After getting financing and finding a place you really like,
the home buying process may only be half over. The home must
still be inspected and appraised, and once that happens, you
can start negotiating the price and closing the deal.
Inspecting a Home
Before buying a home, it is vital to have it inspected by
a qualified, independent house inspector. A house inspector
will check over the physical condition of the home to make
sure you are not buying something that will need expensive
repairs in the near future. For information on how to do your
own preliminary inspection, what inspectors look for, and
how to find a home inspector in your area, go to:
Inspection Super Site or American
Society of Home Inspectors.
Closing the Sale
Another critical precaution to take before buying a home
is to have an attorney who specializes in real estate law
check the papers. You are about to sign a contract that will
last for up to 30 years, so you want to make sure there are
no mistakes, omissions, or costly details that you have overlooked.
It will be a few hundred dollars well spent.
If you are trying to reduce your closing costs, there are
several tactics. The most effective would be to find a no-points
loan. Though you'll probably have to pay a higher interest
rate, it will save you money upfront. If the house inspector
reveals any unfinished repairs or potential problems, these
are good reasons to lower the price of the home. Look over
your final settlement sheet for any questionable fees--ask
for an explanation of each.