The Buying Process

The home buying process can seem overwhelming if you are new to it. However, it can be broken down into seven simple steps:

 

• Find a Realtor – The first step in purchasing a home to make the process go smoothly is to speak to a Realtor that you trust. They will be able to bring their knowledge and experience to the table, helping you to walk through the process as smoothly as possible. 

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• Get Prequalified – The next step is to get prequalified for a loan. If you do not have a lender you are working with, your Realtor can recommend one who will help you get a great rate. You will need your prequalification letter (or even better, a preapproval letter) to make an offer on a home. 

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• House Hunt – This is the fun part of the process, where you search for the home you would like to buy. Once you find the right house, you will move into the next step.

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• Make an Offer – Your Realtor will help you to craft your offer in a way that makes it both competitive and as beneficial to you as possible. If your offer is accepted, you will be able to celebrate, but there is still some more work to do!

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• Due Diligence Period – Once you are under contract, now is the time to do your due diligence to make sure that there are no hidden defects with the home. It is strongly encouraged that you get a home inspection report during this time, as well as any other inspections which may be wise, depending on the property. If you are purchasing the home with the help of a lender, this is also when the home will be appraised. 

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• Closing – If everything checks out during the due diligence period (if it does not there is always the option of renegotiating some of the terms), you will then move to the closing table. The real estate attorney will facilitate this part transaction. Once you sign at closing, the home is yours!

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• Celebrate -  Congratulations! If you get through the above steps, it’s time to move in and enjoy your new house.