Typical Home Purchase Procedure

Step 1
  1. Prequalify with your professional agent to know what price you can afford.
  2. Decide what location, features, and priorities are important to you.
  3. View several homes in your price range to determine your choice.

Step 2

In purchasing your new home, the initial step will be to instruct your agent to make an offer to purchase.
This offer must be in writing and accompanied by an earnest money check to show "Good Faith."
This offer should include:
  1. The amount you are willing to pay.
  2. Closing and occupancy dates.
  3. Any contingencies, including obtaining of mortgage, and building and pest inspections.
  4. Any personal property specially included or excluded.
If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller.


Step 3

When the buyer and seller agree on terms, the buyer immediately applies for financing, taking the necessary credit
information to the lender. The buyer should stay in touch with their loan officer weekly during the loan process.


Step 4

Once loan approval is received, the agent will see that the abstracting is begun and all necessary contingencies are met.


Step 5

The closing. Buyer and seller meet with the lender and Realtors involved to perform the closing transaction.
Afterward, the documents are filed at the courthouse. Possession date is not necessarily the closing date.
Possession and occupancy are agreed upon at the time the contract to purchase is agreed on.