Steps for Buying a Home

#1 - How are you going to pay for your new home? 

The best way to start the home buying process is by determining if you can afford to purchase a home and, if so, how much can you afford. You can do this by getting pre-approved from a mortgage lender. You’ll also want to make a list of your income vs debts. This will help you determine a comfortable per month mortgage payment.                                                                                                     

#2 - Who will represent you?

You can search homes online all day long, but you‘ll need a real estate professional to schedule showings, offer expertise, negotiate on your behalf, manage paperwork and many other daunting tasks.  Afterall, this is the person who will help you make one of the largest financial decisions of your life!

#3 - What do you want?

Now comes the fun part... deciding what you want in a home! How many bedrooms? Bathrooms? How far are you willing to commute? Do you want a move-in ready home or are you willing to do a few renonva- tion projects? Give this some thought, be realistic and share your wants and needs with your real estate agent. (PS: We have included a checklist in this guide to make this even easier!)

#4 - You found your dream home, now what?

Fantastic! You’ve found the home you’ve been dreaming of. Now what? At this point, your real estate agent will help you prepare and present an offer. He/she will also negotiate the terms and potential counteroffers. Once everything is agreed upon, you’ll deposit your earnest money, arrange for an inspection and appraisal, secure financing, order home insur- ance, home warranty and more. Your real estate agent will guide you through the process between offer and closing to keep you on track.



APPRAISAL - A written estimate of a property's current value.

CLOSING COSTS - Fees associated with buying a house that your lender charges and/or you rack up from various 3rd parties.

CONTIGENT - A status in which a house has accepted an offer but relies on meeting certain criteria, such as passing a home inspection or an appraisal.

CONVENTIAL MORTGAGE - A mortgage loan not insured by the government or guaranteed by the Veteran's Administration.  It is subject to conditions established by the lending institution and State statutes.

COMMISSION - A percentage of the sale that is paid to the real estate professional. In most situations, commissions are paid by the seller of the property.

DOWN PAYMENT - The amount of your home’s purchase price you pay upfront.

FHA MORTGAGE - A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans are designed to make housing more affordable.

FORECLOSURE - A property seized by the mortgage lender due to the homeowner failing to make full payments on their mortgage. In hopes to recover the balance of the home loan, the lender will sell the house.

FSBO - A.K.A. For Sale by Owner. A FSBO is a property that is being sold by the current homeowner without the aid of a real estate agent.

EARNEST MONEY - A deposit made by the potential home buyer to show that he/she is serious about buying the house.

INSPECTION - An evaulation of the home in which a professional inspector determines the current condition of the home and its systems.

LISTING - A list of information about a home that is currently on the market.

MLS - A.K.A. Multiple Listing Service. The MLS is a data- base that includes all available homes for sale in a particular area.

PMI (Private Mortgage Insurance) - The monthly insurance payment a lender must pay if the down payment is less than 20% of the sale price.

PRE-APPROVAL - An evaluation by a lender that determines if the potential buyer qualifies for a loan and, if so, the maximum amount the lender would be willing to lend.

REO - An acronym for “Real Estate Owned.” A REO property is owned by the bank due to a foreclo- sure. REO properties can be purchased from the bank; however, they are often sold “as is.”

SELLER ASSIST (Seller paid closing costs) - Money given from the seller to the buyer at settlement to pay for part of the closing costs. The amount varies depending what the mortgage company allows.


For a FREE 30 Minute Buyer Consultation, please contact me at 678-369-3884, or email at





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