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The
following
"tips"
on
buying
a
home
are
offered
for
your
assistance
-
please
do
not
hesitate
to
contact
our
office
for
further
help
and
explanations
of
terms
used.
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1.
What
do
"Pre-qualified"
and
"Pre-approved"
Mean?
Will
They
Help
Me
Get
a
Mortgage?
PRE-QUALIFlCATION is
when
the
lender looks
at your financial
status to
estimate the
mortgage loan
amount that
you might qualify
for. It is
based on
the documentation
that you provide,
and it is usually
free. Pre-qualification
may help you
determine the
price range
you can afford,
and can be
helpful at
the beginning
of your search.
PRE-APPROVAL is
more detailed,
and takes place
when you are
closer to
making an offer
on a house.
For a pre-approval,
the lender
will verify
your
earnings and
financial situation
-
often by obtaining
a credit report
- to determine
whether or
not to lend
you money.
If you are
pre-approved,
the lender
will give
you a letter
stating the
maximum amount
you can borrow.
Pre-approval
may
make you look
like a "stronger" buyer
in the eyes
of a seller,
and may improve
your chances
of coming to
an agreement
on the purchase
price.
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2.
Be
Prepared
(or,
Don't
Forget
Your
Checkbook!)
You
will
need
to
have
certain
items
and
information
readily
available
when
you
begin
fill
out
the
Agreement
of
Sale.
Some
of
these
items
include:
 Your
checkbook.
You'll
need
to
give
a
deposit
on
the
property.
Income/asset
information.
The
seller's
REALTOR
will
almost
always
want
to
verify
a
buyer's
financial
ability
to
buy
or
obtain
a
mortgage
before
recommending
to
the
sellers
that
they
accept
the
Agreement.
Information
regarding
available
funds.
You
will
want
to
make
sure
you
have
enough
money
for
down
payment
and
settlement.
Current
financial
obligations
(for
example,
credit
cards,
loans,
debts,
periodic
and
monthly
bills,
etc.).
All
buyers!
If
you
and
other
people
(for
example,
your
spouse)
are
buy
ing
a
home
together,
you
will
need
to
complete
and
sign
the
Agreement
together.
If
you
have
any
questions
about
what
to
bring
with
you,
ask
your
REALTOR. |
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3.
Property
Inspections
When
you
have
found
the
house
that
you
want
you
will
usually
receive
a
form,
completed
by
the
seller,
that
lists
all
the
known
problems
with
the
property
(see
the
Notice
for
a
list
of
exceptions).
This
is
called
the
Seller's
Property
Disclosure
Statement.
By
law,
the
seller
is
required
to completely
and
truthfully
fill
out
this
form,
but
sometimes
there
are
conditions
that
even
the
seller
does
not
know
about.
To
find
out
if
there
is anything
wrong
with
the
house,
you
might
want
to
have
the
property
inspected
by
an
inspector
or
inspectors
of
your
choosing.
You
should
be prepared
to
pay
for
the
cost
of
the
inspections.
The
upside
of
this
is
that
you
get
to
choose
the
inspectors.
Depending
on
your
needs,
you
may
elect
to
have
a
full "home
inspection" of
the
property,
or
you
may
just
have
one
or
more
elements
of
the
property
inspected
separately
by
someone
who
specializes
in
that
type
of
inspection
(for
example,
hiring
a
plumber
to
check
the
plumbing
or
a
roofer
to
check the
roof).
Keep
in
mind
that
the
Agreement
does
require
that
inspections
be
done
by "licensed
or
otherwise
qualified
inspectors," so
be
sure
to
check
out
the
qualifications
of
inspectors
before
hiring
them.
You
should
be
aware
,that
the
Home
Inspection
Law
sets
certain
criteria for
home
inspectors
and
home
inspections.
The
Home
Inspection
Law
Notice
provides
a
great
deal
of
information
on
this
Law.
If
you
elect
to
have
a
home
inspection,
make
sure
your
home
inspector
is
properly qualified
and
operates
in
compliance
with
the
law.
Keep
in
mind
that
the
law
says
you
get
some
protection
if
you
have
a "written
representation" regarding
the
home
inspector's
qualifications,
so
you'll
want
to "get
it
in
writing" when
you
select
your
inspector.
Some
of
the
inspections
you
might
want
to
consider
having
performed
-
as
a
single
system
inspection
or
as
part
of
a
full
home
inspection
-
include:
Electrical
System
Environmental
Issues
General
Appliance
Condition
Heat/Air
Conditioning
Mechanical
Systems
Plumbing
Roof
Mold
and
Indoor
Air
Quality
Property
Boundaries
Site
Features
(condition
of
driveway,
sidewalks,
etc.)
Structural
Condition
Water
Penetration
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