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Overview of the Home Buying Process

Buying your new home: step-by-step overview

If you are a first time home buyer or if you have been out of the real estate market for a while, then you have come to the right place. Here you will find a step-by-step overview of the home buying process. Take a look at the home buying topics below and click the links for more detailed information on each subject.

Decide what kind of home you want to buy

Your search for a new home will be more successful if you form a good idea of the type of home you would like to buy ahead of time. It is also important to know what your limits are for a down payment, monthly payments and the loan amount. Here at Tellus Real Estate Solutions, we believe that you should start by looking at your personal requirements and then look at the numbers. Find out more.

Search for a new home

Once you have a list of the features and requirements for the home you want to purchase, you can begin your search in earnest. Don’t be surprised as you go through the search process to find that you will modify your requirements. You may decide that some features are more, or less important than you thought.  You may also find that a certain area in which you would like to live is more expensive (or less expensive) than you thought, requiring you to compromise or change your other criteria. Find out more.

How to make an offer and get it accepted

Congratulations!  You’ve found a home you want to purchase!  Now, its time to make an offer and have it accepted. These are some tips and suggestions for how to form your offer and to negotiate terms that the seller will accept. We are not talking about making an offer that is accepted right off with no negotiation. That is easy;  you just offer the seller cash equal to the amount they ask. Find out more.

Perform due diligence

Probably the most important step you can take when buying a home is to do a good job of performing “due diligence”.  What do we mean by due diligence?  These are the steps that help you make sure that the home your are buying is what you expect it to be, and to help make sure unexpected problems don’t show up later.  It is virtually impossible to remove all risk, but performing common due diligence steps can greatly reduce any future problems. Find out more.

Get ready for the move

When buying a new home, there is usually not a large amount of time between mutual acceptance and closing. Typically its 30-45 days. You should start getting ready for the move as soon as possible. Find out more.

Closing on your new home

The final step in the sales process is closing and taking possession of your new home. The actual closing process will be managed by an escrow officer or real estate attorney. Their role is to ensure that the appropriate funds change hands between all parties (buyer, seller, buyer’s lender and seller’s lender) and to make sure that title to the property is properly transferred. They act as a neutral third party to the transaction. Find out more.

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