Preparation to house hunt:
o Decide on price range:
o Interview two or more lenders. Decide on one, plus a back-up.
o Make decisions about location:
o Monthly mortgage payment at current rate levels.
o Buying power in price range
o Before finding a house, identify three to five town features that are important
to you. Check those in relation to a neighborhood for every house you are
considering. (For example: supermarket, highway access, library, town square,
o Research schools, if applicable.
o Test-drive commute during rush hour.
o Prioritize house requirements. Make a list of your top three to five house features that
you are looking for.
o Assemble support team:
o Interview two or more attorneys. Find one or more.
o Interview two or more home inspectors. Find one or more.
Quick decision period:
When you find a house that you want to buy, review these:
o How does it rate on your three to five most important house features?
o How does the draft “to do” list match your expectations?
o How does it rate on your three to five town features?
o How are the schools, if applicable?
o How is the commute?
o Review and evaluate the Comparative Market Analysis (CMA).
o Choose a negotiation plan.
o Make an Offer.
If the Offer is accepted:
o Call inspectors quickly to get the best potential scheduling. Schedule inspection within a
o Review inspection results.
o Hire additional inspectors, or get contractor estimates, if applicable.
o Choose a renegotiation plan for after inspection.
o Sign a Purchase and Sales Agreement and make a 5 percent deposit on the house.
o Make a full application for your mortgage.
Preparation for closing:
o Complete any paperwork requests from your lender. Check that you have valid,
unexpired picture ID.
o Visit the house to get additional estimates, if applicable. Schedule workers for after
o Purchase homeowner’s insurance and get it approved by lender’s attorney.
o Change utility bills to your name as of closing date.
o Prepare to move.
o Prepare final deposits. Check with your bank about procedures to draw a large check. Or
check with you bank and the closing attorney to arrange a wire transfer. (This can take
up to a week, so plan ahead.)
o Schedule closing with lender’s attorney.
o Walk through the property immediately before closing.
o Attend closing.