Buying a home is one of the biggest decisions you’ll make, and knowing what to expect can make the process feel much more manageable. Here’s an overview of the main steps, from getting pre-approved to closing day.
Get Pre-Approved
If you’re financing your purchase, getting pre-approved by a lender is the first step. It shows sellers you’re a serious buyer and helps you focus on homes within your budget. Your lender can also explain your down payment and closing costs and answer any credit questions. I’m happy to recommend trusted local lenders.
Protect Your Finances Until Closing
Even after pre-approval, your lender will review your finances again before closing. Avoid opening new credit, making large purchases, changing jobs, or missing payments until your loan closes, since any of these can affect your approval.
Getting Started
We’ll begin with a conversation about what you’re looking for: location, size, style, budget, and must-haves. Before touring homes, we’ll sign a buyer agreement that explains how I’ll represent you. Then I’ll set up a personalized home search and schedule showings around your calendar.
Making an Offer
When you find the right home, I’ll prepare a market analysis to help determine its value and build an offer strategy covering both price and terms. Offers can be signed electronically from your phone or computer, or in person if you prefer.
Earnest Money
Once your offer is accepted, you’ll provide an earnest money deposit, usually held by the title company and credited toward your purchase at closing. The amount varies, and it may be refundable if you cancel according to the terms and deadlines of your contract.
Home Inspection
Every home should be professionally inspected, including new construction. The inspection evaluates the home’s major systems, such as structure, roofing, plumbing, electrical, and heating and cooling, and the report helps you decide whether to request repairs before closing. The buyer typically pays for the inspection at or around the time it’s completed.
Appraisal
If you’re financing, your lender will order an appraisal from an independent, licensed appraiser to confirm the home’s value. The buyer pays for the appraisal, either upfront when it’s ordered or as part of the closing costs, depending on the lender.
Homeowners Insurance
Your lender will require homeowners insurance. It’s worth comparing quotes, and features like smoke detectors, deadbolts, and security systems may help lower your premium.
Closing
Closing usually takes place 30 to 45 days after your offer is accepted, giving time for financing, inspections, and title work. You’ll sign your closing documents at the title company, or remotely if needed, and once the sale records, the home is yours.
Buying a home involves many steps, but you won’t have to navigate them alone. I’ll be there to guide you every step of the way, from your first showing to the day you receive your keys.
