1. 1 Heidi Schmitz, Agent/Associate | Assist 2 Sell | 138 N. Water St. Sparta, WI 54656
Office: 608.269.5229 | Cell: 608.343.2575 | Fax: 608.269.5259 | Email: heidi@assist2sell.com
Web: www.WeSellSparta.com
HEIDI’S HINTS: For Buying Real Estate
Before you find the house of your dreams, here are important items to consider
before you decide to go any further.
**FIRST** Talk to your lender to see if you can afford to own a house.
Once your lender says that you are preapproved and qualify to buy a house, go through
this checklist:
FINDING AN AGENT
Did you know that any licensed realtor can show you all listed properties, no matter
which company has them listed? In fact, it is to your benefit to choose one agent to
work with. That agent can gather exactly what you are looking for to make your home
buying experience easier. Not to mention, having an agent who you are comfortable
with can ease your stress during the home buying process.
FINANCING
 Who is my lender?
 Who will be on the loan? (Whoever is on the loan will have to sign all documents if
you decide to purchase real estate)
 What type of loan am I getting? (Ask your lender if you don’t already know)
 How much will my closing costs be? (Ask your lender for a specific dollar amount)
 Do I need to ask the seller to help pay my closing costs?
 What is my interest rate?
 What will my loan amount be?
 Am I putting money down on this property?
 How many years will my loan commitment be for?
 Within how many days can my lender provide me my loan commitment?
 Am I comfortable with the potential monthly payment?
**It is helpful to have a preapproval letter from your lender to submit with your offer.
INSPECTIONS/TESTING
When you decide to buy a house, you have the option to ask for any of the following
inspections:
 Pest control inspection (Cost: $75 to $100)
 Home inspection (Cost: $250 to $350)
 Radon test (Cost: approx. $150)
 Roof inspection (Cost: $75 to $100)
 Home warranty (Cost: $425)
 Well, water and septic testing/inspection (Cost: $350-$500)
**Lenders will NOT require a home inspection.
**Ask yourself if you or the seller will pay for these inspections/tests.

2. 2 Heidi Schmitz, Agent/Associate | Assist 2 Sell | 138 N. Water St. Sparta, WI 54656
Office: 608.269.5229 | Cell: 608.343.2575 | Fax: 608.269.5259 | Email: heidi@assist2sell.com
Web: www.WeSellSparta.com
EARNEST MONEY
Earnest money acts as a down payment for the property purchase. Most buyers pay
$500-$2000 within a certain amount of time (usually 5-10 days) after offer acceptance.
You do have the option to not include earnest money with your offer.
APPRAISAL
An appraisal is a value assessment done on a property by a qualified and licensed
appraiser. Lenders WILL require that an appraisal be ordered when purchasing
property.
ADDITIONAL COSTS
No matter what property you decide to buy and depending on the type of loan you
might be getting, you will have closing costs to pay for. Closing costs often include,
but are not limited to: attorney’s fees, loan origination fee, recording fees,
underwriting fees, escrow deposit, appraisal fee, title search fee, and title insurance.
Most closing costs range anywhere from $1,500-$4,000. Ask your lender how much
closing costs will be for your purchase.