An agent who specializes in first time home owners should bring the same persistent effort and energy to the working relationship, and then some. Everywhere you look you’ll find droves of realtors who claim that “first time home buyer specialist” title, and yet it shows how many years it’s been since they were first learning the ropes themselves.

I put together this “How To Buy a House” checklist and host monthly workshops under the same title in order to address what other first time buyer agents tend to overlook - the home buying process is so freaking complicated!

Below is a timeline of what your typical transaction will look like, but is by no means comprehensive, as strange circumstances and unexpected road bumps do happen! Luckily, you’ve got a home buying “doula” by your side who is equipped to efficiently explain and handle every twist and turn.

Phase I: Plotting

1. Submit your paystubs, bank statements, and any documentation of debt and assets you have to a lender of your choice. Within a day or two, they will send you back a PREAPPROVAL LETTER. A preapproval is free with no commitment attached - we’ll use that to determine what price range we should look in.

2. Let’s see some homes! Complying with federal law, first we’ll both sign the BUYER’S AGENCY AGREEMENT. Then we can see homes in person or via a video showing! You’ll see in the Buyer’s Agency Agreement that Realtors charge a commission of 3.5% of the total purchase price of the home. When we write an offer, we’ll negotiate with the seller to try to have them pay for some or all of that 3.5%.

Phase II: Pursuing

1. You found a home! It’s time to write an offer. We’re going to negotiate with the seller about terms like the PURCHASE PRICE, CONCESSIONS, INSPECTION PERIOD, and BUYER’S AGENT COMMISSION (as mentioned in Plotting #2).

2. In the first week, you’ll submit your EARNEST MONEY DEPOSIT (1% of the purchase price) and have a HOME INSPECTION (typically around $400 - $600).

3. When you get the results of your home inspection, you and I will discuss whether you want to keep moving forward as is, ask the seller for REPAIRS or CONCESSIONS, or pull out of the deal entirely. We may also consult with the inspection and ask questions about the report.

Phase III: Polishing

1. We’re in the home stretch! The first step in this phase is ordering your appraisal with your lender (also around $400 - $600). Appraisal reports take a few days or a week to come back. The reason lenders require an appraisal is because the mortgage company doesn’t want to lend you more money than the home is worth.

For this reason, we want the appraisal to come back either at or above the purchase price. If it comes back below what you’re paying for it, there are a few things we can do to try to compensate for the issue and keep the deal. 2. Post-appraisal is when you may feel a sense of relief, at this point in the process, all that happens is your loan UNDERWRITER will work to close your loan and the TITLE COMPANY will do what’s called “CLEARING TITLE”. This is when they sift through the entire history of the property and confirm that the person who says they own the home does, as well as finding any due property taxes or other bills from the city so that those can be put on the seller’s statement at close and you aren’t responsible for any charges incurred before you own the home. 3. CLOSING TIME! 1-3 days before close, you’ll get an itemized statement of all monies you will be charged and all monies you are required to bring to close (so what is going on your mortgage and what you owe at closing). All fees incurred including your Realtor’s commission will be on this statement.

We’ll look that over and you’ll either wire or bring a cashier’s check to closing with the amount that you owe.

CONGRATS! You’re now a home owner! You’ll get your keys and the title company will record your deed with the county.