Simple Steps to Buy a Home

I’m going to buy a home, what’s the process?

1. Go to your bank or lending institution to obtain pre-approval.  As part of this you will discover what amount it is willing to lend.  This is important both to know your budget and to ensure that your offers are accepted.  Failure to pre-approve can ruin your chances for success later.
2. Sit down with a Realtor to see what’s available, what meets your needs, and to discover the hidden dangers in home buying.
3. Once you have found a property you wish to buy you can proceed with an offer.  Your Realtor will provide invaluable assistance by performing a competitive market analysis, a snapshot of recent home sales and their amounts, to determine what will make an offer that gets you the best possible price, without having the seller walk away.
4. The seller reviews the offer; if it is rejected, the seller may make a counteroffer.  This process can continue back and forth until both parties ratify and accept the offer making the offer a ratified contract.
5. A ratified contract then puts into motion a host of background tasks that proceed invisibly to ensure your new home is in good order:
   1. Home inspected for condition, damage and hidden surprises
   2. Appraisal to ensure the banks investment is covered by the value of the home
   3. Loan approval to secure funds for the purchase of your home
   4. Title Search to ensure the seller really has full right to sell your home
   5. Walk-through inspection to ensure nothing changes at the last minute with the property
6. At settlement the lender’s money and the title transfer come together to deliver you ownership of your new home.
7. Now it’s time to move in!