Tips for Buying a Home

Tip #1 Have a realistic idea of how much you can afford before you start looking. If you are not sure about what you can afford, most mortgage lenders will prequalify you for free. This can save you a considerable amount of time and disappointment in the long run. Begin your loan process.

Tip #2 Make a list of what you want in a house. What are the "must haves" and the "would like but can live with outs"? What part of town do you want to live in? What school district?

Tip #3 Once you have completed your list conduct a search here on our web site. Select the houses that meet your criteria, and call to set up appointments. If for some reason you cannot keep your appointment, call to reschedule.

Tip #4 When you find the perfect home, make a written offer. The written offer should include details such as what stays and what doesn't, i.e. drapes, appliances. The written offer should also specify desired closing and move-in dates. Include timeframes for inspections and provisions for the return of your deposit, in the event you do not qualify for the loan necessary to purchase this property. You may wish to have an Attorney review the contract prior to submitting it to the seller.

Tip #5 If you and the seller do not agree to the price and terms, no need to despair! In most cases when a first offer is not accepted, the seller makes a "counter-offer" to continue the negotiations. It is always important to keep emotions out of the process. Patience can be a virtue. Be fair and courteous and this will be a win-win situation for both parties involved.

Tip #6 After you and the seller have come to an agreement on price and terms, it is now time to bind your offer to purchase with a deposit. This is called an "earnest" deposit and signifies your serious intent to purchase the property. The amount of the deposit is based on the price of the property and how much the seller is willing to accept. The deposit should be placed in an escrow account with an Attorney or Title company. Note that it is customary for the seller to chose the Title Company, with your approval, of course.

Tip #7 Finalize your loan process. Once your loan is approved contact the seller immediately to set up final closing dates. Now is a good time to schedule your final walk through inspection.

Tip #8 Attend closing and sign paperwork to finalize the purchase. In Missouri most closings are held at the Title Company. Your keys to your new home are turned over to you at this point.