Homebuying 101
By the LaVista Hills Team
This overview is designed to walk you through the home-buying process and help you feel confident every step of the way. We believe a healthy housing market begins with well-informed consumers.
💰 Financing First
The first step in buying a home is speaking with a lender to get your finances and expectations aligned.
A lender will guide you on:
Improving your credit score
Optimizing your debt-to-income ratio
Choosing the right loan product
Understanding funds needed to close
Estimating your monthly payment
👉 Important:
Sellers will not accept offers without a prequalification letter from a reputable mortgage company (or proof of funds for cash purchases). This step is mandatory before making an offer.
We recommend using one of our Preferred Lenders (available on our website), but if you already have one, let us know—we may suggest a preferred Loan Originator within that company.
🛍️ Let’s Go Shopping
It’s a fast-moving market—so it’s important to know what you want.
Define Your Priorities
Understand your “must-haves” vs. “nice-to-haves”:
Minimum number of bedrooms & bathrooms
Square footage
Parking preferences
Age, style, and condition of the home
School ratings
Location / area
Whether the home is in an HOA
We’ll set up a customized search based on your criteria and refine it over time as we learn more about your preferences.
💡 We also encourage you to:
Browse listings online
Drive through neighborhoods you like
Attend open houses
📄 Understanding the Contract & Documents
Exhibits (Contingencies & Disclosures)
These are standard parts of most contracts:
Financing Exhibit
Details loan type, appraisal requirements, and approval termsCommunity Association Disclosure (CAD)
HOA details, fees, contacts, and amenitiesLead-Based Paint Disclosure (LBP)
Applies to homes built before 1978Seller’s Property Disclosure (SPD)
Covers home condition, systems, repairs, and included items
🔍 Inspector vs. Appraiser
Inspector
Hired by the buyer
Evaluates the condition of the home
Conducted during the Due Diligence period
Appraiser
Determines the value of the home
Required by the lender
Ensures the home is worth the loan amount
🧾 Broker Documents
These are signed when making an offer (not shared with the seller):
Exclusive Buyer-Broker Agreement
Establishes your agent relationship and ensures representationAffiliated Business Disclosure
Discloses any business relationships (no obligation to use them)
🔐 Wire Fraud & Consumer Protection
Because large sums are transferred during closing, wire fraud is a real risk.
You will:
Sign a wire fraud disclosure
Receive consumer protection brochures
Protect Yourself When Buying a Home
Environmental risks (mold, lead-based paint, etc.)
⏳ Financing Contingency Period
During this phase, your lender will request detailed documentation.
⚠️ Be responsive and timely.
Failure to comply could result in:
Loan denial
Loss of earnest money
You’ll also need to:
Secure Homeowner’s Insurance
Start with your current auto insurance provider if applicable
🚶 Final Walk-Through
Shortly before closing:
You and your agent revisit the home
Confirm the property is in agreed-upon condition
✅ If everything checks out → proceed to closing
❌ If not → agents work to resolve issues before closing
🔑 Closing Day
Congratulations—it’s time to become a homeowner!
Before closing, you will have:
Reviewed your Closing Disclosure (CD) (at least 3 days prior)
Confirmed secure wiring instructions
Sent and verified your closing funds
What Happens at Closing?
You sign your mortgage documents
The seller is paid
The title transfers to you
You receive your keys
💡 Tip:
If you prefer to review documents in advance, request copies before closing day.
🏠 After Closing: What’s Next?
File for Homestead Exemption
File once you receive your title in the mail
Done through your County Tax Assessor’s website
Applies only to your primary residence
Can save thousands of dollars annually
⏰ Deadline: April 1st of the following year
(Don’t worry—we’ll remind you!)
