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Buying a Home



Article  
Buying a Home
[12/10/2004]

Source: Standard Installation Topic Exchange System (SITES) for LIFELines


Buying a home is a huge undertaking, and doing so when you may be moving again in three years makes planning your decision that much more critical. You might consider hiring a real estate broker to help you in your search. This individual is known as a Buyer-Broker and they represent your interests.


DETERMINE YOUR HOUSING NEEDS AND PRICE RANGE


What you need in a house depends on:



  • The size, the age, and activities of your family

  • The amount you have available for a down payment

  • The amount of mortgage you can qualify for

  • What you can afford

  • What's available in the local real estate market

Visit the Area and See Homes



  • Take a house hunting trip as soon as possible; use Space A transportation and permissive TDY

  • Request an overall area tour first, to get a feel for your new area and the different neighborhoods, styles of homes, etc.

  • Eliminate homes as you are looking

Select Home and Make Offer


Negotiate and SIGN THE Contract</i>


Your offer should include:



  • Price

  • Closing date

  • Contingencies

  • Inspections and closing costs

  • Personal property conveyed with sale

Closing Process:



  • All conditions fulfilled, contingencies removed

  • Title to the property will be passed from the seller to you

  • You sign deed of trust/mortgage; note - VA, FHA, lender forms; settlement sheets

  • Pay balance of down payment and closing costs with cashier/certified check

  • Costs vary depending on type of mortgage, but may include: financing costs discount points, mortgage insurance premium, VA funding fee; escrows, title search and insurance; transfer taxes and recording fees; appraisal and credit report; homeowner's insurance; real estate taxes; prepaid interest; survey; termite inspection; other customary or lender-required fees

  • You can negotiate for seller to pay any of these costs

MOVE IN!!!


Helpful Web Sites:



  1. Military Acclimate Provides a wide variety of resources that include a moving calculator, cost of living analysis, as well as information to find the best community for your family's lifestyle.

  2. Home Store Designed to provide comprehensive nationwide information on buying, renting, building, moving and improving your new home; free credit reports and pre-approval for home loans are also available.

Home Fair Monster Moving Geared to aid customers with moving needs by providing storage quotes, reservations, help finding professional movers and truck rental services.


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