The 8-Step Journey: From Contract to Keys in Home Buying
Are you ready to embark on the exciting journey of buying a home? If you’ve just had an offer accepted on a property, congratulations! But you might be wondering, “What happens next?” Don’t worry, we’ve got you covered. Here’s a simple, step-by-step guide to the home buying process from contract to keys.
Step 1: Offer Acceptance
The first step in the home-buying journey is to offer acceptance. This is when the seller agrees to your proposed price and terms. It’s a thrilling moment, but it’s just the beginning of your adventure.
Step 2: Earnest Money Deposit
Next, you’ll make an earnest money deposit. This is a good faith deposit, typically 1-2% of the purchase price, that shows the seller you’re serious about buying. This money is held in escrow until closing.
Step 3: Property Inspection
The third step is ordering a property inspection. This is your opportunity to uncover any potential issues with the property. A professional inspector will examine the property from top to bottom and provide a detailed report.
Step 4: Reviewing the Inspection Report
Once you receive the inspection report, it’s time to review it carefully. If there are any significant issues, you can negotiate repairs or credits with the seller.
Step 5: Property Appraisal
Your lender will then order a property appraisal. This is to ensure the property’s value matches the amount you’re planning to borrow. If the appraisal comes in lower than expected, you may need to renegotiate the purchase price.
Step 6: Loan Approval
The sixth step is loan approval. Once your loan is approved, you’re one step closer to owning your new home. This is a significant milestone in the home-buying process.
Step 7: Final Walkthrough
Before closing, you’ll do a final walkthrough of the property. This is your last chance to ensure the property is in the agreed-upon condition and that any negotiated repairs have been completed.
Step 8: Closing
Finally, it’s time for closing! You’ll sign the final documents, transfer the funds, and then… the keys to your new home are yours!
Understanding the home buying process can make your journey from contract to keys smoother and less stressful. If you’re ready to start your home-buying journey, or if you have any questions about the process, don’t hesitate to reach out. We’re here to help you unlock the door to your dream home.