Just created this to help "take back the curtain" of the home buying process. My hope is that more transparency will lead to less anxiety and more fun in the home buying process.
The Buyer’s Roadmap in Detail
#1 Meet with a Real Estate Agent – Discuss the type of home you are looking for including style, price, and location. As the home buyer, your agent’s commission is paid by the seller of the home.
#2 Get Pre-Approved – You will need pay stubs, W2’s and bank statements. Knowing what you can afford is critical to a successful home shopping experience.
#3 Search for Homes – This is the fun part! Your agent will schedule showings and help you find the perfect home.
#4 Make an Offer – Your agent will prepare the offer based on the price and terms you choose. Offers can be verbal or written.
#5 Negotiation and Sign Contract – Negotiation is the process of determining a win-win price and terms for the buyer and the seller. Then, the agent will complete the legal contract for all parties to sign. This contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. Your agent will inform you of all your rights and responsibilities related to the contract. Also, earnest money (usually $1,000) will be required as part of the contract.
#6 In Escrow – You and the seller have agreed to the price and the terms. The home is effectively held for you until closing.
#7 Final Details – During this time, your agent perform due diligence concerning the home including ordering a appraisal, ordering a professional home inspection and reviewing terms with the lender. After this is complete, you will be finalizing your loan and reviewing findings from the inspection. Your agent will manage this entire process.
#8 Closing – This is the transfer of funds and ownership. A title company acts as an independent third party to facilitate closing.