Steps to Buying Real Estate
Step 1. Find An Agent
Buyer's Guide to Home Ownership
The home buying process, from beginning to end, requires a knowledgeable team working together to accomplish your home ownership goal.
Buying a home is an exciting decision, and Realty Express Agents are here to assist you throughout the purchase process with loan approval, property searches, property tours, market analysis, contract negotiations, inspections, appraisals, and many other tasks required to meet your goal of home ownership.
Step 2: Request Loan Pre-Approval
Prior to house hunting, the buyer will need loan pre-approval. The lender will evaluate and verify your financial information, and the property search price range will match your financial ability to purchase. Your Realty Express Agent can assist you with locating lenders.
Step 3: Property Search
Your Realty Express Agent will schedule property tours for you to view active homes and neighborhoods that meet your search criteria. Click on the link above to begin your detailed agent search.
Step 4: Comparative Market Analysis
Once your home has been located, a comparative market analysis with active and sold properties in your homes area will be reviewed to assist you with determining an offering price to the seller. This CMA does not take the place of an appraisal, which will be completed after the contract has been accepted.
Step 5: Contract Negotiations
Your Realty Express Agent will assist you with negotiating the sales price and cost related to purchasing (repairs, surveys, warranties, closing costs, etc.).
Step 6: Home Inspection / Home Owners Insurance
The home inspection is an option the buyers has to have their own inspector review the exterior/interior of the home and offer insight on needed repairs. Home Owners insurance estimates must be obtained to ensure that the home is insurable at a price that falls into the mortgage budget of the buyer.
Step 7: Appraisal
The appraisal of your new home will determine the value of the home based on many factors that include recent sales, market condition, amenities, upgrades, ext. This is required by the lender when financing and is an option when paying cash.
Step 8: Underwriting
After the inspection and appraisal is completed and all documents are turned in to the lender, the file goes into underwriting for final approval.
Step 9: Closing
The closing takes place after all of the contract obligations are fulfilled. Buyers review and sign all purchase documentation and receive the keys after the seller has reviewed and signed all documents releasing the home to the buyer.
Step 10: Possession Delivered to Buyer
Congratulations! It's time to move into your new home!
Mariam Watson, Principal Broker
Homes for sale in Little Rock, Arkansas