Steps to Buying a House for the first time 

We meet people who are on a journey to purchase a new home daily. For many of the people we meet, this is the first time they have purchased a home. Many people we meet need help figuring out where to start with the process. Today we discuss the Steps to Buying a House for the first time.  

Step one: Meet a realtor. Years ago, this was done at t real estate office. With advancements in technology, that is no longer the case. Meeting a real estate agent is usually done over the phone, through an online property search website, or at a property.  

Step two: Determine the home purchase parameters. Where do you want to purchase, how much do you want to spend, and what features are you looking for?

Step three: Get Pre-Approved. Your real estate agent can share a list of preferred mortgage lenders with you, or you can use your local bank. 

Step four: View homes with your agent. Home buying is a process of elimination. Viewing homes, you don't like is not a waste of time. It helps you find the one you want. 

Step five: Write an offer/contract. Your agent will help you with the purchase contract terms and prepare the documents for you to sign.

Step six: Earnest Money Deposit. Earnest money is a good faith deposit the buyer puts down to show the seller that they are serious. The buyer gets the earnest back as a credit at closing. We will discuss earnest money in more detail at a later date. Earnest money is not required by law and is uncommon in some areas.

Step seven: Perform home inspections. Vance Team Realtors always recommend home inspections. Certain loans require specific kinds of inspections. Inspections are the responsibility of the buyer.

Step eight: Final walkthrough. After the lender has approved the loan and issued the "clear to close," the buyer can do a final walkthrough and verify the property is in the same condition as the day the contract was written.

Step nine: Closing. Closing day is the day you become the new homeowner. Closing is held at a title company or real estate office. 

Step ten: Possession/Occupancy. Possession/Occupancy varies from deal to deal. Sometimes, you get the keys at the closing table, and sometimes sellers might need a few days to move out. In our area, possession/occupancy is a negotiable part of the contract.

 

 

Download your PDF Home Buyers Process Checklist here.