Buying a home in Indiana can be exciting and overwhelming. I am here to help. Here’s a straightforward roadmap to guide you through the process to ensure you are not overwhelmed.
- Start by checking your credit score and sorting out any issues you find.
- Next, chat with a local lender (reach out to me to get my list of phenomenal loan officers) get pre-qualified.
They’ll also help you structure offers that stand a better chance of getting accepted in this market.
- Your must-haves may include things like the number of bedrooms, bathrooms commute time, school district, and garage spaces.
- Then, think of your nice-to-haves—like a finished basement, fenced yard, updated kitchen, or a 3-car garage.
This way, when the right home pops up, you can act quickly.
Step 4: Start Touring Homes
Your agent will set up showings and MLS searches based on what you’re looking for.
As you tour homes, keep an eye on the layout, natural light, and the condition of key features like the roof, furnace, AC, and water heater.
Also, look for signs of water intrusion in basements and crawlspaces, and check out the neighborhood vibe, including traffic and noise.
Step 5: Make an Offer
When you find a home you can envision yourself in, it’s time to make an offer. You’ll work with your agent to decide on the offer price, earnest money amount, and any financing or inspection contingencies.
Don’t forget to pick your preferred closing and possession dates. Your agent will run a comparative market analysis to ensure you’re making a fair offer. Right now in Central Indiana, the sale-to-list ratio is 97%.
Step 6: Inspection & Negotiations
Once your offer is accepted, you’ll need to hire a licensed Indiana home inspector, your realtor will help you here. They’ll check everything from the roof and foundation to the electrical and plumbing systems.
If they find any issues, you can negotiate repairs, request credits, or in some rare cases, decide to walk away. Your inspection results will yield a lot because the inspector has to list everything they see as a flaw. What you need to do is focus on any material defect which is something that negatively affects its value, safety or functionality.
Step 7: Appraisal & Underwriting
Your lender will order an appraisal to make sure the home’s value aligns with the loan. Meanwhile, the underwriter will do a final review of your financials, so be ready to provide any last-minute documents they might ask for. Be prompt with getting back these documents, this will ensure you are not delaying closing.
Step 8: Final Walk-Through
Typically, 24-48 hours before closing, you’ll do a final walk-through of the home. This is your chance to make sure it’s in the same condition as when you made the offer, any agreed-upon repairs are complete, and that any personal property that you asked for are still there.
Step 9: Closing Day