Are you purchasing your home in Austin? John Horton Realty can help.
Buying a home is a stressful event for a lot of people. However, with some planning ahead of time, it isn't too complex.
I like to supply buyers with a road map of the whole deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have regarding this information.
Step 1 – Get ready to purchase
Before you begin your home search, there are several things you should contemplate.
When you start your search, you'll want to make an outline of items you need, get an idea of what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent in Austin
This is where John Horton Realty can help.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Austin area, the mortgage industry, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you start the loan process.
John Horton Realty works with some of Austin's best mortgage professionals, so you'll be in great hands.
They will assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start searching for available homes on the market that suit your needs.
I'll preview most of the houses and reject the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we view the houses, I'll identify positive features and negative ones. And I'll ask you what things you like and dislike.
It's widely common for buyers to update their wish list as we tour homes and some items become more important than others.
If that's the case, I'll search the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
Your agent's awareness of the Austin home market is a fundamental element in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll alert you to which neighborhoods are "hot" and demand prompt action and others that are "cool" and allow for more consideration.
As we view houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Trust your instincts and make sure you ask your agent a lot of questions, as any REALTOR will claim to know the housing market.
If things don't add up, just call me at 512-834-1600 or e-mail me at , and I'll be glad to answer your questions. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the house of your dreams in the Austin area. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Secure your loan
Once the contract is finalized, you'll begin working with your mortgage lender to close the loan.
It shouldn't take long at all if you're pre-approved, but you need to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your loan application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 512-834-1600 or e-mail me at .