Purchasing a home is stressful for a lot of people. However, with a little up-front planning, it isn't very confusing.
So you'll know exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Below are my nine steps to buying a home.
If you have questions about this information or if you're ready to get started, just contact me here or e-mail me at email@example.com.
Step 1 – Get ready to buy a home
There are plenty of things you'll want to contemplate before you start looking for a home.
You'll most likely want to form an index of features you want to have, get a feeling for what school districts and neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent
This is where I can help.
We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Austin area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some excellent mortgage professionals in Austin, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll start looking for houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we view the homes, I'll show you the positive features, as well as bad ones. I'll also ask you to point out what things you like and don't like.
It's pretty common for buyers to revise their must-have list as we tour houses and some features become more essential than others.
If that's the case, I'll search the listings another time and trim it down to the home of your dreams.
Step 4 – Get a feel for the market
My understanding of the Austin home market is an essential advantage in your house search. I'm mindful of all the school districts and neighborhoods, and I'll alert you to some districts are "hot" and call for prompt action and some that are "cold" and allow for cautiousness.
As we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as any real estate agent will convince you they comprehend the market.
If things don't add up, contact me at 512-241-1707 or e-mail me at firstname.lastname@example.org, and I'll be glad to answer any questions you might have. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
I'm confident we'll find the home of your dreams in Austin. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
When turning in your offer, you'll probably need to present "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is often applied to the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Obtain financing
After the contract is complete, you'll begin working with your lender to close the loan.
It shouldn't be a long process at all if you're pre-qualified, but you'll need to keep in close contact with your lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and relaxed occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 512-241-1707 or send me an e-mail.