-
- 1. Preparation Phase
- Assess Your Readiness
- Review your finances, credit score, and savings
- Consider job stability and lifestyle needs
- Get Pre-Approved for a Mortgage
- Meet with a lender to determine your buying power
- Obtain a pre-approval letter to strengthen your offer
- Hire a Real Estate Agent
- Choose a knowledgeable buyer’s agent to represent your interests
- 2. Home Search
- Define Your Criteria
- Identify must-haves vs. nice-to-haves (location, size, features)
- Tour Properties
- Attend shows, open houses, and virtual tours
- Compare and Evaluate
- Analyze market value, neighborhood trends, and resale potential
- 3. Making an Offer
- Submit an Offer
- Your agent writes and submits the offer, including price, terms, and contingencies
- Negotiate Terms
- Negotiate price, closing date, repairs, or concessions if needed
- Offer Accepted
- Once signed by all parties, you’re officially “under contract”
- 4. Under Contract (Due Diligence)
- Home Inspection
- Hire a licensed inspector to assess the condition of the home
- Renegotiate or request repairs if issues arise
- Appraisal
- Lender orders an appraisal to confirm the home’s value
- Title Search & Insurance
- Ensure there are no legal claims or liens against the property
- Loan Finalization
- Underwriting reviews all financial documents for loan approval
- 5. Closing Preparation
- Review Closing Disclosure
- Review all fees, interest rate, and final loan terms at least 3 days before closing
- Final Walkthrough
- Confirm repairs were completed and the property is in expected condition
- Secure Home Insurance
- Obtain a policy effective the day of closing
- 6. Closing Day
- Sign Documents
- Sign mortgage, title, and transfer paperwork
- Pay Closing Costs
- Bring necessary funds (usually wired or via cashier’s check)
- Receive Keys
- Congratulations, you’re now a homeowner!
- 7. After Closing
- Transfer Utilities
- Set up electricity, water, internet, and trash services
- Keep Records
- Save closing documents and loan paperwork
- Plan for Maintenance & Taxes
- Budget for home upkeep, property taxes, and HOA dues if applicable