Buyer’s Resource Center

Here you’ll find the eight basic steps involved in the home-buying process.

1. Determine how much you can really afford

It’s time for a serious examination of your monthly budget. Make a list of all your monthly expenses including small items like entertainment and eating out. (Don’t forget to include any large annual dues, fees & subscriptions in your calculations.) Compare your expenses to your net income and determine what size monthly payment you are comfortable with. Remember, your lender may approve you for less than you are willing to pay. On the contrary, you may also qualify for more than you are willing to pay each month. Only you can decide how much spending freedom you are willing to sacrifice in order to make your house payment each month.

2. Get preapproved for a loan

Contact a mortgage lender and request a mortgage pre-approval letter. (We can point you in the right direction if you’re not sure where to start or who to call.) Supplying a preapproval letter with any offers you submit will signify to the seller(s) you are a serious, qualified buyer. It can also speed up the process once you are ready to officially apply for a mortgage.

3. Contact a REALTOR® and start shopping

All it takes is one phone call to get the process started. We’ll help analyze your needs and preferences, and we can start looking at homes right away! Remember, Kirk & Cobb REALTORS® can show all Topeka area MLS listings. You can also search all Topeka area listings on the Kirk & Cobb Property Search page. (If you choose, you can even have new listings that meet your criteria automatically sent to your email account!)

4. Make an offer

Now it’s time to make an offer. It’s important that you are completely comfortable with your offer. If you don’t feel the property is worth the full asking price, point out the reasons why. During this stage, your REALTOR® will carefully explain the contract to you. Now is the time to ask questions. If something is unclear to you, ASK for further explanation.

5. Agree on price and contract details

The seller(s) will either accept your offer, make a counteroffer (negotiate), or reject your offer altogether. Your REALTOR® will be your liaison during this process. It is his/her job to communicate all aspects of the negotiations to you and the necessary parties until a final decision is made.

If an offer is accepted, you will sign a contract along with the sellers, and you will be required to make an earnest deposit. The earnest deposit shows that you are committed to purchasing this property. (The earnest deposit is deposited into a trust account until closing and will be applied to your closing costs.)

If you and the seller(s) cannot agree on the details of the contract, your REALTOR® will explain your options.

6. Have the property professionally inspected, surveyed, & appraised

The Kirk & Cobb transaction center assists with all transactions in the contract stage. Kirk & Cobb will schedule all inspections, appraisals, and other appointments that were agreed upon in the contract and will share reports with all necessary parties.

If problems are found during the inspections, your Realtor® will guide you through your options based on the parameters of the agreed upon contract and will facilitate further negotiations if the specific situation allows for it (again, based on the parameters set forth in the contract).

Your Realtor® will help you navigate ever step and will not stop working until your transaction is closed.

Once the property has been inspected and it is decided that the deal will move forward, your loan will be processed and a closing date will be scheduled. Kirk & Cobb will handle all the title work and scheduling, communicating with you the entire time.

7. Seal the deal – time to close

Your Realtor® will help you navigate ever step and will not stop working until your transaction is closed.

8. Moving time!

Typically, possession is given at the time of closing; however, in rare instances, the sellers will retain possession of the property until a later time or date.

Once your possession time (per the contract) arrives, you can enter your new property and come and go as you please! The property is yours to do with whatever you choose. Close up the moving van, tie down that sofa and hit the road! You have a lot of work to do before sundown.

Congratulations!