Home Buying Transaction
General Overview Of Steps Involved With Buying Your Home
Decide To Buy a Home
Make Sure you are ready both financially and emotionally
Get Pre-Approved
Work with a loan professional. Submit applications & documents for review. Determine how much you can afford.
Meet With Real Estate Agent
Define what type of home you’re looking for. (style, price, neighborhood)
Look at Properties
You've Found the House
Work with your real estate agent to make an offer. Review the comps. Put in a price & terms you’re comfortable with.
Submit Offer
Work with your agent to put together the offer package. (purchase, contract, copy of initial deposit, loan approval)
Negotiate
It may take a few rounds to get an offer accepted. Be patient. Don’t overpay.
Offer Accepted
Set up escrow. Get initial deposit to them.
Get Transaction Calendar
Your agent will provide a calendar of important dates. Keep track of contingency deadlines.
Submit Loan to Lender
Your loan agent will submit complete loan package to lender. Also order the appraisal.
Conduct Inspections
Perform all inspections (general home, pest, etc). This is the time to find out everything you can about the home.
Review Inspections & Appraisal
If there are any issues, this is the time to possibly re-negotiate with the seller.
Review With the Lender
Make sure the appraisal is ok. Make sure loan is ok. See final approval and review final conditions.
Remove Contingencies
Time to remove all contract contingencies. Make sure you understand ramifications. Make final deposit.
Order Loan Documents
Lender prepares and sends loan documents to escrow.
Sign Loan Documents
Sign loan documents at attorney’s office. Bring in the balance of your down payment.
Closing
Title company will send signed loan documents to lender. Lender wires money to the title company.
Congratulations
Once the recording is final, the house is yours!