TYPICAL HOME BUYING PROCESS EXPLAINED

1. Search for a qualified agent that you will feel comfortable with.
2. Meet with this agent to communicate your needs.  Some examples of this are; price, area, number of bedrooms, number of bathrooms, etc...
3. Search for your lender.  Most real estate agents can assist you with this
4. After you decide on a lender, you need to meet with them to complete the loan application.
5. Next, go searching with your agent for your home.
6. After you find your dream home you will need to write up a contract along with the earnest money deposit for the purchase of the home with your agent.  The earnest money required to place an offer to purchase a home is typically 1% of the selling price.  Your agent will present your contract and earnest money to the listing agent whom will present the contract or offer to the seller.  If the seller agrees with your offer, you have a contract to purchase the new home from the seller.  If the seller does not agree with the terms of the contract, they may counteroffer your contract.  You then have the right to either accept the contract or decline and walk away from the contract without loss of your earnest monies.  If offer is accepted, you will proceed to step 7 and if not you will need to look for another home.
7. The next step is to have a professional home inspection completed to detect any structural or mechanical problems that might go unnoticed during a simple walk through of the home.  This process usually takes 2-3 hours for the inspector to perform a thorough inspection.  The costs typically range from $150 - $250.  If a structural engineer is hired the costs can exceed $500.
8. The next step in the home buying process is to have the lender order an appraisal of the property.  This ensures you are paying "fair market value" for your new home.
9. While these things are happening after you have received a good offer to purchase the home from the seller, you are doing the typical moving things like packing, reserving a moving truck, new school registration, change of address notices, etc...
10. Then if you think that's enough the closing day arrives.  During this 1-2 hour session, you will sign dozens of legal documents.  Your real estate agent and lender will be present to answer any questions you may have and provide counsel to you.