Buying Your Home

You've found the home of your dreams. Now what do you do?

Each state has different requirements, so get familiar with them. Still, there are general tasks that need to be done, so let's take a look.

The List:

1.  You need a real estate purchase contract, which contains the terms of your agreement with the seller.

2. You may need to have some things checked out (home inspection, termite inspection, radon test, etc.) to be sure your dream home isn't a potential nightmare.

3. You need an attorney or other settlement agent to handle the transaction, record the deed and disburse the money.  If you don't have an agent, you should use an attorney because you want to make absolutely sure you get clear title.

4. You need the money to pay for the property or a lender willing to provide you with a mortgage. If you've followed our advice, you already have a relationship with a lender.  Ask them who has handled settlements for their firm.

If your lender requests further documentation, make don't delay in complying. Your lender is evaluating the home in relation to providing you with a substantial loan. If there is a delay in the process, you could lose the home in escrow.

One final suggestion...

Recognize that working without a realtor can save some serious money, but you are responsible for the outcome. With a little effort and foresight, you should be able to do it without many problems.

Raynor James