Home Buyer’s Checklist
Step
1: Defining What You Want
Start by creating a prioritized list of features
you want in your next home and the reasons why.
Use it as your search guide, but remember that
depending on your funding, you will probably
need to make some compromises. In addition, talk
to your real estate professional about where you
want to live. Location is a huge part of any
move. CENTURY 21 professionals are trained to
help their clients narrow down their choices by
sharing market trends and local information like
neighborhood statistics and community links.
Step 2: Figuring Out What You Can Afford
Now that you know what you want, it's time to
see what you can afford. Call our office and we
can assist you in crunching the numbers using
one of our financial calculators. When you're ready to
move to the next step, you can get pre-approved
for a mortgage (click here
for more information about mortgage loans). This process can often be
performed in under an hour and it accomplishes
two important goals. First, it will tell you how
much house you can afford and what your monthly
payments would be. Second, it tells the seller
that you can afford to buy their home. By
definition, a pre-approved buyer has an approved
mortgage subject to an appraisal of the
property. Many times a buyer can use this
pre-approved status as leverage during the
negotiation process.
 Step 3: Shopping For Homes
Once you know what community you'd like to live
in and have an idea of how much house you can
afford, its time to start checking out actual
properties. Beginning this search online can
help save you time since it can help you target
homes that meet your search criteria. Our home
notifier can even email you when properties come
on the market that meet your search criteria.
Next, begin visiting homes in person. Ask your
CENTURY 21 real estate professional to arrange
visits and attend open houses that are in your
target area and price range. When comparing
homes, make sure to look at all aspects of the
property. Is the property tax approximately the
same? Are both the houses renovated? Do they
both have the same amount of bedrooms and
bathrooms? Are both houses located on the same
or similar streets? Does either house have any
encumbrances?
Remember to keep an open mind when you are
looking at homes. Use a virtual home planner to
help you imagine what the house could become
with you as the owner.
Step 4: Making An Offer
Once you find the home you want, you need to
make an offer for the house. Typically this is a
very difficult and trying time since both
parties have totally different goals. In most
cases it is better to have a third party, such
as a real estate professional, negotiate the
offer. If you have any personal interaction with
the homeowner, don't give out any information
about your move, your current housing status,
financial status or your feelings about their
property - positive or negative. This could hurt
you in future negotiations.
This might also be a good time to consider
purchasing a home protection plan. These
insurance policies can be purchased by the buyer
or seller and help protect against unexpected
costs or home repairs during the listing period
or in the initial years after a home has been
purchased.
Step 5: Inspection & Insurance
After your offer is accepted you will need to
set up, coordinate and interpret various
inspections, including insect, radon, building
quality, oil tank, title, etc. You will also
need to arrange for homeowners insurance and
finalize the mortgage.
This is a major step in the buying process and
there are many potential problems that can be
discovered during this period. These include a
leaky roof, radon gas, termite damage, a
foundation problem, and wall cracks, to name a
few. These problems happen all the time. The
difference between closing on your dream home
and starting the process all over again is what
occurs during the negotiations between you and
the seller.
Your CENTURY 21® Real Estate Professional can
help make these discussions go more smoothly. In
most states you will also have the option of a
"walk through" before the closing. This is your
last chance to make sure that all of the items
that you have agreed upon were completed to your
satisfaction.
Step 6: The Final Closing
Before you arrive at the closing, make sure all
the necessary paper work and deposits have been
completed. If the mortgage, title work,
homeowners insurance and other items necessary
under local and state laws are not completed and
brought to the closing table, the closing may
not happen on time. And, depending on what the
contract says, this could result in further
action including financial penalties and even
the loss of your rights to the home.
Once you close, it's official - you own the
house! But there might be a few things you want
to do before you lay out the welcome mat. These
include arranging for an alarm system, turning
on the electricity, subscribing to the local
paper, cleaning or replacing the carpet,
arranging for lawn services, etc. This could
also be a good time to make some needed
renovations.
Be sure to turn to your CENTURY 21® real estate
professional for guidance and information about
many money-saving offers available to CENTURY 21
customers.
Seller’s Checklist
Step 1: Creating a Marketing Plan
Create a marketing plan for your home that will
help distinguish it in your local marketplace
and attract buyers to your property. This may
include advertising in the newspaper, posting
your listing on the Internet, holding an open
house and more. CENTURY 21 Sales Professionals
often use the CENTURY 21 Customized Marketing
System to create a personalized selling program
for clients. Its purpose is to sell a home at
the best price possible in the shortest amount
of time.
Step 2: Setting the Price
A key part of the marketing plan is setting the
list price. If a home is priced too low, it may
cost you money. If a home is priced too high,
potential buyers may be scared away. To
determine the best asking price review the cost
of recently sold homes, evaluate the competition
and study marketplace trends. CENTURY 21 Sales
Associates are trained to use this information
to help you reach the right asking price. It is
also helpful to discuss other terms and
conditions, such as timing and items that can be
included with the sale of the home. Both of
these can make your home more attractive to
potential buyers.
Step 3: Showtime
Now it's time to get your home ready for the
spotlight. Start with a good cleaning, then
eliminate any clutter, add a fresh coat of paint
and tidy up the yard. Talk to your real estate
professional about other tips that can help
boost a home's curb appeal and impress potential
buyers once they're in the door. One way to make
a home more attractive is to purchase a Home
Protection Plan. This insurance protects you,
the seller, from paying repair or replacement
costs of major items during the listing period.
It also protects the buyer during their first
year of homeownership.
In addition, make sure you are aware of all the
federal, state, and local disclosure laws. This
information can be obtained by the specific
local and federal government agencies or from
your local CENTURY 21 Office.
Step 4: Protecting Yourself
In some cases, a home sale can also be an
invitation for danger. Here are some things you
can do to make the process safer.
- Ask for identification
- Ask for pre-approval letters
- Lock up and hide collectibles and
valuables
- Remember "For Sale" signs bring in
buyers. Do not allow your children to open
doors to strangers.
- If you have pets, make sure they are
controlled
- Remove any dangerous items
- Talk to your CENTURY 21 Sales
Professional about additional safety tips to
help protect you and your family.
Step 5: Making the Deal
A buyer has made an offer - now it is time to
negotiate. Rely on your real estate professional
to guide you through this process. He or she
will help you arrive at an acceptable price,
terms and conditions. Once you have accepted an
offer, help keep the deal together by meeting
deadlines and criteria, including home
inspections, appropriate buyer visits, scheduled
deposits and other steps. In fact, during this
period there may be a renegotiation of the
accepted offer price depending on the outcomes
of these visits. As the closing nears, you may
also need to perform repairs or do additional
work to the house as agreed upon in your
contract. In addition, you will need to have the
house "broom clean" prior to the closing so that
the buyer can complete a final walk through.
When you finally arrive at the closing table,
come prepared with the appropriate certificates
and approvals as required by your town, county
and state. Ask the appropriate agency or get a
list of what you need from your local CENTURY 21
Office. Once the money has exchanged hands and
all the papers signed it's time to hand over the
keys and concentrate on your next big project -
getting YOUR new home in order. |
