Team Minik · Realty of America · Serving Goodyear & the West Valley, AZ
The Step-by-Step Home Buying Process, Explained Plainly
Buying a home involves a lot of steps, and it's easy to feel unsure what happens next. Below is the exact 14-step process Team Minik walks every buyer through, from your first conversation with a REALTOR® to the day you get your keys. Want the full details, including closing cost breakdowns and a loan document checklist? Grab our free Buyer's Guide below.
Download the Free Buyer's Guide (PDF) Talk to a REALTOR
At a Glance
- Buying a home with Team Minik follows 14 clear steps, from your first meeting with a REALTOR® to closing day.
- Earnest money is typically delivered within 1 to 3 business days of signing a contract, often around 1% of the purchase price.
- Home inspections are recommended within 10 business days of contract.
- Our free Buyer's Guide includes a full closing cost breakdown, a loan application checklist, and a glossary of real estate terms.
- Team Minik is led by Michelle Minik, REALTOR®, and is affiliated with Realty of America.
The 14 Steps to Buying Your Home
This is a general outline; steps can vary slightly by transaction, lender, and lender or title company requirements.
A Few Things to Keep in Mind
It's important to always do your due diligence before committing to any vendor or service, and to make sure every contract, price, and service has been clearly explained to you.
Earnest Money
An amount of money a buyer pays upfront to demonstrate good faith and intent to complete the transaction, typically delivered within 1 to 3 business days of signing a contract. In most cases, 1% of the purchase price is recommended, though the amount can vary. Earnest money can go toward your final costs, and it can be refundable or non-refundable depending on the contract.
Closing Costs
The total fees charged to buyers and sellers for the sale of a home. Both sides typically carry a portion of responsibility for closing costs, though buyers can sometimes ask sellers for a credit toward these costs as part of the offer.
Home Inspection
Strongly recommended, and paid for by the buyer. You may choose any Arizona-licensed inspector, and it's recommended to complete needed inspections within 10 business days of contract.
Appraisal
Requested by your lender and paid for by the buyer, to confirm the home is worth the purchase price. Estimated cost varies depending on the property.
A Few Terms Worth Knowing
| Term | What It Means |
|---|---|
| Pre-Approval | A lender's initial evaluation of how much you may qualify to borrow, based on preliminary financial information. It gives sellers more confidence in your ability to close, but it isn't a guarantee of final loan approval. |
| Contingencies | Conditions that must be met for the sale to close, usually tied to a deadline. If a contingency isn't satisfied, the contract may be canceled. |
| Escrow | A term with a couple of meanings: it can refer to where earnest money is held by a third party until closing, or to the overall period between contract acceptance and closing. |
| Underwriting | The process in which your lender evaluates your financial ability to repay the loan, typically including a credit check and appraisal of the property. |
| Clear to Close | Final confirmation from your lender that your loan is fully approved and ready to fund. |
This is a short list — our full Buyer's Guide includes a longer glossary covering appraisal, closing, collateral, comparables, counteroffers, down payment, home protection plans, mortgage insurance, MLS, principal, property taxes, REO, reverse mortgages, short sales, title, and VA loans.
Our Commitment to You
Full Disclosure & Honesty
It's our responsibility to fully disclose all important information regarding the buying process and remain realistic with any and every possible outcome.
Frequent Communication
Expect frequent communication at all times. We acknowledge receipt of an email, text, or call within a few hours, especially during a competitive market, and keep you updated on new listings, showings, complications, budgeting, and earnest money.
Professionalism
We bring knowledge and understanding of the market to best serve your needs, and act as a strong negotiator to meet your home buying goals.
Availability
Buying a home takes time and devotion. We respect your time, maintain punctuality, and keep a flexible schedule as needed.
Get the Full Buyer's Guide, or Talk to Us Directly
Our free Buyer's Guide includes the full closing cost breakdown with a worked example, a complete loan application checklist, and the full real estate terminology glossary.
Download the Free Buyer's Guide (PDF)
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