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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Things to Consider When Buying a Home
Buying a House in 2023 (nerdwallet, Aug. 1, 2023)
- Get your finances in order
- Understand mortgage options
- Shop mortgage lenders
- Hire a good real estate agent
- Make your best offer and negotiate wisely
- Don’t give up
Real Estate Due Diligence Checklist (The Motley Fool, May 17, 2023)
There are several steps homebuyers should take before even submitting an offer. This article includes a preliminary checklist of due diligence items to complete before submitting an offer on a property.
What to Look for When Buying a House: 10 Major Red Flags (realtor.com®, Mar. 14, 2023)
No matter how hot the market is or how anxious you are to get an offer in before someone else buys a home you like, be sure that you also like the neighborhood and that aren’t taking on a fixer-upper you may regret.
How Much Money Do You Need to Buy a House? (nerdwallet, Nov. 17, 2022)
Keep in mind that there are many costs associated with purchasing a home beyond a down payment such as closing costs, moving costs, property taxes, homeowners insurance, mortgage insurance, HOA fees and the like, emergency fund, utilities, and maintenance.
Fees You Need to Know About Before Buying a Home (the balance, Jul. 29, 2022)
Some fees must be paid up front and require careful planning and budgeting before your home purchase. Other fees can be rolled into your home loan and paid as part of your mortgage payment. Understanding both sets of fees is critical to ensuring a successful, affordable home purchase. Use this guide to understand better the fees you’ll incur as you go about purchasing a home.
Establishing Credit
How Credit Score Affects Your Mortgage Rate (nerdwallet, Sep. 15, 2020)
Credit scores directly impact mortgage interest rates. A difference of just 100 points could cost, or save, you thousands.
FHA Requirements: Credit Guidelines (Federal Housing Authority)FHA requirements are structured so that loan applicants who have a good credit history will likely be eligible for the mortgage. Late payments, bankruptcies, no credit history, and foreclosures will adversely affect your chances.
Fixing Your Credit FAQs (Federal Trade Commission)
Understand your credit score, learn how to access free credit reports, how to repair your credit, and how to avoid and report credit repair scammers.
Credit Reports and Scores (USA.gov)
Due to the COVID-19 pandemic, many people are experiencing financial hardships. To remain in control of your finances, you can get free credit reports every week through April 2022.
Determining Your Budget
How to Set a Budget for Buying Your First Home (Investopedia, Jun. 14, 2022)
What you can buy and what you can afford are two different things.
The Essential Guide to Creating a Homebuying Budget (FreddieMac, Jan. 11, 2022)
This article will help you understand the costs of buying, owning and maintaining your home, and how you can budget accordingly.
A Guide to Managing Personal Finances During the COVID-19 Crisis (Bankrate, May 10, 2021)Use these tips to be a better money manager, whether you have a stable income or are dealing with financial hardship.
Calculators (Freddie Mac)
These calculators are intended to provide guidance and financial estimates.
Hiring a Real Estate Attorney
What Is a Real Estate Attorney, and Do You Need One? (nerdwallet, Aug. 2, 2023)
Your decision to hire a real estate attorney will likely depend on where in the U.S. you're trying to buy property. States vary in what they consider to be the "practice of law," so what's fine for a real estate agent or notary to take care of in one state might require an attorney in another.
Do You Need a Lawyer to Buy a House? (Investopedia, Mar. 26, 2022)
- It's often worth it to spend money on a real estate attorney, but it is not legally required in most states.
- Attorneys make sure all paperwork is properly drawn up and filed with the authorities.
- Attorneys do title searches and can negotiate should a search uncover a problem.
- Ideally, buyers and sellers in a real estate deal should be represented by lawyers to safeguard their rights and watch their interests.
- While lawyers can help if you face discrimination when buying a home, there are also less expensive options.
Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special legal issues and problems not present in other transactions. A real estate lawyer is trained to handle these problems and has the most experience to deal with them.
What You Can Expect From Your REALTOR®
The Real Estate Commission: How Much Are Realtor Fees? (realtor.com®, Jan. 31, 2023)
“Buyer’s and seller’s agents typically split the commission. So if a home sells for $200,000 at a 6% commission, the seller’s agent and buyer’s agent might split that $12,000, and each receive $6,000.
“However, the commission split varies from one agent to another, with new agents sometimes earning a smaller percentage of the commission than experienced agents who sell more homes or more expensive properties.”
“Generally, the home seller pays the full commission for the services of both their own listing agent and the buyer’s agent (assuming the buyer has one).”
Daily Responsibilities in the Life of a Real Estate Agent (the balance, Nov. 24, 2019)
Outlines the daily activities of real estate agents, including but not limited to, getting, keeping, and servicing listings, marketing, communicating with clients, potential clients, and contractors, and continuing education in the real estate field.
How Realtors Help You (Northeast Florida Association of REALTORS®)
Lists 185 things REALTORS® do for their clients over the course of a real estate transaction.
Questions to Ask When Choosing a REALTOR® (REALTOR® Magazine)
A script that consumers can use to interview and evaluate potential buyer and seller agents before hiring a real estate professional.
The Home Inspection
5 Home Inspection Mistakes to Avoid at All Costs (Bankrate, Apr. 3, 2023)
“A good home inspector can help you identify potential problems with the property you’re about to own, and they can give you information that will help you with the upkeep after moving in. Based on what the home inspector finds, you can ask a seller to pay for repairs or make concessions before you close the deal. If the inspection turns up significant problems with the home, you might decide to pull out of the purchase entirely.”
A Huge Increase in Home Inspections Shows That Buyers Are Finally Wresting Back Some Purchasing Power (Fortune, Aug. 12, 2022)
“Just 14% of buyers have waived a home inspection so far this year, the lowest share in five years, according to Zillow’s 2022 Consumer Housing Trends Report. That implies that some power is shifting away from sellers, says Nicole Bachaud, an economist at Zillow. “
13 Types of Home Inspections: Are You Getting the Right One? (realtor.com®, Mar. 30, 2022)
“Levinson recommends getting a seller’s property disclosure statement, which outlines any issues with the home, before the inspection. That should be shared with the inspector so those items can be checked.
"From there, the general inspection will also reveal whether a specialized inspection is warranted to look at certain aspects more in-depth. In fact, there are 13 specialized home inspections you might need. These can protect you and your family from health hazards (radon and lead, to name two) as well as money-pit situations you might otherwise miss. Here’s a rundown of the types, who should get them, and how much they cost.”
Frequently Asked Questions on Home Inspections (American Society of Home Inspectors)A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The standard home inspector's report will cover the condition of the home's heating system; central air conditioning system (temperature permitting); interior plumbing system; electrical system; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and structural components. A home inspector will not pass or fail a house, but rather describe its physical condition and indicate what components and systems may need major repair or replacement.
Ten Important Questions to Ask Your Home Inspector (U.S. Department of Housing and Urban Development)
What does your inspection cover? How long have you been practicing in the home inspection profession and how many inspections have you completed? Are you specifically experienced in residential inspection? Do you offer to do repairs or improvements based on the inspection? How long will the inspection take? How much will it cost? What type of inspection report do you provide and how long will it take to receive the report? Will I be able to attend the inspection? Do you maintain membership in a professional home inspector association? Do you participate in continuing education programs to keep your expertise up to date?
Making an Offer
How Much to Offer on a House: Should You Go Below or Above Asking Price? (realtor.com®, Mar. 6, 2023)
“How much to offer on a house will depend on the market you’re in, the property’s list price, how long it’s been on the market, and many other factors that you should weigh before beginning negotiations with a home seller.”
Making an Offer on a House (FindLaw)
“Buying a house can be a stressful and time-consuming experience, so here's a guide to help you decide how much to offer, whether you should add conditions to your offer, how to deal with multiple offers and how to respond to counter offers.”
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
The 106 Common Mistakes Homebuyers Make (and How to Avoid Them) (eBook)
The Complete Book of Home Inspection (eBook)
The Complete Idiot's Guide to Buying a Home (eBook)
Financing Your Condo, Co-Op, or Townhouse (eBook)
Home Buyer's Checklist (eBook)
Home Buying for Dummies (eBook)
Home Buying without the BS! (eBook)
How to Get the Best Home Loan (eBook)
The Mortgage Answer Book (eBook)
Mortgage Myths (eBook)
The Real Estate Process (eBook)
A Survival Guide for Buying a Home (eBook)
Tips & Traps When Buying a Home (eBook)
The Unofficial Guide to Buying a Home (eBook)
Have an idea for a real estate topic? Send us your suggestions.
The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.