Whether you are buying a house for the first time or the fifth time, your Realtor is here to answer all of your questions. Here's a step-by-step guide..

Before you Buy
On the surface, buying a home may seem like a relatively straight forward process. However there are dozens of variables in any transaction that make home buying quite complex. Being prepared and organized makes the process that much easier and more enjoyable. Here are some steps to take before beginning your search.

Assess Your Financial Situation
For starters, use Mortgage Calculators to get a sense of your buying power and monthly mortgage payments. Remember that there are other costs involved in buying a home, such as moving, decorating and repairs. Knowing where you will come out of the transaction will give you more confidence going in.

Get Pre-Qualified
This critical (and sometimes overlooked) step has many benefits. A mortgage pre-qualification lets you know exactly what you can afford; it demonstrates to sellers that you are ready and able to buy; and it gives you a head start in getting an actual loan commitment. 

Create a Wish List
Every home purchase involves some degree of compromise, which is why it is important to prioritize your wants and needs before you begin your search. There are many variables to think about depending on your lifestyle, budget and future plans, but some universal considerations include:

Wish List:

Type of home - A great diversity of housing exists: single-family homes, condominiums, townhomes, new-construction and fixer-uppers. You probably have a preference for a certain style of construction. Weigh the pros and cons to narrow your focus.

Location - There are many great neighborhoods, each with its own character. Consider the factors that are important to you, such as access to schools; proximity to major roadways or public transportation; and social and recreational amenities like restaurants, theaters, shops and parks.

Features and amenities - Garage parking, hardwood floors, a fireplace, outdoor space. In the end, these are the kinds of details that drive the decision to purchase one home versus another. In creating this list, some things to consider are resale value, your daily routine, and the ease or difficulty with which changes and additions can be made.

As your list begins to take shape, your Prudential Agent can gauge the availability of homes in a certain neighborhood and/or price range. ▪

Finding your Home
Once you have obtained a mortgage pre-qualification and chosen a real estate agent, you are ready to begin your home search.

Review Listings
Using the guidelines you set forth, your Prudential agent will provide available listings. You can play an active role in this too, by tapping into Internet-based resources to get information on properties that match your criteria. In addition to price and property attributes, pay close attention to data like property taxes, market time and monthly assessments for condos and town homes.

Visit Properties
Your Prudential agent will schedule showings and accompany you on each appointment. When you walk through a home, some things to consider are: what are permanent fixtures versus items the seller is removing; what is included in the total square footage (balcony, basement or garage); and, in new construction, which features are standard and which are upgrades.

Compare Properties
Discuss each showing with your agent, and provide candid feedback. Your expectations and the marketplace will begin to converge, and your agent will be able to adjust certain parameters such as location and features in order to present you with more and better alternatives. When you find a home and are ready to make an offer, your agent will provide market analysis of  the subject property with other properties that are currently listed and recently sold to help you formulate your offer. ▪

Making an Offer
Chances are, when you find a home you absolutely love, someone else loves it too. So if you want a seller to take you seriously, you need to act quickly, make a serious offer and negotiate intelligently.

To make an offer, your agent will draw up a contract that contains the price you are proposing and other terms. Rarely is an offer accepted by the seller the first time around, so be prepared for some back and forth negotiating.

Buyers often focus on price, but there are other important terms to satisfy in a real estate contract. Here are the most common elements of a real estate contract:

Price
What is the home worth? The market will determine the final price, but your agent will help you formulate an offer based on comparable listings and sales, market conditions and trends.

Offers and Counteroffers  
Once you have established the price and terms of your offer, your agent will draw up a contract and present it to the seller or seller's agent. If the seller signs it, as is, you have a binding contract with the price and terms in place. But chances are there will be a bit of negotiation before both parties are content. One thing to remember is that while buying a home is an emotional purchase, getting emotional during a negotiation is usually counterproductive. Your agent will serve your interests and work as your liaison until the deal is done.

Mortgage Contingency
A mortgage contingency stipulates that you will buy the home subject to obtaining a mortgage, and if you cannot obtain a mortgage, the contract will be void. The terms of the mortgage must be stated in the contract, and you will also need to establish a timeframe for securing financing.

Attorney Review  
Attorney Review is usually a one-week period, in which your attorney can review the contract and suggest alterations and pursue negotiations that may be required after home inspections. In most transactions, the seller is also represented by an attorney. Upon attorney review, if the contract is not acceptable to either party, both have the option to cancel.

Inspection Contingency
A thorough inspection of the property by a licensed home inspector protects you against structural or material problems that are not detectable in a casual walk-through. You, not the seller, are responsible for hiring and paying the
inspector(s). More about inspections here.  

Earnest Money
Once the contract has been finalized, you will pay earnest money (sometimes called a good faith deposit) to secure your interest in the property. The amount varies and will be discussed during negotiations. If the contract is accepted, the money is applied to your down payment. If the sale does not go through for reasons covered in your contract, then the seller is obligated to return the earnest money. If, on the other hand, the sale does not go through because you are in breach of the contract, then you may lose all or a portion of your earnest money.

With a contract signed and earnest money deposited, your new home is just around the corner. But there are some very important steps to get from the Contract to Closing section. ▪

Contract to Closing
·  Recommend a real estate attorney, and/or a mortgage broker if
   requested
·  Notify you of your down-payment due date to the seller's attorney
·  Recommend and schedule a home and termite inspection, if requested
·  Obtain important documents, such as property disclosure forms, 
   lead-based paint disclosure and other information
·  Notify you of when your mortgage contingency date must be met
·  Remind you to convert utilities into your name and get final readings
·  Coordinate your closing
·  Coordinate a final walk-through inspection of the property  the day
  of closing ▪

Closing 
Your Prudential agent will work closely with you, your lender, your attorney, and the seller's agent to make sure everything is in place for an efficient and trouble-free closing.

Prior to the closing, your lender will forward all loan documentation to the title company. You will be responsible for the balance of your down payment and closing costs (for example lender fees, title company fees, and state and city transfer taxes). Your attorney will guide you through the many documents you need to sign, including the bill of sale, the deed and the affidavit of title.