Relocation and First-Time Buyers

What is the home buying process, step by step?

By Steve Lockhart

The short answer

Buying a home is a sequence, and the sequence is the same for every buyer: prepare, pre-approve, search, offer, escrow, close. What separates calm buyers from stressed ones is usually how honestly they did the first step.

Full answer

Step one is preparation: review your credit, total your savings, and set a real budget that includes the down payment, closing costs, and a cushion. Step two is the pre-approval: a lender reviews your finances and gives you a written approval, which sets your range and makes you a serious buyer.

Step three is the search: narrow the areas, tour homes, compare what things actually sell for, and keep your criteria written down. Step four is the offer: your agent helps you choose the price, the terms, and the contingencies, and the seller either accepts, counters, or declines.

Step five is escrow, the stretch between the accepted offer and closing, typically 30 to 45 days in Nevada. The inspection happens here, the appraisal, the title search, and the lender's final underwriting. Escrow and title companies run the paperwork; Nevada closings do not use attorneys the way some states do.

Step six is closing: the final documents are signed, the funds move, and the keys change hands. Then the ownership begins, and the plan you made in step one, for payments, maintenance, and life in the home, is what makes it feel like a win instead of a worry.

Go a little deeper

Frequently asked

Questions people often follow up on

When do I actually pay the down payment?

Your earnest money deposit, typically around 1 percent in Las Vegas, goes into escrow when your offer is accepted and is credited toward the purchase at closing. The rest of the down payment and closing costs are paid at closing, usually by wire or cashier's check.

What happens if the appraisal comes in low?

The options are renegotiating the price, bringing more cash to cover the gap, contesting the appraisal, or walking away if your appraisal contingency allows it. It is a solvable problem, and it is why the contingency exists.

Do I need a lawyer for closing in Nevada?

Generally no. Nevada uses escrow and title companies to handle the closing, and the process is designed to work without attorneys for a standard purchase. Complex situations can still warrant a legal review, but a normal first purchase runs through escrow.

The Lockhart Method

Your Home | My Strategy | Proven Results

My strategy: never let a buyer skip a step, especially the first two. Preparation and pre-approval are cheap insurance against every later surprise, and a written step-by-step keeps the offer, the escrow, and the closing calm.

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