’slistingagent. Scheduleseparateappointmentsattimesthatsuitthelistingagentbutmaynotalways suityou.

28 Periodicallyreevaluateyourneedsandrefocusyourpropertysearch,asnecessary

29. Exploreallavailableresourcestolearnmoreaboutprospectiveneighborhoods.Besureto speaktolocalexpertswhounderstandtheneighborhoodandwillgiveyouhonest feedback

30. Tourtheamenities,schools,andpointsofinterest,andtestcommutetimesinyourchosen searcharea.

31 Cross-referencelocalcrimeregistriesfortheneighborhoodsyouaresearching

32. Educateyourselfonwhattolookforinpropertydisclosuresofhomelistingswhileyou searchtomakeinformeddecisions Requiredpropertydisclosuresvarybystateandmay include,butarenotlimitedtorightsofway,upcomingspecialassessments,whetherthe homeisinafloodzone,pasttermitedamage,andthepresenceofleadpaint.

33 Staycurrentwiththelistingmonthsofmarketinventory Aswithdaysonthemarket,this indicateshowcompetitiveagivenmarketisandshouldinformyouroffer.

34 Considermeasuresofhomevaluebeyondpricepersquarefoot Theseinclude neighborhood,proximitytoworkandcommunityamenities,andcommunitydevelopment plans.Besuretoconsultwithalocalexperttogetthemostcomprehensiveinformation.

35 Researchmunicipalservicesandotherrelevantneighborhoodinformation

36. Beinformedaboutpotentialneighborhoodnegativessuchasnoiselevels,venues,or operationsthatcouldimpactyourpropertyvalue.

37 Checkapplicablezoningandbuildingrestrictionsifyouplantorentoutyourhomeoradd aunittogenerateshort-termormonthlyrentalincome.

38 Understandpublicpropertyandtaxinformationforpotentialhomes It’simportanttobe informedaboutthepossibilityoffuturetaxincreasesandpropertyassessments,whichwill affectthepropertytaxesyouowefromyeartoyear.

39 Gatherandconsiderimportantdataonutilityavailabilityandcosts Forexample,you’ll wanttoconfirmifthehomehasgoodhigh-speedinternetaccess

40. Researchanyenvironmentalfactorsandrisksthatcouldaffectyourhome,suchas flooding,wildfire,heat,airquality,andnoise Someofthesefactorswillaffectthecostof ownership Forexample,ifthehomeyoupurchaseisinafloodzone,youwillneedtoobtain floodinsurance.

41 Narrowdownyourtophomechoicesforacloserlookbeforeconsideringmakinganyoffer

PrepareFinancing

42. Analyzeyourfinancestodeterminethetotaldownpaymentandclosingcostsyoucan afford.

43 Gatherandassessqualitylenderresources

Askfriendsandfamilyforrecommendations.

44 Consideratleastthreemortgagelendersduringthepre-approvalprocess Mortgage rates,terms,andeligibilitymayvaryfromlendertolender

45. Familiarizeyourselfwiththemortgagepre-approvalprocess.Pre-approvalmeansthata lenderhasverifiedyourincome,creditbackground,andotherfactorsandhasprovideda conditionalcommitmentforanapprovedmortgageamount.Withpre-approval,youroffer willbeconsideredfarmoreseriously.

46 Prepareandcollectpersonalfinancialinformationlikepaystubs,creditcardstatements, andotherexistingloans/debt,andsharethatinformationwiththelendersyou’re considering.

47 Collectandcomparemultiplefinancingoptions Beyondtraditionalmortgages,lookinto lesser-knownalternativeoptionslikesellerfinancingorrent-to-ownprograms.

48 Explorevariousfinancingoptionstofindthebestfitforyourneeds Manypeopleusea conventional,fixed-rate30-yearmortgage,butmortgageswithotherterms(e.g.,15-and 10-yearfixedrate,adjustablerate,andassumable)mightalsobeoptions.

49 Coordinatewithyourlendertodiscussdiscountpoints,whichyoucanpaytolowerthe interestrateonyourloan.

50 Analyzeloanestimates Loanduration,sizeofyourdownpayment,fees,andotherloan termscanaffectyouroverallmortgagecosts

51. Obtainapre-approvalletterfromyourlender,whichismorecomprehensivethan pre-qualification Pre-approvalisawrittencommitmentfromalenderthatstipulatesthe amounttheywilllendyouforahomepurchase

52. Carefullyreviewthepre-approvalletterfromyourlendertounderstanditscontentsand asknecessaryquestions

MakingYourOffer

53. Reviewstatisticstoseewhatpercentageofthelistpricesellersinyourareaarecurrently receiving.Thiswillhelpyoudecidewhethertooffertheaskingprice,oradjustyouroffer beloworabovetheaskingprice,tomakeyourbidmorecompetitive

54. Considerthecurrent,localaveragedaysonthemarkettogaugepropertypricingand marketcompetitiveness.Fewerdaysonmarketindicatesgreaterdemand,whichmeans youmayneedtoraiseyourofferorofferadditionalincentivestomakeyouroffermore competitive.

55 Payforaprofessionalcomparativemarketanalysis(CMA)beforemakinganofferto ensureit’scompetitive ACMAisareportthatdetailsrecenthomesales,localmarket activity,andsalespricestohelpyoucraftasuccessfuloffer.

56 ResearchindependenthomevaluationinformationfromonlineresourceslikeRealtorcom toassessanofferpricethatconsidersthesaleofsimilarhomesinthearea It’simportant tomakeanofferthat’sinlinewithlocalmarketconditions.Youdon’twanttooverpayfora home,ormakeanofferthat’ssolowitwon’tevenbeconsidered,soit’sgoodtotalktoan independentadviserwhohaslocalmarketknowledge

57. Considerhiringarealestatelawyerforlegalrepresentationasyoubuildyourofferandfor legalduediligenceasyoureviewcontractualdocumentation

58. Reviewasamplesalescontracttopreparetomakeanoffer.Thisdocumentoutlinesevery facetofthetransaction,butitmaynotincludeeverythingyouwantinthetransactionor fromtheseller,sodon’tassumeeverythingisthere

59. Understandcommoncontractcontingenciesandtheimportanceofincludingprotective clausesinyouroffer.Thesemayincludebutarenotlimitedtoyourabilitytosecure

financingthatcoverstheappraisedhomevalue,inspections(home,radon,lead,etc), closingdate,dateofpossession,andownerlease-backterms.

60 Learnaboutanypurchasingincentivesthatyoumightbeeligiblefor Homesellersmay offerconcessionslikeapre-paidhomeownerwarranty,closingcosts,orallowancefor homeimprovements/repairsasindicatedbyahomeinspection.Youwillneedtonegotiate theseasyourownrepresentative.

61 Ensureyourofferwillstandoutasthemostattractiveinthecurrentmarket Bereadyto compete manyhomestodayarereceivingmultipleoffersandbiddingwarsarecommon.

62 Craftanofferthatiswellpositionedtobeaccepted,andsubmitittotheseller’sagent An offertypicallyincludeshowmuchyouarewillingtopayforthehome,howmuchearnest moneyyoucanprovide,whenyouwanttocloseonthehome,andthedeadlineforthe sellertorespond

NegotiationsandOfferAcceptance

63 Identifyandprioritizeyourmaingoalsforcontractnegotiations

64. Familiarizeyourselfwithnegotiationbestpractices. Bemindfulofhowyourbodylanguageandfacialexpressionscaninfluenceasuccessful negotiation.

65 Developanegotiatingstrategytosecurethebestterms Inadditiontoprice,consider termssuchasrepairs,closingcosts,orthetimelineforclosing

66. Negotiatethebestpricewiththeseller’sagent. Theseller’sagentwillbenegotiatingonthehomeowner’sbehalf Youwillbenegotiating withaprofessionalwholikelyhasextensiveexperienceinthisarea,andyoumaybeata disadvantage.

67 Bepreparedformultiple-offersituations Don’tgetdiscouraged,andhaveyournegotiation strategiesready

68. Considerusingofferstrategieslikeanescalationclause,whichraisesthepriceyou’re offeringbyacertainamountoverthepricethatanotherbuyerisoffering;offeringflexibility onmove-in/possessiondate;orwaivingvariouscontingencies.

69 Exploreoptionalcontingencies,andunderstandtheiradvantagesanddisadvantages If youagreetowaivetheinspectioncontingency,forexample,youareacceptingtheriskof purchasingahomethatmayhavemyriaddefectsorrequireadditionalfundstorepairor bringuptocode.

70 Beawarethatallknownmaterialdefectsshouldalwaysbedisclosedtoyou Knowwhat questionstoask,andensureyoureceiveandcomprehendallrequireddisclosureformsby stateandfederallaws.Theseformsvarybystate.

71 Agreetofinaltermswiththeseller,andsignthecontract Insomestatesanattorneymay berequired.

72 Verifythefinalofferissignedbyallparties

73. Prepareyourlenderforlistingagentcalls.Theagentrepresentingthehomesellerwill contactyourlendertoconfirmpre-approvalandarrangeothersettlementdetails.These detailswilllikelyfavorthehomeseller,sincethatagentisrepresentingtheirinterests,so youmaywanttoparticipateinthosecallstonegotiateonyourbehalf

FacilitateClosing

74. Coordinatecommunicationseffectivelyamongallparties,includingyourlender,the seller’sagent,theclosingattorney,andanyadditionalthirdparties

75. Seekadditionalguidancefortransactionsinvolvingshortsales,foreclosures,or bank-ownedproperties.Thesetransactionsofteninvolveadditionaltitle,ownership,and financingconsiderations,andtheymaybeas-is meaning,thepropertiesmaybedamagedorrequirecostsforrepairsthatthebuyeris acceptingasaconditionofpurchase.

76 Estimatethegrossout-of-pocketcostofcompletingthetransaction Thismayinclude,but isnotlimitedto,closingcosts,atitlesearch,financingpoints(to“paydown”themortgage interestrate),andtransfertaxes.

77 Acquaintyourselfwithfloodinsurance IfthehomeyoupurchaseisinaFEMA-identified floodzone,youmustobtainfloodinsuranceasaconditionofownership.Youmayalso consideraddingfloodinsurancetoyourregularhomeinsurancepolicy,becausemost regularpoliciesdonotcoverdamagefromflooding

78. Learnabouttitleinsurance,andconsultaqualifiedinsurancebroker.Titleinsurancecovers anypre-existingtitleproblemsthatyoumaydiscoverafteryou’vepurchasedthehome (eg,taxliens,unpaid/outstandingmortgages,previousownershipclaims)

79. Fullyinvestigateyouroptionsforahomeinspector,titlecompany,appraiser,andother services Forgoingahomeinspectionisnotadvisedastheseprofessionalinspectorswill provideacomprehensiveassessment ofahome’scurrentconditionandrisks.

80 Createalistofrequiredandoptionalhomeinspections,includingenvironmental,roofing, andmold.Thiswillhelpyoudeterminewhatinspectioncontingenciestoincludeinyour purchaseoffer.

81 Ensurethatnecessarypropertysurveysareordered Apropertysurveywillhelpyou understandwhereyourpropertybeginsandends,anddetermineanypotential issues suchaseasementsorencroachments beforeyoutakeownershipoftheproperty.

82 Discussanyconcernsarisingfromthehomeinspection Useanynegativefindingsfrom yourhomeinspectionreportasleverageforrepairsorcredits.

83 Trackandmeetallcontractdeadlines Dependingonthetermsofyouroffer,thesemay includedeadlinesforinspections,finalfinancing/loan,downpaymentandearnestmoney depositsintoescrow,titlesearches,andsettlementdate.

84 Ordertheappraisal Confirmwhetheryourlenderwillacceptanindependentappraiseror requireanappraisalmanagementcompanytoconducttheappraisal.

85 Questiontheappraisalreportifitaffectsyourfinancing Checkforerrorslikesquare footage,inadequatehomecomparisons,orincorrectdescriptionsofthehomeor neighborhood.

86 Orderthetitlesearch Acleanpropertytitlemeansthebuyerandlenderagreethereareno claimsonthepropertythatcouldbecomeanissueafterownership istransferred.

87 Regularlycontactyourlendertoensuretheloanprocessisontracktomeettheclosing requirements.

88 Ensureanynecessaryfunds,likeearnestmoneyordownpayments,arereceivedbythe stateddeadlines toavoidanyriskofthesellerterminatingyourcontract.

89 Ensureallpartieshaveallformsandinformationneededtoclosethesale Missingorlate paperworkcancausedelays

90. Checkaddendumsandalterationsforagreed-uponterms.

91 Takenoteofthelocationanddetailsofyourclosingmeeting

92. Confirmandcommunicatetheclosingdateandtimetotheseller’sagent,notingany changes

93. Scheduleandconductafinalpropertywalk-through.Createacomprehensivechecklistof yourconcernsregardingthehome,andthenconfirmthatanyagreed-uponrepairswere addressedorfixedbytheseller

94 Confirmtheclear-to-closestatus,indicatingalldocumentsandconditionstoapprove yourloanhavebeenmet,withyourlender.

95 Reviewyourclosingstatement Itexplainstheterms ofthemortgage,theprojectedmonthlypayments,andhowmuchyourfeesandclosing costswillbe.

96 Double-checkalltaxes,dues,andprorationsrelatedtoyourpurchase

97. Requestthefinalclosingfiguresfromtheclosingagent.Thisisthetotalamountofmoney thatyouwillhavetobringtotheclosingtable.

98 Reviewyourtitleinsurancecommitmentcarefully toensureallinformationisaccurate.

99 Beawareofwirefraudrisks,andverballyverifyallwiringinstructionswiththeseller’sagent beforetransferringfunds Getthedetailedinstructionsfromyourclosingcompany,andbe leeryofanymessagesyoureceivethatrequestchangestotheoriginalinstructions.

100Providereceiptofescrowdeposittotheseller’sagent/brokertoverifythisfinancialstep hasbeencompleted.

101. Gatherallrequiredformsanddocumentsforclosing.Typically,you’llneedaphotoIDand acashier’sorcertifiedcheck(orreceiptofawiretransfer)

102.Performanyremainingclosingactivitiestocompletethetransaction.

103 Reviewallclosingdocumentswiththeclosingagentorattorney Bepreparedtosignaton ofpaperwork.

104 Distributefinaldocumentstoallinvolvedpartiesfortheirrecords You’llwanttokeepthis importantpaperworksafe

105. Verifyreceiptofallkeys,accesscodes,garagedooropeners,andmanualsforall equipmentandappliances

Post-ClosingActivities

106Priortomoving,considerrekeyingyourlocksandchangingaccesscodesasanextra precautiontosafeguardyourhomefromanyonewhomayhavehadaccesspriortoyour ownership

107. Remembertotransferallutilitiesandservicestoyournewresidencesoyoudonotincur costsonyourformerresidence.Thisensureseverythingisupandrunninginpreparation foryourmove-indate

108Turnyourhomeinspectionreportintoamaintenanceto-dolist

109.Fileclaimswithyourhomeowner’swarrantycompanyasneeded.Ahomewarrantyisa policythatcoversthecostofmajorrepairsorappliances

110 Stayengagedandproactivelyfollowuponanypendingitemsorconcernspost-closing Keeparunningchecklisthandytoensureyoustayontopofanypotentialwarranties, includingtheirexpirationdates

111. Arrangeforthemove-indayinyournewhomebycontactingmovers.Buyyourselfabottle ofchampagne.Congratulations,you’reanewhomeownernow.

Or,do1thing.Findabuyer’sagent.

Nooneisbetterqualifiedtorepresentyourinterestswhenbuyingahomethanaprofessional buyer’sagent

Becausetheyworkforyou.

Theyrepresentyourinterestsinnegotiationswiththeseller’sagent,inprobablythebiggest financialdecisionofyourlife.

Isitanysurprisethatnearly9outof10**homebuyerssaythey’duseabuyer’sagent whenpurchasingahomeagain?

*Actual services or to-dos will depend on the needs of the buyer and the transaction - not all 111 things will need to be done in every transaction **Based on a 2023 proprietary survey among recent home buyers and sellers

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