Steps in the Home Buying Process

1. Home buyer makes the decision to buySteps in the Home Buying Process
2. Buyer selects selling Realtor®/brokerage
3. Realtor® recommends consultation with lender to determine buying power and get pre-approved
4. Realtor®  assists in determining buyers needs
5. Buyers chooses houses to tour
6. Realtor® schedules tour
7. Buyer selects a property
8. Buyer makes an offer to buy
9. The offer is accepted, rejected or negotiated
If negotiated, this includes price, terms & conditions - the terms & conditions later become contingencies.
10. Offer is accepted
11. Buyer and buyers agent arrange for inspections: (at the buyers expense)

  •    Home/structural & mechanical
  •    Radon
  •    Well
  •    Septic
  •    Lead paint
  •    Mold

12. Buyers and lender move  forward with the mortgage process

  • Application
  • Credit report
  • Verifications
  • Appraisal
  • Mortgage goes to underwriting
  • Lender requests repairs, documentation etc.
  • Mortgage approval
  • Removal of contingency

13. Title/settlement/closing company searches the title as well as buyer & seller
14. Realtor® arranges for settlement
15. Pre-settlement buyer inspection/walk through
16. Settlement

Steps in the Home Buying Process

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This post has been included in Maryland Real Estate News Carroll County, MD Real Estate News
Post is included in group: Diary of a Realtor
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6 Comments on Steps in the Home Buying Process

APR
06
2012
374,478 Points 10 Featured Posts Outside Blog Hit Router Called Shot Master

The only thing I would change is to get the buyers pre-approved prior to the offer to ensure a much higher success rate from offer to close. Other than that a good list

Happy Easter
7:36pm • #1
337,730 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Dave ~ Your right..I should make step 3 clearer. Happy Easter to you too!
7:40pm • #2
APR
07
2012
109,094 Points Outside Blog

Good Morning Diane,

 

What a wonderful, well thought out and realistic post. I believe that too many folks think that opening the door is all we do as sad as it may be. Those are the folks that need to stumble across your post. Thank you for sharing it with us.

 

Happy Easter

JodiAnn
4:10am • #3
APR
09
2012
337,730 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

JodiAnn ~ Thanks! I agree. Serious buyers seem to understand the process better.
9:48am • #4
Localism Sponsor

Diane

A good overview.  I agree, I always have my buyers get a pre-approval early on in the process. It they don't have one when they come for an initial consultation session then they have one soon thereafter.
10:08am • #5
337,730 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Barbara ~ With out one there is no point in moving forward. Thanks for your comment.
10:15am • #6


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Diane M. Phillips, Realtor® Carroll, Frederick, Howard & Harford Co.

Manchester, MD

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