Tips for Home Buyers

 1. Take a few moments to discuss what you're looking for with your spouse or partner before you start setting up appointments to look at properties. Make a list of "must have" features together, then discuss other "would like, but can live without" features. After you've looked at a dozen or so properties, re-evaluate your criteria. Often priorities shift with time.

 2. Have a realistic idea of how much you can afford before you start looking (most lenders will pre-approve you for free). Not only will this save time, but will also avoid needless disappointment on everyone's part. Note: Keep in mind that pre-qualified and pre-approved are two very different things. Don't mislead sellers by telling them you are pre-approved unless you have a commitment to lend letter from a mortgage lender.  It’s also important that this letter be from the actual lender, not just a letter from the mortgage broker.

 3. Don't sign a contract with an agent that locks you into looking with him or her, or guarantees them a commission even if you find the house yourself! Specify, instead, that a commission will be paid only if you buy a property shown to you by that agent. This enables you to look with others, and also at For-Sale-By-Owner (FSBO) properties, at your own convenience.

 4. Don't bring an agent with you to look at FSBO properties, or bring them into the picture when it's time to draw up a contract, unless you are willing to pay their commission through either a higher sales price, or out of your own pocket. If you want representation and someone to help with all the paperwork, hire one of the lawyers listed on this site to handle your end of the transaction.  This will cost you a fraction of what an agent will charge and avoids jacking up the sales price.

 5. If you find the house you want to buy before you've sold your home, and the seller is reluctant to sign a contract with a contingency that you sell your home first, your attorney can draw up a contract that allows the seller to continue marketing and advertising the property, yet gives you the "first right of refusal" should they receive another offer. This way you will be notified immediately if the seller has another offer, giving you an opportunity to release the contingency and perhaps obtain a “Bridge Loan” to make the purchase.

 6. If you sell your house before finding a home you want to buy, be sure your attorney provides a contingency for you, as the seller, finding suitable housing!! We have heard several stories of people frantic to find a home under pressure, and even having to rent after the closing, because they sold first. Remember, the seller is legally bound to sell once the contract is signed.

 7. When presenting an offer, be courteous and respectful of the sellers. In general, avoid criticizing the property with statements like "we don't care for the new carpeting and we'll have to replace it". This will not justify a lower offer and may possibly insult the sellers, decreasing your chances of their accepting your offer.

 8. If you feel the property may be overpriced, yet the seller refuses a lower offer: Make your offer and purchase agreement contingent upon the property appraising for the selling price or higher.

 9. Request that you be permitted to walk-through the house (shortly before closing) after the furniture is removed to make sure that some of the home's faults weren't covered with furniture, rugs, or wall coverings. It is far easier to request compensation for necessary repair work before the house is sold than afterwards.

 10. Be sure you receive a property disclosure form from the seller, stating the condition of all aspects of the property, before you make an offer. (If the seller doesn't have a form, we have them at our office.) If you are making an offer on a property listed with an agent, make sure you see the seller's disclosure information first. Agency-listed properties carry no guarantees and it is the seller who is legally bound to be truthful in reporting the property's condition.

 11. If you don't know much about building construction, don't worry. Simply make your offer contingent upon the property passing a professional home inspection to your satisfaction. This is also an excellent way to become more familiar with the upkeep needs of your future home.

 12. Put everything in writing. Your purchase agreement should spell out whether the washer and dryer stay, draperies, etc. Again, we highly recommend you consult an attorney to prepare your contract and make sure it will be legally binding and protects your rights.