Buying a home

Neighborhood Information

Location! Locacation! location! A new house will be your home for some time to come. Research the neighborhood that you are interested in. Learn about Albuquerque.

Inspections

When you make an offer on a home, it's a good idea to make your offer contingent on a home inspection, conducted by an independent authorized inspector. You will have to pay for this inspection yourself, but it could keep you from buying a house that will cost you far more in repairs, down the road. If you are satisified with the results of the inspection, then your offer can proceed. If you aren't,you may want to negotiate, asking the seller to pay for certain repairs or asking for a lower price.

Consumer home inspection kit

Negotiations

Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.

Status Updates

Once you have deal for the home, there are many things that will need to be done before closing. As the buyer you are responsible for financing, insurance, utilities, etc. Make sure you know what the progress is on your applications. The selling is responsable for repairs. Good agents, for both the buyers and sellers, will keep the parties informed.

Closing

Closing is where the transaction is complete on the sale and purchase of a home. Here is a good site with discriptions of the actions and players.

Housewarmings

Have a party! It doesn't have to be right after you move, so you don't have to worry about it right now. Think of it as entertaining your friends, not as a way to get gifts. Some people will bring something, some will not. You've no doubt been talking about your new home to friends, family and co-workers. They will be happy to get the chance to see your new house. Oh, and this is a good time to have a party because it's the only time you'll have an excuse for any unpacked boxes still sitting around.