The Home Buying Process

The home buying process can seem overwhelming at the outset, but it can be broken down into a few simple steps, many of which your Realtor® can handle for you. The Jan Richey Team will work with and advise you through every step of the home buying process, from obtaining pre-approval to move-in. View the steps in the home buying process and contact us with any questions.

Meet with a Loan Officer

• By sharing income and other family financial information, you will know the price range for which you are qualified
• You will learn of the type of loans available to buyers in today’s market
• Obtain a lender disclosure explaining the costs of borrowing money and closing costs
• Obtain a pre-approval letter

Meet with your Realtor

• During this meeting you will determine the area and features you will want in your home
• Discuss your time frame – how quickly do you want to close on your home?

Begin Viewing Homes

• When possible, all decision-makers should visit the various homes
• Always be candid with your Realtor. It will help them understand your particular needs and desires and enable them to select homes you will want to see

Prepare the Offer

• Your Realtor will provide you with a comparative market analysis (CMA) on the property you have selected to assist you in making an informed decision
• Your Realtor will go through the prepared offer with you and explain the terms and conditions
• Negotiations will proceed until both buyer and seller agree on all terms and execute the contract
• All documents will be sent to the title company where title commitment and closing information will be prepared
• Read our article, “The Basics of Making a Real Estate Offer”

Make Your Loan Application

• Give your Loan Officer a copy of the contract and make official loan application

Inspect the Property

• Select an inspector and arrange for a general home inspection. Additional inspections could be recommended by the inspector. Typically inspections are completed within 5-10 days from the effective date of the contract.
• Read our article, “Why Get An Inspection?”

Appraisal and Survey of the property

• The lender and title company will make arrangements for the property appraisal and survey to be completed
• You will be provided a copy of the title commitment from the title company
• You will make arrangements for your homeowner’s (hazard) insurance policy and arrange for the insurance agent to provide the title company information for closing

Arrange Property Closing

• Your Realtor will arrange a closing date and time with the title company
• You will complete a final walk-through inspection of the property with your Realtor
• You will receive a copy of the Closing Disclosure for review prior to closing.
• The title company prepares this document with the information provided by your lender
• You will complete a final walk-through inspection of the property with your Realtor
• You will bring a cashiers check for all closing costs and the balance of the down payment to the scheduled closing

Funding the Closing

• Documents are sent to the buyer’s loan company for approval and funds are disbursed to the title company
• The title company receives and funds all money from the loan company
• Legal documents will be recorded in the County Clerk’s office and mailed to you when completed
• Title company prepares and issues the title policy and sends it to the loan company and to you

PAGES

• Why Should You Work With a Realtor®?
• The Home Buying Process
• Mortgage Calculators
• Tips for First Time Home Buyers
• The Basics of Making a Real Estate Offer
• Should I Get a Home Inspection?
• Process for Closing on a Home
• Moving Checklist for Buyers