- One of the first things that should be accomplished before buying a home is to have financing in place. At least a 10-percent down payment and a pre-approval letter from a lender should be acquired before looking for a home.
- A Realtor will take into consideration how much home the buyer can afford, and the buyer's desired location--giving several housing options from which to choose.
- Once a home has been found, a home inspection should take place by a licensed contractor. This is typically nonrefundable, but it will show any flaws in the structure or mechanics of the home that may need to be repaired before closing.
- A home appraisal is one of the final steps before the bank lends the buyer the money. This will show the asking price and the value of the home compared to other homes in the area.
- At closing, the buyer, seller, real estate parties and the title company meet to exchange funds and transfer the title and deed over to its new rightful owner.
