At last, you are ready to buy your home here in Delaware. Yet, there’s not much information you can see on how to do this step-by-step. Well, you’re in the right place, as we will give you the exact steps you need to buy a home in Delaware. Let’s jump right in.

Step 1: Prepare your down payment and closing costs.

The first step in buying your Delaware home is preparing your down payment. Typically, mortgage lenders want you to pay 20% of the listing price. The lenders will then pay the remaining 80%. Click here to have an idea of the current listing prices available here in Delaware.

There are other options if you need a home now but you think you can’t reach 20% of the listing price. In this case, you may opt for a government-backed mortgage like an FHA loan. Learn more about the difference between an FHA and a conventional loan here. 

Aside from the down payment, don’t forget to also prepare for closing costs. This is the part that most home buyers overlook. Read more about closing costs here. 

Step 2: Find a realtor. 

The next step is to find a great real estate agent that will truly put your needs first and will give you the best recommendations based on your situation. And, there’s no better place to look for the best realtors than Loft Realty!

Here at Loft Realty, we give you the first-class experience that not only brings you into the home of your dreams but also ensures that you feel appreciated and served. Our Listing and Buying agents are top of the line and will offer you the difference you deserve.

Step 3: Get pre-approved for your mortgage.

Home sellers in Delaware require pre-approval before showing you their home most of the time. You can show the seller that you are a serious buyer who is financially qualified to make an offer on a home by submitting a mortgage pre-approval letter. If you want to be pre-approved today, feel free to reach out to us, and we’ll be happy to help. 

Step 4: Pick the right location for you. 

When it comes to home buying, you’ll always hear the phrase, “Location, location, location.” To get the best deal for your home, search for neighborhoods that are within your price range. Also, check out the local amenities if it supports the lifestyle you want. 

Step 5: House-hunting!

Now, here’s the exciting part: you can now start house-hunting with your real estate agent! To make things easier, list out and prioritize the things you want in a home. Determine if you need a wide backyard, closed garage, how many bedrooms and bathrooms, and the like. Be realistic with the budget you have, and never compromise your top priorities. It’s your home after all!

Step 6: Submit an offer to purchase. 

This is the moment of truth. You now picked the home of your dreams. It’s time to brush up and make a compelling offer for the seller. Don’t worry, your realtor will be right there with you in creating your offer to purchase. 

If there’s not much competition, go ahead and submit your offer according to the listing price. But, if you think someone is trying to get ahead of you in buying the same home you love, you can submit an offer over asking. Either way, you can talk this out with your realtor to get the best offer for your home. 

Step 7: Inspections.

If you get ahead of the offer and the seller is trying to close the deal for you, don’t skip or waive the inspections. This is your chance to examine your home for history of floods, leaks, fires, electric malfunctions, and if the soil is good or not. Better safe than sorry!

Step 8: Close the deal for your home.

And after all these tedious processes, you can now close the deal for your home! At this point, you must finish the needed documents and pay the closing costs. On the closing date, anticipate reviewing and signing a lot of paperwork. It's recommended to study these papers ahead of time with your realtor so you won't be surprised with anything on closing day. 

Buy Your Delaware Home Now!

And that’s it! We have covered eight steps in buying a home here in Delaware. If you’ve read up to this point, you now have a headstart and an overview of the entire process you will need to buy a home. If things get confusing, don’t forget that you can always reach out to us at Loft Realty and we are here to help you. We’ll be waiting for your call!