Start by doing some preliminary research on the specific areas or locations that you’re interested in, the different types of homes you can see yourself in, and around how much you’d be comfortable with spending.

Having a dedicated agent by your side is an integral part of the buying process. Your agent will guide you along every step of the way, ensuring that you’re always well-informed, feel comfortable with each step, and feel heard. You should always feel 100% confident in your REALTOR®, and shouldn’t feel pressured into buying a home you’re not sure about or ready for.

Your agent should be scheduling time with you to hold an in-depth buyer’s consult, where you’ll learn everything about purchasing a home and what to expect when you start your journey.

When meeting with a lender, you’ll learn about all of the different loan programs and loan types. The lender you connect with will likely have you complete an online application to get your pre-approval started. Obtaining a pre-approval will allow you to find out exactly how much you can afford based on current interest rates, your down payment, and other factors.

Meeting with a lender before you start seriously looking at homes can help you avoid any wasted time, energy, and money looking at homes that don’t align with you financially.

Now that you’re pre-approved, you can start the fun part, looking at houses! Your agent should have a deep understanding about what’s important to you when it comes to a property. They should also be staying current with the market and sending you listings that meet or exceed your search criteria.

You’ll be able to visit Open Houses or have your agent schedule a private showing on a day and time that works best for you.

Once you find the home you want to submit an offer on, your agent should run a Comparative Market Analysis or “comps”. A CMA compares your home of interest to other properties in the area that are similar, to estimate its value. This information helps buyers make informed decisions and avoid overpaying for a home.

This will also be the time where your agent will go over the different types of contingencies that you can include in your offer, such as an appraisal or home sale contingency.

SOME THINGS YOUR ATTORNEY WILL DO DURING YOUR TRANSACTION ARE:

• Review the Purchase and Sales Agreement

• Conduct a title search

• Negotiate and review contracts

• Provide legal counsel when needed

• Disperse funds to respective parties at closing

The home inspection typically happens within 7 days of your accepted offer. Despite what is commonly thought about inspections, inspections are not a simple “pass” or “fail”. A licensed home inspector will take 2-3 hours (or more, depending on the size of the home), to thoroughly inspect the home from basement to attic.

YOUR INSPECTOR WILL REVIEW ITEMS LIKE:

• Lots and grounds

• Exterior surfaces and components

• Structure

• Plumbing

• Electrical

Once the inspection is completed, you will receive a detailed report from your inspector with their findings. In most cases, each item will receive a rating that ranges from acceptable to in need of repair or fully depreciated. Any areas of concern that you have should be addressed with your agent to be negotiated on your behalf prior to P&S.

A P&S is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property. It does not transfer the property or goods that the parties are negotiating, but creates an obligation for the seller to sell, and for the buyer to buy. Either the seller’s attorney or your attorney will draft the P&S and redline any areas that need to be adjusted. The P&S may also include additional riders or addendums for both you and the seller to review and sign.

At P&S, the remainder of your Earnest Money Deposit (EMD) will be due. Once both parties have reviewed and signed the P&S, as well as your second deposit received, the P&S will become fully executed.

After the P&S, your lender will order an appraisal. An appraisal is an assessment of a property’s value, using factors such as location, square footage, condition, and recent sales.

A property title search examines public records to confirm a property’s rightful, legal owner. A title search should also reveal any claims or liens against a property that may affect purchasing it. Your attorney should be able to recommend you a title company.

Being “CTC” or clear to close, means that the underwriting process has been completed and you’ve now been qualified for the loan. Your loan officer or somebody on their team will reach out to you for any additional documentation that may need your signature.

Prior to reaching the closing table, you’ll have your final walkthrough. The final walkthrough will be your final opportunity to see your home before it’s officially yours! This typically happens 1-2 days before closing.

During the final walkthrough, you’ll ensure everything is in order, and any items that were discussed during P&S have been completed as agreed upon.