Our 8-Step Home-Buying Process Overview
The process of buying a home involves a lot of details, especially in an aggressive market like we’re experiencing in North Texas. Here’s a brief summary of the process that will be explained further over the next few blogs:
Join us as we unpack each of these steps in further detail, and be sure to contact The Tomlin Team as soon as you’re ready to begin the Home-Buying Process!
- Meet With A Real Estate Professional – this initial consultation is imperative in order to simplify the entire process of finding your next home including its type, style, price, and location.
- Get Pre-Approved – your real estate team or professional will introduce you to several of their trusted lending partners. Once you decide on your lender, you will need to provide pay stubs, W2s, and bank statements to them. Knowing what you can (and cannot) afford is critical to a successful home-shopping experience.
- Search For Homes – this is the fun part! Your Tomlin Team Realtor will schedule showings and help you find the perfect home.
- Make An Offer – your Realtor will prepare and submit your offer based on the price and terms you choose.
- Negotiation And Contract – once your offer is submitted, it’s typical to get a response from the Seller within the first 24 hours with a counteroffer including but not limited to price, closing date, or a variety of other terms.
- Under Contract – upon agreement of price and terms among all parties, the home is effectively held for you until closing while the remaining details are worked through.
- Final Details – after the contract is executed, inspections take place, repairs are requested, terms are reviewed with the lender, the loan begins the underwriting process, an appraisal is conducted, and all of the pre-closing procedures are taking place.
- Closing – It’s closing day! Your Realtor will meet with you at the chosen title company and all of the buyer documents will be explained and signed. Once that is complete and funds are transferred, home ownership begins! Depending upon the terms that were negotiated on your behalf in Steps 4 & 5, there may be a temporary leaseback provided for the Seller or you may take possession of your new home on the day of closing & funding!