Steps In The Home Buying Process

Dated: 02/15/2017

Views: 1281

Image title


Thinking about buying a home but don't know where to start? 


Here is a high-level overview of the home buying process.



  1. Get pre-qualified by a reputable mortgage lender. This is a free, no obligation process which gives you “buying power”.

  2. Choose a Realtor with whom you feel comfortable. Your Realtor can show you all the homes listed in Multiple Listing Service (MLS). A Realtor will prioritize your needs when you work with him/her exclusively.

  3. Investigate homes in your price range. When you fall in love with the right home for you, you should be ready to make an offer to the seller. Make your offer keeping in mind that most homes sell for around 98% of their asking price according to the MLS. This should be done in writing in the form of a binder, a written declaration of your Intent. No money is exchanged until you meet with your attorney and sign contracts.

  4. Your Realtor will try to negotiate a meeting of the minds between you and the seller. Once this is accomplished, there is an accepted offer.

  5. At this time you should schedule a home inspection. Your Realtor will provide names and numbers of competent inspectors. You should be present for the home inspection. The home inspection fee is approximately $400-$500.

  6. After the home inspection, you will decide if you want to move forward with the purchase. If there are problems with the home, you may want these issues rectified or you may want to re-negotiate the price. If the owner is not willing to remedy the problems, you can still go forward with the purchase or you can look for another home to buy.

  7. If you decide to go forward, you should contact an attorney. Your attorney will receive the contract from the seller’s attorney. At this time you should also notify your mortgage professional that you are moving forward with purchasing a home.

  8. When your attorney receives and reviews the contracts, you will need to meet with him/ her to go over the contracts. With your attorney’s consent, you will sign the contract and put down your deposit which will be held in an attorney’s escrow account until closing. Be sure to bring either a money order or a certified check.

  9. The contract will then be sent back to the seller’s attorney for the seller to sign providing there are no changes to be made.

  10. The mortgage company that you’ve selected will order an appraisal of your home. Your attorney will order a survey (or have an existing survey re-certified) and the title to make sure there are no liens against the property.

  11. After all elements are in line, the lender and attorneys will schedule the closing. This can take any where between 45 and 90 days.

  12. Before the closing, you and your Realtor will arrange to do a “walk-through” to make sure that everything in the home is intact and emptied. This is generally scheduled a few hours before closing.

  13. Closing Day! Make sure to bring a picture I.D., blank checks and any certified funds that your attorney instructed you to bring. Make sure that you put the utilities in your name and that you have proof of your homeowner’s insurance. You must bring the original copy of your policy to the closing.

  14. Congratulations on your new home! Be sure to apply for the S.T.A.R. tax relief program with you local tax assessor if this is your primary residence. 


Blog author image

Jennifer Sirkowa

As a Rockland resident for over 35 years, Jennifer can put her insider knowledge to work to find a special property in your neighborhood of choice. Jennifer has a passion for identifying the goals ....

Latest Blog Posts

Hidden Health Hazards In Housing

Congratulations!!!  You have an accepted offer* on the house of your dreams and from what you can see, the house seems to have been well maintained.  You negotiated a super awesome price

Read More

To Sell Or Not To Sell

"To sell or not to sell."  That is the question my husband and I asked ourselves before making the ultimate decision to sell two and a half years ago. We absolutely loved our home in

Read More

Fall Brings Sold Signs

Summer has come to an end and you probably are thinking you've lost the opportunity to sell, and need to wait till next summer. But that's far from the truth! Although it's not as hectic and crazy

Read More

What Every Buyer And Seller Should Know

With hundreds of deals under my belt, I believe that I am somewhat of an authority when it comes to real estate transactions.  This year, in particular I've seen and experienced some things

Read More