Steps of the Buying Process

01 | Meet With Your Tim Riordan Team Buyer Specialist

Creating a well established relationship with an experienced buyer specialist is imperative.  Our goal is to put you at ease through this complex process.

02 | Obtain Mortgage Pre-Approval

Pre-approval determines your ability to buy a home and at what price point.  We can narrow down your search when you are successfully pre approved.  Pre-approval is an important factor for sellers when they are considering offers.

Timeline: 30 minutes

03 | Search For Your Home

The home search begins by identifying your needs and wants.  By focusing on your specific criteria, we can create a personalized search that will more quickly and effectively help find your perfect home.

04 | Negotiate Terms & Make an Offer

Your Tim Riordan Team Buyer Specialist will create and submit an offer on your behalf to the owners of the property regarding price and any other inclusions (appliances, contingencies, etc). They can accept your offer, submit a counter offer, or reject your offer.

05 | Involve A Lawyer

It is important to have a lawyer who solely works with real estate transactions, as they are more prepared and dedicated to you.  We consider our attorney a member of our team. We are happy to refer you to them, because we know you'll be happy we did!  

06 | Home Inspection

An authorized house engineer inspects all aspects of the home to determine its current condition and identify items that need attention, before proceeding with the mortgage process. 

Timeline: 3 to 4 hours

07 | Apply for a Mortgage

Between making the offer and home inspection, factors may have changed the final buying price of the home.  This is when you'll discuss and determine which type of loan is best for you.

08 | Appraisal

Appraisal: an unbiased professional opinion of a home's value. It is a mandatory step to the mortgage process to ensure the amount of the loan you will be receiving is in line with the appraised value of the home. Appraisals are almost always used in purchase and sale transactions.

09 | Processing

Processors gather in-depth financial information. They prepare information for underwriters.

Timeline: 30 to 60 days

10 | Mortgage Commitment Letter

A mortgage commitment letter is provided by your mortgage lender indicating you have passed the underwriting guidelines and you are conditionally approved for a home loan!

11 | Homeowner’s Insurance

A typical homeowner's insurance policy includes protection for both the house and the property that it sits on, as well as other buildings or structures on that property.  Proof of this policy will be required at closing.

12 | Underwriting

Underwriters go through all the details with a fine tooth comb validating your information.

Timeline: 2 to 3 weeks

13 | Final Walk Through

The goal: Ensure the property's condition hasn't changed since your last visit, that any agreed-upon repairs have been made and that the terms of your contract will be met.

Timeline: 1 week before closing.

14 | Closing

Closing is the final step in executing a real estate transaction.  On the closing date, the ownership of the property is transferred to the buyer. Once you’ve reviewed and signed all closing documents, the house keys are yours and you will have successfully purchased your new home!