How To Buy A House
1
Get Pre-approved
Before starting your home search, it’s crucial to get pre-approved for a mortgage. This shows sellers you’re serious and can afford a home, and it helps you understand your budget. Review your pre-approval amount, personal savings, and monthly expenses to set a realistic price range for your home search.
2
Find a Real Estate Agent
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Find an agent who understands your needs and the local market.
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Sign a Buyer Broker Agreement (BRBC) with your agent—this is a new nationwide requirement. The BRBC outlines the length of your agreement, your agent’s compensation, and the specific duties they will perform for you.
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Important Note: Sellers are not obligated to cover the buyer’s agent commission, so be sure to factor this into your home-buying budget. You can request that the seller cover your buyer agent’s commission, but keep in mind they may choose not to.
3
Go House Hunting
Time to embark on the exciting journey of house hunting! With all the key details of your dream home already determined, you’re ready to find the perfect match.
Your agent will arrange the home showings and accompany you during the viewings.
4
Make an offer
When making an offer on a property, you’ll carefully determine the purchase price and propose contingency timeframes. These contingencies include the inspection period, loan approval, and appraisal, which provide essential safeguards throughout the buying process. By selecting realistic yet efficient timeframes, you’re ensuring a smooth transaction that allows ample time for due diligence, while still moving the deal forward quickly to meet your goals. A well-structured offer demonstrates confidence and readiness, making it more attractive to sellers.
5
Secure Financing
Finalize your mortgage loan by submitting all necessary documents to your lender. Once everything is approved, you’ll get a “clear to close” on the loan.
6
Close on the House
At closing, you’ll sign all paperwork, pay any remaining costs (like closing costs), and officially take ownership of the home.