What Are the 10 Stages of Buying a Home?
Buying a home can feel complicated when you don't know what happens next. At Castle Gate Realty, we help buyers understand the process from the very beginning, before they ever start touring homes.
Here are the 10 stages of buying a home and what you should expect along the way.
1. When should I choose a real estate agent?
At the very beginning. You do not need to wait until you find a house you like to contact a Realtor.
A Castle Gate Realty buyer's agent can help you understand the local market, establish a realistic plan, connect with trusted professionals, search for properties, evaluate homes, prepare an offer, negotiate, navigate inspections and guide you through settlement.
Choosing your agent early means you have someone representing your interests from the start.
2. What is a home-buying strategy session?
Before you start seriously shopping, schedule a Buyer Consultation and Strategy Session with your Castle Gate Realty agent.
This is where we help you figure out YOUR NUMBERS, including:
- What monthly housing payment you can comfortably afford
- What home price range may fit that payment at current interest rates
- How much money you should have available for your purchase
- What to expect for closing costs and other expenses
- What is currently happening in the local real estate market
- What you should expect as you begin your home search
Your maximum approval amount and your comfortable monthly payment are not necessarily the same thing. We want you to understand both.
3. When should I get prequalified for a mortgage?
Before you begin seriously looking at homes.
A mortgage lender can review your income, debts, credit and available funds to help determine what financing may be available to you.
Getting prequalified early also gives you time to address credit issues, documentation problems or other surprises before you find a home you want to buy.
Castle Gate Realty can connect you with lenders and other Trusted Pros who regularly work with home buyers.
4. How do I decide what I need in a house?
Separate your needs from your wants.
Our Buyer Questionnaire helps you think through location, price, property type, bedrooms, bathrooms, acreage, school district, commute, features and other priorities.
Very few homes check every box. Knowing which features are necessities and which are preferences makes your home search much more productive.
5. How will I find homes for sale?
Once your criteria are established, your Castle Gate Realty agent can create a property search based on what you are actually looking for.
When matching homes become available, you can review them with your agent and decide which properties you want to see.
6. What happens when I find a house I like?
Your agent will help you evaluate the property and decide whether you want to make an offer.
This is about more than choosing a price. Your Castle Gate agent will help you understand the terms of the offer, current market conditions, comparable properties and the decisions you need to make before submitting an Agreement of Sale.
7. What happens after my offer is accepted?
If you are financing the purchase, you will complete your formal mortgage application and provide your lender with the requested financial documents.
Respond quickly when your lender asks for information. Delays in providing documents can create delays in your mortgage approval and settlement.
8. When do home inspections happen?
Most inspections take place shortly after the Agreement of Sale is signed, according to the deadlines contained in your contract.
Depending on the property and your Agreement of Sale, inspections may include a general home inspection and additional inspections or testing.
Your Castle Gate Realty agent will help you understand your inspection options, contractual deadlines and what happens if an inspection identifies a concern.
9. What should I do while waiting for settlement?
Once inspections and other major contingencies are completed, it is time to start preparing for your move and settlement.
This may include arranging utilities, obtaining homeowners insurance, coordinating with the title company and lender, packing, completing your final walkthrough and making sure you know exactly what is required for settlement day.
Do not make major financial changes before closing without speaking with your lender. New debt, large purchases, changes in employment or moving money between accounts can potentially affect your mortgage approval.
10. What happens at closing?
Closing, also called settlement, is when the final documents are signed and the purchase is completed.
Your title company and lender will provide instructions regarding identification, funds and anything else you need to bring.
Once settlement is complete and the transaction has officially closed, you get the keys to your new home.
Where should I start if I'm thinking about buying a home?
Start with a conversation, not a house.
Meeting with a Castle Gate Realty agent early gives you time to understand the process, determine your comfortable budget, prepare financially and develop a strategy before you begin making major decisions.
Whether you're ready to buy now or you're planning several months ahead, a Castle Gate Realty Buyer Consultation can help you understand what you should do next.
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