Lock & Key Realty
The Process of Buying a Home
Buying a home is an exciting milestone, and understanding the process helps you move forward with confidence. Here’s what to expect from your first conversation through closing day.
Review Your Needs & Wants
Review your needs and wants in a home with your real estate agent.
Discuss Your Timeline
Discuss your timeline, whether you are looking ASAP, planning for the next 3 to 6 months, or working on building credit or income first.
Speak with a Lender
Speak to a lender to get pre-approved, understand your budget, and learn the requirements of your loan type. For example, FHA loans often have different requirements than conventional loans.
Review Budget & Terms
Discuss your market strategy and pre-approval terms with your real estate agent. Even if you are pre-approved for one amount, you may want to stay comfortably below it. Ask your lender for a worksheet that breaks down the loan, closing costs, monthly payment, and cash to close so you feel confident when it is time to offer.
Start Your Search
Start searching for your home.
Evaluate Homes Carefully
When you find one you like, discuss any possible red flags with your real estate agent. Have them run a comparable market analysis on the home to help determine a strong offer price.
Build Your Offer
Discuss all points of the offer with your real estate agent, including binder deposit, inspections, dates, escalation clauses, appraisal language, and more. If you are in a bidding war, your agent can help you get tactical with your offer.
Accepted Offer
Once your offer is accepted, drop off the binding deposit as soon as possible to secure the home.
Schedule Inspection & Choose an Attorney
Schedule your inspection if applicable and choose your attorney.
Inspection Period
During the inspection period, inspections, vendor appointments, repair requests, credits, and negotiations take place.
Purchase & Sale Contract
The Purchase and Sale contract is finalized by the attorneys. You sign and pay the remainder of the deposit.
Appraisal
Once inspections are finalized, the appraisal is ordered. If the home appraises, the lender completes the file. If it does not appraise, the parties reopen negotiations.
Seller Smoke Inspection
The seller completes the smoke detector inspection with their local fire department.
Mortgage Commitment & Insurance
Your lender notifies you of mortgage commitment if applicable. This is also the time to shop for home insurance.
Title, Survey & Final Numbers
Attorneys complete the title search, survey, and finalize the numbers. They will provide the final amount due and payment method for closing day.
Clear to Close
Your lender confirms clear to close if applicable.
Plan Your Move
Now you can schedule your move, your closing appointment with the attorney, and transfer utilities into your name.
Final Walk-Through
The final walk-through is scheduled, typically the morning of closing.
Closing Day
You complete the closing paperwork on the day of closing.
Welcome Home
The deed is recorded with the registry, and you officially own your home.