1.      Develop a relationship with a Real Estate Professional (REP): That’s me.

2.      With a mortgage company, determine the maximum mortgage for which you qualify. Doing this early will shorten the time between finding your home and moving in. Your REP can recommend mortgage companies.

3.      After qualifying, determine the price range of properties to consider. This will be based on the funds you have available for down payment, closing costs and the maximum mortgage that fits your budget.

4.      Determine type of home, i.e., attached or detached.

5.      Consider the various type of ownership: Condominium, cooperative, fee simple, etc.

6.      Location is perhaps the most important decision to be made.

7.      The search for your new home can be done in many ways:

a.      Internet: Your REP can send you selections to look at on your home computer. Some may have virtual tours of the properties. These video picture tours are usually limited to properties listed at $300,000 or more. Many hours of looking by car can be saved using this method for selecting 3-4 homes to personally visit.

b.      Mail: very slow and cumbersome. Depending on the state of the housing market, properties be sold by the time the mail is received.

c.      After selecting areas of interest and determining the available choices in these areas, drive around the areas to see which houses appeal to you.

8.            Once you find the house of your dreams, time becomes critical. Keep in mind, the first purchase contract that is seen and accepted by a seller, gets the house. In the case of multiple contracts, a bidding war may occur. Your REP is key to the proper contract preparation. The wording should be favorable to you. To have success, the contract must be worded in such a way as to protect YOU, as well as be attractive to the seller. (The aggressiveness of the contract depends on whether we are dealing with a buyer's or seller's market)

9.            Your earnest money check accompanies the purchase contract. The check will be deposited into an escrow account within five  working days after purchase contact is ratified. (Ratification is defined as the date when all terms and conditions have been accepted by all parties.) As an escrow agent, my broker holds these funds in his Escrow Account.

10.        Negotiating the purchase contact with the seller (through their agent) occurs when the purchase contract differs from the offer to sell. A purchase contract may be accepted or rejected by the Seller. If the Sellers wish to “counter” your purchase contract, they are technically putting a new contract before you, in which case you either accept or reject their offer. Any purchase contract differing from the conditions of sale (listing contract) is by definition a new contract, subject to acceptance or rejection. And so it goes until a contract is accepted by both parties, at which time the contract is deemed ratified.

11.        The final contract will have requirements for several Inspections and perhaps one or more contingencies, all of which are designed to protect you by providing you an evaluation of the property you are looking to purchase.

                                                              i.      Inspections: