Buying or selling a home in Houston?Buying a home intimidates most people, but with a bit of up-front planning, it's not too confusing. I like to supply buyers with an overview of the whole deal so they'll know exactly what they can expect. Below are my nine steps to buying a home.
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Step 1 – Prepare to purchase a home
There are many things you'll want to consider before starting your home search. It's likely that you'll want to form a checklist of features you need to have, get an idea of what school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
That's where I can help. I'd be more than happy to book a time to get together with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Houston area.
I can also help you start the loan process. I work with some of the finest mortgage professionals in Houston, so you can rest assured that you're in great hands. They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
After we meet, I'll start finding available homes on the market that are great for you. I'll research many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we view homes, I'll show you the positive features and negative ones. I'll also ask you what things you like and don't like. For the most part, buyers change their list of must-haves as we tour homes and some features become more substantial than others. If that happens, I'll search all the listings once more and trim it down to the house you've been waiting for.
Step 4 – Know the market
My knowledge of the Houston home market is an indispensable resource in your house search. I'm conscious of all the neighborhoods and school districts, and I'll let you know certain areas are "hot" and require prompt action and the ones that are "cold" and allow for careful consideration.
When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell."
Any REALTOR® will convince you they truly know the market, but be on guard, and be sure to ask your agent lots of questions.
If it appears they don't know everything, contact me at (713) 551-2030 or e-mail me at email@example.com, and I'd be more than happy to answer any questions you may have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
We'll find the house of your dreams in Houston, and when we do, I'll precisely create your home purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is typically applied to the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal. We'll also work within your budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Get a loan
Upon finalizing the deal, you'll start working with your mortgage lender to close the loan. If you're pre-approved, this shouldn't take very long at all. However, you need to stay in close contact with your mortgage lender. And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. 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 depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This should take place at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (713) 551-2030 or send me an e-mail.