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Buying a home involves several stages. Below is a list of the more common steps during a residential
transaction. Your situation may vary and it is best to contact your real estate professional for more information. Common Steps for Buying a Home
1) Initial Meeting: Select real estate agent, determine needs and wants, determine financial eligibility
2) Loan Qualification: discuss finances, obtain prequalification
3) Find a Home: select an affordable property that fits your needs
4) Discuss offer with agent: buyer reviews contract with agent, agent presents offer to selling side
5) Present and Negotiate Offer: Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price)
6) Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)
7) Open Escrow: deposit "earnest money" into escrow, escrow will order Preliminary Report,
8) Contingency Period: conduct physical inspection of property by a qualified inspector
9) Receive and Review Seller Provided Paperwork: approve seller's Transfer Disclosure Statement, approve Preliminary Report, approve HOA docs (if applicable), approve termite report (if applicable), approve zone disclosure report (if applicable)
10) Complete Loan Process: conduct property appraisal, obtain loan approval from lender
11) Sign Loan Documents
12) Close Escrow and Receive Keys This is a very condensed version of the actual events. When you find a home and after we negotiate the terms, we review all of these steps and details with you so that you understand the process. 
First Time Buyers >The Down Payment
Perhaps no single decision in a real estate purchase has more variables than "How much money do I put down?" Conventional wisdom centers around either putting down as much as you can or as little as the lender allows.
If you put down a large payment, you get some leverage with the lender, such as little or no mortgage insurance, a good equity position, and perhaps a preferred mortgage deal. You will also have lower mortgage payments. One potential disadvantage of a large down payment is that you will be using after-tax dollars on which you could be earning interest. You will also have less tax-deductible interest.
When you buy a home with a low down payment, you will have more tax deductible interest, and your investment value percentage will increase faster. You will have little equity at the outset, and your monthly mortgage payments (and perhaps your interest) will be higher. However, you will also keep more of your own money in hand to potentially earn more interest in other investments.
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What acclaimed house built of stone, concrete, and glass is built over a waterfall?
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| A |
Fallingwater in Mill Run, PA, built by architect Frank Lloyd Wright, is one of the most-visited homes in the U.S.
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