Do You Need a REALTOR?

For Buyers

Do you need assistance to buy? Mini Quizzes to Help You Decide!

Checkpoint 1: Test your ability to design a Purchase Strategy Plan.

1. I have access to an on-line rent vs. buy calculator to determine whether purchasing a home at this time makes financial sense.	Y N
2. I won’t move from the house I purchase for at least a minimum of 3 years.	Y N
3. I have paid my rent on time for three or more years.	Y N
4. I have savings that could help cover most major repairs in a home.	Y N
5. I have enough patience to follow step-by-step through the purchase and not jump ahead nor eliminate any of the six major checkpoints.	Y N
6. I believe it’s a good investment in my future to purchase real estate at this time and it doesn’t bother me to use my savings to do so.	Y N

If you answered “yes” to three or more of these questions, you have a better-than-average chance of being able to complete this home buying phase on your own or with only a moderate degree of assistance.

Checkpoint 2: Test your ability to be Pre-approved for a Mortgage.

1. I’ll wait to begin viewing prospective properties to purchase until I’ve been pre-approved for a mortgage.	Y N
2. I have accessed a copy of my credit report, have repaired errors found on it (if applicable) and believe I have average or above credit.	Y N
3. I have all of my financial information assembled and will make sure the lender receives it during our first appointment.	Y N
4. I will select a mortgage only after reviewing cost comparisons between various programs I qualify for.	Y N
5. I’m prepared to write a check for several hundred dollars at the time of loan application to cover items like the credit report and appraisal.	Y N
6. I am not afraid to ask questions about information and costs I find on the Good Faith Estimate provided me at the loan pre-approval.	Y N

Checkpoint 3: Test your ability to choose the Best Neighborhood and Property.

1. I have made a list of priorities/amenities I desire in a home and will eliminate properties without these features.	Y N
2. I will begin my home search on-line to get an idea of locations and neighborhoods I’d consider.	Y N
3. Before making an offer on a house, I will spend time driving around the neighborhood, talking to several neighbors and visiting the property during various times of the day and various days of the week.	Y N
4. I will check with the police department to determine the type and amount of crime in the neighborhood before making an offer on any property.	Y N
5. I will check with the school district regarding ratings for all schools within the district for the house I’m considering.	Y N
6. Before making an offer, I’ll confirm the type of zoning for the area as well as check any pending zoning changes anticipated for the area.	Y N

Checkpoint 4: Test your ability to check Property, Information and Pricing.

1. Prior to making an offer, I will obtain a comparative market analysis (CMA) to help confirm the market value of the property.	Y N
2. Prior to making an offer, I will check the legal description and property tax information with either the courthouse or title company.	Y N
3. Prior to making an offer, I will double check/confirm property facts and amenities as shown on the information sheet provided by the seller.	Y N
4. Prior to making an offer, I will measure the square footage of the house.	Y N
5. Prior to making an offer, I will obtain a property disclosure statement from the seller (if your state requires it).	Y N
6. In the Purchase Agreement, I will make the purchase contingent upon receiving and reviewing a satisfactory home inspection report.	Y N

Checkpoint 5: Test your ability to draft the Purchase Agreement and Negotiate with the Seller.

1. I will spend time understanding the property Purchase Agreement most commonly used in my locale and will be able to complete it and present it to the seller.	Y N
2. I’ll design a negotiating strategy to prioritize what I want to win while allowing the seller to win on issues of importance to him/her.	Y N
3. I’m able to determine my costs of purchase (including closing costs) prior to making an offer to the seller.	Y N
4. I understand the procedures and legal ramifications of offer and counter-offers in real estate negotiating.	Y N
5. I am able to draft an offer that includes contingencies for financing, home inspections and walk through inspections in order not to lose my earnest money and/or down payment if roadblocks occur in the purchase.	Y N
6. I consider myself a strong yet fair negotiator when it comes to financial matters.	Y N

Checkpoint 6: Test your ability to Troubleshoot Your Purchase and Close the Real Estate Transaction.

1. I understand the sequence of events in closing a real estate transaction and can describe each.	Y N
2. I will prioritize the time and effort it takes to monitor the mortgage process, review the title insurance policy and obtain cost-effective homeowner’s insurance in a timely manner.	Y N
3. I’ll keep in touch on at least a weekly basis with the seller and other service providers in the transaction.	Y N
4. I know the approach to take and what to look for when completing the walk-through inspection prior to closing and can adequately document my findings with the seller.	Y N
5. I am capable of reviewing and interpreting all closing documents at least one day prior to closing the transaction.	Y N
6. I understand my legal rights in sining mortgage documents and agreeing to their terms.	Y N