1 Selecting An Agent

One of the very first steps in the home buying process is selecting an agent to represent you in your new home purchase. It would be best to choose an agent who is an experienced full time real estate professional and one who is a REALTOR.


2 Evaluating Your Needs

After choosing your buyer agent, they will typically meet with you to discuss your home buying needs and analyze your current re-sources.


3 Pre-Approval With Lender

Once your needs are determined, the agent should provide guidance to mortgage lenders where you can obtain information in order to get the best financing available in today’s current market. These lenders will provide you with a pre-approval letter and advise you of your home buying price range.


4 Finding The Best Home In Your Price Range

Once your home buying price range is determined, your buyer agent will search the multiple listing service (MLS) for homes to show you that match your home buying needs and that are within your determined price range.


5 Determining Value Of Property Identified

Once a property is identified that you wish to purchase, your buyer agent should research the current home values within the area to determine what that identified home’s current market value is so that you can make a successful offer to seller.


6 Preparing An Offer For Purchase

After determining home values in the area, your buyer agent should draft the “Purchase Agreement” for you along with advising you on protective contingencies, customary practices, and any local regulations. An offer can be made without an upfront deposit, but once an offer is accepted you will need to provide an “earnest money” deposit, usually 5% to 10% of the purchase price. The deposit check is typically held in closing agent’s escrow account.


7 Presenting An Offer For Purchase

Your buyer agent representative will present your offer to the seller and the seller’s agent. The seller typically has three options; they can accept your offer, counter your offer, or reject your offer.


8 Offer Negotiation Process

An experienced real estate professional with proper research and understanding of your home buying needs and qualifications will be in the best position to negotiate the offer and represent you in the best way possible.


9 Contract Execution & Escrow Deposit

Upon verbal acceptance, the purchase agreement is completed and signed by all parties. At this time your earnest deposit is required and will be deposited with the escrow company.


10 Contingency Period

This is the time frame allowed as per your executed contract to complete property inspections, obtain financing commitment, and satisfy any other contingencies that may be required with the purchase. Typical contingencies may include: loan approval, condominium association or homeowners association approval.


11 Homeowners Insurance

Obtaining a new home owner’s insurance policy will be required by lender as a condition for final loan approval so that your policy is in effect at the close of escrow.


12 Association Approval

Obtaining association approval may be necessary depending if property is located within an association where approval is required. This process will mostly include an application, processing fee, face-to-face or verbal interview and final board approval. Once approved, a formal written approval certificate is given to home buyer and typically needed at closing by closing agent.


13 Loan Approval

Once all the final conditions are met, the lender will typically issue a written loan commitment to buyer and prepare loan document package to be sent to closing agent. This final loan commitment may have final conditions that will be met at closing.


14 Closing

When all of the conditions of the contract have been met, you will sign your loan documents and closing papers. The balance of your down payment and closing costs will be required at closing. The seller will turn over to you property keys, any remotes and gate cards. After closing the deed will then be recorded at the county recorder’s office.