Location: Select a location that you can afford that will give you the best resale value for your dollar. Ask for your agent’s help with this.
Size: Select a home that is large enough for your family’s needs projecting 5 years into the future.
Select a Realtor who is knowledgeable about the areas and the process and puts your needs before his or her own.
Select a mortgage broker: Talk to a couple of mortgage brokers to get a feel for what’s out there. Have them pre-qualify you and issue a pre-approval letter.
Make an offer providing a pre-approval letter and 1% down payment – refundable!
Negotiate with your agent’s help and arrive at an acceptable sale price.
Home Inspection: Ask your agent to recommend a home inspector. Inspection charges range from $375 and up depending on the size of the house. If problems occur, re-negotiate to get problems fixed or receive credit.
Bank Appraisal: Have the mortgage broker you’ve selected order the appraisal. It will cost @$400-$500. If the property appraises out, start packing. If not, re-negotiate with your agent’s help.
Hire an Attorney: The State of Connecticut requires that all buyers and sellers of real estate be represented by an attorney.
The Contract: If your offer has been written up on a contract, have your attorney review it. Make sure he is aware of the mortgage commitment date. Also if your offer is written on a contract, the second deposit is due before closing. If FHA typically another 1%, if conventional an additional percentage based on what your total down payment will be.
Homeowner’s Insurance: Just before closing, get homeowner’s insurance. You’ll need proof at closing.
The Closing: The attorney will let you know the time and place of the closing and will usually tell you the day before exactly how much money you’ll need to bring to the closing table. This money needs to be in the form of a bank check. Prepaids will also be included in this figure. Your bank will likely want you to pay a few months homeowner’s insurance and taxes ahead of time. Also , if you are closing in November and the homeowner has paid taxes for the month of December, you would need to reimburse him/her at closing.
Turn on the utilities. Your Realtor will provide you with a list of local utilities and their phone numbers.
Move in!! Meet and greet your new neighbors!!!