When you’re ready to make an offer, your Agent will prepare the required paperwork and negotiate the purchase price and terms on your behalf, but there are a few things you’ll need to do as well:

1. Purchase Insurance. You are required to purchase homeowners insurance if you have a mortgage. Make sure you purchase enough to fully cover your home and your belongings in case of a total loss.
2. Get a Home Inspection. Inspections generally cost hundreds of dollars but will bring light to any major issues or concerns with the home. The purchase agreement can be contingent on the outcome of the inspection, so if you don’t like what you find you can withdraw the agreement and keep looking.
3. Determine the Status of Utilities. In a traditional home sale, with sellers as occupants, you’ll want to check on the status of the utilities required by the home. Outstanding invoices for items such as water, gas and electric should be paid in full by the owners before closing. You will also want to have the services transferred to your name for billing. In a foreclosure or vacant home sale, in which the water has been turned off, contact the city to turn the water back on and check for broken or damaged pipes.

RELIABLE RESOURCES

Your Agent is a great resource. Don’t hesitate to ask for a referral if you’re looking for a:

• Mortgage Lender
• Inspector/Appraiser
• Moving Company
• Insurance Provider
• Contractor
• Landscaper

TAX BREAK

Preparing your taxes as a first time homeowner can be, well, taxing. You will have a number of new tax considerations, including new deductibles such as mortgage insurance and property tax to claim. If you’re not sure what you’ll be eligible to claim, consider visiting a tax consultant or visit IRS.gov.