Buying a home is one of the most important financial decisions you will ever make—and the process can feel overwhelming without clear guidance. This Home Buying Guide was created to give you the confidence, structure, and knowledge needed to navigate each step of the journey from your first showing to the final closing table.
Whether you’re relocating, buying your first home, moving up, or purchasing a retirement property on the Mississippi Gulf Coast, this guide simplifies the process and prepares you for what comes next. Your real estate professional shared this page so you can understand the timeline, the key players, the possible challenges, and the steps that lead to a successful closing.
People Involved in a Home Purchase
A smooth home purchase requires coordination among many professionals. Here are the main participants and their roles:
- Buyer’s Real Estate Agent – Represents the buyer, schedules showings, negotiates terms, and guides the entire transaction.
- Buyer’s Broker – Supervises the agent and ensures compliance with real estate rules and licensing laws.
- Listing (Seller’s) Agent – Represents the seller and communicates with your agent on all matters.
- Listing Broker – Oversees the listing agent and ensures proper handling of the transaction.
- Buyers – You, the purchaser seeking to buy a home.
- Sellers – The individuals transferring ownership.
- Home Inspector – Evaluates the property’s condition.
- WDIR Inspector – Performs the wood-destroying insect inspection.
- Loan Officer – Helps you get pre-approved and processes your loan application.
- Underwriter – Reviews your finances and verifies you meet lender requirements.
- Lender – Provides financing for the property.
- Appraiser – Determines the market value of the home for the lender.
- Title Officer – Researches the title history and ensures the seller can legally transfer the property.
- Escrow Processor – Manages escrow funds, documents, and closing prep.
- Closing Attorney / Escrow Officer – Oversees the signing, handles documents, and records the new deed.
- Handyman/Contractors – May be involved if repairs are negotiated.
- Cleaner – Often hired before the final walk-through.
- Tax Assessor – Determines taxable value (useful for budgeting long-term expenses).
Buying a home involves a team—but you don’t have to manage them. Your agent and lender coordinate 95% of the process.
The Home Buying Process: Step-by-Step Guide
Below is the complete roadmap from the moment you begin your search to the moment the keys are in your hand.
1. Speak With Your Real Estate Agent & Begin Your Home Search
Your agent will discuss your goals, preferred areas, budget, and the type of property you want. This helps narrow the search and ensures all future steps align with your needs.
Get Pre-Approved Before You Start Looking
Always get pre-approved for a mortgage loan before you start looking at homes. Many sellers do not want “lookie loos” touring their property, so they allow showings only for buyers who are already pre-approved.
Don’t waste your real estate agent’s time or miss out on homes. Get that pre-approval before your first appointment — or immediately after you connect with your agent. It shows sellers you’re serious and ready to buy.
2. Get Pre-Approved With a Lender
A pre-approval letter gives you a competitive edge and tells sellers you are financially ready to purchase. You’ll provide income, credit, employment, and asset documentation.
3. Begin Viewing Properties
Your agent schedules showings and provides market insight so you understand value, condition, and local trends.
Smart Offer Strategy
Time to make an offer. Ask your real estate agent about the current negotiating trend in this market—whether buyers are typically offering 5% below asking, more, or less. Be aggressive, but stay realistic.
Remember, you may ask the sellers to fix items after the inspection. If your offer is too low, the sellers may push back on repairs or refuse entirely. If you expect the owners to fix things as part of the deal, consider how your offering price affects that outcome.
4. Choose a Home & Submit an Offer
When you find the right property, your agent will help you prepare a strong offer and negotiate terms such as price, closing date, repairs, and contingencies.
5. Offer Accepted — All Parties Sign
Once both buyer and seller agree, the contract becomes legally binding.
6. Earnest Money Deposit
You’ll submit earnest money to the closing attorney or title office. This demonstrates your commitment to the purchase.
7. Order Home Inspection
Your agent will arrange a professional inspection to evaluate the home’s systems, structure, and safety.
Caution: Inspection Reports Can Be Overwhelming
The inspection report is in, and it may list dozens of items—cracks in the driveway, loose doorknobs, missing light bulbs, and other minor issues. It’s natural to want the sellers to fix everything, but asking for too much can be a deal killer.
Talk with your agent about what is reasonable to request. Focus on safety issues, major repairs, or items that affect the home’s function. A balanced approach keeps the negotiation moving forward—and keeps the deal together.
8. Review Inspection Report & Negotiate Repairs (If Needed)
You may request repairs, credits, or price adjustments based on inspection findings. Both parties must agree in writing.
9. WDIR (Termite) Inspection
Often required by lenders and buyers, this inspection identifies wood-destroying insects and potential damage.
10. Apply for the Mortgage & Provide Lender Documents
Your lender may request pay stubs, bank statements, letters of explanation, tax returns, and more. Prompt responses help prevent delays.
11. Appraisal Ordered by the Lender
An independent appraiser determines the home’s market value to ensure it matches the contract price.
12. Review Appraisal Results
If value matches or exceeds the contract price—great.
If it comes in low, your agent will help renegotiate or explore alternatives.
13. Title Search & Title Commitment Issued
The title company reviews ownership history, liens, easements, and any issues that need to be cleared prior to closing.
Warning: Don’t Rock the Boat Before Closing
You may have received final approval for your loan, but your lender can still run last–minute credit and employment checks. Do not buy anything on credit, open new accounts, move large sums of money around (other than verified closing funds), or make major financial changes at this stage.
Do not quit your job until after closing. Many deals fall apart in the final days because buyers assume it is “done” and make big changes. Treat your finances and employment as frozen in place until the keys are in your hand.
14. Loan Underwriting & Final Approval
The underwriter completes the final review and issues the “Clear to Close,” meaning the lender has approved your loan.
15. Schedule Utilities & Prepare for Move-In
Most buyers begin arranging utilities, movers, and homeowners insurance at this stage.
Important Closing Requirements
Closing funds must arrive at the closing office before the closing appointment. This usually requires a wire transfer sent one to two days in advance to ensure it clears on time.
Closing documents must be signed at the closing table, or if you are signing remotely, the completed and notarized documents must arrive no later than the afternoon before closing. Missing this deadline can delay or derail the closing.
16. Final Walk-Through
You walk through the property—usually 24 hours before closing—to ensure the home is in the expected condition and any negotiated repairs were completed.
17. Closing Day
You’ll meet with the closing attorney or escrow officer to sign documents, finalize the loan, and take ownership of the home.
18. Receive Your Keys & Move In
Once the deed is recorded and funds are distributed, you are officially the new homeowner.
If Issues Arise: Common Buyer Challenges & Solutions
Real estate transactions are complex, and delays can happen. Here are common buyer-side issues and how they are often resolved:
Buyer-Side Issues
- Credit Score Drops During Loan Process
- Large Unverified Deposits in Bank Accounts
- Employment Changes
- Appraisal Comes in Lower than Offer Price
- Unexpected Repair Findings
- Title Issues Found Late in the Process
- Underwriter Requests Additional Documents at the Last Minute
Potential Solutions
- Contract Addendum for Extension if all parties agree.
- Repair Credits Instead of Repairs to avoid delays.
- Buyer Paying the Difference when appraisal is low.
- Switching Loan Program if allowed.
- Providing Updated Documentation Quickly to satisfy underwriter conditions.
- Seller Resolving Title Issues before closing.
Your real estate agent and lender work together to prevent problems—but if something unexpected happens, they will help guide the solution.
Home Buying Checklist
Your agent may provide a detailed timeline, but here is the downloadable version you referenced:
After You Get the Keys
After you get the keys, the real work begins. You will find things to fix, upgrade, or replace almost immediately. Keep learning and stay ahead by reading these valuable RetireCoast articles:
- Gen X: 20-Year Retirement Homeowners Dream Home
- 10 Reasons Why You Need a Home Warranty Now
- Why Seniors Need a Handyman for Home Repairs Now
- Secure Your Home Now
These are just a few of the many articles written by an expert in home buying and selling. Your author has owned dozens of houses, condos, townhomes, and multifamily properties—his experience and insights are shared throughout RetireCoast.
Don’t forget to return to our Real Estate & Homeownership Hub for more guides, tools, and resources.
Home Affordability Calculators
Visit our Calculators Hub for an assortment of calculators that will assist you in buying your home.
