Buying a Home

Buying a home is a multiple-step process. Each “deal” has a certain cadence. Sometimes there are things you’ll need to do fairly quickly to meet a deadline, and other times you’ll get to relax and wait until the next to-do item.

Steps to Buying a Home

1. Research and Prepare
   • Explore neighborhoods where you’d like to live.
   • Browse home listings online to get a sense of what’s available.
   • Review your financial situation to ensure you’re ready to buy.
2. Choose a Real Estate Agent
   • Select a qualified agent to represent you.
   • Discuss your preferences, budget, and must-haves to refine your search.
3. Get Pre-Approved for a Mortgage
   • Obtain pre-approval from a lender to determine your budget.
   • A pre-approval strengthens your offer by showing sellers you’re financially ready.
4. Tour Homes
   • Visit open houses and schedule private showings with your agent.
   • Evaluate homes based on your needs, location, and budget.
5. Make an Offer and Negotiate
   • Submit an offer to the seller.
   • Negotiate terms until both parties reach an agreement.
6. Schedule a Home Inspection
   • Hire a professional inspector to assess the home’s condition.
   • Identify potential issues and plan for future maintenance.
7. Secure Your Mortgage
   • Submit a formal mortgage application to finance the purchase.
   • Typically, lenders finance about 80% of the home’s price.
8. Hire an Attorney and Finalize the Purchase Agreement
   • Work with an attorney to review and finalize the Purchase and Sale Agreement (P&S).
   • Your agent and lender can provide guidance during this step.
9. Sign the P&S and Provide a Deposit
   • Sign the Purchase and Sale Agreement.
   • Deliver additional deposit funds (usually around 5% of the purchase price).
10. Close on Your New Home

• Attend the closing, where the legal title is transferred to you.
• Finalize payments and officially become a homeowner.