The Buying Process
A Step-by-Step Buyer's Guide
If the prospect of buying your first home feels daunting, rest assured, you're not alone in this journey. At Treetop Realty Group, we understand the complexities of the home buying process, and we're here to guide you every step of the way. Our comprehensive, step-by-step guide is designed to simplify the process and empower you to make informed decisions with confidence.
1
Examine
Your Finances
Consider what your monthly payments are today and what they will be after you purchase a home. This will help you budget for monthly home expenses and also save for the down payment and closing costs. Key factors include income, expenses, debt to income ratio, down payment, credit score, and closing costs.
2
Connect with a Local REALTOR®
Almost 90% of first-time homebuyers work with a local real estate agent.* An experienced agent is very knowledgeable and can guide you through the purchase process, including getting a loan, making an offer, and completing all of the necessary paperwork.
*Statistic per the National Association of Realtors (NAR)
3
Get Pre-Approved
with a Lender
Getting pre-approved allows you to know your realistic budget and will help simplify your home search. Pre-approval means that a lender has reviewed your income, expenses, and credit report and has conditionally agreed to loan you a set amount of money for a mortgage. This process typically takes between 1-10 business days.
4
Search for a Home
This is the fun part! Using online sites like HAR.com and Zillow.com is a fast and convenient way to search for homes. It may also help to drive through neighborhoods you’re interested in, talk to your friends, family, and consult with your agent at Treetop Realty Group.
5
Visit Open Houses
and Tour Homes
Visiting homes in person can help you identify and prioritize the features that are most important to you. While it is easy to get emotionally attached to one home, it is likely you will encounter multiple homes that suit your needs. It also helps to ask questions and bring a notebook to document your thoughts on each home.
6
Submit an Offer
You found your new home and you’re ready to make an offer! Your agent can help prepare your offer, which includes: earnest money, option fee, down payment, sales price, details of financing, non-realty items, necessary disclosures, and a proposed closing date. Be prepared to negotiate the purchase price and other terms if the seller presents a counteroffer.
7
Get a Home Inspection
A home inspection will help you assess the quality, safety, and overall condition of the property. It will also help determine if there are repairs needing to be addressed by the seller prior to close and what future projects you may need to take on as the new home owner.
8
Get an Appraisal
An appraisal (aka “opinion of value”) is an estimate as to the value of your home from a professional, licensed appraiser. Lenders require an appraisal prior to issuing a mortgage to ensure they aren’t lending out more money than the property is worth.
9
Make Final Negotiations
If problems arise during the inspection period or appraisal, you may be able to renegotiate the home’s purchase price to account for any repairs that need to be made. If changing the purchase price is not an option, consider asking the seller to pay for repairs or help with closing costs.
10
Attend Closing
Congratulations! On closing day, all parties will sign the documents needed to officially seal the deal, and ownership of the property will be transferred to you.
The most important documents you will sign are the settlement statement, promissory note, deed, and deed of trust or mortgage.