What happens when I buy a home?

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Here is how the average home purchase will look from start to finish…

Obviously there are many factors in determining the exact process including the type of loan you get, the type of sale (i.e. foreclosure, owner-finance, etc.) and who you are buying from. Use this framework and talk with your agent to have a reasonable idea of what you should expect. 

  1. Examine your financial budget.

  2. Choose an agent.

  3. Get loan pre-approval.

  4. Discuss must have criteria for home search.

  5. Agent begins home search based on client’s wish list and budget.

  6. Look at homes.

  7. Decision is finalized to make an offer on a home.

  8. Contract/Offer is prepared.

  9. The offer is accepted or countered by the seller.  

  10. Delivery of earnest money and option period money.

  11. Notify lender to begin the loan approval process.

  12. Negotiations on terms of contract are finalized.

  13. Contract and amendments are updated.

  14. Title research begins to insure that there are no liens or back taxes on the property.

    • Seller provides survey to title company

    • If title issues exist, work is done to resolve issues by the title company

    • Title Commitment is prepared

    • Title Insurance is purchased by buyer

  15. Lender orders a home appraisal for the buyer.

  16. File goes into underwriting for final approval.

  17. Lender approves mortgage loan.

  18. Lender schedules closing date with the title company by providing closing instructions and documentation.

  19. The title company prepares all closing paperwork and settlement statement (HUD-1).

  20. Settlement statement is approved (by both buyer and seller).

  21. Closing documents signed (first seller, then buyer); upon signatures, the title company sends funding information to your lender.

  22. Once the lender authorizes funding, the title company will disburse the funds as instructed at closing.

  23. When funding is completed, the possession of the property is transferred from seller to the buyer.

  24. Move in to your new home.

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