What is the order of operations for buy a home?
I am a complete newbie here. I have seen a few videos and watched a few webinars which have been extremely valuable, but when it comes to the granular process in purchasing a property. I'm still not sure what comes first in terms of offer to a new house or finding a loan if I've already established a budget. Do i just need a pre-approval and start sending out offers? Also uncertain how far down the chain can we go before backing out of a deal if we realize it's a bad one (eg inspection, appraisal, etc.). Lastly, when does the appraisal and inspection actually happen? What is done during these functions of the process?
I appreciate the help and really enjoy learning from the BP Team and the community!
Thank you!
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
If you're talking about properties on the MLS, this is a process your realtor should walk you through and make you comfortable with before you even start looking.
If you’re talking off market deals, please wat/read/learn more before starting. Imagine you are saying. “I want to fly my own plane across the country. What’s the process for starting the plane?” You’re just too far away from a solid platform of knowledge currently to act solo.
GL and feel free to ask more questions. You have to define your goal before you can get detailed help though.
Hey @Ryan Tiglao, welcome to BiggerPockets and congratulations on doing the work!
I still remember when we were getting started, such exciting times!
I wrote a blog post that covers precisely that topic, targeted at people getting started. Step by step guide. I am happy to send that your way if interested.
We try to set aside a few hours each week to give back and help people who are at the very early stages of their journey. Happy to connect and share any tips, tricks, tools, resources, errors, etc, so please do not hesitate to reach out, and DM me if interested.
Thanks for the comments!
@Nathan Murith I would love to read that blog post! I just DM'd you.
@Bill Brandt Thank you for feedback! I went ahead and reached out to a few agents in an area I'm interested in.