URBALO

1. Aim for pre-approval
Approach at least four to five lenders (or have your mortgage broker do so) to see what kind of loan you can get pre-approved for, Robbins suggested. Generally, you want to go with the lender that offers the best rate and the lowest loan costs.

2. Find a good buyer’s agent

What buyer’s agents do: When you go to an open house and meet a real estate agent showing the property, that agent represents the seller’s interests. So you might be better off using a buyer’s agent whose job is to represent your interests. In addition to showing you homes that meet your criteria, a buyer’s agent can help you negotiate a contract and may help you get a better deal on title insurance.

3. Find a good real estate attorney

What they do: A lawyer can help you negotiate the real estate contract, and renegotiate it if a home inspection finds flaws or an appraisal deems the house less valuable than the sales price. A lawyer also represents your interests at the closing and does the lion’s share of paperwork and coordination associated with it.

4. Make an offer
Put your words into action: When you see a house you want, you’ll make a verbal offer. If the seller is interested, your next step is to commit yourself in writing. The written offer, or contract, is usually drawn up by the seller’s agent, but if you choose to use a buyer’s agent and real estate lawyer, they can negotiate and review that contract on your behalf.

5. Get the home inspected

Why you need one: No matter how good a house looks and no matter how much you love it, you want to be sure it’s sound structurally and in every other way. If it’s not, you want to know whether the seller will address the issue before you seal the deal. If not you have to decide whether you want to back out of the deal or take care of the repairs yourself.

6. Get the home appraised

Why you need one: Your mortgage lender will require an appraisal (and hire its own appraiser) to make sure the value of the house you want to buy is worth at least as much as the sales price. The appraiser will consider, among other things, the quality of construction and comparable data from the sales of homes in the same neighborhood.