The home buying process can be overwhelming, so I’ve broken it down for you. Here’s how to buy a house in 10 easy steps.
Expect the first four steps to take a couple months; the last six should take about 30-45 days.
- Determine your buying power. Visit a mortgage specialistand get pre-approved. Most sellers will not look at an offer that does not come with a pre-approval letter from a trusted lender.
- Find a Realtor® you trust. (In most cases, it’s free. Ask me how.)
- Work with your Realtor® to select homes you’d like to see. Search MLS, new construction, short sales, foreclosures, and FSBOs.
- Preview homes; fall in love.
- Work with your Realtor® to construct your offer on the house.
- Negotiate price, terms, and condition with seller. This is where your Realtor® really earns her money. Only 1 of 21 offers are accepted the way they are first written.
- Focus on getting to the closing table.Follow the dates in your purchase agreement to meet deadlines for the following: loan application, home inspection, appraisal, survey, pest inspection, and closing attorney. Use this checklist for a handy reference. **Keep in mind you’ll want to budget for the upfront costs like earnest money, appraisal, and inspections.
- Purchase homeowner’s insurance on your new home. You must bring proof of payment to the closing table. Visit the Resources page for a list of names and numbers to get you started.
- Notify utility companies to change over or turn on water, power, cable, and phone services.
- It’s yours! Review the HUD-1 statement with your Realtor prior to meeting with the attorney so you can get a certified check for the amount you need to bring to the closing table.
Remember that in addition to your down payment, your closing costs will likely add up to 3-5% of your sales price. These costs include but are not limited to lender fees, title fees, daily interest, and pre-paids (taxes and insurance). Your Realtor® may be able to negotiate so the seller pays your closing costs.
Your Realtor®’s job is to get you the most house for the least amount of money and to make the process smooth and stress-less. When you’re ready to make your move, call or text me at 843.870.0890.