Overview of Home Buying Process
Written by Graham Team · Graham Team Real Estate Advisors — Henderson & Las Vegas, NV · Contact
Master the home buying process with our step-by-step guide. Learn how to get pre-approved, find your dream home, and close the deal with confidence.
Dated: May 4 2021
Here is a summary of the home buying process.
Step 1: Get Pre-Approved
The first step before you even start to look at homes is to get a pre-approval completed with a lender. This serves two purposes:
1. This gives you a guideline as to what you can afford. For me personally (I don’t want to look at Bentleys when I really have a Honda budget)
2. When you do find the right home for yourself, you will be ready to make an offer on that perfect home, as a preapproval must accompany the offer for the home.
Step 2: Start Looking
The next step is to start looking for that perfect home. Once you’ve found it, an offer is then submitted. The Graham Team may need to do some negotiating at that time with the Sellers. Once we have an signed agreement with the Sellers-we then have an accepted offer!
Step 3: Open Escrow Account
At that time, the escrow company will open up an account which will give you the ability to wire your earnest money deposit. These funds will vary depending on what the Seller is requesting.
Once the earnest money has been deposited-there are several contingency dates we watch closely, as these are dates that allow you to get your earnest money back should there be an issue.
Step 4: Contingency Dates
The first one contingencies completing the home inspection. We typically have 10days to get this completed so we like to get the inspection ordered right away.
The next contingency date is the appraisal. The lender will order the appraisal and we work closely with the lender to make sure this is completed on time.
In the mix of all of this, you will be receiving a copy of the HOA rules and regulations. This gives you an opportunity to review the rules and regulations of the community.
Step 5: Receive Full Loan Approval
The next step is receiving full loan approval. Again we work closely with your lender to ensure they have everything they need so that the lending goes smoothly.
Step 6: Settlement Statement
Your lender will send you a settlement statement which breaks down all of the fees, costs and any deposits that you have paid. We go over this thoroughly with you to make sure it is accurate and we want you to understand where every penny is going.
Step 7: Schedule Signing Appointment
A signing appointment is scheduled for you, either at the escrow office or at location convenient for you. This is the time where you will sign any documents the lender needs, along with documents needed by the escrow company.
Step 8: Final Walk-Through
There will be a final walk thru about 3 to 5 days prior to your closing date. This gives you a chance to make sure the home is in the same condition it was when you first looked at the home. Typically at this point the Seller is moved out and you can verify that the home was not damaged when they moved out.
Final Step: Receive Keys to Your New Home!
The final and most exciting step is waiting for the home to record with the Clark County Assessors office. Once this occurs the home is officially yours and we are able to hand the keys over to you!
If you would like to get into more detail about the home buying process, call us at 702-930-9551 or check out our website here.
Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com
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3007 W Horizon Ridge Pkwy, Ste. 210, Henderson, NV 89052
Frequently asked questions
Why is pre-approval the first step in the home buying process?▾
Getting pre-approved is the essential first step in the home buying process. It serves two critical purposes: it establishes a clear guideline of what you can comfortably afford, and it ensures you are prepared to submit a strong, valid offer the moment you find the right home, as sellers require a pre-approval letter.
What happens after an offer is accepted during the home buying process?▾
Once your offer is accepted, the escrow company opens an account so you can wire your earnest money deposit. This critical phase of the home buying process initiates several strict contingency dates, which act as safeguards allowing you to reclaim your deposit if specific issues arise.
How do contingencies protect buyers in the home buying process?▾
Contingencies are vital safety nets in the home buying process. They allow you to walk away with your earnest money if issues arise. Common contingencies include completing a home inspection (typically within 10 days), receiving a satisfactory appraisal from your lender, and reviewing HOA rules and regulations.
When do I need to order a home inspection when buying a house?▾
You should order a home inspection immediately after your offer is accepted. In the home buying process, you typically have a tight 10-day window to complete this contingency. This step ensures you uncover any underlying physical or structural issues with the property before finalized commitments.
What is a settlement statement in the home buying process?▾
A settlement statement is a detailed document provided by your lender near the end of the home buying process. It outlines all final fees, closing costs, and credits or deposits you have made. Reviewing this statement thoroughly ensures accuracy and helps you understand where every dollar goes before closing.
Why is the appraisal contingency important in the home buying process?▾
The appraisal contingency is a crucial milestone in the home buying process. Your lender orders an independent appraisal to verify the home's market value matches the purchase price. This protects you from overpaying and ensures the lender can secure full loan approval based on accurate property valuation.