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    Being a first time home buyer, you may feel confused of what they need to do. Even though you finally got a loan and selected a home you like, you may still don't know exactly what next step you should take. Here are some tips about the buying process after you decided which home to buy to give you an idea of avoiding your loss.

    Inspect (or not)
    Home inspection is an evaluation of the physical condition, structure and mechanical systems of the house. The American Society of Home Inspectors (ASHI)'s Standards of Practice recommends ten areas of home inspection:

    1. Structural (foundation and framing)

    2. Exterior (wall covering, flashing, trim, grading, surface drainage, decks, patios, balconies, etc)

    3. Roofing (roof drainage system, flashings, skylights, chimneys, and roof penetration)

    4. Plumbing (water supply and distribution, drainage, vents, water heating system)

    5. Electrical (conductors, cables, lighting fixtures/switches, and the ground fault circuit interrupters)

    6. Heating (heating equipment, vents, heating method, energy source)

    7. Air Conditioning (cooling system, energy sources, cooling method)

    8. Interior (walls, ceilings, floors, stairways, railings, doors, windows, etc)

    9. Insulation and Ventilation (insulation and vapor retarders in unfinished spaces and attics)

    10. Fireplace and Solid Fuel Burning Appliances (system components, vents, chimneys, etc)

    To realize what will happen if fogo inspection and what to do with inspection, please go to DallasBestRealty.com

    Appraisal
    An appraisal is different from a home inspection. It estimates the value of a house. The lender would want to know how much your potential house is worth before lending you money to buy it. Your future house will be compared to similar houses in the area with similar size, style, and features. Some appraisers do an on-site appraisal, while others run it through the computer. Lenders have approved appraisers that they like to use. In the event there is a disagreement on the appraised value of the house, you can order an independent appraisal.

    Insurance

    Your lender will not likely lend you money if you don't already have a homeowner insurance policy before closing. Ask the seller for the claims history on the house. If possible, ask if the seller can pull a CLUE report (Comprehensive Loss Underwriting Exchange). The report contains the claim history of the house. When the house is not yet yours, you probably cannot pull a CLUE report without the seller's consent.

    There are different types of insurance policies. For condos, it will be HO-6; for a regular house, HO-1, HO-2, or HO-3. (HO-3 provides the most extensive coverage). You can also consider to buy a rebuilding/replacement policy to cover the cost of rebuilding without depreciation. Depending on the policy and the company you go with, the difference in cost could be hundreds of dollars.

    There are ways you can reduce the cost of premiums:

    Go with the high deductible--Remember, your insurance policy is for catastrophic events and should not be used for small claims. Filing more than 2 claims may cost your insurance policy, and you may need to pay a lot more to find an insurance company that will cover you. Insurance companies do not want to cover someone who will use them as a repair company.

    Buy your auto and home insurance from the same insurer--Most insurers give you a discount for having both your cars and house insured with them.

    Home security--If you can afford it, this will save you another 10% or so.

    Go to DallasBestInsuracne.com to get more detailed information about insurance, or talk to our insurance agent.

    Title Search
    To legally own the house, you need to have a clean title. A title search verifies the house actual owner and any legal claims (liens) against the house. Any problems with the title need to be addressed before closing.

    Your lender will require you to buy title insurance to protect from claims against the house. There are two types of title insurance: lender's and buyer's. While your lender require a lender's policy, then the owner's policy will not be required. However, it is recommended that you also buy an owner's policy to protect you. If so, you will have to pay for both. You may be able to get a discount if the seller is willing to transfer policy to you.
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