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Home Buying Check List
From first showing to final closing—Your Step-by-Step Guide to Buying a Home
Buying a home is an exciting milestone, but it can also feel overwhelming without a clear roadmap. Understanding each stage of the process—from getting pre-approved and starting your search to making an offer, completing inspections, and closing—helps you move forward with confidence. This guide breaks down the home buying journey into simple, manageable steps so you know exactly what to expect and how to prepare along the way.
1
Meet your REALTOR
Let them know your needs, wants and concerns. Explain your financial situation. Question them as to their abilities, professional and support. Have them explain their plan for working with you and how they will help you get what you want.
2
Get Pre-Approved
this step involves contacting a lender and finding your eligibility to purchase a home. This is not a guarantee from a lender. You will receive a letter that states the amount of a loan you qualify for. The lender should discuss with you different loan programs and how these loan programs fit your needs. Be sure to tell the lender and your Realtor if you qualify for a VA loan. This letter does not guarantee you a loan!
3
Look at Houses
It is best to get your own representation when buying a house. Be sure to discuss agency with your Realtor. Be sure that the person who is showing you homes is a Realtor, not just a licensed salesperson; yes, there is a difference
4
Prepare an Offer
In our area, the purchase agreement addresses issues that may arise when purchasing a home. These issues include financing, home inspections, default, earnest money deposits and settlement. It is very important that you understand these terms and their significance. Once a contract is ratified, all parties agreeing to the terms listed in the contract, the contract is legally binding. Be sure you understand what you are signing. Keep in mind that your Realtor is not an attorney, they cannot offer you advice or interpret the contract
5
Offer is Ratified
Congratulations, you have a contract on a house! – Again, ratification is when all parties have come to an agreement to the terms of a purchase contract. This agreement must be in writing to be enforceable
6
Contingencies
Common contingencies are Appraisals, home Inspections, Radon Inspections, HOA, the Sale of the Purchaser’s Home, and Full Loan
Approval. These items are included in your purchase agreement, but are not addressed until after ratification
7
Formal Application to Lender
A Buyer has 7 days from the date of ratification to make formal application to the lender
8
Home Inspection
A professional home inspector looks at the interior and exterior of the home top to bottom. Cost based on size of home. Typical cost is approximately $450-$700
9
Appraisal
This is a professional estimate of the current market value of a home. The lender will call out to an appraiser after you make formal application for a loan. If the appraisal comes in low, there are several options for the Buyer. A second appraisal can be called out. The Seller may choose to lower the sales price to the appraised value; but if you have asked for closing cost assistance, you may lose that assistance. The Buyer can choose to come up with the extra money to buy the house if the Seller does not want to lower the sales price. The Buyer and Seller could come up with a suitable sales price. Or the Buyer can void the contract
10
Termite Inspection
Most loan companies require a termite inspection in order to approve a loan. Who pays for this inspection is addressed in the purchase agreement. If the home is being sold “AS-IS,” the Seller may not be responsible for treating a termite infestation. Talk to your Realtor about “AS-IS” houses.
11
Home Owner’s Insurance
Get a few quotes. You need to give your lender this information.
12
Loan Approval
The lender will send a letter, when requested, that states that all conditions of the loan have been met and that the loan is ready to close. Essentially this means that you can buy the house! This letter may not be ready until the day of closing, or it could be ready weeks in advance. It is important to stay in contact with your lender and ask questions!
13
Utilities
Make sure that all utilities are ready to be transferred to you by the closing date. It is a good idea to call well in advance of you closing date.
14
Final Walk Through
This is when the buyers walk through the home to make sure it is in the same condition as when they went under contract. And agreed upon repairs can be checked during this time as well
15
Settlement
This is when the buyers will sign all of the documents to take possession on the home. Your settlement agent will contact you with the amount and type of funds needed prior to closing. And you will normally receive the keys at this time as well.