Buying a home is exciting, fun, and sometimes stressful. The following outline describes the steps involved with the typical buying process. Knowing what to expect often helps make the process easier.
You will want to be preapproved with a lender prior to touring homes. This is important as you will want to know the price range of homes for which you can qualify.
A credit report will be run by your lender.
This is the fun part! You will work with your agent to tour homes that meet your search criteria and budget.
When you’ve found a home that you love it’s time to submit an offer. Be ready to sign a purchase and sales agreement (the contract) with the terms of your offer.
A deposit will be paid when the contract is signed and executed by all parties. The deposit will be applied to your down payment/purchase price as shown on page 1 of the contract.
You will want to schedule your home inspections as soon as possible. The inspection period is shown on the contract.
You need to complete your mortgage application process within the timeline shown in your contract.
This process will be started by the title company.
Any requests for repairs to be made by the seller will be made after the home inspection is completed.
The lender will order an appraisal of the property. Be sure to coordinate this with your lender as stated in the contract.
If a new survey is needed it should be ordered so it can be completed and received per the time frame shown in the contract.
The title search is completed when the title is cleared. The title company should advise when everything is clear.
Once the loan has been approved you are ready to prepare for closing.
The closing date is coordinated with the closing attorney/title company’s office once the mortgage is approved and title is cleared.
This will be received by all parties to review after the title is cleared and the mortgage is approved.
You will want to take a final walk through of the home to ensure everything is in good order prior to closing.
This is the day you have been waiting for…closing day! It is at this time you sign your closing paperwork and pay the remainder of your down payment (or purchase price if paying cash) and closing costs. You will obtain keys to the home as stated in the contract (usually at closing).
