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