The Answer Book for Buyers

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The Answer Book for Buyers For the New Owners CHECKLIST For the New Owners Before the property changes hands, consult this list to make sure these items are transferred with the house. Owner’s manuals and warranties for any appliances left in the house. Garage door opener(s). Extra set of house keys. Other keys. Think beyond the front doors; do you have any cabinets or […]
The Answer Book for Buyers Move With Pets HOW TO Move With Pets Update your pet’s tag with your new address. Make sure your pet’s collar is sturdy and correctly sized. The tag should also include your mobile number and e-mail address so that you can be reached during the move. Request veterinary records. Ask your current vet to send your pet’s medical […]
The Answer Book for Buyers Pack Like a Pro HOW TO Pack Like a Pro Plan ahead. Develop a master to-do list so you won’t forget something critical heading into moving day. This will also help you create an estimate of moving time and costs. Discard items you no longer want or need. Ask yourself how frequently you use an item and how you’d […]
The Answer Book for Buyers Prepare for Your Move CHECKLIST Prepare for Your Move Update your mailing addressat usps.com or fill out a change-of-address form at your local post office. Change your address with important service providers,such as your bank(s), credit companies, magazine subscriptions, and others. Create a list of people who will need your new address. Whether you plan on sending formal change-of-address […]
The Answer Book for Buyers Your Final Walk-Through CHECKLIST Your Final Walk-Through Closing time is hectic, but you should always make time for a final walk-through to make sure that your home is in the same condition you expected it would be. Here’s a detailed list of what to check for on your final walk-through group collaboration software.   Basement, attic, and every room, […]
The Answer Book for Buyers Track Closing Costs WORKSHEET Track Closing Costs Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.   BUYER COST SELLER COST OTHER Down payment       Loan origination       Points paid to receive a lower interest rate       Home inspection       Appraisal   […]
The Answer Book for Buyers About Title Insurance WHAT TO KNOW About Title Insurance Title insurance protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as misspellings of a person’s name or an inaccurate description of the property. In some states it is customary for the seller to purchase the […]
The Answer Book for Buyers Lower Homeowners Insurance Costs HOW TO Lower Homeowners Insurance Costs The first step is to shop around; quotes on the same home can vary significantly from company to company. Review the Comprehensive Loss Underwriting Exchange report. CLUE reports detail the property’s claims history for the last five years, which insurers may use to deny coverage. Make the sale contingent […]
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The Answer Book for Buyers About Homeowners Insurance WHAT TO KNOW About Homeowners Insurance A homeowners insurance policy will protect you against certain losses and damage to your new home and is generally required by lenders prior to closing. Some lenders will collect the money you owe for homeowners insurance as part of your monthly mortgage payment and place it in an escrow […]
The Answer Book for Buyers Buy in a Tight Market HOW TO Buy in a Tight Market Increase your chances of getting your dream house in a competitive housing market. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller. Stay in close contact with your real estate agent. Your […]
The Answer Book for Buyers Your Short Sale Purchase Team CHECKLIST Your Short Sale Purchase Team If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you’ll want by your side: Experienced real estate attorney. A real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. The attorney […]
The Answer Book for Buyers Before Making a Short Sale Offer QUESTIONS TO ASK Before Making a Short Sale Offer If a home is being sold for less than what the current owner owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is […]
The Answer Book for Buyers Your Mortgage Application CHECKLIST Your Mortgage Application Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide.. W-2 Tax returns — or business tax returns if you’re self-employed — for the last two or three years for every person signing the loan. At least one pay […]
The Answer Book for Buyers Service Provider Contacts WORKSHEET Service Provider Contacts You won’t necessarily need all these professionals, but your REALTOR® can help you assemble a list.   Name Contact Info REALTOR® ADVISERS Real estate attorney Appraiser Tax adviser INSPECTORS Home inspector Termite inspector Flood plain inspector Radon inspector Zoning inspector Lead paint inspector Occupancy permit inspector    OTHER SERVICES Survey company […]
The Answer Book for Buyers About Property Tax QUESTIONS TO ASK About Property Tax It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be. What is the assessed value of the property? Assessed value is generally less than market value. A recent copy of the […]
The Answer Book for Buyers About the Appraisal Process WHAT TO KNOW About the Appraisal Process Once you are under contract, your lender will send out an appraiser to make sure the purchase price is in line with the property’s value. Appraisals help guide mortgage terms. The appraised value of a home is an important factor in the loan underwriting process. Although lenders may […]
The Answer Book for Buyers Green Home Terms VOCABULARY Green Home Terms Whether you’re building the home of your dreams or looking for an existing unit, there’s a lot of data involved in finding the right environmentally friendly dwelling. Here’s a breakdown of the different certification systems for energy-efficient homes. RESNET The Residential Energy Services Network is a not-for-profit corporation that develops industry-wide […]
The Answer Book for Buyers When Choosing a Home Inspector QUESTIONS TO ASK When Choosing a Home Inspector Do you belong to a professional association? There are many associations for home inspectors, but some groups confer questionable credentials or certifications in return for nothing more than a fee. Make sure the association your home inspector names is a reputable, nonprofit trade organization. Will your report […]
The Answer Book for Buyers The Condo Board QUESTIONS TO ASK The Condo Board Before you purchase a condo, you should have an attorney review property documents for you. However, you should contact the board yourself ahead of time. You’ll learn how responsive and organized its members are and be alerted to potential problems. How many units are owner-occupied? Generally, the higher the […]
The Answer Book for Buyers When Considering a Condo or HOA QUESTIONS TO ASK When Considering a Condo or HOA Condominiums, townhomes, and properties located within a homeowner association offer certain perks, but it’s important to consider them in your decision process. How much storage is available? Some properties include storage lockers, but there may not be attics or basements to hold extra belongings. How’s the […]
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