Overview of the Home Buying Process

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  • Our overview of the home buying process will help you mentally prepare. Each step refers to another Fearless Homebuyer Lesson which will fill in the details for you.

    The Home Buying Process – Step by Step

    Day 1. Meet with your Buyer’s Agent to discuss your plans.  See Create Your Wishlist for a House.

    Day 2.  Consult with your Mortgage Pro and get Preapproval.  What does a Mortgage Pro Need from Me?

    Day 3.  Select the right mortgage.  Types of Home Loans: FHA, VA, USDA…OMG!

    Day 4.  Determine your needs and wants.  Why You Must Divide Your Wants vs Needs.

    Days 5-30.  View & evaluate available homes. Walkthrough Checklist: What to Look for in a Home.

    Day 31.  Select a home and write an offer. How to Write an Offer on a House.

    Keep the place you’re renting for at least a week after your proposed close date in case there are closing delays.

    Days 32-33.  Negotiate price & terms. Negotiation Tactics.

    Day 34.  Congratulations, your offer is accepted! What to Inspect When You’re Inspecting.

    Day 35.  Contact your Mortgage Professional with a copy of the sale agreement. Do’s & Don’ts During the Loan Process.

    Days 39-40.  Have inspections. The General Home Inspection.

    Days 41-44.  Negotiate to have seller make repairs found in inspections. Negotiating Home Repairs.

    Days 41-44.  Closing & Title activities are coordinated. What’s Title Insurance?

    Real estate often has more than one word for things so you may hear varying names for various steps in the home buying process.

    Day 45.  An appraisal is ordered by your Mortgage Professional. All About Home Appraisals.

    Day 47.  You’ll need to order Homeowners Insurance, also called Hazard Insurance, or Fire Insurance.

    Day 55.  Review completed repairs. Final Closing Steps.

    Day 56.  Remove contingencies. Removing Contingencies & Your Final Walkthrough.

    Day 58.  Sign loan and closing documents. Escrow, Earnest Money & Good Faith Deposits.

    Day 59.  Documents are reviewed for final loan approval.

    Day 60.  Transaction is closed & you own the home.

    Day 60-62.  You get possession of your new home! What Happens Now that I’m a Homeowner?

    Figure on 60 to 180 days from when you get serious in your house hunting until you own your new home.

    Although 60 days is doable, it may take you more or less time to find a home and to go through the whole closing process. Don’t worry if you look for homes for several months to become comfortable with what homes are available. Checkout our Home Buying Process Flowchart for a visual example.

    Thinking of buying a home in the Portland, Oregon area? Checkout our First Time Home Buying Classes!

    Overview of the Home Buying Process was last modified: May 2nd, 2018 by David Axness

    Choose a state from the drop-down menu for specific state information related to this lesson.

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