Home Buyer Process Overview
1. Getting Ready to Buy a Home
• Shop Around (Ads, Internet,…)
• Hire a Professional Buyers’ Agent
• Complete a Loan Application
o Pre-Qualify with Lender
o Submit Application Paperwork
• Prepare Finances
o Down Payment
o Initial Deposit
o Monthly Payments
• Narrow Selection Criteria
o Price
o Location
o Size
o Amenities
o Condition
o Type (REO, Short Sale, Traditional)
• Identify Time Frame
o Target Move-in Date
o When to Start Touring Homes
o When to Start Making Offers
2. Finding the Right Home
• Identify 4 to 7 homes that meet your criteria
• Go See Homes
• Rank in Order from Best to Worst
3. Making an Offer
• Review Recent Sales
• Decide Offer Strategy
o Price
o Terms
• Sign Contracts
• Write Deposit Check
• Accept/Respond to Counter Offers
• Repeat as Necessary
4. Surviving Escrow
• Identify Paperwork Process
• Finalize Lender Selection
• Lock Your Loan Rate
• Review Disclosures
• Sign and Return Escrow Instructions
• Conduct Inspections
o Home Inspection
o Termite Inspection
o Any Additional Inspections
• Submit Request for Repairs if Possible
• Confirm Appraisal Payment Process
• Receive Appraisal Results
• Receive Final Loan Approval
• Wire Closing Funds into Escrow
• Sign Loan Documents
• Receive Recording Confirmation
• Pick Up Keys
5. Move In!
