The Ultimate Guide to Buying a Home

Buying a home is a multistep process with a lot of players, but it doesn’t have to be overwhelming!  This guide walks you through the 10 major steps to buy a home, and also introduces you to key players along the way and some of the important parts of the mortgage process. 

Here’s what you’ll find in this guide:

THE 10 STEPS TO BUY A HOME

• Preapproval
• Buyer Consultation
• Showings
• The Offer
• Mutual Acceptance
• Inspection & Buyer Due Diligence
• Appraisal
• Loan Approval
• Final Walk-Through
• Signing & Closing

Your Transaction Team

Your real estate team’s quarterback is your agent. It’s important to pick an agent that is trustworthy, knowledgeable, and someone you can enjoy spending time with! But they’re not the only one; here is a quick summary of the people who will assist you throughout the transaction:

Your team should be made up of people that you can trust, and it’s important to do your research before you decide to work with them. Check out their reviews (here’s our Zillow, Facebook and Google reviews) to get the scoop on what real people say about them. 

Transaction Documents
It's no secret that buying a home involves quite a bit of paperwork! Here's a breakdown of the key documents you can expect to see -and sign- along the way.

Step 1: Preapproval

It's always best to know what you can afford prior to going shopping. And in many cases, a seller will not see your offer as a serious one without a copy of a preapproval letter. 

We work with some of the best loan officers in the county, and they can walk you through the process of getting your financial documents in order, working on credit, and planning for your financial future. 

Local loan officer Dylan Langei explains three important parts of getting a home mortgage:

Want to dive deeper into the mortgage part of the process? Connect with us for a detailed and informative walkthrough video from our preferred lender, Dylan Langei. 

Step 2: Buyer Consultation

It’s so important to  meet with your agent face to face and have a conversation about your needs, wants and expectations. 

Step 3: Showings

Time to go shopping! We'll tour homes with you and help you find the best fit for your needs and wants. It’s more than just looking for the right number of bedrooms and baths - we’re looking at the age and condition of the home, whether it’s on city sewer or a septic tank, any conditions that might be red flags for the inspection and appraisal, and more.

Step 4: The Offer

Once you’ve found the right house, it’s time to craft a strong offer, including the preapproval letter from your loan officer. Beyond listing the price you’re willing to pay for the home, this contract sets up the terms and timeline of the entire transaction. 

Step 5: Mutual Acceptance

When everyone signs the same version of the contract, we have what’s called mutual acceptance. This is the date that kicks off all the timelines and due dates. Our transaction coordinator manages the dozens of details and signatures that happen from here on out. 

Step 6: Inspection & Buyer Due Diligence

The first few days are busy - you’ll be depositing an earnest money check with escrow, finalizing your loan application, and booking a home inspection. The inspector will go through the house from top to bottom and check for deferred maintenance, needed repairs, or major issues with the home.

Depending on the home, you may also need a specialized septic, well or roof inspection.

All of this will inform your inspection response, where you accept the house as is, ask for repairs, or ask for changes to the contract. (Also, it’s important to note that the inspection is paid for by the buyer.)

Buyer due diligence refers to the process of confirming that this home and property fits your needs. This blog post outlines some of the key questions to ask yourself and also includes a list of county and city resources available to help you in your research.

Step 7: Appraisal

Along the way, you and the loan officer have been working on the loan application, and now the lender hires a licensed appraiser to check the market value of the house against the sales of similar homes in the area.  Also, it’s important to note that the appraisal is paid for by the buyer.

Step 8: Loan Approval

When the finances are all set, we have final loan approval!  The lender will put together a set of documents called Closing Disclosures (CD), and by law you have to sign the CD a full 3 days prior to closing. 

Step 9: Final Walk-Through

You’ll have the opportunity to do a walk-through of the property in the last few days before closing. If you're moving from out of town, we can do a virtual walk through via Skype or video chat.

Step 10: Signing & Closing

It’s so important to meet with your agent face to face and have a conversation about your needs, wants and expectations. 

When the CD is signed, final loan documents will go out to the escrow company. You'll meet with a closing officer to sign deeds and paperwork, and they will handle filing all of it with the County, usually a day or two later (or as stated in the contract).

Once the funds are in and the docs are signed and recorded with the County, you own your home! Per the language in a standard contract, possession is at 9pm the day of closing. If the sellers have already moved out, usually buyers can receive their house keys soon after we hear from the escrow company that the deed has been recorded. 
And congratulations! You're now ready to move into your new home!

When you you meet with us, we’ll provide you with a Cohen Group NW Buyer Guide that includes a handy visual roadmap of the whole process. Whether you wonder about financing, inspections, negotiations, or any other component of the buying process, we’re here to not just answer your questions but also proactively guide you through the entire process.