Buyers Check List

Preparing to Buy

• Determine that buying is the right decision

• Understand the requirements for buying

• Order a credit report from Advance Mortgage Lending, Inc. to review credit history

• Resolve credit issues if necessary

• Assemble the money you will need into one place

• Picking the best Florida Loan Program that fits your needs

• Get pre-approved for mortgage through Advance Mortgage Lending, Inc. or another source

• Decide to work with real estate agent or by yourself or both

Finding A new Home in Florida

• Research neighborhoods

• Drive around the interesting areas

• Test commute by driving it

• Talk with local merchants and neighbors about the area

• Assess the schools in the area

• Decide on neighborhoods to concentrate on

Understand the Florida Market

• Read the Real Estate section of the paper for info

• Visit open houses and talk with sellers and agents about the market

• Psychologically prepare to move quickly if you are in a seller’s market and get pre-approved for your mortgage

Start to shop

• Make a list of amenities desired in a new home

• Rank the amenities by most desired

• See properties, both FSBO and those listed with agents

• Assess each property against your list

• Decide on a house that’s right and prepare to make an offer

Writing the Offer

• Obtain contract forms from familymortgagega.com, your agent or another source

• Know the typical elements of an offer and contract

• Hire a real estate attorney to handle the contract if desired

• Decide on an offer price

• Compare the house to other houses on the market

• Decide on the inspections you want to have and how you want to handle it if they are not satisfactory

• Give the seller or agent a check for the earnest money deposit and make it clear in the offer when and where the check is to be deposited

• Decide whether you want the seller to contribute to your closing costs

• Decide on timeframes for inspections, financing and settlement

Negotiating the Offer

• Offer is presented for consideration

• Verify to seller that you are pre-approved to purchase (get pre-approved at Advance Mortgage Lending, Inc. )

• Receive seller’s response and respond

• Accepted? Move on to Handling the Details

• Declined? Walk away or re-offer

• Counter-offer? Assess

• Price is acceptable or counter-offer price is decided upon -

• Make sure you still qualify at the new price – do you have enough cash and income?

• Timeframes for inspections, financing and settlement acceptable or alternatives decided on for counter offer

• Inspection, closing cost contribution and other contingencies are acceptable or alternatives decided on for counter-offer

• Earnest money deposit is acceptable or alternative decided on for counter offer

• Accept counter offer, reject counter offer or prepare counter-offer in response to contract

• Put time-frame in counter offer for seller’s response

Handling the Details

• Home inspection completed if contract requires

• Home inspection followed up on

• Home inspection issues resolved if necessary

• Radon inspection completed if contract requires

• Radon inspection followed up on

• Radon inspection issues resolved if necessary

• Other inspections completed if required by contract

• Roof inspection

• Electrical inspection

• Other

• Inspections followed up on

• Inspection issues resolved if necessary

• Property disclosures delivered, or condo documents if appropriate

• Property disclosures approved

• Property disclosure issues resolved if necessary

• Apply for mortgage

• Provide pre-approval letter to seller if not already provided

• Appraisal completed

• Appraisal followed up on

• Appraisal issues resolved if necessary

• Mortgage is approved

• Open escrow with your title company or another source

• Deposit earnest money with escrow company

• Provide necessary documents to escrow company

• Survey is completed if necessary

• Title search is completed

• Issues with title search resolved if necessary

• Title commitment completed (title work done)

• Termite inspection ordered if necessary

• Termite inspection completed

• Termite inspection followed up on

• Termite inspection issues resolved if necessary

• Obtain Homeowners insurance

• Pay for one year in advance

• Provide paid receipt and insurance binder to lender

• Repairs required by contract or inspections completed

• Settlement/Closing date and time scheduled

• with escrow officer or closing attorney

• with the lender

• with the seller

• Final walk-through completed with seller

• Satisfied with walk-through?

• Issues with walk-through resolved if necessary

Settlement/Closing

• Review documents 24 -48 hours in advance

• Resolve issues with documents if necessary

• Make sure all lender’s requirements have been met

• Determine exact amount of money necessary for settlement

• Obtain certified check for settlement

• Settle!

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