Home Buying Steps

Purchasing real estate is an exciting time, but there are several steps that are required for a successful transaction. I have prepared a list below for you to follow so that you can be best prepared. Take a look at this brief video as well! 

Step 1: Start The Research

Start your preliminary research of the neighborhoods that you are most interested in. Make note of the homes and price points that are currently on the market. This will give you an idea of what neighborhoods might be best for you to consider. 

Step 2: Determine Your Budget 

Consider your comfortable budget and amount of funds you have available for a down payment. A lender will need to qualify you for a mortgage, but you should make this determination as well based on your own level of comfort as well given your lifestyle.

Step 3: Get Prequalified 

Before you start your home search, you will need to know exactly how much you can spend. The best way to go about this is to get prequalified for a mortgage. To get prequalified, you will need to get in touch with a mortgage agent and provide some of your personal information. Your lender will then let you know how much you will be approved for which will dictate what price range of homes you can begin looking for. 

Step 4: Search for Homes and Make an Offer

When you preview homes in various different neighborhoods, consider things like convenience to local services that you frequent, your work commute and other things that cater to your lifestyle. 

Once you find the home of interest, submit your offer with your preapproval letter. 

Step 5: Home Inspection

A home inspection is a wise investment as it can check for signs of structural damage or items that may need repair. Offers are frequently made contingent of a satisfactory home inspection to protect the buyer should any glaring issues be uncovered. Any negotiated items that shall be addressed by the seller can be confirmed before the closing at the walk-through. 

Step 6: Home Appraisal

Your lender will arrange for the home to have an appraisal from a 3rd party company that is not  connected so there is not a conflict of interest. The appraisal will alert all parties that the price you are paying is a fair price for the property.

Step 7: Complete all Paperwork

Your lender will have a title company review documents and confirm that the seller is the rightful owner of the house. You will need to complete your loan paperwork and provide your lender with supporting documents that prove your employment and financial status. 

Step 8: The Closing

After your final walk-through of the property, you will go to the closing. Here, you will sign all documents to complete the purchase including all of your loan documents. Once complete and the check is delivered to the seller, the deed is recorded at the registry and you are ready to move into your new home. 

Shari Sagan McGuirk
781.589.7720
shari.mcguirk@sothebysrealty.com

Questions?

Let me be your resource for all. Please always feel free to ask me any questions about any part of the process and let my expertise work for you.