There are four main steps first-time homebuyers should
prepare themselves for during the home buying process.
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So you’ve found the home you want, wrote an offer for it, and got that offer accepted. What happens next?
The next step is to deliver a deposit check. This check, which can range from $1,000 to $2,000, will count toward your closing costs and down payment.
After that, it’s time to order your inspections. Typically, you’re allowed 10 to 20 days to get these done. Once they’re done, you can either accept the property as it is, terminate the contract and get your deposit back, or ask the seller to make any repairs you deem necessary. Additionally, you can ask for a cash credit so you can make the repairs yourself.
During this time, you also must fill out your mortgage application with your lender. For this, you’ll have about a week to send them your W-2s, tax returns, bank statements, pay stubs, and anything else they need.
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There are other steps involved in the home buying
process, but these are the first four you must follow.”
Next, you’ll need to order the appraisal, which you’ll do with your lender. Your contract is contingent on this appraisal, and this is done to ensure you don’t overpay for the property.
There are other steps involved in the home buying process, but these are the first four you must follow. Make sure you talk with your agent about each step during the process so you’re well aware of the deadlines involved. That’s why they’re there—to get you to the closing table.
If you have any questions about any of these steps and how they affect you, don’t hesitate to reach out to me. I’d love to help you.