For a First Time Home Buyer, the process of buying a home and all of the steps involved can seem daunting at times. All the more reason why understanding the home buying process from start to finish, at least at a high level, enables you to be in the drivers seat and know where you are and what you need to do. In this Quick Overview of the Home Buying Process, we will look at the key events in the home buying process at a high level that you need to be on top of.
Tip
For someone just starting out or in the early stages, it may be helpful to print this post out and put it in a visible place to help you visually track your progress.
Summary of Key Events in the
Home Buying Process
- Phase I: Decision
- Decide to stay in an area for the mid-to-long term, or not
- Phase II: Education, Insight & Research
- Understand your wants & needs
- Understand what you can afford
- Understand market conditions and your situation
- Understand your credit score & interest rate you qualify for
- Contact local & national banks, mortgage brokers etc
- Phase III: Starting the Process
- Get recommendations & contact real estate agents
- Start online searches in your target area/s
- Get pre-approved for a loan
- Start looking at homes & taking notes
- Phase IV: Deal Time
- Putting in an offer
- Negotiating counter offers
- Finalizing the contract
- Getting Financing
- Phase V: Closing & Hand Over
Many of these topics deserve a great deal of attention that I’ve provided in other posts (links provided).
Hopefully this Quick Overview of the Home Buying Process has been helpful and will keep you on track when there’s a lot going on (always seems to be the case, doesn’t it?).
