Since the commission for the sale of a house is almost always paid for by the seller, buyers are able to get assistance and information from Real Estate Agents, usually at no cost to them. It is for this reason that the vast majority of home buyers employ the services of an Agent for their purchase. In addition, since most houses are listed by Real Estate Agencies, it gives them the maximum number of available properties to consider.

The relationship between a home buyer and a their Agent is a little like a marriage: it must be based on trust, mutual goals (to get you the house that best suits your needs!) and understanding. To a large degree, the home buyer entrusts the Agent to always keep their (the buyer's) interest first and foremost. It is important that you understand who the Agent with whom you are working represents.

Begin the application process by getting prequalified and preapproved from a Mortgage Lender. Do this first. Your Agent will need your mortgage qualification, and it will significantly strengthen your offer when you find a home. At LendingTree, you can submit a quick and easy application, and within 2 business days get up to 4 offers from lenders so that you can compare terms and rates.

Get your financial picture in focus as soon as possible. Since it is an important component, be aware of your credit situation. You can get a free copy of your credit report at ConsumerInfo.com. Having your credit report in hand makes it much easier to decide which way to proceed.

Find an Agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with no representation.

Familiarize yourself with the various types of housing available: Single family, townhouse, and condo.

If you are planning on buying or building a new home, see our section devoted to building a house including house building tips, resources and how to find a contractor.

If you decide that building a house (or buying a new one) is your best option, you will be confronted with a number of choices--there is no "one plan fits all" when it comes to new houses!

New house building choices:
Buying a new home that is already standing or currently under construction (a "spec"--built on speculation--house).
Building a house in a subdivision of new homes where a builder can give you a choice of plans.
Building a house from an established plan on a lot of your choice.
Building a custom built home.

Building a house often involves compromises. Many home buyers consider building because the feel they can't find the "perfect" house in the resale market. Be aware, though, that unless you have an unlimited budget, are building on a highly adaptable lot and are a great distance from your nearest neighbors, you will have potential compromises you will need to deal with. Some examples are:

Cost: What you want may cost more than you want to spend.
Lot: The lot you have selected may not be able to accommodate the type of house you want to build.
Building Codes and Regulations: How you want to build the house may not fit within the building codes of your locality.
Neighborhood Covenants: The neighborhood in which you want to build the house may have covenants or restrictions that limit the type, size or style of the houses within the neighborhood.

House Hunting Time! First, see the article devoted to finding the right home. Then, make a scorecard for each house to help you keep track of the properties you've seen.

When you find an acceptable house, write an offer. Familiarize yourself with how offers become contracts.

Negotiate your best deal using the information you have acquired.
Arrange for home inspection. Protect yourself and do not skip this step!
Learn about home warranties and what they cover.
Compare and secure homeowners insurance. Since homeowners insurance is a long term expense, getting the best deal here brings savings that continue.

Arrange for closing agent. Make all final preparations for closing.

Make moving plans. If you plan to use a moving company, make comparisons and reserve time now.

Secure final loan approval and commitment from the lending institution. If you have done your "up-front" work, this should be one of your easiest steps.

Do a final walk through of the house.

Final closing and settlement.