I’m a big believer in transparency. I always tell my clients, I may go into the weeds a bit, but I want you to know all of the risks and all of the details. One thing that I never, ever want to hear from a client is: “You never told us this could happen!”
Most of the time the home buying process is fairly smooth, but sometimes there are surprises along the way. The more you know about what to expect and what may arise, the easier it will be to navigate through the hiccup.
I think the best way to mitigate these risks are by knowing the process and being prepared for the next step. See below for a simple “How-to” on the home buying process.
- Step 1: Email the pre-approval letter to your agent.
- Step 2: Review and sign the Agency Disclosure & Buyer’s Agreement.
- Step 3: Determine your criteria such as location, budget, size and must-haves. (fenced-in backyard, garage, etc.)
- Step 4: Schedule showings, attend open houses and talk about each home with your agent.
- Step 5: Make an offer. This usually includes the purchase agreement, pre-approval letter and earnest money deposit, or EMD.
- Step 6: Negotiate with the expertise of your agent.
- Step 7: Once the offer has been accepted, send a notice to the lender and schedule the inspection and appraisal. (within 10 days)
- Step 8: Discuss any potential post-inspection negotiations with your agent.
- Step 9: Closing, which usually happens 34-45 days after the accepted offer.
- Step 10: Get your keys and move in!