Your 8-Step Guide to Buying a Home

By Alejandra Zamora

Jumping into the real estate world without guidance can feel a lot like jumping into a large, extremely deep pool: It’s scary, unfamiliar, and you can’t quite see the end of the road. For new home buyers, this feeling is seen all too often in our field, and, while many can be successful on their own, sometimes buying mistakes are made that aren’t noticed until a few years down the road. In fact, according to CNBC, 64% of adults aged 25-40 and 45% of adults aged 41-56 have at least one regret about buying their home. Some of these regrets include not buying a home of the right size, paying too much on the home’s down payment and mortgage rate, the wrong location, and more. While, of course, everyone learns from experience and can have regrets even with proper preparation, doing your homework and following expert advice can help reduce the risk of having those regrets down the line. In this blog post, we’ve put together an 8-step guide to buying a home so you know just what you’re getting into. 

→ Step 1: Find an agent

Finding an agent you trust can make or break your entire home-buying process. Real estate agents bring expertise in numerous areas, from essential negotiating skills to knowledge on the surrounding area. At The West Team, we have a dedicated, community-oriented staff with diverse backgrounds in many different areas of the field. Decades of experience and multiple accolades back our team, so giving our office a call (561-674-6555) is a great place to start. 

→ Step 2: Get pre-qualified

Getting your mortgage plan in order is the next essential step in the process. One of our agents can connect you with a mortgage broker, where you’ll then get more information on the kind of bank loan you can secure based on your credit score and income. Once this is determined, you’ll have a better idea of what your price range is. 

→ Step 3: Visit properties

Arguably the most fun part of the process, this next step is when you actually get out there and house hunt! Once you have your price range, you can collaborate with your real estate agent to make a list of priorities, such as the location you want to start looking in and the amenities that are non-negotiable. With an agent, you can attend open houses and walk through homes, and we can even let you know about exclusive off-market and coming soon properties!

→ Step 4: Submit offers

Here’s where it gets exciting! Getting to this step means you’ve found the one, the perfect home you’ve set your sights on and can imagine a life in (hopefully with a plan B and C, of course). You’ll work with your agent to put in an offer. This can be scary, and if it ever becomes too much or too confusing, don’t worry: Your agent will be with you every step of the way, advising you on negotiating and acceptable terms. 

→ Step 5: Begin the escrow process

Once your offer has been accepted, the escrow process begins. If you’re wondering what this fancy real estate term is, you’re not alone; according to Rocket Mortgage, an escrow is a “legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met.” Essentially, an escrow protects all vulnerable parties involved. When all the funds are transferred and the buyer signs the loans and closing documents, the escrow can end. 

→ Step 6: Prepare for home inspections

A tedious yet necessary step, you, as the buyer, will next need to schedule home inspections to assess the condition of your new property before your agreed-upon timeline is up. This is an extremely important step, for whatever gets overlooked may greatly affect both your future life in the home and its resale value. Of course, your agent can guide you through all these inspections, letting you know if all is well or if something is of concern. 

→ Step 7: Finalize your loans & appraisal 

Another real estate vocabulary term is found in this step. Our Compass definition of “appraisal” is as follows: Assessment of the property’s market value for the purpose of obtaining a mortgage and performed by a licensed appraiser. All documents and agreements get signed at this stage, and the bank can officially approve your loan. Then, you get the green light to close. 

→ Step 8: Close!

At last, the nitty-gritty is over, and you’re officially a new homeowner! Take a moment to celebrate this milestone and enjoy your new home-- Congratulations!