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Shopping
for a home
So now you really
begin house-hunting. Your real estate broker will be
able to find listings for you, based on your wishlist.
But don't stop there! You can do your own looking, and
then ask your broker to show you the house. Start with
the Internet. Pick up real estate flyers at local grocery
stores and convenience stores. Read the real estate
sections of your local newspaper. Drive around neighborhoods
that interest you and write down addresses where there
are "for sale" signs. Go to open houses. Try
everything! And use our convenient home-shopping check
list to help you compare the houses you see.
Your real estate
broker
You'll
want to start searching for a broker as soon as you
decide to buy a home. Talk to several and find someone
you think you'll be comfortable working closely with.
Many of your friends and relatives have probably bought
and sold their homes through brokers. Ask them who they
used and what their experiences were. You can find out
which brokers specialize in the kind of home or the
area you want by looking in the Yellow Pages or your
local newspaper's classified real estate ads. Or drive
through neighborhoods and note the names of brokers
on "for sale" signs. When you talk to prospective
brokers, ask questions about the areas and types of
homes in which you're interested. Do they seem knowledgeable?
Most important, is their personal style a good fit with
your own?
Mortgages and homebuying
programs
Many different kinds
of mortgages are available to you. Read about them,
and make sure you understand the pros and cons of each.
Your real estate broker can help you. HUD offers some
special homebuying programs. Also, many local governments
offer special homebuying programs to help low-income
homebuyers. Shop around - you may be surprised at all
your options!
Home inspections
When you make an
offer on a home, it's a good idea to make your offer
contingent on a home inspection, conducted by an independent
authorized inspector. You will have to pay for this
inspection yourself, but it could keep you from buying
a house that will cost you far more in repairs, down
the road. If you are satisified with the results of
the inspection, then your offer can proceed. If you
aren't,you may want to negotiate, asking the seller
to pay for certain repairs or asking for a lower price.
Appraisals
Your lender will
require you to get an appraisal of the house you want
to buy, to make sure it's worth the money that you're
borrowing. You may select your own appraiser, or you
may ask your real estate broker to help you take care
of that.
Homeowner's insurance
Lenders require
that you have homeowners insurance, to protect both
your interests and theirs. Like everything else, be
sure to shop around for insurance that fits your needs.
Settlement or closing
Finally, you've
gone through the whole process, and you're ready to
go to "settlement" or "closing."
We know you'll be excited, but be sure to read everything
you sign!
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