With a little up-front planning, buying a home isn't too confusing, but the event can be stressful for many people. I like to furnish buyers with an overview of the entire deal so they understand exactly what they can expect. These are my nine steps to buying a home. When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Prepare to purchase a home
There are many things you should contemplate before you start looking for a home. When you start your search, you'll probably want to make an outline of items you need, get an idea of what neighborhoods and school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to go by.
Talk to a real estate agent
That's where I come in. I'd love to plan a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans. We'll discuss everything from neighborhoods, school districts in the Austin area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you start the loan process. There are some very good mortgage professionals in Austin, and I work with a lot of them, so you're in great hands. They'll help you choose which type of loan is best for you, as well as help you get approved.
Begin your search
After we meet, I'll begin looking for houses on the market that are great for you. I'll research most of the homes and reject the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we view the houses, I'll identify good features, as well as bad ones. I'll even ask you what things you like and don't like. As a rule, buyers revise their must-have list as we tour homes and some things become more important than others. If such is the case, I'll go back through all the listings again and trim it down to the house you've been dreaming about.
Get a grasp of the housing market
Your agent's knowledge of the Austin housing market is a leading agent in your house search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I'll let you know which neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for thoughtful examination.
When we tour houses, 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 lots of questions. Any real estate agent in Austin will convince you they truly understand the market. If it seems like they don't know everything, just call me at 512-241-1707 or e-mail me at , and I'd be more than happy to answer any questions you may have. My market expertise will help you stay a step ahead throughout the entire deal.
Find the home of your dreams
I'm confident we'll find your dream home in the Austin area. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as getting financing, finishing the inspection, and a clear title.
When presenting your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is most often applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Negotiate the deal
Most deals don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market. In addition, we'll work within your financing budget. And when it's all said and done, we'll compose a deal that is best for you.
Get your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. This won't take much time at all if you're pre-approved, but you'll need to stay in close contact with your lender. And I'll take care of all the property information your mortgage lender will need to close the loan.
Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your loan application. The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your home. This should occur at a title company or escrow office and will likely be a smooth and comfortable event.
Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at 512-241-1707 or e-mail me at .
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