Buying Process
Step 1
Meet with a realtor
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- A Realtor is your advocate, and in most cases, the seller covers the buyer agent’s commission. So there’s really no good reason not to hire a Realtor!
- Meet with several agents, check their references, and choose one that’s a good fit for you
- After you select an agent, discuss the type of home you are looking for, including style, price and location.
Step 2
Get Pre-approved
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- Shopping around for a lender could save you money
- Maintain Your Credit/hold off on big purchases
- Don’t forget, you will have closing costs
- Stick to your budget
Step 3
Start House Hunting
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- If possible, pick a location first and set a budget to stick to.
- Be sure to rely on your agent's experience – they know the industry!
- Don't let things like paint color and decor deter you. Try to envision your items in the home with your design touches.
- Be ready to act fast if you like the home because in today's market, homes are selling quickly!
Step 4
Write An Offer
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- Review comps and market conditions to decide an offer price.
- Sweeten the offer with stong earnest money and reasonable terms.
- Do you want to ask the seller to assist with closing costs?
- Do you want an inspection?
- What date will you request for closing and for occupancy?
- Consider an escalation clause.
- How will you pay for the home?
- Sellers prefer cash or a conventionl loan.
- Other options are FH, VA, or USDA loans.
Step 5
Time to Negotiate
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- The seller may come back to you requesting changes to your offer. Keep an open mind and try to find common ground when possible.
- Emotions can run high – remember to just breathe!
- Lean on the advice of your agent.
Step 6
Under Contract / Pending
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- You're under contract! The home is now held for you until closing.
- This can be anywhere from two weeks to 45 days or more depending on the type of financing you are using.
- Your lender has the most work during this period while your Realtor is making sure all of the deadlines are met for an on-time closing.
- Do not make any big purchases during this time! This could negatively affect your credit.
- If you wanted an inspection, it would take place while in escrow.
- Try to schedule it within a week of the signed contract date.
- Your lender will order an appraisal.
- Your loan will go through the underwriting process.
- Call the utility companies to switch them to your name.
- Your Realtor should be able to provide you with a list of utility companies and phone numbers so you can easily get everything switched over. Make sure to do this before you move in to ensure no break in service.
- You will have a final walk-thru of your new home within three days or so of your closing date.
Step 7
Welcome Home
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- A title company or attorney acts as an independent third-party to facilitate the closing.
- You may have to wire your funds the day before closing to ensure the funds arrive in time for the closing.
- Plan on 45–60 minutes for the closing.
- After all the papers are signed, the the keys are then handed over (usually, depending on the terms of the purchase).
- Congratulations!
Step 1
Meet with a realtor
Click For More Information
- A Realtor is your advocate, and in most cases, the seller covers the buyer agent’s commission. So there’s really no good reason not to hire a Realtor!
- Meet with several agents, check their references, and choose one that’s a good fit for you
- After you select an agent, discuss the type of home you are looking for, including style, price and location.
Step 2
Get Pre-approved
Click For More Information
- Shopping around for a lender could save you money
- Maintain Your Credit/hold off on big purchases
- Don’t forget, you will have closing costs
- Stick to your budget
Step 3
Start House Hunting
Click For More Information
- If possible, pick a location first and set a budget to stick to.
- Be sure to rely on your agent's experience – they know the industry!
- Don't let things like paint color and decor deter you. Try to envision your items in the home with your design touches.
- Be ready to act fast if you like the home because in today's market, homes are selling quickly!
Step 4
Write An Offer
Click For More Information
- Review comps and market conditions to decide an offer price.
- Sweeten the offer with stong earnest money and reasonable terms.
- Do you want to ask the seller to assist with closing costs?
- Do you want an inspection?
- What date will you request for closing and for occupancy?
- Consider an escalation clause.
- How will you pay for the home?
- Sellers prefer cash or a conventionl loan.
- Other options are FH, VA, or USDA loans.
Step 5
Time to Negotiate
Click For More Information
- The seller may come back to you requesting changes to your offer. Keep an open mind and try to find common ground when possible.
- Emotions can run high – remember to just breathe!
- Lean on the advice of your agent.
Step 6
In Escrow
Click For More Information
- You're under contract! The home is now held for you until closing.
- This can be anywhere from two weeks to 45 days or more depending on the type of financing you are using.
- Your lender has the most work during this period while your Realtor is making sure all of the deadlines are met for an on-time closing.
- Do not make any big purchases during this time! This could negatively affect your credit.
Step 7
Final Details
Click For More Information
- If you wanted an inspection, it would take place while in escrow.
- Try to schedule it within a week of the signed contract date.
- Your lender will order an appraisal.
- Your loan will go through the underwriting process.
- Call the utility companies to switch them to your name.
- Your Realtor should be able to provide you with a list of utility companies and phone numbers so you can easily get everything switched over. Make sure to do this before you move in to ensure no break in service.
- You will have a final walk-thru of your new home within three days or so of your closing date.
Step 8
Welcome Home
Click For More Information
- A title company or attorney acts as an independent third-party to facilitate the closing.
- You may have to wire your funds the day before closing to ensure the funds arrive in time for the closing.
- Plan on 45–60 minutes for the closing.
- After all the papers are signed, the the keys are then handed over (usually, depending on the terms of the purchase).
- Congratulations!
© 2023 Dayton Area Board of Realtors. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from Dayton Area Board of Realtors and the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Dayton Ohio MLS (DTON) - 48 - OH are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ program of the Multiple Listing Service of Greater Cincinnati. Real estate listings held by brokerage firms other than Coldwell Banker Heritage are marked with the MLS ™ logo (the small logo to the left) and detailed information about them includes the name of the listing brokers. The information herein is furnished by the property owner in good faith but is subject to verification by the purchaser. Neither the MLS, the Broker, the Agent guarantee or warranty the correctness therein. All information is dated and is subject to change at any time. Copyright 2023, MLS of Greater Cincinnati, Inc. All rights reserved.
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Phone: (937) 429-4500
Licensed Real Estate Broker
State of Ohio
Phone: (937) 429-4500
Licensed Real Estate Broker
State of Ohio
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