Use the information below to assess your readiness to be an active, hands-on Buyer. This information is provided courtesy of National Association of Real Estate Consultants.

Homebuyer Roadmap Synopsis

First, the home buying process may be broken into six segments or checkpoints, thus:

Task	Average Time*	Importance Rating*
1. Strategy /game plan for purchasing	8 hrs	5
2. Pre-approval for a home loan	8 hrs	8
3. Locate the neighborhood / Choose the property	25 hrs	8
4. Check information / price the property	10 hrs	9
5. Draft the Purchase Agreement / Negotiate with seller	8 hrs	9
6. Troubleshoot the purchase / Close the transaction	10 hrs	10
	69 hrs total	8 average importance

* Average time as determined by a poll of 100 real estate consultants.
**Importance rating is the impact the component has on the buyer orchestrating a timely purchase, at the best price, with the fewest hassles. Scale is 1 - 10, with 1 as lowest importance.

What the Numbers and Ratings Mean for Buyers:

As the figures show, real estate consultants estimate that it takes a median time of 69 hours from beginning to end to purchase a house. But, when approximately 100 buyers were polled, they estimated the time required as only 43 hours, or 37% less time than the experts gauged. Lesson for Buyers: don’t underestimate the task ahead.

When it comes to the impact each of the six checkpoints/tasks has on obtaining the best price in a timely fashion with the least hassles, the average rating for all tasks is an eight (8) in importance. Compared to the Sellers Roadmap, the stats show that it's tougher to be a buyer than a seller.

Where Do You Need Help in the Purchase Process and How Do You Know?

Use the Mini-Quizzes to Help You Decide

Should you/can you go it alone as a real estate purchaser?

Take the quiz for each Buyer Checkpoint

How to use the Quizzes:

Each quiz focuses on one of the six separate checkpoints of the purchase. This helps you get a good overview of what you are capable of doing, and also what you are not capable nor comfortable doing.

Please understand. None of this is designed as any kind of put-down. However, it is designed to give you a realistic understanding of what is involved in buying a home.

Buyer's Checkpoint #1:

Test Your Ability to Design a Purchase Strategy Game Plan

1. I have access to an online rent vs. buy calculator to determine whether purchasing a home at this time makes financial sense.	Y	N
2. I won't move from the house I purchase for at least three years.	Y	N
3. I have paid my rent on time for three or more years.	Y	N
4. I have savings that could help cover most major repairs in a home.	Y	N
5. I have enough patience to follow step-by-step through the purchase and not jump ahead nor eliminate any of the six major checkpoints.	Y	N
6. I believe it's a good investment in my future to purchase real estate at this time and it doesn't bother me to use my savings to do so.	Y	N

If you answered "yes" to three or more of these questions, you have a better-than-average chance of being able to complete this home buying phase on your own or with only a moderate degree of assistance.

Buyer's Checkpoint #2:

Test Your Ability to be Pre-approved for a Mortgage

1. I will wait to begin viewing prospective properties to purchase until I've been pre-approved for a mortgage.	Y	N
2. I have accessed a copy of my credit report, have repaired errors found on it (if applicable) and believe I have average or above credit.	Y	N
3. I have all of my financial information assembled and will make sure the lender receives it during our first appointment.	Y	N
4. I will select a mortgage only after reviewing cost comparisons between various programs I qualify for.	Y	N
5. I am prepared to write a check for several hundred dollars at the time of loan application to cover items like the credit report and appraisal.	Y	N
6. I am not afraid to ask questions about any information and costs I find on the Good Faith Estimate provided me after loan application.	Y	N

Buyer's Checkpoint #3:

Test Your Ability to Choose the Best Neighborhood and Property

1. I have made a list of priorities/amenities I desire in a home and will eliminate properties without these features.	Y	N
2. I will begin my home search online to get an idea of locations and neighborhoods I'd consider.	Y	N
3. Before making an offer on a house, I will spend time driving around the neighborhood, talking to several neighbors and visiting the property during various times of the day and various days of the week.	Y	N
4. I will check with the police department to determine the type and amount of crime in the neighborhood before making an offer on any property.	Y	N
5. I will check with the school district regarding ratings for all schools within the district for the house I'm considering.	Y	N
6. Before making an offer, I will confirm the type of zoning for the area as well as check any pending zoning changes anticipated for the area.	Y	N

Buyer's Checkpoint #4:

Test Your Ability to Check Property, Information, and Pricing

Prior to making an offer, I will:

1. Obtain a comparative market analysis (CMA) to help confirm the market value of the property.	Y	N
2. Check the legal description and property tax information with either the courthouse or title company.	Y	N
3. Double-check/confirm property facts and amenities as shown on the information sheet provided by the seller.	Y	N
4. Measure the square footage of the house.	Y	N
5. Obtain property transfer and other disclosure statements from the seller.	Y	N

In the Purchase Agreement, I will:

6. Make the purchase contingent upon receiving and reviewing a satisfactory home inspection report.

Buyer's Checkpoint #5:

Test Your Ability to Draft the Purchase Agreement and Negotiate with the Seller

1. I will spend time understanding the property purchase agreement most commonly used in my locale and will be able to complete it and present it to the seller.	Y	N
2. I will design a negotiating strategy to prioritize what I want to win while allowing the seller to win on issues of importance to him/her.	Y	N
3. I am able to determine my costs of purchase (including closing costs) prior to making an offer to the seller.	Y	N
4. I understand the procedures and legal ramifications of offer and counter-offers in real estate negotiating.	Y	N
5. I am able to draft an offer that includes contingencies for financing, home inspection, and walk-through inspections in order not to lose my earnest money and/or down payment if roadblocks occur in the purchase.	Y	N
6. I consider myself a strong yet fair negotiator when it comes to financial matters.	Y	N

Buyer's Checkpoint #6:

Test Your Ability to Troubleshoot Your Purchase and Close the Real Estate Transaction

1. I understand the sequence of events in closing a real estate transaction and can describe each.	Y	N
2. I will prioritize the time and effort it takes to monitor the mortgage process, review the title insurance policy, and obtain cost-effective homeowner's insurance in a timely manner.	Y	N
3. I will keep in touch on at least a weekly basis with the seller and other service providers in the transaction.	Y	N
4. I know the approach to take and what to look for when completing the walk-through inspection prior to closing and can adequately document my findings with the seller.	Y	N
5. I am capable of reviewing and interpreting all closing documents at least one day prior to closing the transaction.	Y	N
6. I understand my legal rights in signing mortgage documents and agreeing to their terms.	Y	N

Some lessons that might be learned:

If a buyer were to analyze the results of this exercise, some important lessons learned might include:

It takes most buyers the equivalent of a part-time job, three hours per day, five days per week for approximately one month to purchase a property on their own. Additionally, many buyers need a capable buyer's agent in order to guide them safely and prudently through the process;
Even if buyers do tackle the process alone, they are 37% less realistic (compared to what professionals gauged) concerning the time it would take to complete.
Even if a buyer does devote the amount of time it takes, there are skill levels (often from the middle to the end of the transaction) that many buyers are incapable of tackling or, if seemingly capable, tend to overlook important issues. These include checking property facts, writing the contract, and trouble shooting the sale to a successful closing. And since it's the buyer's duty to initiate the contract and approve inspections, etc.
The average importance rating of "8" compared to a seller's "7" means that most buyers have more at stake than do sellers. It’s a good idea to understand both sides of the transaction. So, click on this link to see what sellers face.

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