Home Buying Process
At Simple Co. we break the home buying process down to 6 main steps.
Step 1: Consult
We begin by meeting either in person or on video chat to discuss your goals, the home buying process and the state of the market to develop your personalized path to buying a home.
Step 2: Loan Approval
If we determine in step one that you're ready to have a lender run some number for you, the next step is to connect you with a lender to complete a preliminary loan application.
Step 3: Home Search
Once we have determined buying a home soon makes sense for your goals and a mortgage advisor has confirmed you are financially ready, its time to start shopping. We will set you up on a personalized search direct from the MLS and we also offer our free home search app and home search tool on our website, both connected to the MLS and available for your convenience.
Step 4: Offer
Once we find a home you love, its time to make an offer. This can be a bit nerve wracking but we promise it doesn't need to be. Making an offer does not commit you to buying the home. Its simply the first step, telling the seller you think you want to. If your offer is accepted, you will then have an opportunity to do further due diligence to make sure its the right home for you.
Step 5: Inspections/ Appraisal/ Repairs
Once the seller has accepted your offer, you are now in what's called "escrow". Escrow typically lasts 21-45 days. In that time, the seller will provide their "seller disclosures" telling you any material facts they know about the home as well as a natural hazard disclosure and title report to inform you if the home is in an area effected by natural hazards or possible has any easements or other title concerns. You will also have the opportunity to have the home inspected if you choose. The most common inspections are Home, Pest, and Roof. Depending on the age of the home and how its constructed, a sewer, septic or well inspection may be highly recommended as well. In most cases, the bank will also send an appraiser to the home to ensure they feel comfortable loaning you the amount you're asking to borrow for that home.
Step 6: Keys
This is our favorite part! If all goes well during escrow and you and the bank agree its a great home, you get to move forward to close escrow and get the keys to your new home. In between step 5 and 6 there are a bunch of moving pieces the lender and title company have to deal with. Unfortunately, these can cause some delays. To best set expectations, we always recommend buyers be prepared to potentially get keys a few days later than planned.
