With a little up-front planning, purchasing a home isn't very hard, but the event intimidates a lot of people.
So you understand exactly what to expect, I like to give my buyers an outline of the entire deal.
Here are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're ready to get started, just contact me here or e-mail me at admin@allenbrothersrealtors.com.
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Step 1 – Prepare to purchase
There are several things you'll want to take into account before commencing your home search.
You'll most likely want to create a list of features you need, get a feel for what school districts you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent in Houston
That's where I can help.
We can arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Houston area.
I can also help you facilitate the loan process.
I work with some of Houston's best mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our first meeting, I'll begin searching for homes on the market that are a good fit for you.
I'll get a sneak peek of many of the homes and remove the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour homes, I'll call attention to positive features and negative ones. I'll even ask you to tell us about things you like and dislike.
It's pretty common for buyers to change their wish list as we view houses and some things become far more crucial than others.
If such is the case, I'll go back through the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
My understanding of the Houston housing market is a valuable benefit in your house search. I am mindful of all the neighborhoods and schools, and I can let you know which areas are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
As we view houses, I'll be sure to tell you if the list price has room for bargaining or if I believe the home is "priced to sell."
Every real estate agent in Houston will tell you they truly understand the housing market, but be wary, and be sure to ask your agent lots of questions.
If things don't add up, just call me at (713) 524-2292 or e-mail me at admin@allenbrothersrealtors.com, and I'd be happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream home in Houston. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When we present your purchase offer, you'll likely need to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-approved, this shouldn't take long at all, but you need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. 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 probably happen at a title company or escrow office and will most often be a smooth and relaxed event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at (713) 524-2292 or send me an e-mail.
