How Does Buying a House Work Step by Step?
Buying your first home feels overwhelming, doesn’t it? One minute you’re scrolling through Zillow, the next you’re drowning in terms like “escrow” and “pre-approval.” Here’s the good news: the process is actually pretty straightforward once you know what to expect. Let me walk you through exactly how it works, especially here in the Treasure Valley.
Step 1: Get Your Finances in Order (Before You Even Look) Before you start looking through listings, you need to get crystal clear on your finances. Knowing what you can afford to spend will guide every other decision in your home-buying journey. Check your credit score, gather pay stubs, bank statements, and tax returns. This isn’t the fun part, but it’s crucial.
Step 2: Get Pre-Approved (Not Just Pre-Qualified) It can be as simple as a 40-minute phone call with your lender or mortgage broker, a credit check, and sending them your proof of funds. Pre-approval gives you a real budget and shows sellers you’re serious. In Eagle’s competitive market, you won’t get far without it.
Step 3: Find the Right Agent This is where many buyers make their first mistake. You need someone who knows the Treasure Valley inside and out, not just someone with a real estate license. Local market knowledge matters, especially when you’re navigating neighborhoods from Eagle to Meridian.
Step 4: Start House Hunting (With Realistic Expectations) Now comes the fun part, but stay focused. Your agent will help you identify properties that match your criteria and budget. Don’t fall in love with the first house you see—trust me.
Step 5: Make an Offer Assuming that you’ve already been given a mortgage approval and have a firm understanding of the type of property you are qualified to purchase, your agent will submit your purchase offer to a listing agent or seller. Your agent will help you craft a competitive offer that protects your interests.
Step 6: Handle the Due Diligence Period Once you receive an accepted offer, the due-diligence period starts This is when you get the home inspection, appraisal, and finalize your mortgage. Home inspection in Idaho usually costs around $400-$600. Don’t skip this step—it’s your safety net.
Step 7: Navigate Escrow An escrow company will hold a portion of the down payment to ensure the sale proceeds and act as an impartial party to collect all legal and official documents for finalizing the sale. This neutral third party makes sure everything happens as it should.
Step 8: Final Walkthrough and Closing The final walkthrough happens 24-48 hours before closing. Then comes the big day—signing what feels like hundreds of documents and getting your keys. On average, closing costs are about 2.95% of a home’s sale price in Idaho.
What Makes This Process Easier in the Treasure Valley? Idaho has some fantastic first-time buyer programs. Buy a home with as little as 0.5% of your own funds used towards the purchase! Plus, there are many down payment and closing costs assistance programs available to first-time homebuyers.
The Reality Check This process typically takes 30-45 days from offer to closing, assuming everything goes smoothly. But here’s what they don’t tell you: having the right team makes all the difference. A knowledgeable agent, reliable lender, and thorough inspector can turn what could be a stressful experience into an exciting journey.
At Abmont Realty Group, we’ve guided hundreds of buyers through this exact process. We know the local lenders who close on time, the inspectors who catch everything, and how to navigate the unique aspects of Treasure Valley real estate.
Call Abmont Realty Group at 208-789-4320 to explore your options or get a free consultation about the home buying process.