Looking to purchase a home in Austin? John Horton Realty can help.
Purchasing a home is a stressful event for a lot of people, but it's not that complicated with a little planning ahead of time.
I like to provide buyers with a road map of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
Should you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are a lot of things you should do prior to starting your home search.
When you begin your search, you'll want to create an outline of must-haves, get an idea of what neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Get in touch with a real estate agent in Austin
That's where I come in.
I'd love to schedule a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Austin area.
I can also help you start the loan process.
There are some excellent mortgage professionals in Austin, and I partner with a lot of them, 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 qualified.
Step 3 – Begin house-hunting
Following our first meeting, I'll start searching for houses on the market that meet your needs.
I'll preview many of the homes and remove the duds, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
When we view the homes, I'll identify good features and negative ones. And I'll ask you about things you like and don't like.
For the most part, buyers revise their must-have list as we tour houses and some items become far more necessary than others.
If that's the situation, I'll search the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
Your agent's knowledge of the Austin housing market is a crucial aspect in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can let you know which neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for careful consideration.
As we view homes, I'll let you know when the list price has room for negotiation and when I know the house is "priced to sell."
Be on guard and make sure you ask lots of questions, as any real estate agent will convince you they comprehend the market.
If things don't add up, call me at 512-834-1600 or e-mail me at , and I'd be happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream home in Austin, and when we do, I'll precisely develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When we turn in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is typically put towards the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer, and it's pretty common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go 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's best for you.
Step 7 – Get financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take very long at all. However, you'll need to stay in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably happen at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 512-834-1600 or e-mail me at .