Buying a Home from Start to Finish: An Overview of the Entire Process

By RealtyCrunch IncApril, 23rd 2020
Buying a Home from Start to Finish: An Overview of the Entire Process

Whether you've already made the decision to buy a home, or  you wanted to know what you need know before making the leap, you have come to the right place.  If you're feeling overwhelmed, or just need a refresher on what's involved, RealtyCrunch is here to walk you through the process to help you make little and big decisions along the way.

We've turned the entire buying processes into a mini course on how to buy your home, breaking each step down for you. If you sign up, you'll be able to track your progress, update checklists and collaborate easily with everyone involved.

Here's a quick overview of the home buying steps before you get started:

  • Step 1: Get your finances in order
  • Step 2: Hire your dream team
  • Step 3: Search for homes
  • Step 4: Make an offer and negotiate purchase
  • Step 5: Due diligence
  • Step 6: Closing
  • Step 7: Move-in and post-closing wrap-up

Step 1: Get your finances in order before buying a home

Whether you're paying all cash, or taking out a mortgage to finance your new home, you must know how much you can afford. From closing costs, to monthly payments, property taxes, and utilities, there is a lot consider. If you're going to take a mortgage, there are steps you can take to make yourself more attractive to lenders and preparation you can do to make all the paperwork required easier to manage.

Step 2: Hire your dream team

When buying a home, you will put together what we at RealtyCrunch like to call your "Circle of Trust" or your "dream team" to help guide you along the way. The first 2 members of your dream team will be your real estate agent and your mortgage broker.

Once you get further along in the process of buying a home and making an offer, you may want or be required to hire a real estate attorney. To complete your due diligence, you'll also be working with a title company, property inspector and insurance agent.

Step 3: Search For Homes

There are a few ways to find the perfect home. This is the fun, dreamy part. You can rely on your favorite listing site or app, like Zillow, Trulia, Redfin, Loopnet. You can use the brokerage site of your real estate agent. And so that you never miss a good property that meets your buying criteria, be sure to have your real estate agent set you up with an automated email that send newly listed properties that might meet your needs directly to your inbox. If it's a hot market, knowing when a home comes on the market will help you to see it before other buyers scoop it up.

Step 4: Make an offer and negotiate the purchase

Now that you've finally found the perfect home, you must make an offer. Having a great real estate agent on your site will help you to negotiate the right price. Don't be discouraged if it takes a few counter offers back and forth to reach the right terms.

Making an offer requires binding legal paperwork. Some states have boilerplate paperwork that your real estate agent can walk you through, while others require you to hire a real estate attorney.

Step 5: Due Diligence

Once your offer is accepted, you must complete your due diligence to make sure there are no issues with the property. Paying for a property inspection is well worth it. From mold to roofs and foundation issues, a property inspector will test all major components of the home and document the condition.  If there are any issues, you can use these to negotiate more favorable terms.

At this point, it's important it's also important to work with an insurance agent to discuss homeowners insurance and get quotes to protect your property.

Once you are approved for financing, and have finalized terms with the seller, you'll need to make sure the property has clear title.

Step 6: Closing

If you're proceeding to the closing, that's great news. It means that the home passed due diligence, financing will come through and you'll soon have the keys to your home. This step will tell you everything you can expect at closing.

Step 7: Move-in & Post-Closing

Yay, congrats, the home is yours. It's time to schedule a move-in, or if you're planning to rent it out, to notify tenants of new ownership. Lastly we have some handy tips and tricks for proceeding with your home ownership.