Purchasing a home can be stressful for many people. However, with a bit of up-front planning, it isn't that difficult.
I like to give buyers an overview of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, you can contact me here or send e-mail to ultd@swbell.net. I'm happy to answer questions you have regarding this information.
|
|
|
|
|
Step 1 – Prepare to purchase
Before you begin your home search, there are many things you'll want to consider.
You'll probably want to form an index of items you need, get a feeling for what neighborhoods and school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good rule to follow.
Step 2 – Get with a real estate agent
That's where I can help.
I'd be more than happy to plan a time to get together with you and talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the AUSTIN area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
Unlimited LTD partners with some of AUSTIN's best mortgage professionals, so you'll be in great hands.
They'll assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet, I'll start searching for houses on the market that are a good fit for you.
I'll get a sneak peek of most of the houses and throw out the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
When we view the houses, I'll call attention to positive features, as well as bad ones. And I'll ask you to point out what things you like and don't like.
As a rule, buyers update their list of must-haves as we tour homes and some features become far more crucial than others.
If that's the situation, I'll look through the listings again and trim it down to the house you've been dreaming about.
Step 4 – Understand the housing market
My understanding of the AUSTIN market is a valuable asset in your search. I am familiar with all the school districts and neighborhoods, and I can communicate which districts are "hot" and require immediate action and others that are "cool" and allow for careful analysis.
As we view houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR® will claim to truly know the home market.
If things don't add up, call me at 5124721095 or e-mail me at ultd@swbell.net, and I'd be happy to answer your questions. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the AUSTIN area. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer. It's really common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Secure financing
Once the deal is complete, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all. However, you need to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your application.
This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at 5124721095 or send me an e-mail.