If you’re a regular follower of our blogging efforts, you’ll know that we’ve recently been sharing tips for buying a house, courtesy of a step-by-step guide published here. (Their blog is Colorado based, but the advice is helpful to buyers in any state!) We’ve covered topics such as preparing your financing and finding the right home, and today we’ll look at the final step of acquiring the keys to your new home.
- At this point, your Realtor really takes over in terms of negotiating the transaction terms, expertly guiding you through the process and carefully explaining all of your options. Take your time and think everything through. It’s far more difficult to make changes to the terms on a contract once the paperwork is signed.
- Once the sales contract has been signed by both parties, you may need to submit earnest money — basically a payment that then takes the house off the market. Earnest money may be credited back to you at closing.
- Schedule a full inspection of the property. This is one of the most important parts of the home buying process, so make sure you are working with an experienced housing inspector.
- When your inspection has been completed to everyone’s satisfaction, schedule the appraisal. An appraisal verifies that the loan amount is equal to the value of your home and is a safeguard for the mortgage lender.
- Finally, when all other steps have been completed, set your closing date. When the documents are signed and the mortgage is funded, you can become the proud owner of your new home!