Sue Morley-Shaffer

Buyer Checklist

Shop for a mortgage lender.

Look for the best rates and terms and a good-faith estimate of closing costs.

• Consider getting preapproved for a loan.

  You won’t waste time looking at houses you can’t afford. Plus, a preapproval letter will demonstrate your viability as a buyer (a good edge, when you bid on a house, if there are multiple offers), and you’ll save time once a bid is accepted.

• Find a real estate agent.

  An agent, who will be paid by the seller, can do a lot of the legwork for you. To find an agent, ask friends and family, interview several candidates (make sure they’re licensed and have access to Multiple Listing Service). Decide who you’re most comfortable with, and contact references if possible.

• Research potential neighborhoods.

  Investigate issues like crime rate, schools, local services, proximity to museums or other institutions that are important to you, commuting distance, ethnic diversity, and property taxes.

• Make a list of features you want in a house.

  Divide it into must-haves and like-to-haves.

• Go house hunting.

  Read the newspaper real-estate section, check out online sources (like realtor.com), go to open houses, and use your agent. Print out a checklist of things to look for in each home you tour at hud.gov.

• Make an offer.

  But it should be contingent on the results of a home inspection and your ability to secure a mortgage.

• Get an inspection.

  To find a qualified inspector, ask for recommendations, or search for a certified inspector at nachi.org. Ask for and check references.

• Consult a lawyer if you desire, or if it’s required in your state.

  An attorney will help you decide whether you want to proceed with the deal, before signing a contract.

• Start organizing for your move.

  Once the sale is final, use the Moving Checklist to help you hire movers, order supplies, and pack up your belongings.