Home Buying Steps

Wondering what the process is for buying a home? Here is my step by step guide so you know what to expect along the way. 

1. Select a real estate agent to help them through the process
2. Buyer and agent meet to discuss buying process, financing, answer buyer questions, etc.
3. Apply for a mortgage pre-approval
4. Buyer and agent work together to select homes to view
5. Tour potential homes
6. Select home and write offer to purchase
7. Negotiate terms of contract
8. Offer accepted and earnest money deposited
9. Schedule home inspections ($350-$500)
10. Review inspection reports, accept or ask seller to remedy, seller may negotiate items
11. Complete loan application and appraisal ($200-$400)
12. Loan application to underwriting, appraisal reviewed, loan application cleared (handled by loan officer)
13. Title search completed and paperwork for closing compiled (handled by title company)
14. Closing scheduled
15. Buyer and agent perform final walk thru of the home and review settlement statement
16. Closing takes place- Congratulations, you are a homeowner!

For a printable version of this process for your records click buyingprocess.