What are the steps to purchasing a home?

I am finally ready financially to purchase a home and was wondering what the actual steps are in terms of a home purchase. From the moment of checking out open homes to finally moving in, what are the steps involved? And what are the costs involved, from my opening bid to property taxes, etc. I am not sure if there are differences, but I am talking actual homes, not condos or townhouses. Thanks in advance.

1) Get preapproved so you know your exact dollar amount and APR-- this gives you an idea of what your monthly P&I payments are.

2) Figure out what you want-- bedrooms, baths, towns, etc. Go online and print out some listings somewhere like www.re2k.com or windemere.com or whatever.

3) Drive by lots of houses. You'll be suprised how many you eliminate right off the bat.

4) Find a realtor to show you the homes-- but not the seller's realtor. If the realtor takes more htan a day to return your call, find a new one-- its a hint at whats to come and you dont want a lazy/unresponsive agent.

5) When you find a house you like, you put in an offer. If you want your loan to be 0 down, dont forget to include that the selelr pays your closing costs (typically 3% of the purchase price). You should be able to know how much the taxes are on the home at this point-- its usually something your realtor can find in the listing.

6) the seller either accepts, rejects, or counter offers. Once you reach an agreement, you have a binding purcahse and sale agreement. Often times you want to have "earnest money" to put down to show you're serious. Oftne its just a token amount like 1% or $1,000. If your loan is 0 down, you get this back at closing or it can go towards your costs...or whtaever. Make the check payable to the escrow company, NOT the seller, in case there are issues later and the seller doesn't want to return it.

7) You set a closing date, typically 30-45 days after agreement. You should also be shopping for home owners insurance. I pay $700 a year for mine.

8) You get a house inspection ($200-400) if you want-- but its reccomended.

9) You give the purcahse & sale to your lender and the escrow company, and they coordinate everything. Tell them which insurnace company you are using, as a 1 year premium is paid at closing.

10) You go a few days before closing and sign all your loan documents. You'll know your exact loan payment and when it is going to be due by now.

11) on closing date the loan funds and you usually move in-- unless the purchase and sale stated a different date of possession.

12) your first mortgage payment is typically 30-45 days after closing.

Good luck! House shopping is fun and exciting-- but also very daunting! http://answers.yahoo.com/question/accuse_write?qid=20070321134007AABbRje&kid=RMd8WDvqUWF0WOtmMSMz7C0vniH4b5qKU2OyKtKaUz8RjT3GR_B7&s=comm&date=2007-03-22+15%3A27%3A11&.crumb=

Yes daunting indeed. I've noticed that prices have been dropping, but unfortunately not here in California. http://answers.yahoo.com/question/accuse_write?qid=20070321134007AABbRje&kid=DYctLkr2JXXC38i2kwMi&s=comm&date=2007-03-22+23%3A18%3A40&.crumb=

I would suggest getting a Relator. I know they cost money but they are worth it. Get-preapproved for a loan first. When you find a home you like you will make an offer on paper. They will either accept the offer or make a counter offer. If the offer is accepted you will set a closing date(this is where it helps to be preapproved) If all goes well you will sit for closing. You will make your downpayment and sign the mountains of paperwork.

some steps:

if you need a loan; make sure you get a pre-approved loan so you know how much $$$ you're working with...

find a realtor you trust and or start shopping for homes online; nowadays, most home listings can be found on some sort of online database.. find the houses your are interested in looking at and then go check them out...

every state has different fees; some require you to have a lawyer, regardless closing fees can be up to hefty depending on house...

property tax can be escrowed or not, it is up to you.

but before you take anyone's advice; speak with a professional who can take a look at your cash flow and see if you are financially set to afford a home (mortgage, insurance, tax, etc...)

first you need to secure a pre-approve morgage loan from bank the second step is to shop for your new house. third is contingency after the closing. you are now ready to move to your new house. this is only the summary