The Home Buying Process
Ideally you will seek the advice of a real estate agent knowledgeable of the market conditions in the neighborhood you are interested in, but in general, these are the following steps in the home buying process:
- Work with your real estate agent to evaluate your needs.
- Obtain pre-qualification to determine a price range.
- View selected homes in your price range.
- Write an offer.
- Negotiate and counter-offer.
- Accept the contract terms upon inspection and removing contingencies.
- Your agent can work with your broker to complete the mortgage approval process and underwriting, i.e., appraisals.
- A termite inspection is done and a survey is ordered.
- A title company will perform a title examination of the property.
- A final walk-through of the house is completed prior to settlement.
- Close on the property.
- Take possession of your new home.
The time it takes to complete the process can vary. Negotiation and counter-offering may take some time, and after a home inspection, there may be more negotiation to resolve any issues that surface.