The Home Buyer’s Roadmap

Buying a home can be a very overwhelming process, and no two transactions are exactly alike. This is why a good organized Realtor is so important to have in your corner when you’re taking such a significant step in your life!

The Firm uses detailed checklists to make sure everything is completed correctly, in order, and on time.

Here is a simplified version of the checklist from the day we meet to the day you get the keys to your new home:

Buyer Consultation:

Learn about your goals, situation, and motivations
Create the profile for your desired home, including location, size, price, and other details.
Explain the current market and how it will impact every part of the buying process.
Discuss financial matters like mortgage pre-approval, proof of funds, etc.
Discuss and explain the elements of an offer to purchase and things to think about when writing an offer.

Searching for a Home:

We use our automated system to feed you listings which meet your search criteria.
We schedule showings at properties you tell us you are interested in.
Before each showing, we do our best to gather as much information as we can so you are able to make a clear and timely decision on properties you’re interested in.
After each showing, we help you to evaluate the property vs your original wish list.
For properties you are seriously considering, we will evaluate recent market comparables to help you make an educated decision on purchase price and other offer elements
During this time we want to make sure that we have your pre-approval letter (or proof of funds if you’re writing a cash offer)

Writing an Offer:

We call the listing agent to see if there is anything we can learn which will help us to write a better offer
Lots of decisions need to be made when writing an offer. We discuss all your options and gather your decisions before filling out the paperwork
Send the offer and accompanying paperwork to the listing agent in a well written email which includes a summary of the offer terms.
The seller may choose to negotiate, so our next steps may be working through that.

After your offer is accepted-

Clerical Tasks:

We send a thorough email to you that summarizes the terms of the contract and gives you a list of tasks and reminders for the upcoming weeks
We send an email to the listing agent which summarizes the transaction to be sure both sides are on the same page.
When title commitment is received from the title company, you’ll need to review the policy. If anything appears on the policy that you are not sure about, be sure to inquire with the title company to get clarity.

Property Condition Related Tasks:

Schedule any inspections and/or testing included in the contract
Attend the inspection
Review the inspection report
Review test reports (like radon testing)
Negotiate with the seller if there are defects discovered to which you the buyer object. Come to an agreement on an amendment, which could include repairs the seller is responsible for, a price reduction, or combination of several changes.
If there were repairs paid for by the sellers, we must receive receipts and lien waivers for all this work prior to closing so the title company can review them and ensure there are not liens against the property at the time of closing. We make sure to stay on top of the listing agent to get these items in a timely fashion.

Finance Related Tasks:

Submit the earnest money as described in the contract
Submit all the accepted offer documents to your lender
Complete the application process for your mortgage (if using financing)
Get the appraisal scheduled
- Once appraisal report is received, if the appraised value is below the purchase price, we may negotiate with the sellers if the offer has an appraisal contingency.
If using an FHA loan, we also need an FHA appraisal scheduled
We need to receive a letter of loan commitment from your lender before the financing contingency deadline on the contract
Your letter of loan commitment will be contingent upon several things. You’ll be required to get homeowners’ insurance, for example. It’s important that you handle all these tasks prior to closing.
In the final week prior to closing, you’ll receive a preliminary closing disclosure, which shows all the financial debits and credits on both sides of the transaction, and will include the final amount of cash (if any) you will need to bring to closing.
Usually, the cash funds you’re providing at closing (your down payment, closing costs, etc), will be wired from your financial institution to the seller’s title company. We’ll provide you with instructions on how to have those funds wired.
In the week leading up to closing, you will need to call any applicable utility companies to set up service at the property in your name starting on the day of closing. If you need help with contact information for the utilities, let us know.

Pre-closing and Closing:

Within 3 days of the closing date, we will schedule a final walk-through of the property. This is your opportunity to ensure that any repairs or remediation promised by the seller have been completed, and that the home is otherwise in the same condition it was in at the time of your offer.
We will help you to schedule the closing (which is just when you sign all the final paperwork, take ownership of the property, and receive the keys to your new home!) Generally it will either be at our office or at the title company’s office.
Be sure to bring your ID to closing.

There you have it! Quite an exhaustive list, but by no means 100% complete. There are even more things that happen behind the scenes, and there are sometimes a dozen or more people involved in a real estate transaction, making sure that every box is checked.

Have any questions about something you read in this post? Let us know! We’d love to hear from you! For those of you who have been through this process before, with us or with another Realtor, we’d love to hear about your experience!