Spring Housing Market Series Part 1: Process for Buyers

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Can you believe we are one month away from spring? With the change in season, temperatures aren’t the only thing heating up – so is the housing market. If you’re looking to buy, inventory is increasing as the snow is melting. But, what are the steps you should take to get started? As part of my Spring Market series (stay tuned for Sellers Timeline), I break down the buying process into 10 simple steps.

Buyer Timeline

  1. Get Pre-Approved for a Mortgage
    Essential first step. If you don’t have a lender. I can provide lender contacts.
  2. Begin Looking at Homes
    We will work together to find the perfect place.
  3. Make an Offer to Purchase
    Offer includes good faith deposit of $1,000 and pre-approval letter or substantiation of funds.
  4. Your Offer is Accepted
    Retain a real estate attorney; if you don’t have one, I can provide attorney contacts.
  5. Conduct Home Inspection
    This may include home, structural, pest, and other inspections. Complete within 2 – 5 days of accepted offer.
  6. Submit Mortgage Application
    All of your mortgage paperwork needs to be in your lender’s hands as requested.
  7. Sign Purchase & Sale Agreement
    Typically accompanied by a deposit of 5% of the purchase price and signed 7-10 days after an accepted offer.
  8. Get Your Mortgage Commitment
    This should come about 30 days after you submit your application or roughly three weeks upon signing the P&S.
  9. Conduct Final Walk-Through
    Typically takes place on the day of the closing to make sure that everything is as you expect it to be.
  10. Close on Your Home
    Close 45 – 60 days from the date of an accepted offer, though it can be sooner.

Have questions or ready to start the process? Contact me and let’s get the conversation started!

Stay tuned for Part 2 focused on sellers later this week!