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The Homebuying Process

Step 1: Assess your financial situation

  • Determine your comfortable monthly housing budget

  • Assess your funds available for a down payment and closing costs

Step 2: Meet with a buyer agent

  • Review and prioritize your housing needs/wants 

  • Learn about the local market and home buying process

 

Step 3: Get pre-approved for a mortgage

  • Connect with a reputable local lender

  • Discuss mortgage and financing options

  • Obtain your pre-approval

Step 4: Begin the home search

  • Your agent will set you up with an MLS account

  • You and your agent will work as a team to see and evaluate prospective properties

 

When you find a home you like…

 

Step 5: Submit an offer to purchase

  • Buyer agent will review recent comparable sales and advise you on offer terms: price, contingencies, timeframe and special requests

  • Your offer will be "bound" with an initial earnest money deposit (typically between $1,000 and $10,000), which will go into escrow only if/when offer is accepted

 

When you have an accepted offer…

 

Step 6: Navigate through the transaction

  • First deposit goes into escrow

  • Work with agent to hire an attorney and home inspector

  • Conduct home inspection(s), renegotiate terms if necessary

  • Attorney reviews condo docs, if applicable

  • Sign the Purchase & Sale Agreement; second deposit (generally 5 or 10% of purchase price) will go into escrow

  • Submit mortgage application; lender orders appraisal, issues mortgage commitment

  • Attorney conducts title search

  • Obtain any necessary insurance

  • Review settlement docs, wire funds or obtain cashier’s check for down payment and closing costs

  • Prior to closing, do a final walk through of property

Step 7: Close the purchase 

  • Sign documents with your attorney

  • Present check for down payment and closing costs and provide proof of insurance, if applicable

  • Mortgage provider disburses funds to seller

  • Listing agent or attorney provides keys to property

  • Closing attorney records documents at Registry of Deeds

  • Once Deed has beed recorded, the house is yours!

In our market, the typical timeframe from accepted offer to close is 30 - 45 days.

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