The number one step will be to talk to a real estate agent.  Your real estate professional will then recommend you speak to a lender and make sure your financial situation is in order.  A real estate professional will assist you in looking for the right house, but your lender will determine your financial possibilities.  Look for lenders by talking to your bank representative or have your real estate professional recommend a good loan officer.

 

Discuss with your agent what your wish list is for a “perfect” house and check with your lender to make sure it fits your financial goals.  Depending on your needs for the next couple of years, you may want to start with apartments or townhouses or if you have an expanding family, you may want to look at a single family home.  Make a wish list using the following criteria:

 

You will need to submit an offer with the help of your agent.  Offers are then reviewed by the seller and are either: (1) accepted, (2) rejected or (3) accepted with conditional changes.  If the seller accepts your offer but wants you to agree to specific terms, you will then need to submit a counter offer with the new conditions.  Once the seller agrees to your offer, you have now entered into a BINDING contract between yourself and the seller.

 

Normally, your agent will coordinate the rest of the transaction for you and explain the steps.  They will go to the escrow company to put your initial deposit into an escrow account and start the escrow process (otherwise known as “opening escrow”).  You may elect to have a professional home inspector evaluate your property and inform you of the property's condition.  If you purchase a townhouse, condominium or apartment, you will need to review and approve the condominium and association documents.  You may need to select a termite inspector and have the property inspected.  As a buyer, your responsibility is to stay informed and to meet the deadlines stated in the contract.  Again, refer to the timeline to see what should be done between the time your offer is accepted to the targeted closing date.

 

At least 3 days prior to the closing date, you will need to meet with your lender to sign loan documents and the escrow company to sign escrow/title documents.  In most cases, your agent will be present at both the loan and escrow signings to answer any questions or to address any last minute issues.  You will be informed in advance as to the amount of funds needed to close the transaction (also known as closing costs).  Most escrow companies will require the funds to be certified, in the form of a certified check, cashier's check or wire transfer.

 

Congratulations!  You are now the proud owner of a new home.  Remember to have the utilities (electricity, gas, water, cable, phone, etc) turned on and transferred to your name.  Don't forget to give your new address to family and friends!