Buying a home is a big step!

Whether you're buying your first home, dream home, or tenth investment property, buying real estate is a major decision, and who you choose to work with is important. Working with the right agent ensures that you will find the perfect property for your unique circumstances – someone who takes the time to understand your goals, knows the market, loves real estate, and educates you throughout the buying experience.

Finding the perfect property is one part of your real estate purchase. It is equally important to team up with experts who can guide every element of the homebuying process, including lending, home inspection, appraisal, and sometimes, relocation.

Together, we’ll walk through each step of the homebuying process, answering your questions and ensuring you know exactly what to expect at each step.

Finding the perfect property is one part of your real estate purchase. It is equally important to team up with experts who can guide every element of the homebuying process, including lending, home inspection, appraisal, and sometimes, relocation.

The Homebuying Process:

A Step-by-Step Guide

Navigating the homebuying process can be difficult, but with the right help, it becomes a seamless experience. Here at William Raveis Real Estate, our Elite Concierge Services are designed to support every stage of the homebuying journey.

Together, we’ll walk through each step of the homebuying process, answering your questions and ensuring you know exactly what to expect at each step.

🔑 Step 1: Sign a Buyer Representation Agreement

The process begins by partnering with a dedicated real estate agent through a Buyer Broker Agreement. This ensures you have professional representation focused on your interests throughout the transaction.

🔑 Step 2: Get Pre-Approved for a Mortgage

Connect with a William Raveis Mortgage Banker to get started on the process of securing a competitive loan for your home purchase. The first step is obtaining a pre-approval. 

Be sure to discuss:

• Earnest money deposits, cash offer scenarios, and gift assets
• The property appraisal process, timing, findings, and what it means
• For an all-cash offer, provide the necessary bank documents with the offer to the Seller
• Talk to your William Raveis Mortgage Banker regarding a Cashbid letter

🔑 Step 3: Search for Homes and Track the Market

Be a savvy homebuyer by using innovative technology and tools on Raveis.com to keep you current on local housing trends and select your favorite properties in the marketplace. Use Raveis Local Market Insights and sales activity from the local MLS to research options. 

From here, your Buyer Agent will create a plan to visit your favorite listings and coordinate showings with the Seller’s Agent. While touring properties, you’ll want to identify possible repair issues, material defects, and potential dealbreakers. 

Here are some other things to do with your Buyer Agent:

• In-depth review of Seller’s property disclosures
• Confirm disclosed conditions of major systems (A/C, heating, security, sprinkler)
• Provide the property’s public record information for lot size and dimensions
• Verify the property’s land use, deed restrictions, and zoning
• Estimate expected monthly utility usage costs
• Verify water source and status (public, well, septic, sewer line)
• Explain Co-Op properties, restrictions, and additional Buyer Offer requirements
• Explain Condominium common areas, condo documents, HOA dues, and financial disclosures
• Explain tax abatement for qualified residents
• Obtain a copy of the subdivision plot/complex layout
• Verify legal names of owner(s) in the county’s public property records
• Note all property liens, agreements, and easements

🔑 Step 4: Submit an Offer to Purchase

You’ve found your new home! Now, with your sales associate’s guidance, an offer to purchase is submitted as a preliminary agreement. 

Preparing Your Offer

Here are some things to discuss and review with your Buyer Agent:

• A detailed list of the property’s exclusions, conveyances with sale, and negotiable items
• Home warranty options
• Transferable warranties
• The home inspection process, inspection costs, and inspection contingencies
• If there’s a need for lead-based paint disclosure
• Recent relevant comps to help build Buyer’s Offer
• The merits and weaknesses of the Buyer’s Offer from the Seller’s viewpoint
• Mortgage contingency deadlines
• Multiple offer scenarios, escalation clauses, and negotiation strategies with the buyer
• Establish counteroffer scenarios
• The proposed closing date
• Legal representation to assist with legal contracts

Shortly after the seller accepts the offer, you will complete a loan application.

🔑 Step 5: Hire an Attorney for Legal Review

Your Sales Associate can recommend legal representation from the William Raveis Attorney Network to review all legal documents for accuracy and compliance.

🔑 Step 6: Obtain Insurance Coverage

Connect with a William Raveis Insurance Director to discuss your current and future insurance needs across your entire portfolio, including homeowners, auto, valuables, boat, flood, umbrella, and more.

🔑 Step 7: Conduct a Home Inspection

After hiring an attorney, choose from your Sales Associate’s list of licensed home inspectors to complete a thorough home inspection. At this point, the purchase and sale agreement may be executed.

🔑 Step 8: Complete the Appraisal and Loan Processing

Once a professional has conducted a property appraisal, your loan application will be processed by William Raveis Mortgage, LLC, and a lender loan commitment will be provided.

🔑 Step 9: Perform a Title Search

Your attorney will order the title search, an examination of municipal records, to determine legal ownership of the property.

🔑 Step 10: Finalize Insurance and Prepare for Closing

Your William Raveis Insurance Director will present you with custom quotes from major insurance carriers to compare coverage and potential savings. Once you accept a property insurance policy, an application is signed, and payment is made.

Managing Final Tasks

• Confirm that inspections are scheduled and review any reports
• Make sure all agreed-upon repair items or concession amounts are in writing
• Confirm closing figures with your Buyer Agent
• Verify wiring instructions before any funds are transferred 
• Review the title insurance commitment with legal representation
• Do a walk-through with your Buyer Agent to ensure the home condition is at/better than at the home inspection

🔑 Step 11: Closing Day

At closing, you will present an insurance binder and proof of payment. Your attorney will review your contract’s closing costs, final settlement, and provide proof of title search and an estimate of the title search fee. Title insurance is issued at closing.