Are you buying a home in Austin? Issac W. Harper Real Estate Broker/Realtor© can help.
Purchasing a home intimidates most people. However, with some up-front planning, it's not all that difficult.
So they'll know exactly what to expect, I like to furnish buyers with an overview of the entire deal.
Below are my nine steps to purchasing a home.
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 .
Step 1 – Prepare to purchase
There are many things you need to consider prior to starting your home search.
It's likely that you'll want to form a list of features you want, get a feeling for what neighborhoods and school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Connect with a real estate agent
This is where I come in.
I'd like to set up a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
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.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Austin, and I work with a lot of them, so you'll be in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet, I'll start looking for available houses on the market that are good for you.
I'll get a sneak peek of most of the homes and throw out the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we view homes, I'll call attention to good features, as well as negative ones. And I'll ask you what things you like and don't like.
For the most part, buyers amend their list of must-haves as we tour homes and some items become more important than others.
If that's the situation, I'll go back through the listings once again and trim it down to the house you've been wishing for.
Step 4 – Understand the market
My understanding of the Austin home market is an essential aspect in your house search. I am informed of all the neighborhoods and school districts, and I will communicate certain neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for cautiousness.
As we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I trust the home is "priced to sell."
Every REALTOR in Austin will convince you they comprehend the home market, but take notice, and make sure you ask lots of questions.
If it doesn't seem like they know everything, call me at 5122032245 or e-mail me at , and I'll be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in the Austin area, and when that happens, I'll precisely develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain financing
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't take long at all. However, you'll want to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) detailing closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks all right.
Then it's time to close on your home. This should happen at a title company or escrow office and should be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact me at 5122032245 or e-mail me at .