Why use a Realtor®

Buying a new home is a daunting process. Before you take the leap, consider the following steps: 

• Obtain a copy of your credit report. The Federal Trade Commission (FTC) requires Trans Union, Experian and Equifax provide you with one free credit report annually.  Don't find out too late that your report contains inaccuracies that can lower your credit score and raise your interest rate.
• Once you have your report, identify any negative information, inaccurate reporting or unauthorized inquiries.  Write a letter detailing the errors and send it -- by certified mail -- to the credit reporting company. Be sure to keep a copy for your records.
• Once you've got an accurate credit report, contact a real estate agent. Real estate agents have access to all homes listed in MLS (Multiple Listing Service) at their fingertips and can save you time, money and frustration during your search.
• Your agent should advise you that you must pre-qualify for a loan and should be able to refer you to credible lenders. Do some research on your own to find the best rates.
• Once you are pre-qualified, give the letter to your agent.
• Make a list of what you want in your new home – where you want to live, what type of house you want, how many rooms you'd like, etc. Of course, unless you build a home to your own specifications, you’ll almost certainly have to make some concessions.
• Decide how much money you want to spend so your agent can search for homes within your budget.
• Once you've narrowed your search to the home you want, ask your agent to do a comparative market analysis (CMA) to ensure that the home you’re interested in is worth the listed price.  Have your agent find out if there are other offers for the property and what is motivating the homeowner to sell – i.e., retirement, a job-related move, facing foreclosure, empty nesters downsizing, etc.
• Scrutinize the Seller’s Disclosure forms for the age of all items that would be expensive to repair or replace, like the roof, the electrical equipment, and the heating/cooling unit.  If any of these things are old or are in obvious need of repair, you should use this as a bargaining tool to lower the price.
• Have your agent submit an offer.
• Complete initial negotiations and agree on the price.
• Shop around for (or ask your agent to recommend) a reputable title company, a home inspection company and a home insurance provider. By law, you do not have to use companies suggested by your agent.
• If a home warranty was not included in your offer, consider purchasing one. HOAs vary from provider to provider. Be sure you understand what is included before you purchase one.
• Make sure you are present at any home inspections. The most critical items are usually the condition of the roof, the foundation, and the presence of mould or insects. Be careful to inspect any areas in the home that you cannot clearly see -- like a room or a closet with items that cover a wall or a section of the floor -- to make sure there is not hidden damage. If you find anything -- and if it isn't irreparable damage, use this to negotiate a lower price with the seller.
• Once you have agreed on the final price, sign the final offer.
• Do your final walkthrough of your new home to ensure everything agreed to by the seller has been repaired or replaced..
• Attend the closing. 
• Make sure that the Settlement Statement documents eveything you agreed to with the seller. 
• Sign on the dotted line.
• Congratulations! You are now a home owner!