This is the home buying process in 10 steps, part 3!

Step 8 in this process is getting the home appraisal. The appraisal is all about ensuring the house is actually worth what you’ve agreed to pay. If the appraisal comes under the purchase price, the lender will likely not loan out past what the property is appraised at, meaning the buyer will need to come up with that extra money to fill the gap between the appraisal value and the offer. If the appraisal comes in over the agreed upon purchase price, you, the buyer, are in great shape because the loan will easily cover the offer price.

Then, step 9 is closing the sale. Once the loan is approved, you’ll schedule a closing date to sign the final paperwork. Once you make those final signatures, you’ll officially own the house!

And then the final step in the process is moving in. I’ve obviously glossed over several aspects of the buying process in these videos, but this should give you a birds-eye-view of what needs to happen as you purchase a house.

If you’re selling at the same time, you’ll also need to go through the selling process as well, so in my humble opinion, getting an agent to walk you through this entire process is a huge benefit.

Let me know if you have any questions about the process of buying or selling a home, and follow me for more Sacramento area real estate information!

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