What You Need to Buy Real Estate. (Start with this to-do list!)

What You Need to Buy Real Estate (and what to do)!

Buying a property is an important investment. Here’s what you need to get started:

1. Financial Prep

• Down Payment: Typically 3%-20% of the home price.
• Credit Score: A higher score means better loan terms.
• Income & Employment: Lenders look for stability (usually 2+ years).

2. Get Pre-Approved (also see #3 below)

• Secure a pre-approval letter from a lender to understand your budget and show sellers you’re serious.
• If you need help finding a lender, I can provide several resources for you.

3. Talk to me – Your trusted real estate agent (also see #2 above)

• An agent helps find homes, negotiate, and guide you through the paperwork.

4. Inspection & Appraisal

• Home Inspection: Checks the property’s condition. I am here to help you navigate the report.
• Appraisal: Assesses the home’s market value for your lender.

5. Closing Costs

• Typically 2%-5% of the purchase price, covering fees like title insurance and taxes.

6. Stick to Your Budget

• Consider all costs: mortgage, taxes, insurance, and maintenance.

With the right preparation, you can navigate the home-buying process smoothly. Happy house hunting!

Call me to start your adventure (908)343-1434 – Mary Obermair