The Home Buying Process

The home buying process can seem overwhelming at the outset, but it can be broken down into a few simple steps, many of which your Realtor® can handle for you. The Jan Richey Team will work with and advise you through every step of the home buying process, from obtaining pre-approval to move-in. View the steps in the home buying process and contact us with any questions.
1. Meet with a Loan Officer

  • By sharing income and other family financial information, you will know the price range for which you are qualified
  • You will learn of the type of loans available to buyers in today’s market
  • Obtain a lender disclosure explaining the costs of borrowing money and closing costs
  • Obtain a pre-approval letter

2. Meet with your Realtor

  • During this meeting you will determine the area and features you will want in your home
  • Discuss your time frame – how quickly do you want to close on your home?

3. Begin Viewing Homes

  • When possible, all decision-makers should visit the various homes
  • Always be candid with your Realtor. It will help them understand your particular needs and desires and enable them to select homes you will want to see

4. Prepare the Offer

  • Your Realtor will provide you with a comparative market analysis (CMA) on the property you have selected to assist you in making an informed decision
  • Your Realtor will go through the prepared offer with you and explain the terms and conditions
  • Negotiations will proceed until both buyer and seller agree on all terms and execute the contract
  • All documents will be sent to the title company where title commitment and closing information will be prepared
  • Read our article, “The Basics of Making a Real Estate Offer”

5. Make Your Loan Application

  • Give your Loan Officer a copy of the contract and make official loan application

6. Inspect the Property

  • Select an inspector and arrange for a general home inspection. Additional inspections could be recommended by the inspector. Typically inspections are completed within 5-10 days from the effective date of the contract.
  • Read our article, “Why Get An Inspection?”

7. Appraisal and Survey of the property

  • The lender and title company will make arrangements for the property appraisal and survey to be completed
  • You will be provided a copy of the title commitment from the title company
  • You will make arrangements for your homeowner’s (hazard) insurance policy and arrange for the insurance agent to provide the title company information for closing

8. Arrange Property Closing

  • Your Realtor will arrange a closing date and time with the title company
  • You will complete a final walk-through inspection of the property with your Realtor
  • You will receive a copy of the Closing Disclosure for review prior to closing.
  • The title company prepares this document with the information provided by your lender
  • You will complete a final walk-through inspection of the property with your Realtor
  • You will bring a cashiers check for all closing costs and the balance of the down payment to the scheduled closing

9. Funding the Closing

  • Documents are sent to the buyer’s loan company for approval and funds are disbursed to the title company
  • The title company receives and funds all money from the loan company
  • Legal documents will be recorded in the County Clerk’s office and mailed to you when completed
  • Title company prepares and issues the title policy and sends it to the loan company and to you