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Home Buyer’s Guide
A Clearer Path to Buying Your Next Home.
Buying a home can feel overwhelming, but the process becomes much easier when you understand what to expect. This guide walks you through the major steps, from pre-approval and home search to offers, inspections, financing, and closing day.
What’s Inside
Understand the steps before you start.
- Buyer roadmap
- Financing and pre-approval
- Home search priorities
- Offers, inspections, and closing
Buyer Roadmap
The Home Buying Process, Step by Step.
This timeline gives you a quick overview of what to expect from the first conversation through closing day.
Pre-Approval
Meet with a lender and get a pre-approval letter.
Search
Begin your online home search.
Showings
View the homes you are interested in.
Offer
Put in a strong offer and negotiate the terms of the contract.
Escrow
Deposit escrow and complete the loan application within the contract timeframe.
Inspections
Schedule inspections and negotiate any repair requests or inspection issues.
Financing
Order the appraisal and obtain homeowners insurance.
Last Steps
Receive clear to close and perform the final walk-through before closing.
Closing
Get your keys and celebrate buying your home.
Finances
Start With a Clear Pre-Approval.
Before officially beginning your home search, start by speaking with a lender and getting pre-approved. A lender can answer your finance questions, help you understand your price range, and estimate the expenses to expect.
Questions to Ask Potential Lenders
- What is the best type of loan for me?
- Do I qualify for any special discounts or loan programs?
- What interest rate can you offer?
- When can you lock in my rate?
- What fees can I expect from you?
- What are my estimated closing costs?
Tax Returns
W-2 Forms
Pay Stubs
Bank Statements
List of Monthly Debt
Home Search
Find the Right Home With a Clear Plan.
The search works best when your budget, must-haves, deal breakers, location preferences, and timeline are clear from the beginning.
Step One
After you speak with a lender and get pre-approved, we will begin your online home search and set up an automated search on the Multiple Listing Service.
Step Two
We will discuss your ideal price range, must-haves, deal breakers, location preferences, school districts, and other factors that will guide your search.
Step Three
When you are interested in a home, we will schedule a showing. If it meets your criteria, we will write an offer and work toward getting you under contract.
Must-Have Checklist
Think Through What Matters Most.
Use this checklist to separate true must-haves from nice-to-have features before you tour homes.
Kitchen
- Island
- Updated countertops
- Walk-in pantry
- Updated cabinets
- Breakfast nook
- Updated appliances
Bathrooms
- Double vanities
- Bathtub
- Updated bathroom
- Walk-in shower
- Guest bathroom
Main Living Area
- Walk-in closet
- Split floor plan
- Storage space
- Primary bedroom on main floor
Additional Features
- Hardwood floors
- Fireplace
- Office
- Formal dining room
- Open floor plan
- Front porch
- Separate laundry area
- Parking space
New Construction
Understand the New Construction Process.
Buying or building a new home can involve builder contracts, selections, timelines, walk-throughs, inspections, and closing details.
Is New Construction for You?
- Questions to consider
- Weigh the pros and cons
Choose Your Builder
- Choose a homesite
- Choose your builder
- Questions to ask builders
Select Your Options
- Obtain pre-approval or proof of funds
- Enter contract with a builder
- Select your options
Prepare to Close
- Walk-throughs
- Optional inspection
- Punch list
- Closing day
Questions to Ask Your Builder
1. Do you have to use their preferred lender?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
2. Can you see a copy of the builder’s sales contract?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
3. What is the timeline for completion?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
4. Can you choose features, fixtures, or appliances that are not in their selected packages?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
5. What is included in the landscaping package?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
6. Can the builder charge extra for unexpected cost increases?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
7. What warranties are provided?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
8. What are the deed restrictions and is there, or will there be, an HOA?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
9. Is there, or will there be, community amenities?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
10. Can you do a final walk-through before closing?
Use this question to clarify expectations, contract terms, timelines, costs, responsibilities, and what is included before moving forward.
Offers & Negotiations
Be Prepared Before Writing an Offer.
Before writing an offer, we will gather important details and structure the terms so the offer is clear, competitive, and aligned with your goals.
Pre-approval letter
Offer price
Financing amount
Escrow deposit
Closing date
Inspection period
Closing costs
Multiple Offer Tips
- Submit your pre-approval letter with your offer.
- Have your lender call the listing agent to share your pre-approval details.
- Use an escalatory addendum.
- Make a cash offer if possible.
- Offer more than the asking price.
- Be flexible with your closing date.
- Offer a higher escrow deposit so the seller knows you are serious.
- Keep your offer clean when it comes to contingencies.
Inspection Period
Schedule Inspections Early.
It is critical to begin scheduling inspections as soon as you are under contract. The typical inspection period is between 10 and 15 days.
Types of Potential Inspections
- Home inspection
- Wood-Destroying Organism (WDO) inspection
- Mold inspection
- Foundation inspection
- 4-point inspection
- Wind mitigation inspection
- Lead based paint inspection
- Radon testing
Closing Day
Prepare for the Final Steps.
The final stretch includes loan application details, appraisal, home insurance, underwriting approval, and your final walk-through.
Loan Application & Appraisal
You will typically have three to five days after the contract has been executed to make application for your loan. The appraisal is ordered by your lender after the inspection period.
Home Insurance
You will need to obtain a homeowner’s insurance policy that begins on the day of closing.
Important Reminder
Avoid major purchases, new lines of credit, or job changes during this period. When in doubt, call your agent or lender.
Clear to Close
This means the mortgage underwriter has approved your loan documents and the closing date can be confirmed.
Ready to Start?
Let’s Talk Through Your Next Move.
Whether you are early in the process or ready to start touring homes, The Polanco Team can help you understand your options and move forward with confidence.