Steps to the Home Buying Process...
Purchasing a home is exciting but can be a complicated and stressful process. Having the right real estate agent and knowing what to expect can reduce some of that anxiety and help you confidently find your way to your new home.
To help, here’s a step-by-step guide to the home-buying process.
1. Meet with a Real Estate Agent
• Select and work with only one agent
• Have the agent define and explain the buying process
• Help your agent get to know you, your needs & lifestyle
• If you’re considering new construction, let your agent know so they can help
2. Establish Price Range and Financing
• Meet with your lender to determine the amount you can borrow and
obtain a pre-approval letter. If you don't have a lender, your realtor should have recommendations for you.
3. Start House Hunting
• Define what your needs are (size, bedrooms, location)
• Your agent will set up a search in the MLS to notify you when homes
come on the market within your parameters.
• Your agent will set up showings
• If you find a home that feels right, make a decision sooner rather than
later. Too often, buyers miss out on the house they want because they
wait too long.
4. Complete the Purchase Agreement
Your agent will advise you during this process and negotiatiate the terms of the sale (price, timeline, contingencies). You ultimately make the final decisions on the terms of the agreement. Make sure you read and understand the details of your purchase agreement:
5. Present and Negotiate the Offer to Purchase
Once all terms are agreed to by you and the sellers, you have an accepted contract and enter the inspection period. Once the inspection is complete and any repairs negotiated, your lender will order the appraisal and work to obtain financing.