Below you will find a list of steps in the process to home ownerships. Each property purchase is unique. The intention of this list is to give you a general idea of what to expect.
Meet with an Agent
Meet with your agent to discuss what you ware looking for and to sign an agency disclosure agreement.
Get a Loan Pre-Approval Letter
It is a good idea to get pre-approved before talking with an agent in order to have a clear idea of what you can afford.
Start looking at properties
Your agent will send you listings, or if you have found homes you are interested in, set up times to view the homes.
Make an Offer
Once you find a home, your agent will present your offer verbally and in writing. Depending on the requirements of the seller, you may need to provide the previous mentioned pre-approval letter or a proof-of-funds letter.
Negotiation
Your agent will some to an agreement with the seller. Once this is done, you have an accepted offer. Please keep in mind that an accepted offer is not binding. It is still possible for other offers to be made to the seller.
Choose an Attorney
It is a good idea to reach out and retain a real estate attorney as soon as possible. Once there is an accepted offer the attorneys on the buying and selling sides can get to work on the contract. If you do not have an attorney, your agent will be able to give you recommendations of reputable attorneys in the area.
Schedule an Inspection
Your agent will supply you with quality home inspectors. You have the right to work with an inspector you choose.
Sign Contract
An executed contract is legally binding, unlike the purchase offer. Up until contract either party can decide to pursue a different deal.
Apply to mortgage company
This might even be done prior to contact to at least get your paperwork started.
Credit Report
Your lender will run a credit report and ask you to provide them with your financial information for processing your loan application. The lender may run a report multiple times. It is a good idea to hold off opening any new financial accounts that would change your report during this time.
Appraisal
After both parties have signed the contact, the bank will order an appraisal of the property.
Underwriting
After the appraisal all the paperwork gets sent for approval and commitment.
Title Report
Your attorney will order a title search. The title report will be submitted to your lender for review and clearance. All contracts should be subject to clear and marketable title.
Title Insurance
Most mortgage companies will not give a mortgage without the purchaser getting title insurance.
Clear to Close
Once everything is in order, closing documents are gathered. You will be provided with a list of closing costs and what to expect to pay at the closing.
Homeowner insurance policy
Once a closing date is assigned, you will need to purchase homeowners insurance.
Schedule Utilities
You will also want to start contacting the utility companies in the area to have everything switched into your name.
Final Walk Through
Usually the day of the closing, you will meet with your agent to walk through the home you are purchasing one last time to ensure there are no surprises.
Closing
All parties meet and sign the closing documents. Congratulations on your new home!