After the price is settled

QUESTION: Once you’ve decided you like a house and have settled on the price, how do you buy the house?

 

ANSWER: After your offer is accepted, you are advised to have the home inspected. This can trigger another negotiation if the house needs some repair. After that process concludes the buyer works with his lender to get all the paperwork needed to "close the loan". The lender orders an appraisal (buyer pays for the appraisal) and when that is returned the lender will send it to "underwriting" and documents will be ordered and sent to the escrow agent.