Steps to Owning Your Own Home

Whether you've spent years saving and preparing to buy a home, or are unsure if you can afford it, the questions surrounding a house purchase can feel endless.

You can find the answers - and peace of mind - by working with the Bob Cox Team and RE/MAX, the industry leader in experience and service.

1. Prequalifying for a loan.
   Your first step should be to get prequalified, which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers.
2. Define what you want.
   The next step is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house hunt. It is also helpful to search online to see what is currently available on the market. Your real estate professional can then show you houses that meet your expectations.
3. Visit properties.
   Now you're ready to visit houses. Ask your RE/MAX Associate to arrange showings, and keep track of the properties you've seen.
4. Rate the houses you tour.
   After touring each home, write down what you liked and didn't like. Develop a rating system that will help narrow the field down. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard.
5. Make an offer.
   Once you've pinpointed your dream house, it's time to write up a purchase agereement. Attached to the purchase agreement will be earnest money; earnest money is typically 1% of the price of the home. Earnest money is applied to your loan at closing. If you walk away from the deal before closing the sellers keep your earnest money.
6. Arrange for a home inspection.
   After your offer is accepted, set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Your real estate professional can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the paperwork. You will set a date for an inspection. Your agent will line up the inspection if you request. The inspection is paid for by you on the day of the inspection; estimate $200-$275 for an inspection. Ask your real estate expert about home protection plans, which may save you money in the near future.

1. Your agent will set up closing times and fax all documents to your loan officer. You will need to be in contact with your loan officer and lock your interest rate when they require. There may be a fee at this time for an appraisal (approximately $300), ask you loan officer for specific details.
   
   
2. You will need to find an insurance agent to insure your home. You will probably be required to pay one year of homeowner's insurance at that time. Your insurance agent will send a binder to your loan officer before closing. For recommendation visit the resources page.
   
   
3. You will want to set up utilities; garbage, electricity, gas, phone, cable, etc. Please refer to our "resources" page at www.wesellrochester.com for phone numbers and websites. Utilities can be set up effective the day of closing.

1. You and our agent will do a final walk-thru of the home and then proceed to closing. The final walk thru is to make sure all defects in the inspection are remedied and that the house is in the same general condition as it was when the purchase agreement was written.
2. Closing can take anywhere from 20 minutes to 2 hours depending on the loan. You will pay your closing costs and any down payment at this time. Bring your checkbook and ID to closing.