First Time Home Buyers: Understanding the Process

There are many steps in the home buying process. Check out the infographic below which details how to get from establishing your needs as a buyer to enjoying our annual client appreciation events.

Understanding the Terms

I'm sure you have heard terms thrown out there when talking about buying a home. Some of them you may know, others you may not. Things like "due diligence," "earnest money," and "home inspection" are just a few that first time home buyers need to know and understand before beginning the home buying process. Here in our First Time Home Buyers section, we'll help you gain a better understanding of those terms and all that they entail. If you see a term you're unsure about, let us know! We're happy to explain anything in this section in more detail.

Term Definition
Due Diligence Taking care before signing a contract to research, analyze, and gather information about a property.  
Earnest Money Money you give to the seller (or seller's agent) to show your good faith when making an offer to purchase. Find out more by reading the Earnest Money Q&A.
Escrow A bond, deed, or other document kept in the custody of a third party, taking effect when a specified condition has been fulfilled. 
HOA An HOA is the abbreviation for Home Owners Association. See More Info About HOAs
HOA Dues Fees paid to your Home Owners Association to cover the cost of yard maintenance, disaster insurance, and neighborhood-wide amenities.
Home Inspection A limited observation of a home made prior to purchasing that includes any areas needing improvement or attention before closing. Discover the importance of home inspections with the Home Inspection Q&A.
Homeowners Insurance Type of property insurance covering a private residence.  
Mortgage A legal document promising a property to the lender as collateral for payment of a debt.  
Realtor A member of the National Association of REALTORS® who acts as an agent for the sale and purchase of buildings and land; a real estate agent.  

More Info About HOAs:

Click on the video below to learn about buying a home in a community without restrictive covenants.

Some neighborhoods have a self-managed HOA. Click on the video below to learn what that is and how it may impact you.

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