Connect with a licensed Compass real estate agent who is knowledgeable about the neighborhoods you are considering and can help guide your search.

Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full cash price). Your Compass agent can connect you to a mortgage broker. Based on your income and credit history, the broker will determine how much a bank will lend you, which will then help you determine the price range for your search.

Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types, guided by our Agents.

Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This price is packaged with a Proof of Funds (POF) and a Pre-Approval letter. Note: if our offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter-offer. Your Compass agent will provide advice throughout.

An escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met (such as fulfilling a purchase agreement). It is used in real estate transactions to protect both the buyer and the seller throughout the home buying process. Throughout the mortgage term, an escrow account will hold the funds for taxes and homeowner’s insurance.

It is the buyer’s duty to schedule all desired home inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. The buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify the property is still in acceptable condition and any negotiated repairs were done.

Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues a loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.

Congratulations! You are now a homeowner.