For many people, buying a home can be a stressful event. However, with some planning ahead of time, it's not too difficult. I like to supply buyers with an overview of the whole deal so they'll understand exactly what to expect. Below are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at acano2076@yahoo.com. |
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Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are many things you need to do. When you begin your search, you'll probably want to assemble a check list of must-have features, 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 around 1/3 of your net monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent
That's where I can help. We can set up a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Austin area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan. There are some excellent mortgage professionals in Austin, and I work with a lot of them, so you'll be in great hands. They can assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start finding available houses on the market that meet your needs. I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
When we tour the homes, I'll identify good features, as well as bad ones. I'll also ask you to point out what things you like and don't like. It's widely common for buyers to amend their must-have list as we tour homes and some items become more essential than others. If that's the situation, I'll search the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
An agent's knowledge of the Austin home market is a crucial factor in your house search. And I assure you I'm conscious of all the neighborhoods and schools, and I can communicate certain neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for careful analysis.
As we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask lots of questions. Every real estate agent will convince you they know the market. If it doesn't seem like they know everything, contact me at 512-673-6008 or e-mail me at acano2076@yahoo.com, and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the house of your dreams in Austin. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
Upon submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Secure a loan
After the deal is finished, you'll begin working with your lender to close the loan. If you've been pre-approved, this shouldn't take very long at all. But you should to keep in close contact with your mortgage lender. And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your loan application. The estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 5126736008 or send me an e-mail.
