Step 1 – Make sure you’re ready.

Be sure to consider both your current situation and your dreams for the future when choosing a potential home. Needs and wants can change over time, and a very important first step in buying a home is deciding what those mean to you.

Step 2 – Prequalification.

Because we understand the importance of finding the right fit, our loan advisors will work with you to ascertain your eligibility by looking at your income, debts, credit history, savings, and more. Prequalification will give you a realistic view of your finances, and help you better determine your ideal price range.

Step 3 – Shop for a new home.

With so many listing websites out there, many prospective buyers choose to go at the housing market alone. However, Northeastern Real Estate agents can be an excellent partner in the home buying process.  Northeastern Real Estate agents have access to listings and resources that the average individual or website may not, and can assist you in negotiating and signing on your new home.

Step 4 – Make an offer and negotiate.

Once you’ve found the perfect home, you’ll make an offer to the seller. Many homebuyers find it helpful to already have an offer number in mind; this can be predetermined with the guidance of your loan advisor and real estate agent. If negotiation is required, your agent can help you find an appropriate vantage point, like home condition or neighborhood value.

Step 5 – Inspection.

When you and the seller reach an agreement, the house will go into escrow, or “pending,” a period in which the house will be off the market. While the home is in escrow, it’s important to arrange for a formal inspection. If there are damages or structural issues within the home, talk to your real estate agent and loan advisor. Depending on the problem, you can potentially reopen negotiations with the seller to restructure the deal, or back out entirely.

Step 6 – Loan approval and home appraisal.

A Northeastern Realty  loan advisor will work with you to tailor the right mortgage to your personal needs. If you took the steps to get preapproved, you may have a more holistic idea of what this will be. While we’re working to get your new loan ready, we’ll also schedule an appraisal of the home to determine its value.

Step 7 – Close on your new home.

At closing, you’ll sign the final loan paperwork and associated homeowner documents at a title company, then receive your keys.

Ready to make your move?

While these are the most common steps people take when buying a house, every situation is different and requires special attention. Whether you’re knee-deep in the home buying process already, about to begin looking, or have further questions about how buying a home works, reach out to us for more information.