BUYER’S TIPS

.  Needs vs. Wants
.  Preapproval vs. Prequalification
.  Finding your home
.  Making Offer
.  The Closing

Needs vs. Wants
Congratulations on your decision to purchase a new home.  The best way to organize your search is to make two lists: Your “must haves” and your “wants.”  Your “must haves” are the absolute necessities in your new home – in fact; you don’t even need to view a home if it doesn’t have every “must have.”  Great examples of your “must haves” are price, school district, size, etc…  Your “wants” are the qualities that you would like for your new home to have, but it’s not a necessity.  Great examples of “wants” are color, flooring, kitchen appliances, surround sound, and type of exterior.  By taking the time to articulate what you need and want in your new home, you will know exactly what to look for when viewing prospective homes.
Your agent can save you time and money by putting their expertise to work for you. They will be able to help you organize your wants and needs and then assist you in realizing how your wants and needs will fit into your home purchase plan. He or she will be able to helpfully focus your energies into what is possible for you and your family.

Preapproval vs. Prequalification
Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look. You can get prequalified or preapproved for a mortgage. Either way you will need to contact a mortgage company .
There are some key differences between prequalification and preapproval for a loan that you need to be aware of. Loan prequalification is a simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify. This can be done strictly on a verbal level or electronically over the Internet. The prequalified amount is based solely on the information you provide. 
Preapproval is a much more involved process. The lender will take all pertinent information regarding your finances and perform an extensive check on your current financial status. This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with). Being preapproved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home. You can see how being preapproved would be more attractive to a seller than just being prequalified
Remember: Once you’ve been pre-qualified for a mortgage loan, or pre-approved, you don’t want to do anything that could change that

Finding your home
There are a few ways to go about doing this. You can access local publications highlighting available real estate in the area, you can contact local Neighborhood Associations, visit the local Chamber of Commerce, look on the Internet, and you can even drive through neighborhoods that you feel would meet your needs. Driving around a particular area looking for a home that is for sale is good because you can actually see the house, but it can be very time consuming and very "hit or miss."
Your agent can save you time and money by keeping up-to-date on available properties that possibly meet your criteria and your agent will screen these properties for you. You can eliminate the haphazard searching through papers and the Internet and let the listings come to you through your agent. Then, when you find one that you like, your agent can arrange for you to walk through the property when it is convenient for you.

Making Offer
Now that you have found the home you would like to purchase, it's time to make an offer. Taking into account the recent sales of homes in that neighborhood which are similar in size, quality, conveniences, and amenities, what are you willing to pay for the home?
Make sure that you have everything down in written form... no verbal agreements. Present the seller with a written document detailing what needs to be done by both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature. Once it is accepted by the seller, it may be too late to make any changes, so make sure review your offer thoroughly before submitting it. The contract, though not limited to this list, should include the following:
- A legal description of the property
- The offering price
- The down payment
- Financing arrangements
- A list of fees and who will pay them
- Amount of the deposit
- Inspection rights and possible repair allowances –As a buyer you are entitled to know exactly what you are      getting. A professional home inspection is something you MUST to do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.
- The method of conveying the title and who will handle the closing
- A list of appliances and furnishings which will stay with the home
- The settlement date
- Any relevant contingencies
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away. After all, no one has ever said at their closing, "I wish I had asked fewer questions."
Your agent can save you time and money by making sure that your contract meets all the legal requirements according to local and national guidelines. Your agent will be able to expertly advise you on how to create an offer that will have the best chance of being accepted. Also, your agent will ensure your financial position as the buyer by including any necessary contingencies which would protect you if a particular requirement is not met.

The Closing
After your offer has been accepted, the property will need a thorough examination. Working with your lender, you may need to have a formal appraisal and a survey done for the property designated in the contract. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed to make sure that the property is up to the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies set forth in the contract. Having these procedures done in a timely and professional manner is a must. Investigate each vendor to make sure that they are reputable and have a clean operational history.
Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed.
Your agent can save you time and money by supervising the coordination of all necessary vendors and serving as your advocate when working with each vendor. They will make sure that the vendors have access to the property at the appropriate times to perform their procedures and oversee the execution of those procedures on your behalf. Your agent's experience in this area will be invaluable in making sure that everything is completed on time and in a professional and legal manner.
A the closing date draws near you will need to be in contact with the escrow company or closing attorney and your lender to make sure that all the necessary documents are being prepared. You will also need to confirm that the documents will be delivered to the correct location so they can be reviewed and that they will be ready on the appropriate date. At this point, you should find out what form of payment you will need to bring to the closing for any unpaid fees. Make sure that your payment is made out to the appropriate party.
Your agent can save you time and money by coordinating the necessary documentation with your closing officer. They can work with the closing officer as your consultant to insure thoroughness, accuracy, and timeliness. Making sure that each document is ready and available will enable you to have a quick, easy closing.