Are you looking to purchase your new home in NE Texas? NE Texas Realty can help.
Buying a home can be stressful for most people, but with a little planning ahead of time, it isn't very difficult. So you'll understand exactly what to expect, I like to provide my buyers with a road map of the whole deal. These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are a lot of things you need to do before you start searching for a home. It's likely that you'll want to create an outline of items you want, get a plan of what school districts you'd like to live in, and start planning around your budget. A good principle to go by is that your mortgage payment should be less than 30 percent of your monthly income.
Step 2 – Contact a real estate agent in NE Texas
That's where I come in. I'll plan a time to meet so we can 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 NE Texas area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I can also help you start the loan process. I work with some of the finest mortgage professionals in NE Texas , so you're in great hands. They will assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin searching for homes on the market that best suit you. I'll research most of the homes and reject the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
When we tour the houses, I'll identify good features, as well as bad ones. I'll also ask you about things you like and dislike. As a rule, buyers revise their list of must-haves as we view houses and some features become far more essential than others. If that happens, I'll look through all the listings once again and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
My understanding of the NE Texas market is a fundamental resource in your home search. I am familiar with all the neighborhoods and school districts, and I'll let you know which districts are "hot" and warrant prompt action and the ones that are "cool" and allow for cautiousness.
As we view homes, I'll let you know when the seller's list price has room for negotiation and also when I think the house is "priced to sell." Every REALTOR® will convince you they truly understand the housing market, but be careful, and make sure you ask your agent a lot of questions. If things don't add up, call me at (903) 361-2733 or e-mail me at firstname.lastname@example.org, 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 throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream house in NE Texas. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are obtaining financing, completing the inspection, and a clear title.
Upon sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is most often put towards the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer, and it's very common to receive a counter offer. Don't let this intimidate you. We'll figure out 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 market conditions. We'll also work within your financing budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Obtain a loan
Once the deal is finalized, you'll begin working with your lender to close the loan. If you're already pre-qualified, it shouldn't take very long at all, but you should to keep in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender needs to close the loan.>
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will likely be a smooth and pleasant occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, simply call me at (903) 361-2733 or send me an e-mail.