Overview of Home Buying Process

by grahamteam-chime-me

Here is a summary of the home buying process.

Step 1: Get Pre-Approved

The first step before you even start to look at homes is to get a pre-approval completed with a lender. This serves two purposes: 1. This gives you a guideline as to what you can afford. For me personally-I don’t want to look at Bentleys when I really have a Honda budget- 2. When you do find the right home for yourself, you will be ready to make an offer on that perfect home, as a preapproval must accompany the offer for the home.

Step 2: Start Looking

The next step is to start looking for that perfect home. Once you’ve found it, an offer is then submitted. The Graham Team may need to do some negotiating at that time with the Sellers. Once we have an signed agreement with the Sellers-we then have an accepted offer!

Step 3: Open Escrow Account

At that time, the escrow company will open up an account which will give you the ability to wire your earnest money deposit. These funds will vary depending on what the Seller is requesting.

Once the earnest money has been deposited-there are several contingency dates we watch closely, as these are dates that allow you to get your earnest money back should there be an issue.

Step 4: Contingency Dates

The first one contingencies completing the home inspection. We typically have 10days to get this completed so we like to get the inspection ordered right away.

The next contingency date is the appraisal. The lender will order the appraisal and we work closely with the lender to make sure this is completed on time.

In the mix of all of this, you will be receiving a copy of the HOA rules and regulations. This gives you an opportunity to review the rules and regulations of the community.

Step 5: Receive Full Loan Approval

The next step is receiving full loan approval. Again we work closely with your lender to ensure they have everything they need so that the lending goes smoothly.

Step 6: Settlement Statement

Your lender will send you a settlement statement which breaks down all of the fees, costs and any deposits that you have paid. We go over this thoroughly with you to make sure it is accurate and we want you to understand where every penny is going.

Step 7: Schedule Signing Appointment

A signing appointment is scheduled for you, either at the escrow office or at location convenient for you. This is the time where you will sign any documents the lender needs, along with documents needed by the escrow company.

Step 8: Final Walk-Through

There will be a final walk thru about 3 to 5 days prior to your closing date. This gives you a chance to make sure the home is in the same condition it was when you first looked at the home. Typically at this point the Seller is moved out and you can verify that the home was not damaged when they moved out.

Final Step: Receive Keys to Your New Home!

The final and most exciting step is waiting for the home to record with the Clark County Assessors office. Once this occurs the home is officially yours and we are able to hand the keys over to you!

If you would like to get into more detail about the home buying process, call us at 702-930-9551 or check out our website here.